Verhovayak Lapja, 1943. január-június (26. évfolyam, 1-25. szám)
1943-05-13 / 19. szám
May 13, 1943 .Verhovaydk Lapja. Page 9 VALUATION REPORT BASSLER AND COMPANY ACCOUNTANTS LIFE INSURANCE ACTUARY Pittsburgh, Pa., March 4, 1943. Verhovay Fraternal Insurance Association, Standard Life Building, Pittsburgh, Pennsylvania. GENTLEMEN: This is to certify, . That I have computed the reserves on all the life certificates for the Adult and Juvenile Departments of the Verhovay Fiaternal Insurance Association which were in force on December 31, 1942, in accordance with schedules of insurance and a financial statement presented to me for that purpose. 1. ) I have calculated the net legal reserves on the membership certificates of the Adult Department in the following manner: Whole Life, 20 Year Payment Life, 20 and 30 Year Endowments issued prior to 1/1/36 are computed on the American Experience 4% Full Preliminary Term Basis. Similar certificates issued since 1/1/36 are computed on the American Experience 3Vz%, Illinois Standard Basis. Certificates which have been exchanged for Paid-Up Term or Paid-Up Life or Endowment Insurance are valued on the American Experience 4% and 3Vn%. 2. ) I have calculated the net legal reserves on the membership certificates of the Juvenile Department in the following way: Whole Life, 20 Year Payment Life, 20 Year Endowment and Endowment at age 18 are computed on the American Experience 3%%, Illinois Standard with Craig’s Extension. Increasing Term A and B on the American Experience 3 ’/2 % Illinois Standard, with Craig’s Extension. Certificates which have been exchanged for Paid-Up Term or Paid-Up Life or Endowment insurance are valued on the American Experience 3%%. 3. ) The total mortuary fund liabilities of the Adult Department, including the reserves are $3,875,977.55 The total mortuary fund assets of the Adult Department applicable to the payment of such total liabilities are $4,731,951.89. The above valuation indicates that on the basis of the American Experience Table of Mortality, with interest at 4 and 3%%, the future assessments of the Adult Department of Verhovay Fraternal Insurance Association, at the rates now being collected, together with the now invested assets, are sufficient to meet all certificates as they mature by their terms, with a margin of safety of $855,974.34 or 22.08% over and above the statutory standards. Including all funds, except those of the Juvenile Department, I find that $1,099,514.19 is the unassigned funds over and above all liabilities and reserves. 4. ) The total mortuary fund liabilities of the Juvenile Department, including the reserves and contingent reserve are $106,532.98. The total mortuary fund assets of the Juvenile Department applicable to the payment of such total liabilities are $228,214.17. The above valuation indicates that on the basis of the American Experience Table of Mortality, with interest at 3%%, the future assessments of the Juvenile Department at the net rates now being collected, together with the now invested assets, are sufficient to meet all certificates as they mature by their terms, with a margin of safety of $121,681.19 or 114.22% over and above the statutory standards. Respectfully submitted, Bassler and Company GILBERT C. BASSLER, Actuary ANNUAL STATEMENT VERHOVAY FOR THE YEAR 1942 OF THE FRATERNAL INSURANCE ASSOCIATION I. Balance From Previous Year Adult Mortuary Fund Disability Fund_____Trust Fund Juvenile Mortuary Fund Expense Fund 4,600,801.45 233,345.66 61,081.58 193,747.82 Totals 23,696.78 5,112,673.29 II. INCOME Payments received from members during first 12 months of benefit protection of which all or a part is used for expense______________________________ All other payments or premiums received from members _____________________________________________ Refunds applied per Item 13 (b) and (c), page 3___ Total Payments received ___________________________ Tola! received from members ______________________ Net amount received from members _________________ Gross interests on mortgage loans less accrued interest on mortgages acquired during the year __________ Gross interest or collateral loans per Schedule C.___ Gross interest on bonds $159,089.95 and dividends on stocks $645.85 less $5,699.71 accrued interest on bonds acquired during the year, per Schedule D. Gross interest on liens and loans on certificates of members _______________________________________ Gross- interest on deposits in trust companies and banks, per Schedule N_________________________ Gross interest from all other sources ________________ Gross income from society’s property, including society’s occupancy of its own buildings (less interest on incumbrances), per Schedule A-----------Other income from investments ____________________ Income from Trust Fund ____________________________ Total income from investments ______________________ Sales of lodge supplies ______________________________ Trust Deposits _______________________________________ Handling Charges on Loans__________________________ Profit on Participation Certificate on Mortgage Loans Increase in Amortization____________________________— Bonds per Schedule D ______________________________ Bonds per Schedule D (including accrual of discount) _____________________:_____________________ Blocks per Schedule D________________________________ TOTAL INCOME ................................................................. Amounts carried forward ____________________________ 522,279.94 522.279.94 522.279.94 522.279.94 5,994.72 144,244.85 144.244.85 144.244.85 144.244.85 44.501.52 44.501.52 44.501.52 44.501.52 110,716.76 187,701.80 298.418.56 298.418.56 298.418.56 110,716.76 898,728.11 1.009.444.87 1.009.444.87 1,009,444:87 5,994.72 137,086.01 23,246.77 7,007.86 2,060.59 7,479.41 3.59 402.22 154,036.09 23,250.36 72.89 1,242.91 1,315.80 1,701.62 1,701.62 6.22 505.00 186,809.81 418.14 31,355.96 1,275.95 774.90 2,316.50 32,394.45 6.22 505.00 169,777.03 7,007.86 2,133.48 7,483.00 408.44 418.14 31,355.96 ' 1,275.95 774.90 2,105.50 30,791.35 100.00 863.10 111.00 740.00 8,519.97 70.00 684.00 9,273.97 . 734,248.69 151,252.71 34,522.54 53,519.52 300,521.09 1,274,064.55 5,335,050.14 384.598.37 95.604.12 247,267.34 324,217.87 6,386,737.84 i-ii». —
