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This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Excerpt from Text Book, Fidelity Bonds, Surety Bonds, Casualty Policies: The Principles Governing Their Underwriting; The Methods of Constructive Salesmanship and the Service in Connection With Them No man can succeed in any business or profession unless he familiarizes himself with the principles upon which his chosen Work is founded and knows how to use them. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ... chapter 13 Inspection And Merit Rating The term " merit rating " expresses in a general way the purpose of the rate maker to appraise each risk according to its merits and includes both schedule and experience rating. Assuming that the basic rates for the various classifications as found in the Manual are accurate and correct, it is logical that the charges on a particular risk should vary according to the individual hazard involved. Hazards are divided into three general groups--moral, physical and inherent. The inherent hazard is not within human control; it is wholly governed by the law of averages and is properly distributable as a whole without regard to the conditions in any particular risk. A part of this inherent hazard may be peculiar to one classification and another part may be common to many or perhaps all classifications. The physical and moral hazards are so closely related as to be almost inseparable. Part of the physical hazard is apparently inherent and uncontrollable, while the moral hazard is entirely within human control. In figuring a rate, therefore, it is necessary to take into consideration the cost of the inherent hazard, properly loaded for expense, for all risks in a chosen group with essentially the same degree of hazard in equal proportions. It is also necessary to measure the physical hazard upon the evidence presented by the inspector, and to measure the moral hazard by the actual experience as shovn in the real loss in dollars and cents on the risk. In speaking of schedule rating, the physical inspection of the risk and its appraisal according to a definite schedule providing values for conditions above or below the average must be kept in mind. The object is to secure an equitable distribution of the...