Verhovayak Lapja, 1955 (38. évfolyam, 1-12. szám)

1955 / Verhovay Journal

October 19, 1955

Verhovay Journal

PAGE 9

f&

1953 — $1,352,686

1954 — $1,527,807 ,

The average size membership certificate was as follows:

1931 — $774 1952 — $791

f" 1953 — $810

1954 — $829

The Association had 59,928 members on January 1, 1951, while on December 31, 1954 it had 61,241 for an increase in membership of 1,313. The membership totals for the four years were as follows:

1951 — 60,220

1952 — 60,578

! 1953 — 60,795

1954 — 61,241

The year-to-year increase in membership is as follows:

1951 — 292 ' 1952 — 358

1953 — 217

1954 — 446

The Mortality Ratio year-to-year comparison is as follows: TJH?

1951 — 51.77%

1952 — 56.15%

1953 — 52.84%

1954 — 48.16%

The Net Interest Earnings: (after Allocated and Un-Allocated Investment Expenses)

1951 — 2.81%

1952 — 3.04%

1953 — 3.00%

1954 — 3.06%

The Gross Interest Earnings: (before Allocated and Un-Allocated Investment Expenses)

1951

1952

1953

1954

3.24%

3.42%

3.37%

3.42%

The Verhovay Fund, which is the fund from which we pay the reserve differences for members who attain age eighty-five and have been continuous dues paying members of the Association for at least thirty years, for the maintenance of our aged members who have been placed in Homes, for monthly dues for aged and needy members, etc. had a balance on January 1, 1951 which amounted to $28,390.19, while on December 31. 1954 the balance was $23,564.79, showing a decrease of $4,825.40.

The following is a year-to-year comparison of the number of members attaining age eighty-five who were given paid-up life certificates at age eighty-five, together with the total reserve differences paid from the Verhovay Fima:

Year

Nufnber of Members

Amount of Reserve

1951

4

.. $ 589.55

1952

12

1,513.21

1953

14

1,658.79

1954

11

1,522.45

Lifetime Aggregate

Benefits

Benefits to Age 65

Total

Class I —$0.45 per month:

716

149

865

Class II —$0.90 per month:

10,876

1,941

12,817

Class III —$1.40 per month:

317

167

484

Class IV —$1.90 per month:

99

95

194

Total

12,008

2,352

14,360

The Board of Directors and the National Officers, constantly aware of the year-to-year decrease in the membership of the Sick Benefit Department, gave much thought and time to a study of the situation, which resulted in the adoption and presentation of a new disability plan known as the Income Protector. This plan offers disability benefits to male members who are totally or permanently disabled as a result of either sickness or accident. The monthly benefits are higher than the benefits offered under the old plan, with corresponding higher rates and higher aggregate disability totals.For instance,

the following

plans are

available:

Aggregate

Principal

Monthly

Daily

Hospital

Indemnity

Sum

Income

Benefit

Benefit

Benefit

Plan I.$1,500.00

$1,000.00$ 75.00

$ 2.50

$ 5.00

Plan II.• 2,250.00

1,500.00

112.50

3.75

7.50

Plan III.

3,000.00

2,000.00

150.00

5.00

10.00

Plan IV.

4,500,00

3,000.00

225.00

7.50

15.00

Plan V.

6,000.00

4,000.00

300.00

10.00

20.00

The following are the monthly premiums, classified occupationally: Plan I — $1,000 P. S. & $75.00 Mo. Plan II — $1500 P. S. & $112.50 Mo.

Age

1

l-l

2

Age

1

i-i

2

18-35$2.35

$3.25

$4.15

18-35

$3.55$4.90

$6.25

36-40

2.65

3.55

4.45

36-40

4.00

5.35

6.70

41-45

2.90

3.80

4.70

41-45

4.35

5.70

7.05

46

3.05

3.95

4.85

46

4.60

5.95

7.30

47

3.20

4.10

5.00

47

4.80

6.15

7.50

48

3.35

4.25

5.15

48

5.05

6.40

7.75

4'9

3.50

4.40

5.30

49

5.25

6.60

7.95

50

3.70

4.60

5.50

50

5.55

6.90

8.25

Plan III —$2,000

P.S. & $150.00 Mo.

Plan IV —

$3,000 P.S. & $225.00 Mo.

Age1

1-i

2

Age

1

i-i

2

18-35$4.70

$6.50

$ 8.30

18-35

$ 7.05

$ 9.75

$12.45

36-405.30

7.10

8.90

36-40

7.95

10.65

13.35

41-45 .5.80

7.60

9.40

41-45

8.70

11.40

14.10

466.10

7.90

9.70

46

9.15

11.85

14.55

476.40

8.20

10.00

47

9.60

12.30

15.00

486.70

8.50

10.30

48

10.05

12.75

15.45

497.00

8.80

10.60

49

10.50

13.20

15.90

507.40

9.20

11.00

50

11.10

13.80

16.50

Plan V—- $4,000 P.

