Fraternity-Testvériség, 1967 (45. évfolyam, 2-12. szám)

1967-04-01 / 4. szám

B) FLUCTUATION SUMMARY FOR 1966 Life Insurance U.S.A. Certificates Ins. in Force Transfers, Etc......... 1,671 595,385 4,226,199 December 31, 1965 ......... 36,757 $45,233,395 Add: New Certificates 1,559 $3,447,250 Reinstated 106 183,564 Total ....................... 38.428 $49,459,594 Less: Death ..................... 396 $ 369,173 Matured .......(700) 435 405,339 Lapsed ....... (307) 921 1,581,533 Surrender ............. 661 841,498 Transfers, Etc........ 57 2,470 765,520 3,963,063 In Force on Dec. 31, 1966 35,958 $45,496,537 Net Changes During 1966 — 799 +$ 263,136 CANADA December 31, 1965 538 $ 525,500 Add: New Certificates .... 214 $ 487,750 Reinstated ............. 3 2,250 Transfers, Etc........ 58 275 82,250 572,250 Total: ..................... 813 $ 1,097,750 Less: Death 14 $ 10,000 Lapsed ................... 75 140,750 Surrender ............. 4 4,000 Transfers, Etc......... 7 100 10,500 165,250 In Force on Dec. 31, 1966 713 $ 932,500 In Force on Dec. 31, '66 USA 35,958 45,496,531 Combined USA + Canada 36,671 $46,429,031 Net Changes (Combined) —624 + $670,136 Cash settlement of matured endowments adversely ef­fected our net growth. On the other hand, an unusually large volume of matured insurance was converted into paid-up for life contracts and matured values retained by the Federa­tion as single premiums considerably increased dues income on the cash basis. Since this occurrence is bound to stay with us for the coming years, we shall make every efforts to push conversions instead of cash settlements and set up production quota high enough to supplement expected losses. IV. CLAIM SETTLEMENT 1965 19 6 6 Kind of Claims Number Amount Number Amount Death ................ .... 412 $354,099.00 369 (14) $379,173.50 (10,000.00) Sick Benefit .... .... 247 14,609.72 189 (2) 10,967.25 (102.00) Hospitalization .... 252 33,455.72 221 (3) 36,248.50 (290.00) Matured ............ .... 459 349,878.00 700 610,523.09 Surrender .......... .... 593 199,602.73 676 (4) 234,270.10 (402.39) Loan ................ .... 271 108,561.05 274 (1) 106,588.95 (300.00) Others .............. .... 115 8,032.38 150 (6) 6,497.65 (120.65) 07^ 1,035 (127) Total: ................ ....3,322 (70) 3,614 (157) Increase .................. 292 This is a combined report for the U.S.A. and CANADA, figures in parenthesis indicate claims settled in Canada. Properly submitted claims were settled within 24 to 48 hours after their receipt. Sick benefit and hospitalization claims are causing the most trouble because the few questions in the sick benefit claim form are incorrectly answered or left entirely unanswered. Hospital claims are too often sub­mitted without hospital and surgical bills. This adds to our already heavy administrative burden and delays remittance of the benefits. V. TRUST FUND Death benefits which cannot be paid to the beneficiaries because of various reasons and unclaimed matured proceeds are kept on our Trust Fund of Unpaid Claims. On December 31, 1966, balance on this fund was $113,895.21. VI. BUDGET I submit a separate report on budget-expense reconcilia­tion for the year of 1966. A monthly reconciliation was forwarded to the Supreme Officers and the Accountant. I prepared, in co-operation with the Executive Committee and our Business Counsellor a budget plan for 1967 for final approval. VII. PAYROLL AND PAYROLL TAXES Salaries and wages were computed and forwarded to the employees on due time. We submitted payroll taxes together with completed tax return forms to the respective State and Federal agencies. VIII. REINSURANCE Members carrying $15,000.00 or higher insurance are reinsured with the North American Reassurance Company. It is my duty to determine and report reinsurable certificates, subsequent changes; control and remit premiums computed by the Company. Reinsurance premiums were actually paid in 1966 $1,229.69 Less: Experience Refund for 1966 684.09 Actual Cost of Reinsurance for the Year $ 545.60 IX. OTHER SERVICES a) I report the financial condition of the “Employees Retirement Benefit Fund", as follows: Balance as of December 31, 1965 $123,054.02 Contributions of the Employees in 1966 4,424.88 Contributions of the Federation in 1966 10,000.00 Interest Income in 1966 ............................................ 5,644.85 Total Income ..............................................................$143,123,75 Benefits remitted in 1966 ..........................................— 9,650.60 Balance on December 31, 1966 $133,473.15 The Fund had 20 participating members and 5 pen­sioners on December 31, 1966. b) Together with the Treasurer, I prepared a monthly statement of income, disbursements and assets for publication in the “Fraternity”. Occasionally, I wrote articles in our official paper. I am glad to report that employees in my office carried out their job in a most satisfactory way. I could not possibly fulfill the diversified and voluminous duties assigned to my office without tthe efficient and loyal suport of such co­workers as Dr. Zoltán Körössy, Mrs. Vilma Csorba, Mr. Julius Gaal, Mr. Zoltán Bottykos, Mrs. Magda Zaboji, Miss Elizabeth Nagy, Mrs. Katalin Paschke and Miss Irene Pal. * * * On March 15, 1967, I completed the tenth year in my present office, a position held longer than any other job in my life. I am deeply grateful to the Almighty God for permitting me to serve my beloved Hungarian people and letting me participate in a struggle for the survival of our race here and abroad alike. My dear Fellow-Members of the Council, I am grateful for your understanding, co-operation and brotherhood I was furtunate enough to enjoy during the last decade while working together for the same goal: a better and bigger Federation. I hope that my report will meet your approval and gain final acceptance, I remain Fraternally yours, LÁSZLÓ L. ESZENYI Controller

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