Fraternity-Testvériség, 1947 (25. évfolyam, 1-12. szám)
1947-07-01 / 7. szám
4 TESTVÉRISÉG ÉRTÉKELŐ JELENTÉS—VALUATION REPORT Made by HUNGARIAN REFORMED FEDERATION OF AMERICA as of December 31, 1946, to the Department of Insurance of the District of Columbia. Do the laws of the society provide for the segra- gation and trusteeing of the reserves or funds of any class or classes of certificates excepting juvenile certificates? If so, specify same. Answer: None. ' Also attach a copy of such provision to the Valuation report. Was such segragation and trusteeing of reserves or funds made in accordance with, pursuant to, or under the express authority of, the statutes of any State? Answer: None. 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 1946. Answer: increase $6,100.28 How many assessments were actually collected during each of the last five years? Answer: 1946 1945 1944 1943 1942 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. What proportion of first and subsequent years’ contributions may be used for management expenses? Answer: First 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: No interest, not in assets 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. State the amount of liens or loans outstanding at each rate of interest. Answer: 5% I hereby certify to the correctness of the foregoing answers and to the correctness of items of the Valuation Exhibit. GEORGE E. K. BORSHY Secretary 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. 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: No. Have the negative reserve on individual certificates been eliminated from the Valuation Exhibit? Answer: None. What is the total amount of negative reserves on individual certificates? Answer: None. 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. State the amount of deficiency reserve, if any. Answer: None. VALUATION EXHIBIT ASSETS—Actual and Contingent (Excluding assets of expense and special funds) Assets available for payment of death losses determined as follows: Admitted Assets, item 38, page 4 of annual statement (including loans and interest thereon secured by reserves or accumulations actually maintained on the corresponding individual certificates) $2,906,713.59 less sum of fgeneral or expense funds $11,173.35, fsick and accident funds when not valued $37,003.95, and fspecial funds (include all funds other than general or expense funds not available for payment of benefits) $18,516.51 $2,840,019.78 Assets—Actual and Contingent—sum of above items _________________________ $2,840,019.78 tOne-seventh of difference between 4% reserves and 3l/2 % basis. LIABILITIES—Actual and Contingent (Excluding liabilities of expense and special funds) Present mid-year value of promised benefits, or net tabular mid-year values, on following forms of certificates: Am. Ex. 4% death only___$1,739,858.00 Am. Exp. 3 y2% death and disability ---------------------------- 601,641.00 Am. Exp. 3% sick and accident --------------------------------- 43,893.00 Juvenile ___________________ 173,579.00 Double Indemnity Inter-Co. 3% 6,248.00 Contingency Reserve* _____ 30,000.00 Total _____________________________$2,595,219.00 Deduct liens and interest thereon, not included in Admitted Assets, and not in excess of required reserves on the corresponding individual certificates valued — Basis other than Accumulation ________ Balance above _________________________$2,595,219.00 Liabilities of mortuary or benefit funds determined as follows: Total Liabilities, except reserve, page 5 of annual statement
