Verhovayak Lapja, 1937. január-június (20. évfolyam, 1-26. szám)
1937-02-27 / 9. szám
10-1K OLDAL FEBRUÁR 27, 1937 JUVENILE ORDER—MONTHLY REPORT JANUARY, 1937 Number of members on January 30, 1937........10,699 Increase.................123 In January we had 300 new members. The following branches have 10 or more new members from January 1st to Jan. 30, 1937. Branch 9 at Franklin, N. ]................. 18 new members ” 369 at Alliance, Ohio .............. 15 36 at Detroit, Mich................. 14 ” 121 at Buffalo, N. Y................... 14 ” ” 166 at Zanesville, Ohio ............ 14 33 at Windber, Pa....-......,..... 13 45 at Cleveland, Ohio .......... 13 164 at Chicago, 111......... 13 ” 132 at South Bend, Ind.......... 10 In January we had 42 members reinstated, 160 members stricken from the membership list, and 58 members transferred to the Senior Order. DEATH BENEFIT was paid for: Stanley Fodor, died December 30, 1936. Age 13, at Medina Ohio, Br. 17*0— Amount paid: $300.00. The following members were transferred to the Senior Order in January, 1937 : Balog, Emma Baráth, Árpád Bartók, Peter Jr. Bauer, Joseph, Jr. Bors, Charles Bukovits, Theresa Cook, Nicholas Csattos, Alexander, Jr. Csernay, Elizabeth B. Czibere, Elizabeth Didrencz, Gusztáv, Jr. Dolgos, Stephen Domokos, Bela György, Elizabeth Hegyi, Alexander Henezi, Irene Ilobor, Helen Mary Hobor, Irene Horvath, Emery Horvath, Margaret Huszar, Mary Juhasz, Anna Kacsor, Irene Kaloczki, Frank Kalosky, Stephen Kalosky, Frank Kormosoy, Joseph Krall, Margaret László, Alexander Lukacs, Gizella Lukacs, Rozalia Magdus, Joseph Mathe, Lina Elizabeth Nagy, John Odor, Ethel Pap, Joseph Rigó, Jolanda Santa, Victor Simon, Frank Spisak, Joseph Stirminszki, Daniel, Jr. Szakai, Emma Szilagyi, Helen Szobonya, Bela Szucs, Joseph Tacsik, Jolanda Toth, Frank B. Toth, Irene Újhelyi, Helen Varga, Elmer Robert /oltani, Michael Molnár, Julius Csokuly, Esther Vargo, Elizabeth Knight, Joseph Benton Steif, Malvina I. Priam. Bertalan Puli, Irene. Scientific Life insurance Methods In the year 1886, when Verhovay Fraternal Insur- j ance Association was organized, it was generally understood and believed that Fraternal Beneficial Societies could furnish life insurance protection to their membership by working on what might be termed a hand-tomouth plan. As long as they could raise enough each and every year to pay the claims that particular period, it was not considered necessary to pVovidé for any kind of a reserve or surplus to take care of the increasing amount of death claims, without raising to an exhorbitant figure the amount of dues payable by the individual member. The newlyorganized societies had smooth sailing for a number of years, because their membership, on the average, still remained young and healthy. However, each and every societv found it necessary, in due time to readjust their plans and adopt new ideas. It generally took from 20 to 40 years actual experience to teach these societies the impossibility of trying to give their membership Something f o r Nothing. As long as the uembership, on the whole was sitii young and healthy, it was not found necessary to materially increase the individual dues. Large numbers of young and healthy persons were joining to replace some of the older and sickly members who clieel or dropped out of the organization. Almost without exception, the average amount of death claims remained quite low for the first 5 to 10 years. After 15 to 20 years each society seemed to he getting quite wobbly and even top heavy. The increasing number of older and sickly members meant the payment of higher amounts of claims, and the officers in time began to realize that there is j no good reson whatever why fraternal benefit societies should not use the same scientific principles that had already been adopted by the old line life insurance companies. The officers and especially the' actuaries of the A- merican Life Insurance Companies compared the data they collected from their actual past experience and in the year 1868 the American Experience Table of Mortality was formed after these experts had carefully studied their statistics received from the different insurance companies with the information furnished by the U. S. Census Bureau. This American Experience Mortality Table begins with 1(X),000 lives at age 10 and calculates that 746 will die in that particular year and only 99,251 will still be living at age 11. After 746 die at age 11, there will be 98,505 still living at age 12. This table shows the number dying at each particular age and at age 35, there are still living 81,822 of which 732 die in that particular year. This table shows the death rate per 100,000 to be 749 at age 10, and 894 at age 35. The same table shows for age 50 there are still 64,804 living and 962 lying or as many as 1,378 for each 100,000. Almost y2 of the original 100.000 are