Word: risks
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Dates: during 1960-1969
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...post equivalent financial security as soon as he is involved in a serious accident or gets convicted of a serious driving offense. And whichever alternative he chooses, he is in trouble. With a damage claim hanging over his head, few if any insurers will accept him as a future risk. If he posts personal security, he may lose his home or savings...
...compensates for its losses by raising everyone's premiums. But even when a company wins in court and does not have to pay a claim, it may still retaliate against its policyholder by canceling his insurance, a fate that makes other companies regard him as such a poor risk that he finds it very hard to buy a new policy...
...states have "assigned-risk" plans, requiring every insurance company to accept a quota of castoffs, whom they sometimes charge 150% above standard rates for minimum coverage. For some accident-prone drivers, even that price may be a bargain, but insurance companies have been so fast and loose about canceling policies that many of those dumped into the assigned-risk pool do not deserve it. In 1964-65, for example, almost 70% of New York's assigned-risk drivers had clean driving records...
...ward off that result, more state commissions are holding public rate hearings, denying premium boosts and ordering insurers to specify their reasons for cancellations and nonrenewals. But none of this will lower the price of insurance. As cancellations decrease, the industry will find itself handling more high-risk drivers and paying out more in damages. To reduce their losses, they will be forced to raise premiums still higher...
...contributions to date are impressive. Established in Boston in 1837 during a severe depression, its founders had enough faith in the future of New England letters to take the risk. The company at first leaned heavily on law-and textbooks, publishing some of the most famous U.S. legal treatises, such as Oliver Wendell Holmes's The Common Law. Gradually it moved into general literature, publishing Louisa May Alcott, Edward Everett Hale, Emily Dickinson and William Prescott's histories. Admiral A. T. Mahan's The Influence of Sea Power Upon History remolded military thought when it appeared...