Verhovayak Lapja, 1937. január-június (20. évfolyam, 1-26. szám)
1937-01-09 / 2. szám
PAGE 6 FEBRUARY 27, 1937 JUVENILE ORDER—MONTHLY REPORT M ‘ JANUARY, 1937 Í* .--------------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 fromJanuary 1st to Jan. 30, 1937. Branch 9 at Franklin, N. T ................ 18new ”369 atAlliance, Ohio ..........15 11 11 36 atDetroit, Mich. , ............. 14 11 11121 atBuffalo, N. Y............... ....... 14 11 jj166 atZanesville, Ohio ........... 14 11 91 33 atWindber, Pa .................. 13 11 91 45 atCleveland, Ohio ........13 11 11164 at Chicago, 111. ................. 13 11 11132 atSouth Bend, Ind ............ 10 11 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. 1 /0—Amount paid: $300.00. The following members were transferred to the Senior Order in January, 1937 : Balog, Emma iM'hovoyokJhpjQ Baráth, Árpád I Bartók. Peter Jr. Bauer, Joseph, Jr. ; Bors. Charles ; Bukov its. Theresa Cook, Nicholas * Csattos, Alexander, Jr. i Csernay, Elizabeth B. Czibere, Elizabeth Didrencz, Gusztáv, Jr. . Dolgos, Stephen Domokos, Bela György, Elizabeth Hegyi, Alexander Henezi, Irene Hobor, Helen Mary I Hobor, Irene ' Horvath, Emery Horvath, Margaret Huszar, Mary Juhasz, Anna Kacsor, Irene . Kaloczki, Frank Kalosky, Stephen Kalosky, Frank Kormosoy, Joseph ! Krall, Margaret László, Alexander In the year 1886, when Verhov ay Fraternal Insurance 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 provide 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 bv 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 society found it necessary, in due time to readjust Lukacs, Gizella Lukacs, Rozalia Magdus, Joseph Mathe, Lina Elizabeth Nagy, John Odor, Ethel Pap, Joseph Rigó, Jolanda Santa, Victor Simon, Frank Spisak, Joseph Stirminszki, Dániel, Jr, Szakai, Emma Szilagyi, Helen Szobonya, Béla Szűcs, Joseph » Tacsik, Jolanda Toth, Frank B. Toth, Irene Újhelyi, Helen Varga, Elmer Robert Zoltani, Michael Molnár, Julius Csokuly, Esther Vargo, Elizabeth Knight, Joseph Benton Steif, Malvina I. Priam, Bertalan Puli, Irene. 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 for Nothing. As long as the nembership, 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 died 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 be 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 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 Lb S. Census Bureau. This American Experience Mortality Table begins with 100,000 "lives at age 10 and calculates that 749 will die in that particular year and only 99,251 will still he living at age 11. After 746 die at age 11. there will be 98,505 still living at age 12. This table jjhows the number dying at each particular age and a*t 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 69,804 living and 962 dying or as many as 1,378 lor each 100,000. Almost l/2 of the original 100,000 are still living at age 65 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 12y2 times the rate for the age of 10. At thehge of 80, there are still 14,474 living, or about one-seventh of the original 100,(XX) 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,-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 96 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 96. Verhovay will have to do the same thing, because the reserve at age % 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. Verhova}- agrees to make a cash settlement in full at any time after tire 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 1c/p of the face amount of the insurance which is $10 reduction for each $ 1 (XX) or $5 for each $500 insurance protection. For instance, a person becoming a member of V erhovay 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 2,1 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, this reserve has risen to $ 395.50. At the age of-85. this 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. I . ------------Scientific Life Insurance Methods I Level Premium Reserve amounts to $427.50 and at the age 95 to $476 for a $500 certificate. Notice that these reserves are based upoil 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 be. As the step rate members age increases, his rate of annual dues is continuously increased, and when he reaches tile 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. Is it any wonder that I claim that the Level Premium Plan w ith its required reserves is on a Scientific Basis, while the Antiquated Step-Rate Plan wras dropped by all of our reliable Americau Beneficial Associations YEARS and YEARS AGO? It is unthinkable and unbelievable that in these enlightened days, when there is absolutely no excuse whatever for any intelligent person being ignorant of the most bitter experiences that 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. —• How can anyone explain the fact that a few persons got their heads together, a very few years ago, and in some crazy manner resolved to again 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 by so many 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. HORNER WOOD, Actuarv.
