Fraternity-Testvériség, 1944 (22. évfolyam, 1-12. szám)
1944-05-01 / 5. szám
TESTVÉRISÉG 15 ÉRTÉKELŐ JELENTÉS Made by HUNGARIAN REFORMED FEDERA to the Department of Insurance of the District of Do the laws oi the society provide for the segregation and trusteeing of the reserves or funds of any class or classes of certificates excepting juvenile certificates? If so, specify same. Answer: None. Was such segragation and trusteeing of reserves or funds in accordance with, pursuant to, or under the express authority of, the statutes of any State? Answer: None. If so, specify the State and give the reference to the particular statutory provision. Answer: — Does the society issue separate certificates promising disability benefits? Answer: Yes. If so, specify same: Answer: Weekly Sickness Benefits. Are the net contributions for disability benefits kept in a fund separate from all other benefit and expense funds? Answer: Yes. If so, state the increase or decrease, of the funds in the year 1943. Answer: Increase $3,721.16. How many assessments outstanding were actually collected during each of the last five years? Answer: 1943 1942 1941 1940 1939 Comb, death, disability and exp. 12 12 12 12 12 Date when the Society last changed the number of regular assessments to be collected each year. Answer: January 1, 1928.-VALUATION REPORT TION OP AMERICA as of December 31, 1943, Columbia, pursuant to the requirements of law. What proportion of first and subsequent years’ contributions may be used for management expenses? Answer: Firs! year 111. Stand. Margins. Subsequent years Renewal Loadings. Are there any reserve liens (not certificate loans or premium loans) outstanding against certificates in force? Answer: Yes. If so, state face amount and rate of interest charged. Answer: $6,669 — No Interest. Were the full reserve liens and interest thereon deducted in all instances during the year in the payment of claims and other benefits? Answer: Yes. Was the amount or basis of reserve liens or rate of interest changed in any way during the year? Answer: No. Are certificate liens or loans or premium loans granted? Answer: Yes. If so, state conditions and amount of each class of liens or loans outstanding. Answer: $143,320.17 Also state the amount of liens or loans outstanding at each rate of interest. Answer: All at 5% I hereby certify to the correctness of the foregoing answers and to the correctness of items 36, 47, and 49 of the Valuation Exhibit. GEORGE E. K. BORSHY Secretary Pro Tem. Valuation Report for the year of 1943 of the Hungarian Feformed Federation of America A synopsis of the forms of certificates and the formulas employed for valuing the benefits and contributions under each form, together with the amount of insurance in force, must be given by the actuary or accountant with answers to the following questions: State the method of valuation used (whether level net premium, full preliminary term, straight modified preliminary term, Illinois Standard, etc.) Answer: M. P. T. and 111. Stand. Has the Society during the past five years for any class of certificates changed its valuation procedure or formulas so as to affect its solvency percentage? No. If so, explain fully: Did the Society exclude from the valuation required in Schedule A any suspended certificate where the member under the by-laws was eligible for re- instatment without evidence of insurability? Answer: State the mortality and Interest Assumptions employed in the Valuation. Answer: (Use schedule A on last page.) (a) Have the negative reserves on individual certificates been eliminated from the Valuation Exhibit? Answer: None. (b) What is the total amount of negative reserves on individual certificates? Answer: None. The term, “Negative Reserve’’ refers to the excess of the present value of the future net contributions over the present value of the promised benefits. (c) Does the society charge redundant net rates of contribution, i. e., net rates in excess of the tabular net rates (on the basis of the mortality table and interest assumptions used in the valuation)? Answer: No. (d) If so, state the amount of the present value of such excess contributions, and also state the intended purpose thereof. Answer: $ — (e) If a society, which uses tabular values in making its valuation, charges net rates of contribution lower than the tabular net rates (on the basis of the mortality table and interest assumptions used in the valuation), it must set up an additional reserve to cover the deficiency in such rates calculated on the basis not less than one providing for the accumulation as a pure endowment under a level net annual rate of contribution of a sum at the end of not more than 20 years from the issue of each certificate equal to the present value at the time of the difference between the net rate charged under each certificate and the tabular net rate of contribution used in the valuation of the same certificate. (f) Has the requirement of item 25 (e) been complied with? Answer: — If so. on what basis was the deficiency reserve calculated? Answer: — (g) State the amount of such deficiency reserve, if any. Answer: None. In the determination of the ratio per cent of assets to liabilities, according to the method of valuation prescribed, there must be eliminated the funds not available for the payment of future claims under contracts of insurance and the “non-admitted assets” other than certificate liens, loans and iterest thereon; provided that the total of such indebtedness on any certificate included in the Valuation Exhibit shall not be greater than the excess of the present value of the promised benefits over the present value of the future net contributions under said certificates, as shown by the method of valuation assumed by the society. Have the above requirements been complied with? Answer: Yes.