S. & $300.00 Mo.

Age ,1

' 1-1

2

18-35$ 9.40

$13.00

$16.60

36-4010.60

14.20

17.80

41-4511.60

15.20

18.80

4612.20

15.80

19.40

4712.80

16.40

20.00

4813.40

17.00

20.60

4914.00

17.60

21.20

5014.80

18.40

22.00

At the present time we are maintaining two members in the old people’s homes: one is Kamil Kapcsos at the St. Joseph’s Convent, after whom we have paid maintenance charges of $7,227.68 to August 31, 1955. The other aged member is Alexander Grega, living at the Little Flower Institute, for whom we have paid in maintenance charges $6,681.16 to August 31, 1955. The face amount of each certificate, $1,000. for each of the two aged members, will be payable to the Association at the death of each.

In the last four years the following aged members, whom we were maintaining in Homes, died:

JOSEPH AMBRUS, who died December 30, 1951, Little Flower

Institute, after whom we paid for maintenance charges a n^t amount of $3,992.58.

JOHN BOGOLY, who died August 31, 1952, Hungarian Baptist

Old People’s Home, after whom we paid a net amount for maintenance charges of $5,324.46.

JOSEPH KIRÁLY, who died October 28, 1952, Little Flower Institute, after whom we paid net maintenance charges of $1,002.74.

The Association is still paying the monthly dues for Ladislaus Vas, to keep his certificate in force. Mr Vas has been a patient at one of the County Homes.

The Loans and Liens on membership certificates on January 1, 1951 amounted to $526,021.96, while on December 31, 1954 these totaled $566, 160.54, an increase of $40,138.58.

The balance of the Scholarship Loan Account on January 1, 1951 was $1,535., while on December 31, 1954 the balance was $1,655. Three scholarship loans were issued during the four year period, namely:

ALEX KATA — Branch 108, Youngstown, Ohio — $200.

AGNES J. GYURAN — Branch 370, Lynch, Kentucky — $200.

THEODORE N. SZUKHENT — Branch 214, Flint, Michigan — $200.

Scholarship Loan repayments totaled $720.00. Dr. Andrew Kovács, Vice- President, has devoted much of his time to spur the repayment of these scholarship loans.

Double Indemnity balance on January 1, 1951 was $164,835.70, while at December 31, 1954 the balance amounted to $272) 865.22, an increase of $108,029.52.

The balance of the Payor Benefit Fund on December 31, 1954 was $5.429.80. The Association at the present time has 8 membership certificates on which the dues are waived as »' result of the death of the payor.

The membership of our Sick Benefit Department on January 1, 1951 was 16,588, whereas at December 31, 1954 the membership totaled 14,360, a decrease of 2,228.

The Sick Benefit membership was as follows:

It has been our intention, since the Income Protector plans were introduced in 1953, to proceed with the sale of these plans first through the full-time field staff, later, the part-time field staff. We wanted to get certain experience and we wanted to be sure that our full-time men fully understood this new type of coverage before putting it up for general presentation. From the time of its introduction in 1953, to December 31,1954, we had only 27 members who bought and kept their Income Protector plans.

At the same time that we introduced the Income Protector plan we also introduced the Family Hospitalization Plan. This plan indemnifies the insured, or any member of his family who is named in the family contract, for bodily injuries, or illness, which require hospital confinement. Full benefit is payable for a period not to exceed four weeks, and onehalf benefit not to exceed an additional nine weeks. The following Hospitalization plans are available:

Plan 1. — Pays $100.00 per week on Husband or Individual Male Pays 75.00 per week on Wife or Individual Female

Pays 50.00 per week on each Child

Plan 2. — Pays $150.00 per week on Husband or Individual Male Pays 112.50 per week on Wife or Individual Female

Pays 75.00 per week on each Child

Plan 3. — Pays the same as Plan 1 plus Maximum Surgical Indemnity of $200.00 in accordance with a scale contained in the

policy.

Plan 4. — Pays the same as Plan 2 plus Maximum Surgical Indemnity of $200.00 in accordance with a scale contained in the

policy.

Any individual or family can buy any one of the four plans, with the provision that if the Income Protector policy is also carried the Hospitalization will be limited to Plan 1 or Plan 3.

Schedule of Hospitalization premiums:

Plan 1 Plan 2 Plan 3 Plan 4

No Surgical With $200. Surgical

(Premium for Each Month of Protection)

Individual ........................................... $2.50 $ 3.75 $ 3.7b $ 4.95

Family of Two ................................ 4.50 6.75 6.60 8.85

Family of Three ....................... 5.50 8.52 x 8.00 10.75

Family of Four or Five .... 6.50 9.75 9.40 12.65

Family of Six or More ......... 7.50 11.25 10.80 14.55

The insured issue ages are 21 to 50. No occupational classification is used. With Plan 3 and Plan 4 the Association offers Surgical benefits in addition to the Hospitalization benefits. The maximum Surgical Indemnity is $200.00.

Since the introduction of the Hospitalization plans, chiefly through