Verhovayak Lapja, 1951 (34. évfolyam, 1-12. szám)

1951 / Verhovay Journal

0

October 17, 1951

Verhovay Journal

F A GE 9

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ehall be elected. The mandate of such representative, or alternate representative shall expire the same time as the term of the representative whom he succeeds.”

78. ) Page 8, paragraph 5: the proposed amendment is unanimously rejected by the delegates and the original text remains unchanged.

79. ) Page 10, paragraph 7, amended as follows: Jurisdiction of the Convention. The following- are within the jurisdiction of the Convention: a.) Decisions on resolutions relating to the amendment of and alteration in the Constitution and By-Laws which have previously been approved by thei majority of the branches, furthermore decisions on any such resolution relating to the amendment of and alteration in the Constitution and By-Laws which will take effect only after an approval of the majority of the branches.

80. ) Page 14, paragraph 1, amended as follows: “No member shall be elected as delegate from more than one branch. Members of the Board of Directors, the Auditing Committee, the National Officers, regular employees and those having a contract with the Verhovay Fraternal Insurance Association from which they derive their main income, and should any person in the above classification resign or be removed from his position or his contract cancelled, said person cannot be a representative to the Convention, unless such resignation, removal or the cancellation of the contract took place one1 ~year before the regular meeting of the Convention, are ineligible to become delegates to the District Sessions.”

81. ) Page 14, last sentence, amended as follows: “Only new recommendations adopted by the Convention shall be submitted to the branches for, approval after the Convention and said new resolutions and recommendations shall be approved by the votes at the branches in the same manner as the amendments and resolutions submitted by the Board of Directors.”

82. ) Page 18, last paragraph, amended as follows: “The execution of re-insurance agreements and of important contracts,” etc. etc.

83. ) . Page 33, paragraph 3, first sentence, amended as follows: “Each branch shall elect a president and comptroller.”

84. ).. Page 33, paragraph 4: to be deleted and replaced with the following: “The Manager of the Branch is appointed by the Home Office, subject to approval by the Board of Directors.”

85. ).. Page 38, paragraph 11: the words “to the Association” to be inserted following the words “report such fact.”

86. ) Page 39, paragraph 2 (new paragraph) inserted: “In the event the cash surrender value exceeds the reduced death benefit at the time of the death of the member, then the cash surrender value shall be paid to the beneficiaries.”

87. ) Page- 40, paragraph 2, amended as follows: “. . . shall fill out and sign with his own hand the prescribed application form and the questionnaire' necessary for the medical examination or the declaration of insurability.”

88. ) Page 40, paragraph 4: deleted.

89. ) Page 40, paragraph 5, amended as follows: “The Association may Insure one person from $500.00 to $10,000.00.”

90. ) Page 41, paragraph 5, amended as follows: “The certificate shall be delivered only if the applicant has paid the membership dues shown on the certificate for at least one month, and if he signs the membership certificate in the presence of the Branch Manager.

91. ) Page 42, paragraph 1, amended as follows: “The membership certificate shall take effect on the date of the application provided same is approved by the Chief Medical Examiner.”

92. ) Page 42, paragraph 4, amended as follows: “The Beneficiaries. A Benefit Certificate may be made payable to any person or persons entirely or interest, as the member may designate.”

93. ) Page 45, New paragraph inserted preceding Part IV:” If a member dies by the hand or act of his beneficiary and said beneficiary stands convicted of said crime in any degree before a court of competent jurisdiction, the rights of said beneficiary shall be null and void. The benefits, in such event, shall be paid as if the beneficiary predeceased the member.”

94. ) Page 45, last paragraph, amended as follows: “1.) The Contract. The application for membership and medical examination or the declaration of insurability . . .”

95. ) . Page 46, paragraph 1, amended as follows: “Should the member’si answers to any material question on the application blank and questionsrelating to health on the declaration of insurability . . .”

96. ) Page 46, last paragraph, continued on page 47, amended as follows: “2.) The payment of monthly dues. All dues are due on the first day of the month beginning with the month in which the certificate is dated and shall be paid to the Branch Manager on or before the 20th day of the same month. Three months of grace, without interest, will be allowed in payment of any dues payment after the first, during which time the certificate shall remain in full force, but if the member shall die within the period of grace the unpaid dues for these three months shall be (considered as an indebtedness to the Association for .which the membership certificate is security.

. The member may have the right to elect any, of the other following modes of payment:

* 1.) quarterly,

2. ) semi-annually,

3. ) annually.

The member will be required to pay on the basis of the mode he elects. Any change of his mode of payment must be approved by the Home Office upon a written application of the member through the Branch Manager.”

97. ) Page 48, last paragraph, continued on page 49, amended as follows: “6.) Change of Beneficiaries. A member may change his beneficiaries at any time but only on a form prescribed and furnished by the Assocation, which form properly filled out, accompanied by the membership certificate, shall be sent to the Home Office. The Home Office of the Association shall endorse; the name or names of the new beneficiary or beneficiaries upon the certificate of the member, or may issue a new certificate to him, subject to the same conditions as the one surrendered, containing the name or names of the newly designated beneficiary or beneficiaries. Such change shall take effect on thel day when the Home Office by its endorsement on the membership certificate has approved the change. No change of beneficiary shall be allowed or be binding which is not requested in writing as herein provided at least twentyfour hours before the death of said member.”

98. ) Page 49, paragraph 2, amended as follows: “. . . . it may be reinstated at any time within three years from the date of default in monthly

dues payment, by the Home Office, provided the former member is an insurable age and produces evidence of insurability satisfactory to the Association . .

