Fraternity-Testvériség, 1949 (27. évfolyam, 1-12. szám)

1949-06-01 / 6. szám

10

TESTVÉRISÉG

VALUATION EXHIBIT

(Including Dealh Benefit Certificates of Juvenile Branch)

Made by The Hungarian Reformed Federation of America as of December 31, 1948 To the Insurance Departments, Pursuant to the Requirements of Law

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) $3,688,314.14, less sum of general or expense funds $10,490.17, sick and accident funds when not valued $68,189.05, and special funds (include all funds other than general or expense funds not available for payment of benefits) ------------------$3,609,634.92

Assets — Actual and Contingent —- sum of

items 36 and 37, above ----------------------------$3,609,634.92

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 the

following forms of certificates:

Am. Exp. 4%, death only------$1,891,631.00

Am. Exp. 3J4%, death only — 837,153.00

1941 Stand. Ind. 3%, death — 6,912.00

Am. Exp. 3%, death_________ 192,242.00

Juvenile______________________ 301,710.00

Double Ind. Inter Co. 3%------ 6,535.00

Contingency Reserve *----------- 65,000.00

Total_________________________________$3,301,183.00

* of difference between 4% reserves and 3yi% basis.

Deduct liens and interest thereon, not included in Admitted Assets, and not in excess of required reserves on the corresponding individual certificates valued according to Section 29-a Method — Basis other than Accumulation-------------------------------------------- —•—

Balance, item 47 less item 48, above ---------$3,301,183.00

Liabilities of mortuary or benefit funds determined as follows: Total Liabilities, except reserve, page 5 of annual statement $66,500.80, less sum of liabilities of general or expense funds, page 5 of annual statement, not in excess of balance in corresponding funds (item 37, above) $9,441.84; liabilities of sick and accident funds when not valued, page 5 of annual statement, not in excess of balance in corresponding funds (item 37, above); and liabilities of special funds (funds other than general or expense funds not available for payment of benefits), page 5 of annual statement, not in excess of balance in corresponding funds

(item 37, above) $16,712.10______________ 40,346.86

Liabilities — Actual and Contingent — sum

of items 49 and 50, above _______________$3,341,529.86

(Dec. 31, 1948 _________ 108.02%

(Dec. 31, 1947 _________ 108.76%

Ratio per cent of (Dec. 31, 1946 _________ 108.92%

Assets — Actual (Dec. 31, 1945 _____111.07%

and Contingent— (Dec. 31, 1944 _________111.2 %

(item 38) to Lia- (Dec. 31, 1943 _________112.5 %

bilities — Actual (Dec. 31, 1942 _________110.7 %

and Contingent— (Dec. 31, 1941_________112.0 %

(item 51)_______ (Dec. 31, 1940 _________111.5 %

(Dec. 31, 1939 _________110.7 %

Form of Explanation for Publication

The above valuation indicates that, on the basis of the Am. Exp. and Stand. Ind. table of mortality with interest at 4, Zl/2 and 3 per cent, the future assessments of the society, at the net rates now being collected, together with the now invested assets, are sufficient to meet all certificates as they mature by their terms, with a margin of safety of $268,105.06 (or 8.02%) over and above the statutory standards.

State of New York )

County of New York ) ss:

Frank E. Gerry, being duly sworn, deposes and says that he is the actuary who made the foregoing computations and answers to the questions above set forth concerning the condition of The Hungarian Reformed Federation of America, as of December 31, 1948, and that the same are correct and true to the best of his information, knowledge and belief.

Frank E. Gerry, Actuary.

Subscribed and sworn to before me this 17th day of Feb., 1949.

Sylven Saltzer, Notary Public.