still living at age 55 and the death rate.at that age is 4.013 per 100,000, or more than 5 times the rate at age 10. At the age of 75, there are still 26,237 living and the deaths that year amount to 2,476 or at the rate of 9.437 per 100,000, or more than 12j4 times the rate for the age of 10. At the age of 80, there are still 14,474 living, or about one-seventh of the original 100.000 and the deaths at age 80 amount to 2,091 or almost one death for each 7 living at that age, and the death rate per 100,000 is 14,-1- VfrhovQyokJhpjQ _ 447 or more than 19 times the rate for age 10. Of the original 100,000 beginning at age 10, only 3 live to be 95 years of age, and at age 66 no one is supposed to be still living. A great many of our old line companies have already paid several of their policy holders the face amount of their insurance policy as soon as they have reached the age of 66. Verhovay will have to do the same thing, because the reserve at age 46 is the full amount of $1000 for each $1000 insurance. The Verhovay member does not need to wait until he is 96 before he can demand a cash settlement from his Association. Verhovay agrees to make a cash settlement in full at any time after the membership certificate is three years or thirty-six months old, by paying the member the amount of his full certificate reserve less a surrender charge of not more than U'i of the face amount of the insurance which is $10 reduction for each $1000 or $5 for each $500 insurance protection. For instance, a person becoming a member of Verhovay Fraternal Insurance Association and securing a Whole Life Certificate for $500 life insurance at the ■of 18, may request a cash settlement at any time after he is 21 years of age, or after the certificate is three years old, at which time the reserve for $500 insurance is $6.00. Fourteen years later when the member is 35, this reserve has increased to $62, and at age 50 his reserve is $158. After 47 years membership when the age is 65, the certificate reserve has ‘increased to $283 for each $500 insurance. When the member is aged 75, his certificate re serve is $361 and at age 80, tliis reserve has risen to $ 1 395.50. At the age of 85, this Level Premium Reserve amounts to $427.50 and at the age 95 to $476 for ;i $500 certificate. Notice that these reserves are based upon the Level Premium or Scientific Plan, and as Verhovay has been carrying out this idea, she has been providing that each member receives an annual dividend of 2% of his certificate* reserve, after he has been a member for three years. If this plan is carried out during the life of the above mentioned member, the amount of his annual dividend will equal the amount of his annual dues after the member has reached the age of 78.- On the other hand, and in contrast to the above illustration, the Step-Ratecertificate carries almost no reserve whatever, no matter how long the insurance has been in force or how old the member may he. As the step rate members ag_e increases, his rate of annual dues is continuously increased, and w hen lie reaches the age of 96, and has actually paid dues amounting to thousands of dollars to his Step Rate Order, he is not entitled to a single penny’s worth of insurance for the reason that his certificate has been providing for very little if any reserve. Ls it any wonder that I claim that the Level Premium Plan with its required reserves is on a Scientific Basis, while the Antiquated Step-Rate Plan was dropped by all of our reliable American Beneficial Associations YEARS and YEARS AGO? It is unthinkable arql unbelievable that in these enlightened days, when there is absolutely no excuse whatever for any intelligent person being ignorant of the most liitter experiences th,at our American Fraternal Beneficial Associations have passed through during the past 50 or more years, that any group of people would dare to organize a Step-Rate Life Insurance Order. — flow can anyone explain the fact that a few persons got their heads together, a very few years ago, and in some crazy manner resolved iotagain attempt to hoodwink the gullible membership of their new order into believing that they are getting cheaper life insurance protection when it is based on this foolish Step Rate Plan, which has already been tried 1)v so manv of our Fraternals and each and every one of them has found it absolutely necessary, sooner or later, to drop this most silly idea of trying to give their membership Something for Nothing and finally see them g-et nothing whatever in return for the vast amount of dues they have contributed. s. Hörner wood, Actuary. SPANISH REBELS GET NAZI SALUTE Despite official protestations or neutrality throughout Europe, the nationals of both Germany and Italy are known to be joining General Franco's Facist forces in Spain. Here is a group of German volunteers joining the rebel army with a Nazi salute.
