Fraternity-Testvériség, 1973 (51. évfolyam, 1-12. szám)
1973-04-01 / 4-6. szám
THE BY-LAWS — Continued from Jan., Feb., March, 1973 issue. — 93. The Federation issues certificates of insurance to one hundred thousand dollars ($100,000.00) between the ages of 16 and 65. Accidental death certificate riders may be issued to the face amount of the certificate but in no event shall it exceed twenty- five thousand dollars ($25,000.00). 94. A member may have his plan or amount of insurance changed to any other plan or amount to the limits prescribed in these by-laws. Terms, conditions and new rates shall be requested from the Secretary. 95. The amount of dues payable under the various insurance plans, computed in one lump sum, are to be found in the Tables of Rates printed as a separate Appendix. These same tables also show the withdrawal equities as well as other non-forfeiture options. ARTICLE XII THE CERTIFICATES Issuance — Validity — Encumber ance Assignments Legal Action Restrictions — Valuation 96. Every certificate issued shall be accepted by the member upon the express condition that the certificate and any riders and endorsements, the charter of articles of incorporation, the by-laws of the Federation, the application for membership and the declaration of insurability signed by the applicant with all amendments to each thereof, shall constitute the entire contract between the Federation and the member. 97. If the age of the insured member has been misstated, the amount payable under the certificate shall be such as the monthly rate would have purchased at the correct age, provided, that if the correct age was not an insurable age under the Federation’s by-laws, payments shall be limited to the net mortuary payments made without interest. 98. Any computation of withdrawal equities is based upon age at issue and the number of certificate years and upon the assumption that all payments have been made for the full period referred to ; that there is no indebtedness to the Federation whatsoever and that the required reserve is then intact. The existence of a certificate loan on the date any withdrawal equity becomes effective will result in a reduction of any cash surrender value by the amount of the loan, or an appropriate adjustment in the amount of paid-up insurance or the amount and period of extended insurance. 99. No assignment of the certificate shall be binding on the Federation, with the sole exception of an assignment to the Federation itself, without its expressed consent, nor are the benefits liable to attachment, garnishment or other process, nor can they be seized, taken, appropriated or applied by any legal or equitable process or operation of laws to pay any debt or liability of an insured member or of the beneficiary or beneficiaries named in the certificates. 100. No action at law or in equity shall be brought or maintained on any cause or claim arising out of membership in the Federation or any beneficiary certificate thereof, unless said action is commenced within three years from the time the cause of action accrues.. 101. The Federation will annually value all its certificates maintaining thereon the reserve required by the various Experience Tables of Mortality. If the valuation annually made discloses that such reserves are impaired, a special assessment may be levied to protect the interest of the insured members; and upon failure of any member to comply with such lawful arrangement, his or her certificate may be charged with its proportion of such a deficiency, as a lien, to be deducted, together with interest at the rate of 5% per annum, compounded annually, in any settlement thereunder. As an alternative, a member may request a reduction of the corresponding insurance benefit proportionate to the value of the additional contributions. ARTICLE Xin JUVENILE CERTIFICATES Membership — Amount of Benefits —- Dues Suspension — Reinstatement — Beneficiaries 102. The Federation issues juvenile life, endowment, accident and hospitalization insurance certificates for children under 16 years of age. 103. All juvenile members automatically and without extra charge become members of the adult insurance department when they reach their 16th birthday, except those having term certificates (Plan I) whose membership terminates no later than their 18th birthday. This latter group may be admitted to membership in the adult insurance department upon the basis of a new application for membership. 25
