Fraternity-Testvériség, 1945 (32. évfolyam, 1-12. szám)
1945-05-01 / 5. szám
12 TESTVÉRISÉG ÉRTÉKELŐ JELENTÉS-VALUATION REPORT Made by HUNGARIAN REFORMED FEDERATION OF AMERICA as of December 31, 1944, to the Department of Insurance of the District of Columbia. Do the laws of the society provide for the segra- instatment without evidence ot insurability? Answer: gátion and trusteeing of the reserves or funds of any class or classes of certificates excepting juvenile certificates? If so, specify same. Answer: None. Also attach a copy of such provision to the Valuation report. Was such segragation 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 the increase or decrease, of the funds in the year 1944. Answer: S2.620.19 How many payments by members were actually collected during each of the last five years? Answer: 1944 1943 1942 1941 1940 Comb, 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’ oon- tributions 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: $4,670 — No Interest. Were the full reserve liens and interest thereon deducted in all instances during the year in the payment of claims and other benefits? Answer: Yes. Was the amount or basis of reserve liens or rate of interest changed in any way during the 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 outstanding. Answer; $134,175.81 Also state the amount of liens or loans outstanding at each rate of interest. Answer: 5% I hereby certify to the correctness of the foregoing answers and to the correctness of items 37, 48, 50, 59, 72 and 74 of the Valuation Exhibit. GEORGE E. K. BORSHY Secretary 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. Did the Society exclude from the valuation required in Schedule A any suspended certificate where the member under the by-laws was eligible for reNo. Have the negative reserve on individual certificates been eliminated from the Valuation Exhibit? Answer: None. What is the total amount of negative reserves on individual certificates? Answer: None. Does the 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. State the amount of deficiency reserve, if any. Answer: None. The reserves 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 the payment of future claims under contracts of insurance and the “non-admitted assets” other than certificate liens, loans and iterest 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 the present value of the future net contributions under said certificates, as shown by the method of valuation assumed by the society. Have the above requirements been complied with? Answer: Yes. VALUATION EXHIBIT ASSETS—Actual and Contingent (Excluding assets of expense and special funds) Assets available for payment of death losses determined as follows: Admitted Assets, item 38, page 4 of annual statement (including loans and interest thereon secured by reserves or accumulations actually mained on the corresponding individual certificates) $2,339,047.66 less sum of + general or expense funds $12,100.20, f sick and accident funds when not valued $24,142.75, and f special funds (include all funds other than general or expense funds not available for payment of benefits) $18,597.15 ________;________________ $2,284,207.56 Assets—Actual and Contingent—sum of items 36 and 37, above ______________ $2,284,207.56 LIABILITIES—Actual and Contingent (Excluding liabilities of expense and special funds) Present mid-year value of promised benefits, or net tabular mid-year values, on following forms of certificates: Am. Exp. 4% death only $1,574,544.00 Am. Exp. 3^%, death _____ 348,044.00 Juvenile _________________ 103,450.00 Intercompany 3 % Double Indemnity ______________ 5,040.00 Total _______________________ $2,031,078.00
