Excerpt from Transactions, Vol. 8
Mr. T. E. Young, former President of the British Institute of Actuaries, devotes a chapter of his recent work on insurance to a consideration of the principles which should determine the limitation of the maximum single risk and the acceptance of special classes of risks different from those ordinarily written. Mr. Young, I believe, expresses the views which are held by some other actuaries on these points, but which seem to me tainted with certain fallacies. He correctly states the question as follows: "The question confronting the company at its establishment and at any subsequent stage, is the maximum amount that may be safely retained upon an individual life without the probability of inconvenient fluctuations in the incidence of its claims." He adds: "It is inexpedient to incur a risk whose discharge would prove embarrassing, impossible or ruinous to meet." This maximum amount, according to Mr. Young, will depend upon the expectation of the company, "Of the number of policies it will probably receive each year for sums equaling or exceeding the amount that may provisionally be determined as the limit of retention."
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