Verhovayak Lapja, 1947 (30. évfolyam, 1-24. szám)

1947 / Verhovay Journal

June 11, 1947 * __________._____Verkomy Journal ___________________ VALUATION REPORT Phone: COurt'5430 E. T. KNODEL CONSULTING ACTUARY 634 Bakewell Building Pittsburgh 19, Pa. PAGE 5 ' April 11, 1947 Board of Directors Verhovay Fraternal Insurance Association 436-442 Fourth Avenue Pittsburgh, Pennsylvania * Gentlemen: I will endeavor to give you a brief summary of the financial picture of your Association so that you may follow the progress of your Association from the view­point of an actuary. The solvency rates of your Senior Mortuary Fund as of December 31, 1946, was 112.32% compared to 117.93%,-121.16%, 120.02% and 121.87% for the previous four years. The ratio of actual deaths to expected death losses was 62.06% as of December 31, 1946 compared to 67.72%, 66.li%, 63.02% and 64.07% for the previous four years. The rate of interest earned during^l946 was 3.10% compared to 3.09%, 3.30%, 3.71% and 3.64% for the previous four years. The question may arise in your minds as to the effect of these matters on the financial condition of your Association. As you will notice the per cent of sol- . vency has decreased from 117.93% to 112.32% in the past year which was reflected in the decrease in your surplus from $995,754.37 to $771,994.28 during the year. In the determination of the per cent of solvency, the contingency reserves are not in­­eluded in this calculation. This contingency reserve was increased from $220,000.00 to $400,000.00 in the year of 1946. The various Insurance Departments regard sub­stantial contingency reserves very highly and in recent years suggestions have been made to the various societies to provide for ample contingency reserves. Your death ratio was again favorable for the year which contributed to an increase in surplus. The rate of interest of 3.10% compared to 3.09% in 1945 was not favorable, but this same condition is true for a large majority of fraternal societies and insurance companies. I have only commented on the affairs of the Senior Mortuary Fund, but the Juvenile Mortuary Fund is also very important to the Association. In the past year the surplus has increased from $150,249.07 to $167,511.45, with the contingency re­serve of $35,000.00 remaining the same. The ratio of 5.34% actual to expected death losses was again very favorable although the rate of interest earned of 2.81% was not favorable due to the present conditions. The Juvenile Mortuary Fund, however, as well ~hs the Senior Mortuary Fund reflected a favorable position in the affair» of the Association. If I can be of any further help, I shall be pleased to have you call on me. Very truly yours, E. T. Knodel Consulting Actuary ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1946, OF THE VERHOVAY FRATERNAL INSURANCE ASSOCIATION I — Balance From Previous Year ................................................. Payments received from members during first Twelve months of benefit protection of which all or part is used for expense ..................T............................................................................. All other payments or premiums received from members ...... Total Payments received ..................................................................... Total received from members ........................................................... Net amount received from members .............................................. Gross interest on mortgage loans less accrued interest on mortgages acquired during the year ......................................... Gross interest on bonds $211,929.38 less $7,599.22 accrued interest on bonds acquired during the year, per Schedule D Gross dividends on stocks ........................................................... 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, including $ None for society’s occupancy of its own buildings (less $ None interest on incumbrances), per Schedule A ............... Total income from investments .................................................. Sale of lodge supplies ...........-...............................................­Harding Lawrence ......._...........................................-..................•­Trust Deposits .................................................................................. Handling Charges on Loans .......-...................-........................... Gross profit on sale or maturity of ledger assets, viz; Bonds per Schedule D „.......................................................................—. Gross increase, by adjustment, in book value of ledger assets, viz: Bonds per Schedule D (including $908.96 for accrual of discount) ............................................................................... TOTAL INCOME ............'................................................ Amounts carried forward ............................................................... 1 Adult Mortuary Fund 6,503,735.21 Disability Fund 327,045.45 Trust Fund 95,517.39 4 Juvenile Mortuary Fund 421,814.10 II. INCOME 668.791.56 668.791.56 668.791.56 668.791.56 1,722.04 154,459.12 154.459.12 154.459.12 154.459.12 119,273.74 119.273.74 119.273.74 119.273.74 Expense F und 10,521.47 133,155.63 254,590.62 387.746.25 387.746.25 387.746.25 6 Totals 7,358.633.62 1,075,680.05 254,590.62 1.330.270.67 1.330.270.67 1.330.270.67 1,722.04 i 178,939.68 331.40 ; 17,596.38 10,321.59 2,196.90 M2,576.16 335.83 204,370.16 331.40 17,638.98 42.60 * 89.50 687.28 776.78 4 30,279.12 229,555.90 30,279.12 255,118.48 5.00 1.440.62 63,527.97 2,439.39 10,321.59 2,286.40 12,618.76 335.83 • 5.00 1,440.62 63,527.97 ' 2,439.39 43,472.99 1,255.98 1,292.31 46,021.28 788.36-.28 120.32 908.96 944,049.43 164,780.71 67,070.63 133,305.13 390,526.47 1,699,732.37 7,447,784.64 491,826.16 162,588.02 555,119.23 401,047.94 9,058,365.99 III. DISBURSEMENTS Dea,th Claims .........-..............................-.................................... 335,005.21 Additional Accidental Death Benefits ....,..................................... 3,000.00 Permanent disability claims: Income Payments ........................... .........— Sickness and accident claims '.............................................................. .........— Matured endowments ............................................. 1,500.00 Donations — Members and Branches __.'. ..................................... .........— Paid to Minor Beneficiaries ..............._............................................. .........— Tota,! benefits paid ......................................... 339,505.21 Net benefits paid ........................................................................... 339,505.21 Surrender values ...................................................................:................ 38,174.57 Refunds to members: Paid in cash Dividends ............................. 24,706.50 Total Benefits and payments made to members ................ 402,386.28 Commissions and fees on payments by members: First Year $101,277.48. Renewal $3,052.00 ......................................... .— Medical examiners’ fees $14,471.00, Inspection or risks $509.75 -----.— • 2,072.50 1,980.11 339,057.82 3,000.00 3.600.00 128,036.58 1.500.00 35,505.72 42,151.15 552.851.27 552.851.27 39,371.92 31,762.45 623,985.64 3,600.00 128,036.58 * ’ 35,505.72 42.151.15 42.151.15 42.151.15 131.636.58 131.636.58 2.072.50 2.072.50 1,197.35 7,055.95 10,325.80 37.485.83 37.485.83 * 131,636.58 42,151.15 * 37,485.83 104,329.48 14,749.75 104,329.48 14,980.75 231.00

Next

/
  • Layout
  • Zoom
  • Rotation
Thumbnails
Contents