William Penn Life, 1969 (4. évfolyam, 1-12. szám)

1969-06-01 / 6-7. szám

INSURANCE WARNING ISSUED

time discussing future programs designed to increase service to our membership. The Association must keep in close contact with the membership at all times and for this reason the Officers and each member of the Board of Directors is requested to submit recommendations as to what type of programs, both fraternal and business in nature, should be introduced in order to assure the membership of the best service possible.

34. It is moved, seconded and adopted that the originally scheduled Quarterly Board meeting be changed from September 15 to September 8, 1969 and from December 15, to December 8, 1969.

35. National President, Elmer Charles, in conclusion, thanked the Board for its hard work it performed the past three days. He was pleased to hear the remarks of each Director and felt that it was a most constructive meeting. He called the attention of the Board to the many problems which exist and hopes we will come forth with ideas which will generate satisfactory solutions to these problems. He again thanked the Board for the work that was accomplished and bid each member a safe and pleasant trip home and extended best wishes to the members’ families.

36. Board Chairman, John P. Balia, also thanked the Board Members for its fine cooperation during this meeting. He felt we have touched upon many important facets of the business and cleared the air of many problems. He too wished each Board Member a safe journey home and extended best wishes to their respective families.

Respectfully submitted John P. Balia, Chairman of the Board; Frank J. Radvany, Secretary of the Board; Elmer Charles, National President; Louis L. Varga and Julius J. Lenart, Vice Presidents. Frank Bero, Stephen Danko, Michael Hegedűs, Stephen J. Ivancso, Rev. Andrew P. Jacobs, Dr. Andrew Kovács, Stephen Lang Jr., Joseph Toma, Louis Vassy and Frank J. Wukovits Sr., Directors.

June 9, 1969

East Orange, N. J. — The public was warned yesterday to think twice before entering into any life insurance plan that substitutes a new life insurance policy for an older, existing one.

“It is generally not to the purchaser’s advantage to drop or change an existing life insurance policy in order to replace it with a new life insurance policy written by the same or another company,” said William Q. Meeker, past president of the Newark Chapter of the American Society of Chartered Life Underwriters.

“It is rarely wise,” he said, “to enter into a life insurance plan under which premium, interest, and other payments will be so high that the result is the dropping of a life insurance policy already in force.”

Meeker cited the special regulation of the New Jersey Department of Banking and Insurance, governing the replacement of life insurance policies. This regulation requires the life insurance agent advocating replacement to furnish a written which contains the following:

1. A written and signed comparison setting forth “all the pertinent facts hearing on the transaction, and the advantages and disadvantages of changing to the proposed coverages.”

2. The statement that “In every case, it is to your advantage to secure the advice and recommendations of your present life insurance company regarding the proposed replacement or change in such existing policies. You may secure this information by notifying your present insurance company or its agent about the proposed replacement or change.”

3. The statement that “If you are considering replacement of your present insurance, you are advised that, as a general rule, it is not to your advantage to drop or change any of your existing life insurance for the purpose of replacing it with new life insurance in the same or another company.”

Meeker said that “any of the newer techniques of ‘equity financing,’ ‘minimum deposit,’ financed insurance and the like, can be used—in most cases, and where appropriate—far more effectively with life insurance presently in force.” There is no need, he said, to drop existing life insurance coverage to adopt such plans.

Letters to the Editors

June 30, 1969

Dear Sirs:

Please he advised that I have moved. My present address is 3216 New Mexico Avenue, N.W., Washington, D.C. 20016. Please mail a copy of the “Life” to my new address.

Fraternally yours, Arpad George

*

Dear Sir,

I am now receiving your magazine. I am moving and would like to continue to receive it. My old address was Mrs. Mary Balogh 9275 N. Church Drive #713 Parma, Ohio 44130 My new address is:

Mrs. Louis Balogh 4034 32nd Circle Albuquerque, N. M. 87114 Thank you very much.

*

Tisztelt Stelkovics Ur,

Köszönjük, hogy most már kapjuk az uj magazint.

Tisztelettel,

Bordás Ferenc 38—24th St. Newark, N.J.

*

Kedves Elnök Ur!

Volna egy kérésem lennének szívesek elküldeni a magazint nekünk erre a címre, mert muffoltunk és köszönöm,

Mrs. Kalman Kovács 12 Armor St. Richeyvile, Pa. 15358 *

Dear Mr. Charles,

I’m very grateful to you and to William Penn for finally sending “Life” to us. We enjoy it. — Thanks.

John Kiss 81 Main St. Metuchen, N.J.

*

Dear Mr. Charles,

We have been a member for a long time and we never received your paper. Please, check why.

Yours,

Mrs. John Toma 2299 Lavelle Rd. Flint, Mich. 48504

THE BOARD OF DIRECTORS of the

WILLIAM PENN FRATERNAL ASSOCIATION announce with profound sorrow the death of

FORMER DIRECTOR JOSEPH KORMONDY

an ILLUSTRIOUS MEMBER of this Association. The Board of Directors in paying final Tribute to the memory of our ILLUSTRIOUS MEMBER, conveys on behalf of the membership of the Association its deepest sympathy to the bereaved family.

Joseph Kormondy became director of the former Rákóczi in 1943 and was reelected to the William Penn five times.

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