Verhovayak Lapja, 1950 (33. évfolyam, 1-12. szám)
1950 / Verhovay Journal
PAGE 4 Verhovay Journal May 17, 1950 Verhovay Journal ** ' 1 Journal of the Verhovav Fraternal Insurance Ass’n. OFFICE OF PUBLICATION 7907 West Jefferson Ave. Detroit 17, Mich. PUBLISHED MONTHLY BY THE Verhovav Fraternal Insurance Association-------------------------------------------------------------------------------Managing Editor: JOHN 3F.XCZZ Editor: JOHN SABO Editor’s Office: 436—442 FOURTH AVENUE PITTSBURGH 19, PA. Telephone: COurt 1-3454 or 1-34-55 AH articles and changes of address should be sent to the VERHOVAY FRATERNAL INSURANCE ASSOCIATION 436—442 FOURTH AVENUE PITTSBURGH 19, PA. SUBSCRIPTION RATES: United States and Canada ___________________ $1.00 a year Foreign Countries ...................................................... $1.50 a year Entered as Second Class Matter at the Post Office at Detroit, Michigan under the Act of March 3, 1379. OFFICIAL COMMENT .MISSTATEMENT OF AGE One of the most important policy provisions in any life insurance policy or membership certificate is the age situation. In our Association this provision is as follows: AGE. IF MISSTATED. Should the age of the member be misstated, the amount payable hereunder shall be the amount the dues actually paid would have purchased at the correct age, except that if the age has been overstated the excess of the net mortuary dues paid shall be returned to the member, or the beneficiary. In case the member was not eligible on account of age at the time of admission, the net mortuary dues paid shall be returned without interest. How many of our members have read this provision? We hope that all of you have However, if you have not, the following official comment may cause you to pause and think. Are you certain the full amount you intended tc be paid to your beneficiary at your death will so be paid? It is possible that you do not have the amount of insurance you think you have! Any life insurance organization takes it for granted at the time you apply for insurance that the age you have stated to the solicitor is correct. The agent does not ask, nor is he required, to see a birth certificate or a baptismal certificate to verify the applicant’s age. The policy, or membership certificate, is issued providing of course, that the application is approved, and the insured pays his premiums or monthly dues. At his death, one of the fh’st things necessary for the beneficiary to prove is the age of the deceased. This requires a birth certificate, baptismal certificate, or some other legal documentary evidence. In a number of cases it has been found that the age stated at the time the insurance was applied for was incorrect. For some reason or other the an plicant stated he was younger than he actually was. For instance, instead of tjie correct age of 35, an incorrect age of 33 was given. When such understatement of age occurs, the life insurance organization is compelled to reduce the face amount of the insurance policy, or membership certificate, to such an amount as the premium, or monthly dues, paid would have purchased at the correct age. No organization, commercial or fraternal likes to reduce the face amount of the life insurance contract when such a misstatement of age occurs, however, in fairness to all its policyholders, or members, it must do so. No one ca^ be placed in a position more favorable than that of the other policyholders or members. Everyone must pay the rate that was in effect at the time he applied for insurance, based on his true age. Otherwise, when a-misstatement of age is brought to light at the time the insured dies, the beneficiary, through the negligence of the insured, is put in the unfortunate position of having to accept less than was stipulated in the contract. The life insurance organizations would prefer not to experience any misstatements of age. From time to time the attention of the insured is called to the fact that he should read, his policy or his membership certificate. If the majority of those insured would heed these reminders, COMMITTEES OF THE 7TH VERHOVAY NATIONAL BOWLING TOURNAMENT National Executive Committee ANDREW KOVÁCS, M.D., Chairman Vice-President, Verhovay F.I.A. 3609 Lorain Avenue • Cleveland, Ohio RICHARD PHILLIPS, Director MIKE KOROSY, Director 7419 Park Avenue 646 So. Liberty Avenue Allen Park, Michigan Alliance, Ohio Bowlers’ 1950 Tournament Committee ANDREW BLASKO Captain, Branch 514, 364 25 N. Osborne St. Youngstown, Ohio JOSEPH NAGY Captain, Branch 21* 35 Willis Avenue Youngstown, Ohio STEPHEN MISLAY Br. 21 Sports Club, President Publicity 528 Dorothy Avenue Youngstown, Ohio Tournament Album Committee STEPHEN MATASY, Chairman Legal Counsel, Verhovay F.I.A. 704 Realty Bldg. Youngstown, Ohio Tournament Administration JOHN SABO National Auditor Tournament Administrator VERHOVAY BUILDING — 436 FOURTH AVE. PITTSBURGH 19, PA. those who misstated their agies would immediately know what consequences are ahead, they could then grasp the opportunity to correct such misstatements at a time when the correction would mean only a small difference payable. Those, however, who do not acquaint themselves with the provisions of their life insurance contracts, especially the age provision, risk the possibility of unforseen developments. While the above deals strictly with misstatement of age within the insurable age group, there is still another type of misstatement of age, that which occurs in the uninsurable age group. In our Association, for instance, the insurable age limit is sixty. If someone who at the time of entry states he is only sixty years old when he actually is sixty-one or above, then when such understatement of age is discovered, the membership certificate is made null and void and only the net mortuary dues paid are returned without interest. In other words, in this case there is no insurance contract whatsoever. Of course, in a few cases, the opposite of understatements is discovered. Once in a while someone overstates his age. He makes himself older than he really is, and pays a higher premium, or monthly dues, than he should pay. In cases of this kind, when the error is brought to the attention of the Association, the Association makes the necessary correction of age upon proof by birth certificate or baptismal certificate, and at the same time, refunds to the member the excess net mortuary dues paid. It would be to the advantage of every member to check the age stated on his membership certificate. If the age is the correct one you need not do anything further. If, however, you find some difference between the age on your policy and your true age at the time you entered the As-’ sociation, kindly get in touch with your branch manager at once, and request him to forward your birth or baptismal certificate, together with a letter of explanation, to the Home Office for a detailed check on the age question. Please do not delay correction of any misstatements of age. This is a very important matter and each member of the Association, except those who have membership certificates dated January 1, 1924, should check on his age today. By checking on this today the member gains an additional advantage because the age once verefied by the Home Office will not have to be verified for a second time, at the death of the member. JOSEPH TURNER. JR. Captain, Branch 168 134 Rhoda St. Youngstown, Ohio MRS. JOHN BARKÓ, JR. Captain. Branch 21 45 Benita Avenue Youngstown, Ohio STEPHEN NOVAK Captain, Branch 21 1150 Donation Avenue Youngstown, Ohio
