Verhovayak Lapja, 1941. január-június (24. évfolyam, 1-26. szám)

1941-05-08 / 19. szám

Page 8 ___________________Verhovay ak Lapja --------------------------­VALUATION REPORT 505 Magee Bldg. Phone: Court 4322 BASSLER COMPANY ACCOUNTANTS May 8, 1941 LIFE INSURANCE ACTUARY February 25, 1941. Verhovay Fraternal Insurance Association, Standard Life Building, Pittsburgh, Pennsylvania. Gentlemen: This is to certify, 1. That I have computed the reserves on all the life certifi­cates for the Adult and Juvenile Department’s of the Verhovay » • Fraternal Insurance Association which were in force on December 31, 1940, in accordance with schedules of insurance and a financial statement presented to me for that purpose. 2. I have calculated the net legal reserves 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 314%, Illinois Standard Basis. Certificates which have been exchanged for Paid-Up Term or Extended insurance are valued on the American Experience 4 and 314% Basis. Juvenile Whole Life, 20 Year Payment Life and 20 Year Endowment are computed on the Craig’s Extension American Ex­perience 314% Illinois Standard Basis. Juvenile classes A and B are computed on Craig’s Extension American Experience 314% increasing term. 3. The total mortuary fund liabilities of the Adult Depart­ment, including the reserves are $3,149,614.57. 4. The total mortuary fund assets of the Adult Department applicable to the payment of such total liabilities are $3,906,927.47. 5. The above valuation indicates that on the basis of the American Experience Table of Mortality, with interest at 314% and 4%, the future assessments of the Adult Department of Ver­hovay Fraternal Insurance Association at the net rates now being collected, toother with the now invested assets, are sufficient to meet all certificates as they mature by their terms, with a margin of safety of $757,312.90 or 24.04% over and above the statutory standards. 6. Including all funds, except those of the Juvenile Depart­ment, I find that $983,131.45 is the unassigned funds over and above all liabilities and reserves. 7. In the Juvenile Department the total liabilities are $105,315.17 of which $54,750.00 is a contingent reserve and $50,565.17 liability reserves. The unassigned funds of the Juvenile Depart­ment after deducting the total reserves is $54,290.47. Respectfully submitted, Bassler and Company Gilbert C. Bassler, Actuary ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1940 OF THE CONDITION AND AFFAIRS OF THE Verhovay Fraternal Insurance Association HOME OFFICE: 345 FOURTH AVENUE, — PITTSBURGH, PA. I—Balance From Previous Year Mortuary Fund Disability Fund 3,897,933.26 215,224.95 Trust Fund__________Juvenile Fund Expense Fund _____Totals 57,532.56 131,109.95 13,808.74 4,315,609.46 II—INCOME Payments received from members during first 12 months of benefit protection ___________________ All other payments or premiums received from members Total received from members______________ Net amount received from members ___________ Gross interest on mortgage loans ___________________ Gross interest on bonds $128,419.51 and dividends on stocks $5,689.05 less $6,338.95 accrued interest on bonds acquired during the year, per Schedule D_ Gross interest on liens and loans on certificates of members _____________________________________ Gross interest on deposits in trust companies and banks, per Schedule N ______________________________ Gross income from society’s property _______________ Total income from investments ________________ Sales of lodge supplies _____________________________ Trust Deposits____;________________________________ Charges for handling certificate loans and surrender values _________________________________________ Miscellaneous Income_______________________________ Gross profit on sale or maturity of ledger assets, viz:_ Bonds per Schedule D__________________________ TOTAL INCOME ................................................. Amounts carried forward_________________________ 452.836.17 452.836.17 452.836.17 8,658.58 141.085.35 141.085.35 141.085.35 • 47.325.41 47.325.41 47.325.41 96,426.29 137,370.00 233.796.29 233.796.29 96,426.29 778,616.93 875.043.22 875.043.22 8,658.58 113,401.06 23,392.58 6,350.07 2,100.00 5.946.57 390.48 128,188.18 23,392.58 213.32 2,119.66 2,356,83 149,928.71 2,332.98 2,356.83 164,929.15 248.81 27,177.75 ' * 6,350.07 2,313132 5,946Í57 390.48 248.81 27,177175 * 12.60 1,590.29 24.00 1,602.89 24.00 * 20,365.10 1,145.00 21,510.10 • • • 623,129.98 147,435.42 29,491.07 54,429.58 236,049.87 1,090.535.92 4,521,063.24 362,660.37 87,023.63 185,539.53 249,858.61 5,406,145.33 III--DISBURSEMENTS Mortuary Fund Disability Fund Trust Fund Juvenile Fund Expense Fund Totals Death Claims _____________________________________ Additional Accidental Death Benefits________________ Permanent disability claims: Income Payments -____ Sickness and accident claims _____________________ Reclaimed benefits _________________________________ 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 _______________________________ Traveling and other expenses of officers, trustees and committees _____________________________ 232,551.00 500.00 • • 3,285.00 • 2,oooloo 135,844.73 * 175.00 * ‘ * * 1,027.95 * * * * 20,59434 * * * * 27.317.07 27.317.07 27.317.07 234.078.95 234.078.95 21,570.59 41,469.88 297,119.42 137.844.73 137.844.73 20,594134 20,594.34 3.460.00 3.460.00 126.00 5.835.59 9.421.59 8,314.35 596.00 3.180.00 * * 137,84473 20,594134 27,317l07 60,055.04 10.380.00 21.265.00 * 318.00 * • • 19,525.00 • • • i • a T,896.69 235,836.00 500.00 2,175.00 135,844.73 1,027.95 20,594.34 27,317.07 423.295.09 423.295.09 21,696.59 47,305.47 492,297.15 68,369.39 11.294.00 24.445.00 19.525.00 7,896.69

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