The entire last sentence in this paragraph is deleted.

99. ) Page 49, last paragraph, continued page 50, amended as follows:

“9.) Transfer to other classes of membership. At any time while the membership certificate is in full force and effect, at the request of the member his membership certificate may be exchanged to a certificate of a, higher class, of the same amount, in any other class of membership.”

100. ) Page 50, paragraph 1, amended as follows: “b.) the difference

between the reserves of the two certificates with 4% interest. A member prior to attaining age 60 may exchange his present certificate to a class having lower monthly dues. A new medical certificate is required and the differende in reserves in favor of the member shall be credited to him in the form of monthly dues, or towards the reduction of a loan, if any, or in cash. In either case the old membership certificate must be surrendered. The new

certificate shall bear the same date as the old one and the monthly dues

shall be paid according to the age shown in the old certificate. The face value of the policy may be reduced to $500.00 at any time.”

101. ) Page 50, last paragraph, amended as follows: “11.) Incontestability. After the certificate shall have been in force for two (2) years from its date of issuance, and two years’ contributions have been paid thereunder, thei Association will not contest the payment of any benefits, the amount of which is determined in accordance with the provisions of his certificate,, provided, however, those pursuing prohibited occupations or those engaged in military service shall be subject to the provisions as hereinbefore set forth in paragraph 27.”

102. ) Page 51, paragraph 2, amended as follows: “13.) Legal Actions.

The member or his beneficiaries shall not commence any legal action until

the Board of Directors shall have brought a final decision, within six months after the date of the appeal by the member or beneficiary in accordance with paragraph 56 of these By-Laws.” ’

103. ) Page 53, paragraph 2, amended as follows: “15.) The membership certificate shall take effect on the date of application provided same is approved by the Chief Medical Examiner.”

New paragraph inserted as follows: “In .the event, that the membership certificate is lost or destroyed or withheld from- the member, he shall furnish the Home Office of the Association satisfactory proof under oath, of the loss, or destruction of the certificate or of the facts and circumstances of the withholding of the certificate from his possession and waive for himself and beneficiary or beneficiaries all rights thereunder, whereupon the Home Office of the Association, if such proof is satisfactory, shall issue and return a new certificate in lieu of the certificate which was lost, destroyed or withheld from a member.”

104. ) Page 54, paragraph 4: The words “as duly evidenced in writing,” inserted after the words “the sole security thereof.”

105. ) Page 55, paragraph a,).. The word “value” to be inserted after the word “cash.”

106-107.) Page 55-56, Paragraph b, amended as fellows: “Exchange "or a Reduced Paid-Up Life or Endowment Certificate.” The phrase following “which shall be equivalent” to read “to the cash value.” In rhe first sentence« on page 56 the word “reduced” inserted to read: “The amount cf the Reduced Paid-Up Certificate.”

108. ) Page 57, New paragraph inserted after 2nd paragraph: “Nonforfeiture values guaranteed by membership certificates shall remain unchanged regardless of the valueing by the Association and such certificates on a basis producing greater reserves than those required by the certificates.”

109. ) Page 57, paragraph 3, 4, 5: deleted.

110. ) Page 57, in place of deleted part, new paragraph- “19.) Membership Certificate Reserves The reserve to be maintained upon the membership certificates issued by the Association after January 1, 1949, is computed on tne American Men Mortality Table at 2((>% interest modified according to the Illinois Standard of Valuation.”

111. ) Page 58, paragraph 1, amended as follows: “Memebership certificates issued according to the American Experience Mortality Table at 4% and 3i/?% interest shall be valued, commencing on December 31, 1950, upon a standard producing reserves not less than the American Experience Mortality Table at 3% interest modified according to the Illinois Standard Method of Valuation, including all required prospective deficiency reserves and thereafter the ‘Reserve to Strengthen American Experience, 4% business’ no longer shall be required.”

112. ) Page 58, new paragraph after last paragraph: “Privilege of Continuing Insurance. When for any reason a member forfeits his fraternal Privileges in the Association, such forfeiture shall not affect any equitiescontained in his certificate, and his insurance shall remain in force as long as he continues to pay his insurance contributions and all such other assessments as may be required of members holding certificates in the same class or avails himself of the insurance protection already accrued to date.

STATE STATUTES. If any provision or condition in these By-Laws shall be in conflict with the statutes of any State or of any membership certificate cf insurance as approved by any State in which the Verhovay Fraternal’ Insurance Association is permitted to operate, such statutes or approved membership certificates shall prevail over the provision or condition.”

113. ) Pages 59-60-61. Paragraph under title “The different Death Benefit Classes” deleted entirely.

114. ) Page 64, paragraph 4, amended as follows: “The Accidental Death Benefit Insurance cannot be more than the Life Insurance Benefit, but in no case can it fcc more than $5,000.00.”’

115. ) Page 81, paragraph 1: Deleted.

116. ) Page 81, new paragraph following “4.). Trust Fund”: “The Expense Fund shall be credited with:

a. ) Full renewal year dues remaining after allocation of proper amounts to the Death Benefit Fund and Sick Benefit Fund;

b. ) The first year’s dues received from new members after providing death claims incurred during such first year’s membership and for the reserve, if any, required on such business at the end of the first year of membership;

e.) Revenue derived from sale of supplies and any miscellaneous revenue not designated for any other fund of the Association;

d.) A transfer from the respective msurance funds equal to one-fourth of one per cent of the invested assets of the insurance funds of the Association

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