Verhovayak Lapja, 1940. január-június (23. évfolyam, 1-26. szám)

1940-04-25 / 17. szám

- VALUATION REPORT -> . V 505 Magee Building Phone: Court 4322 BASSLER & COMPANY ACCOUNTANTS LIFE INSURANCE ACTUARY Lapja _____________________________Pa&e 8 April 25, 1940 Verhovayak Pittsburgh, Pa. March 4, 1940 Verhovay Fraternal Insurance Association Standard Life Building Pittsburgh, Pennsylvania Centiemen: * This is to certify, 1. That I have computed the reserves on all the life certi­ficates for the Adult and Juvenile Departments of the Verhovay Fraternal Insurance Association, which were in force on December 31, 1939, in accordance with schedules of insurance and a financial statement presented to me for that purpose. 2. I have calculated the net legal reserve On the membership certificates of the Adult Department in the following manner: Whole Life, 20 Year Payment Life, 20 and 30 Year En­dowments issued prior to 1/1/36 are computed on the Amer­ican Experience 4%, Full Preliminary Term Basis. Similar certificates issued since 1/1/36 are computed on the American Experience 3%%, Illinois Standard Basis. Certificates which have been exchanged for Paid-Up Term or Extended Insurance, are valued on the American Experience 4 or 3%% bases. Juvenile Whole Life, 20 Year Payment Life and 20 Year Endowment are computed on the Craig’s Extension American Experience 3%%, Illinois Standard Basis. Juvenile classes A & B are computed on the Craig’s Extension American Experience 3%%, increasing term. 3. The total mortuary fund liabilities of the Adult Department, including such reserves are $2,833,923.73. 4. The total mortuary fund assets of the Adult Department applicable to the payment of such total liabilities are $3,515,346.14. 5. The above valuation indicates that on the basis of the American Experience Table of Mortality, with interest at V/2% and 4%, the future assessments of the Adult Department of Verhovay Fraternal Insurance Association at the net rates now being collected, together with now invested assets, are sufficient to meet all certi­ficates as they mature by their terms, with a margin of safety of $681,422,41 or 24.04% over and above the statutory standards. 6. Including all funds, except those of the Juvenile Department, I find that $902,303.40 is the unassigned funds over and above all liabilities including reserves. 7. In the Juvenile Department the total liabilities are $85,429.69 of which $45,429.69 are reserves and $40,000.00 a contingency re­serve. The unassigned funds of the Juvenile Departmen after deduct­ing the total reserves is $41,074.74. Respectfully submitted, Bassler & Company, Gilbert C. Bassler, Actuary. ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1939 OF THE CONDITION AND AFFAIRS OF THE VERHOVAY FRATERNAL INSURANCE ASSOCIATION I. Balance From Previous Year HOME OFFICE: 345 FOURTH AVENUE, — PITTSBURGH, PA. Mortuary Fund_____Disablity Fund_________Trust Fund______Juvenile Fund 3.630,033.82 185,535.85 65,055.64 114,287.77 II. INCOME Payments received from members during first 12 months of benefit protection of which all or part is used for expense ............................................................. ...........— All other payments or premiums received from members 426,280.91 Total Payments received ............................................. 426,280.91 Total received from members ............................. 426,280.91 Net amount received from members ............................ 426,280.91 Gross interest on mortgage loans ............................................ 10,838.75 Gross interest on bonds $116,300.61 and dividends on stocks less $3,879.97 accrued interest on bonds re­quired during the year, per schedule D .................. 95,758.74 Gross interest on liens and loans on certificates of members ............................................................. 22,772,83 Gross interest on deposits in trust companies and banks, per Schedule N ......................................................... 2,459.55 Gross income from society’s property, per Schedule A 2,205.41 Total income from investments ...................................... 134,035.28 Sale of lodge supplies ................................................................ Trust Deposits ................................................................................. Charges for handling certificate loans and surrender value payments ..................................................................... Miscellaneous Expense ................................................................ Gross profit on sale or maturity of ledger assets, viz: Bonds per Schedule D .........................................................16,528.87 TOTAL INCOME ...............................................................................576,845.06 Amounts carried forward .............................................. 4,206,848.88 155.387.15 155.387.15 155.387.15 155.387.15 7,697.92 7,697.92 163,085.07 348,620.92 16,220.00 22.702.60 38.922.60 38.922.60 38.922.60 2,100.00 5,053.94 296.78 2,396Í78 5,053.94 16.649A2 4.75 19,046.20_______43,981.29 84.101.84 158,269.06 Expenso Fund 59,365.64 58,522.11 112,772.48 171.294.59 171.294.59 171.294.59 1,810.04 1,810.04 430.43 1,172.43 154.11 174,861.60 234,227.24 _______Totals 4,054.248.72 74,742.11 717,143.14 791.885.25 791.885.25 791.885.25 10,838.75 112,420.64 22,772.83 2,756.33 2,205.41 150,993.96 430.43 16,649.42 1,177.18 154.11 16’,528.87 977,819.22 5,032.067.94 Death Claims ................................................................................ Additional Accidental Death Benefits ................................... Permanent disability claims: ....................................—........ Sickness and accident claims ............................................... Paid to Minor Beneficiaries .................................................. Donations to members and branches ............................. Total benefits paid ............................................................... Net benefits paid ---------------------------------------------­Surrender values ...............................................—......................­Refunds to members: Paid in cash (Dividends) ............... Total Benefits and payments made to members .... Commissions and fees on payments by members ....»..... Medical examiners’ fees ............................................................. Salaries of home office employees __________________ Salaries and all other compensation of officers, trustees and committees .................................................................. III. DISBURSEMENT Mortuary Fund Disablity Fund 198,161.50 2.500.00 2.800.00 • 129,175.22 200,66U50 131,975^22 200,661.50 131,975.22 13,600.58 40,444.75 254,706.83 131,975.22-247ÍOO 1,080.00 Tiust Fund______Juvenile Fund 4,155.00 25Í00 24.715Í92 24,715.92 4,180.00 24,715.92 4,180.00 47.50 2,381.14 24.715.92 6,608.64 16,250.38 430.00-------.---2.720.00 Expense Fund_____________Totals 202,316.50 2,500.00 2,825.00 129,175.22 24,715.92 16,764.24 16,764.24 16,764.24 378,296.88 16,764.24 378.296.88 13.648.08 42,825.89 16,764.24 434,770.85 51,984.74 68,235.12 8.945.00 9,622.00 16,994.00 20,794.00 13.600.00 13,600.00

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