Fraternity-Testvériség, 1951 (29. évfolyam, 1-12. szám)

1951-05-01 / 5. szám

TESTVÉRISÉG

11

VALUATION EXHIBIT

To the Insurance Departments, Pursuant to the Requirements of Law Made by The Hungarian Reformed Federation of America as of December 31, 1950.

(Including Death Benefit Certificates of Juvenile Branch)

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) $4,601,729.18, less sum of general or expense funds $33,754.03, sick and accident funds when not valued $67,762.89, and special funds (include all funds other than general or expense funds not available for payment of benefits) $15,059.96.... $4,485,152.30

Assets —- Actual and Contingent — sum of

items 36 and 37, above .................................$4,485.152.30

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%, valued 3Vi,

death only ............................$2,095,540,00

Am. Exp. 3% % ........................ 1,068,043.00

1941 Stand. Ind. 3% ............ 45,552.00

Am. Exp. 3% .............................. 410,625.00

Juvenile ....................................... 450,814.00

Double Ind. Inter Co. 3% ....... 11,500.00

Total ...........................................................$4,082,074.00

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 ............$4,082,074.00

Liabilities of mortuary or benefit funds determined as follows: Total Liabilities, ex-1 ' cept reserve, page 5 of annual statement

$49,603.59, 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) $7,583.49; 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) $16,380.29 .?........................ 25,639.81

Liabilities — Actual and Contingent — sum

of items 49 and 50, above ............................$4,107,713.81

(Dec. 31, 1950 ................ 109.19%

(Dec. 31, 1949 ................ 107.95%

Ratio per cent of (Dec. 31, 1948 ................ 108.02%

Assets — Actual (Dec. 31, 1947 ................ 108.76%

and Contingent— (Dec. 31, 1946 ............108.92%

(item 38) to Lia- (Dec. 31, 1945 ................ 111.07%

bilities — Actual (Dec. 31, 1944 ................ 111.2 %

and Contingent— (Dec. 31, 1943 ................ 112.5 %

(item 51) ............ (Dec. 31, 1942 .............. 110.7 %

(Dec. 31, 1941 .............. 112.0 %

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 3Vz 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 $377,438.49 (or 9.19%) over and above the statutory standards.

State of Connecticut )

County of Fairfield ) ss: Stamford

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, 1950, 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 7th day of March, 1951.

Frances Beaver, Notary Public.