Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1902-01-24
FOR A LONG LIFE.
Revised Rate lnsures Perpetual
ton of Modern Wood.
men Society.
SMALL RESERVE FUND PAYMENTS
Aside From Natural Premium-Re-
port Of Commit
tee.

The plan of the Modern Woodmen
| committee on rate readiustment, TO
/ revise the rates of assessment of
beneficial members of the Modern
Woodmen of America. has been sub
mitted to the membership of the So
ciety through the medium of the
| February issue of the official paper.
the first copies of which arrived in
the city yesterday. The plan pro-
posed as radical increase in the
present rates of assessment.
The readjustment committee. con-
sisting of George w. Clark, Topeka,
Kans.; w. II. Thompson, Grand
Island, Neb.; III. 5. Oliver, Lisbon, y.
D.; +. III. Cummings, Grand Rapids.
Mich, and J. j. Thompson, Blooming
ton, Ill, has been in session almost
continuously for six weeks. 1t has
been assisted in its deliberations by
Miles NJ. Dawson and George Dyre
Eldredge, of New York, Walter
Wright, of Boston, Mass, and Abb
Landis of Winchester, Tenn, all ac-
tuaries of note. and the mathematical
computations, upon which the com
mittee's new table of rates is based,
were made by George West, of Brook
Ign, New York, and {. s. Quayle, the
head office mathematician.
The report of the committee fills
nearly nineteen columns of the Off
ciaI paper. So far as may be judged
by persons unacquainted with ac-
turial science, the report is very
complete exposition of the present
condition, from life insurance
II.
society.
Present Rates InequItabIe.
Reduced to everyday English, the
nub of the committees findings is,
that the society's present rates of as
sessment are both inequitable and
inadequate and if majority of the
members oppose Il change, the So
ciety will ultimately go 10 the wall
at least, its insurance feature will.
The new rates submitted for the
approval of the membership are a
combination of what are known as
natural and level premium rates.
That is, up to age 20 the rates in
crease with age. on the natural
plan. and after the member reaches
20 the increase ceases. The rate
thereafter remains level, at 1913 per
assessment, per $1,000.
4 In order to inteiligent1y under
stand how the rates recommended
by the committee will be applied, it
may be explained that Il member en-
tering at "a will pay a mortality
rate of 80 cents per assessment and
n reserve rate in addition of DC
cents per assessment. making
the cost 40 cents, whereas
the present rates of assessment
call for but As cents. However, un-
der the present plan the rates of as
sessment do not change or increase
with increasing age. If the commit
tees recommendation is adopted the
member will start in at "a years of
lage paying n mortality rate of SC
cents per assessment per 1000 insur-
ance i'm force. This rate increases
each year until, as stated, the mem
Der reaches the age of 30. The re-
serve rate, however, remains the
same, and does not increase with age.
Entering at "a years of age the re-
serve rate is 30 cents, which the
member will pay each month in addi-
ton TO his mortality rate, until Mt
age 40 the level rate of 1918 per $1,000
per assessment becomes effective.
Mortality Table.
To get this result the committee
has formulated two tables of rates,
one known as the mortality rate and
1.-THE other the reserve rate. The NOR
ltality rate table is as follows: