Fraternity-Testvériség, 1977 (55. évfolyam, 1-4. szám)
1977-07-01 / 3. szám
BY - LAWS -t— continued ARTICLE XIII 96. 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. 97. 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. 98. 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. 99. 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. 100. 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. JUVENILE CERTIFICATES Membership — Amount of Benefits — Dues Suspension -— Reinstatement — Beneficiaries 101. The Federation issues juvenile life, endowment, accident and hospitalization insurance certificates for children under 16 years of age. 102. All juvenile members automatically and without extra charge become members of the adult insurance department when they reach their 16th birthday. 103. The monthly rates for juvenile insurance certificates are due and payable on the first day of each month. Should any payor fail or neglect to pay such rates within a period of 30 days from the due date, thereof the juvenile shall be suspended from membership. The certificate of the suspended member may be reinstated at any time within three months from the date of suspension by the payment of arrearages. 104. If the applicant named in the juvenile certificate shall die, the certificate may be continued in force on the life of the insured member by any person legally responsible for his support and maintenance, and who shall assume payment of the required monthly dues. ARTICLE XIV SICK BENEFIT CERTIFICATES Membership — Conditions —- Dues Suspension — Cessation — Amount — Restrictions 105. The Federation provides for the payment of sick benefits to adult members and maintains a Sick Benefit Department for these purposes in compliance with the requirements of the laws of the states and provinces. 106. Membership in the Sick Benefit Department is not compulsory. Any adult member between the ages of 16 and 60 may apply for membership. If a member applies for sick benefit insurance simultaneously with his life insurance application, the same medical examination will be acceptable. Members on extended insurance are not eligible for membership in the Sick Benefit Department. Membership in the Sick Benefit Department granted after January 1, 1945, will terminate at age 60, except for the Income Protection Plan, which may be extended to age 65 at higher rates. 14
