The Contributions of James D. Craig

The wide range of interest of James D. Craig made itself felt in a variety of Company undertakings. He was very active in the development of Disability provisions and Personal Accident and Health insurance, for which he had adapted sickness data from the experience of the Manchester Unity of England.

In the early 1920s, when many companies were vying with each other in liberalizing disability benefits, Mr. Craig adopted a conservative attitude in regard to these benefits and adjusted premium rates at the first indications of unfavorable experience.

His was a steadying influence. Subsequently, as Chairman of a Committee appointed by the Superintendent of Insurance of New York State to consider the whole question of disability benefits, he helped make specific recommendations for standard policy provisions, which were later put into effect in New York and in 18 other States.

The development of Group insurance in all its branches also benefited from Mr. Craig's keen understanding of insurance principles. He was a leading member of the Committee appointed by the Actuarial Society of America at the request of the National Convention of Insurance Commissioners to establish a statutory definition of Group Life insurance. His contributions helped to launch this type of business on a sound basis.

He pioneered in Group Accident and Health insurance, upon which he brought to bear his ample and specialized knowledge. In fact, Mr. Craig was responsible for one of the earliest policies of this kind - that issued by the Company for its employees in 1914.

In the Group field he was later assisted by H. R. Bassford, now Actuary of the Company. With the aid of Mr. Hohaus, now Associate Actuary, Mr. Craig worked out the actuarial basis of Group Annuities and then planned the comprehensive Insurance and Retirement Program first offered by the Company to its own employees.

Such programs were later issued extensively to employees in other industrial establishments. The scope of Group insurance was further widened in 1928, when Mr. Craig entrusted Mr. Dunlap (then Assistant Actuary) with the computations for the issuance of what was probably the first Group Hospital and Surgical Benefit policy.

Altogether, Metropolitan Actuaries were constructive forces in laying the foundations and improving every phase of Group insurance which, during the last quarter of a century, has served the wage earners of America well and has promoted better relations between employers and employees.

Mr. Craig's work on pensions and employer and employee relations aroused his interest in social insurance. He devoted years to its study and wrote a great deal on the subject, beginning with his original paper presented before the Actuarial Society in 1923.

With Dr. Frankel, he visited a number of European countries in 1931 to survey their various governmental systems. Largely as a result of this survey, the Company later issued a long series of publications dealing with the social aspects of old age, health, and unemployment insurance. These stimulated thought on such topics and helped to channel legislative efforts along practical lines.

He pioneered in Group Accident and Health insurance, upon which he brought to bear his specialized knowledge. In fact, Mr. Craig was responsible for one of the earliest policies of this kind-that issued by the Company for its employees in 1914.