AMERICAN BENEFIT ASSOCIATION WHITE PLAINS, N. Y. Examined to ascertain condition as to October 31, 1919. Examiner: Geo. H. Jamison. The following is a statement of the income and disbursements of the association from January 1, 1919, to October 31, 1919, inclusive: This association was organized in 1912 and commenced business in October of that year. At the beginning of the present year it had a membership of 1,392. On July 1, 1919, the association adopted new rates of assessment, and as a result thereof the membership has been reduced to 822 on the date of this examination. The association issues certificates for $250 only, the total amount of insurance in force on October 31, 1919, being $205,500. Certificates are issued to American born citizens only between the ages of eighteen and fifty years. All applicants must be of good moral character and are required to pass a satisfactory physical examination. Rates of assessment: Assessments are collected by the treasurer of the various local councils and remitted by them to the secretary of the association. The secretary periodically forwards the amounts received by him to the treasurer. The association charges a per capita tax of five cents monthly on the membership to defray expenses. Prior to July 1, 1919, the association assessed each member 35 cents monthly for the benefit fund to meet mortuary claims, but on said date it adopted a new plan under which each member pays monthly a regular rate based upon the National Fraternal Congress Table of Mortality and 4 per cent interest and applied to new members at their age of entry and on old members at attained age July 1, 1919. In addition to the per capita tax and the assessments for the benefit fund, the association charges each member an enrollment fee of 25 cents, and also collects 50 cents for every reissued certificate. All sums collected from these sources are placed in the general fund. Certificate Provision The certificate issued by the association provides for the payment of the benefits stipulated therein to the treasurer of the local council of which the assured is a member; the council in turn agreeing to pay the beneficiary. Under this procedure the association experienced great difficulty in securing satisfactory proof of the receipt of the benefits by the beneficiary. Because of this the association adopted the practice now in vogue of drawing a check, with receipt attached, payable to the order of the beneficiary, which is delivered through the agency of the local council. This method has been found very satisfactory and seems to be free from the difficulties encountered under the original plan. It should be noted, however, that remittance directly to the beneficiary is contrary to the provisions of the certificate now in use. It is recommended, therefore, that the provisions for payment to the treasurer of the local council be eliminated and another substituted providing for the payment of benefits as now made. Officers The officers of the association receive nominal salaries only. The present officers and annual salaries paid to each are as follows: President, O. C. Kidney Secretary, Frederick E. Parker.. Treasurer, Otto Rieg The treasurer and secretary are each under bond for $1,000. $5 300 25 BENEVOLENT SOCIETY OF THE UNITED STATES FOR THE PROPAGATION OF CREMATION NEW YORK CITY Examined to ascertain condition as of August 30, 1919. Report dated October 14, 1919. Examiner: J. F. Tucker. Financial Statement The financial condition of the society as of August 30, 1919, was found to have been as follows: The society holds the following mortgages: A loan of $5,000 on property situated at 850 Stone avenue, Brooklyn. This mortgage is guaranteed as to principal and interest by the New York Title and Mortgage Company. A loan of $4,000 on property situated at 97 Sterling street, Brooklyn. This mortgage is guaranteed as to title only by the U. S. Title Guarantee Company. |