Fraternity-Testvériség, 1968 (46. évfolyam, 1-12. szám)

1968-04-01 / 4. szám

III. FLUCTUATION SUMMARY FOR 1967

U.S.A.

LIFE INSURANCE

Certificates

Insurance in Force

December 31, 1966 .............................

35,958

$45,496,531

Add: New Certificates .....................

1,428

$3,219,000

Reinstated .................................

85

163,965

Transfers, etc.............................

3

1,516

80,009

3,462,974

Total: ..........................................

37,474

$48,959,505

Less: Death .........................................

410

$ 367,806

Matured .....................................

288

273,610

Lapsed .........................................

853

1,739,693

Surrender ...................................

614

829,259

Transfers, etc.............................

8

2,173

230,122

3,440,490

INFORCE ON DECEMBER 31, 1967

35,301

$45,519,015

NET CHANGES DURING 1967 ........

............- 657

+ $ 22,484

Canada

December 31, 1966 .............................

713

$ 932,500

Add: New Certificates .....................

201

$ 668,500

Reinstated ................................

—

—

Transfers, etc.............................

8

209

7,500

Total: ...........................................

922

$ 1,608,500

Less: Death ...........................................

9

$ 2,250

Maturerd.....................................

■J—

—

Lapsed .........................................

88

$ 175,750

Surrender ...................................

2

$ 3,000

Transfers, etc.............................

3

102

10,000

191,000

IN FORCE ON DECEMBER 31, 1967 ........... 820

CHANGES DURING 1967 ............................... +107

TOTAL IN U.S.A................................................ 35,301

TOTAL IN U.S.A. AND CANADA ............... 36,121

$ 1,417,500

+485,000

$45,519,015

$46,936,515

IV. CLAIM SETTLEMENT Kind of Claims:

No. Amount

Death ........... 369 ( 14) $379,173.50

Sick Benefit 189 ( 2) 10,967.25

Hosp............... 221 ( 3) 36,248.50

Matured ....... 700 ( - ) 610,523.09

Surrender ... 676 ( 4) 234,270.10

Loan ............. 274 ( 1) 106,588.95

Others........... 150 ( 6) 6,497.65

Expenses........1,035 (127)

Total: 3,614 (157)

No.

Amount

(10,000.00)

387

(

9)

$364,056.50

(2

1,250.00)

(

102.00)

203

(

2)

13,801.28

(

286.00)

(

290.00)

216

(

2)

34.028.47

(

310.00)

(- )

536

(- )

436,493.29

(- )

(

402.39)

631

(

2)

257,752.71

(

227.91)

(

300.00)

285

(- )

127,782.53

(- )

(

120.65)

187

(

10)

6,421.18

(

131.60)982

(141)(- )

3,427 (166)

VII. PAYROLL AND PAYROLL TAXES

Salaries and wage 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.

Canadian payroll and unemployment taxes were forwarded to the proper Canadian agencies through our chief- agent, Mr. Elmer J. Isaac, to whom I express my grateful appreciation for the fine service eversince we started operation there.

VIII. REINSURANCE

Members carrying more than $15,000 insurance are reinsured with the North- American Reassurance Company. I determined and reported reinsurable certificates and subsequent changes. I give account on the cost of reinsurance as follows:

Reinsurance premium

actually paid in 1967 .............$1,374.60

Less: Experience Refund

for 1967 ..................................... 392.59

NET REINSURANCE

PREMIUM PAID FOR

THE YEAR...............................$ 982.01

IX. OTHERS SERVICES

a) I report the financial condition of the “Employees Retirement Benefit Fund” as follows:

Balance as of

December 31, 1966 .............$133,473.15

Contribution of the

Employees in 1967 ............. 4,431.04

Contributions of the

Federation in 1967 ........... 10,000.00

Interest Income in 1967 ..... 10,046.39

TOTAL INCOME ...............$157,950.58

Benefits remitted in 1967 ... 14,477.43

BALANCE ON

DECEMBER 31, 1967 .......$143,473.15

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. Unfortunately, claims have to be returned too often for completion because quite a few of our managers do not bother to insert the most vital information on our request forms. The settlement of the hospital and sick benefit claims is still the problem-area, where the expert support of our dear Medical Director, dr. Frank S. Horvath, is a great and very much appreciated help.

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, 1967, balance on this fund was $114,241.45.

Most of the deposits are considered abandoned properties from a legal point of view and shall be transferred to the repective State Welfare Departments, after six or seven years.

VI. BUDGET

I submit a separate report on budget-expense reconciliation for the year of 1967. 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.

The Fund had 18 participating members and 5 pensioners on December 31, 1967.

With the approval of the Supreme Council, we transferred $10,000.00 on our books. Since the required actuarial reserve is $164,047.00, we set up a reserve for $20,573.85. (See Annual Statement, Page 3.)

b) Together with the Treasurer, I prepared a monthly statement of income, disbursements and assets for publication in the “Fraternity”.

c) As one of the Associate Editors, I wrote articles in our official paper.

d) Mailing list is maintained and changes of addresses are handled in my department. A thorough check-up with the co-operation of the branch-managers shall be made in the near future.

* * *

During the year I lost some of my best trained co-workers. On March 1st Mr. Julius Gaal, senior book-keeper resign16