Fraternity-Testvériség, 1942 (20. évfolyam, 1-5. szám)
1942-05-01 / 5. szám
TESTVÉRISÉG 8 ÉRTÉKELŐ JELENTÉS—VALUATION REPORT Made by HUNGARIAN REFORMED FEDERATION OF AMERICA as of December 31, 1941, to the Department of Insurance of the District of Columbia, pursuant to the requirements of law Do the laws of the society provide for the segregation and trusteeing of the reserves or funds of any class or classes of certificates excepting juvenile certificates, If so, specify same. Answer: None. Was such segregation and trusteeing of reserves or funds in accordance with, pursuant to, or under the express authority of, the statutes of any State? Answer: None. If so, specify the State and give the reference to the particular statutory provision. Answer: — Does the society issue separate certificates .promising disability benefits? Answer: Yes. If so, specify same. Answer: Weekly Sickness Benefits. Are the net contributions for disability benefits kept in a fund separate from all other -benefit and expense funds? Answer: Yes. If so, state tihe increase or decrease, of the funds in the year 1941. Answer: $1,564.92 How many payments by members were actually collected during each of .the last five years? Answer: 12 1941 1940 1939 1938 1937 Combined death, disability and exp. 12 12 12 12 12 Date when the Society last Changed the number of regular payments - to be collected each year. Answer: January 1, 1928 What proportion of first and subsequent years’ contributions -may be used for management expenses? Answer: First year 111. Stand. Margins. Subsequent years Renewal Loadings. Are there any reserve liens (not certificate loans or premium loans outstanding against certificates -in force? Answer: Yes. If so, state face amount and rate of interest charged. Answer: $22,070.95 — Not at Interest. Were the full reserve lien-s and interest thereon deducted in all issuance during the year in the payment of claims and ether benefits? Answer: — If not, explain fully. Answer: — Was -the amount or -basis of reserve liens or rate of interest changed in any way during tihe year? Answer: No. Are certificate liens -or -loans or premium loans granted? Answer: Yes. If so, state conditions and amount of each class of liens or loans -outsanding. Answer: $157,235.19 Also state the amount of liens or loans outstanding at each rate of interest. Answer: All at 5% I hereby certify to the correctness of the foregoing answers and to the correctness of -items 37, 48, 50 of the Valuation Exhibit. Signature STEPHEN MOLNÁR Official title Secretary. Valuation Report for the year of 1941 of the Hungarian Reformed Federation of America A synopsis of the forms of certificates and the formulas employed for valuing the benefits and contributions under each form, together wi-th the amount of insurance in force, must be -given by the actuary -or accountant with answers -to -the following questions: State the method of valuation used (whether -level net -premium, full preliminary term, straight modified preliminary term, Illinois -Standard, etc.) Answer: M. P. T. and 111. Stand. Has the -Society during -the past five years for any class of certificates changed its valuation procedure or formulas so as to affect its solvency -percentage? No. If so, explain fully: Did the Society exclude from -the valuation required in Schedule A any suspended certificate where the member under the by-laws was eligible for reinstatement without evidence of insurability? Answer: No.-State the mortality -and Interest Assumptions employed in the Valuation. Answer: (Use schedule A on next page) (a) Have the negative reserves on individual certificates been eliminated from the Valuation Exhibit? Answer: None. (-b) W-hat -is the total amount of negative reserves on individual certificates? Answer: None. The term, “Negative Reserve,” refers to the excess of the present value of the future net contributions over the present value of the promised benefits. (c) Does t-he society charge redundant net rates of contribution, i. e., net rates in excess of the tabular net rates (on the basis of the mortality table and Interest assumptions used in the valuation)? Answer: No. (d) If so, state t-he amount of the present value of such excess contributions, and also state the -intended purpose thereof. Answer: $ — (e) If a society, which uses tabular values in making its valuation, charges net rates of contribution lower than the tabular net rates (on the basis of the mortality table and -interest assumptions used in -the valuation), :i-t must set up an additional reserve -to cover the deficiency in such rates calculated on the basis not less than one providing for the accumulation as a pure endowment under a level net annual rate of contribution of a sum at the end of not more than 20 years from the issue of each certificate equal to the present value a-t -the time of the differences between the net rate charged under each certificate and -the tabular net -rate of contribution used in the valuation of -the same certificate. (f) Has the requirement of item 26 (e) been complied with? Answer: — If so, on wba-t basis was the deficiency -reserve calculated? Answer: — (g) State -the amount of such deficiency reserve, if any. Answer: None. (h) The reserve on individual certificates should be at least equal to the values of the non-forfeiture options available. Has this requirement been complied with? Answer: Yes. In the determination of the ratio per cent of assets -to liabilities, according to the method of valuation prescribed, there must be eliminated the funds not available for t-he payment of future claims under contracts of insurance and the “non-admitted assets” -other than certificate -liens, loans and interest thereon; provided that the -total of such indebtedness -on any certificate included -in -the Valuation Exhibit shall not be greater than the excess of the -present value of -the -promised benefits over t-he present value of the future net con-ributions under said certificates, as shown by the method of valuation assumed by the society. Have the above requirements been complied with? Answer: Y’es.
