Fraternity-Testvériség, 1952 (30. évfolyam, 1-12. szám)
1952-05-01 / 5. szám
4 TESTVÉRISÉG ÍEÍE IN PLAIN AMERICAN A monthly page conducted by Edmund Vas vary OUR FIELD MEN know very well the standard and only so-called “objection” from smart alecks who think they know all about the insurance business: “Yes, but yours is a fraternal, not an insurance company” — as if there were something derogatory in being a “fraternal”. The truth is that every fraternal is working under the same strict supervision of the states — has to file a very detailed report every year in every state where it is licensed to do business, has to accumulate legal reserves behind each and every certificate, and must maintain a sound actuarial standard just like the big companies. The annual reports (which are published by the fraternals each year in their own magazines) completely cover each fraternal’s insurance and financial activities in the greatest possible detail. The state authorities have the right to inquire into the fraternal’s affairs at any time. Upon the examination and approval of these annual reports, the fraternal is granted a new permit to do business in the state, but for the next year only. If the report is unsatisfactory, the next year’s permit might be denied. Our Federation, having a charter given by the Congress of the United States itself, is a so-called “home company” in the District of Columbia. That’s why our home office is located in Washington, D. C. We are subjected to the examinations of the Insurance Department of the District of Columbia, but besides this commonwealth, we must submit the same annual report of ours to every state wherein we are licensed to do business. The regular examination, which takes place every three years, lasting for several weeks, is due this summer. Anyone who wants any factual information about us is welcome to send inquiries to the Superintendent of Insurance, Washington, D. C. (Out of the more than 200 fraternals, only 39 are licensed to operate in the District, among them two Hungarian fraternals.) Of all the American fraternals, only two have their national offices in the District. One of these is our Federation. * * * AND THERE IS ANOTHER THING: Whatever clear profit the insurance companies make goes to the stockholders, all of them being private business concerns. In the case of the fraternals, the profit remains in the common treasury and becomes the property of every member. That is why the fraternals are legally and truthfully called “non-profit organizations”. * * * AND SOMETHING MORE: If you would hear such deprecating remarks about the fraternals, ask the person this question: “And what will the large insurance company do for me, in case I would remain alone or destitute in my old age? Or if I die young, how will the big company care about my small children?” The answer will be a rude laugh in your face, meaning plain and simple: Nothing! That is — none of the insurance companies maintains a single orphans’ or old people’s home anywhere. In the possible loneliness or destitute circumstances of your old age, your only privilege will be to pay your premiums, no one caring where you get the money. You or your children can be wards of the states or counties, as far as the insurance company cares. Among the insurance concerns, only the fraternals maintain fine homes for their old members or orphans of members. Among the American-Hungarian fraternals there is only one — our own Hungarian Reformed Federation of America — which owns and supports, with the help of the American-Hungarians in general, such a fine home, located in Ligonier, Penna. This home, on account of its noble work for over thirty years, is well known not only to our people, but to many Americans also, and is officially regarded by the proper authorities of the state of Pennsylvania as one of the finest institutions of its kind in that great state, where many children and old people were and still are being taken care of during these past decades. Be proud of your Federation, not mainly because it is strong and sound and growing, but because, being a true fraternal, besides possessing money for your protection, it has a heart, too! * * * MINERS, ATTENTION! The Senate passed and sent to the House a bill for enforcement of mandatory Federal safety
