Official Organ Of the Slavonic Benevolent Order Of The State Of Texas, Founded 1897. BENEVOLENCE
VOLUME 56 — NO. 41
HUMANITY
BROTHERH001)
Postmaster: Please Send Form 3579 with Undeliverable Copies to: SUPREME LODGE SPJST, FOB 100, TEMPLE, TEX 76501
OCTOBER 9, 1968
FROM THE EDITOR'S DESK Supreme Lodge Meeting. Last week's quarterly Supreme Lodge meeting was a long but very productive and fruit ful meeting. Many important decisions were made, all for the benefit of our Society. Brother Hejny's department will soon issue important information, after consultation with our actuary, Mr. David Huff. Other results will he announced to the membership as soon as they are finalized. Things move rather rapidly this day and time, and decisions by our supreme ruling body are in tune with the times and the sounds of progress. One never ceases to be amazed at the wide scope of matters that come up for discussion and decisions in those meetings. It's a big business . . . and concerns all of us. President-Elect Morris and Treasurer-Elect Mikeska attended the entire meeting, and speaking for both of us, I'm sure, we look forward to taking our places , as co-workers in this fine body of fraternalists. v • Insurance Policies Involve Many People. Every life insurance policy basically concerns at least two people, the "insured" and the "beneficiary." Mit - a policy may also affect a half dozen or more other people. They go by such names as "applicant," "payor."
REMEMBER . . Speak when you are angry and you will probably make the best speech you will ever regret. Each one of us has an obligation — as a matter of his own security, the security of the enterprise in which he is etiga.ed, and the security of the na'lion which is ours not merel y to acquire a competence, but to develop a variety of competencies and to strive for excellence in each of them, so that he may enjoy the satisfying, inborn human need to be useful and productive. —Roger M. Blough " p olic y owner," "assignee," "first contingent beneficiary," "second contingent beneficiary" and "final beneficiary." In addition, if the policy is payable to an estate or trust, it may involve executors, administrators or trustees. A policy most often is issued directly to the "insured" (the person whose life it covers). So he is also commonly referred to as the "policyholder." He is normally the one who applies for it (the "applicant"), pays the premiums (the "payor"), retains owner-
ship and control over it, and names the "beneficiary" to whom the policy proceeds are to be paid when he dies. But not always. Sometimes someone else applies for the policy, pays the premiums and retains ownership. For instance, a husband or wife often buys a policy to cover his or her spouse. Parents and grandparents buy policies on children. Business aSL■ OCiate6 insure each other. And a. lender may buy life insurance on a borrower to repay the loan if the borrower should die. But a person applying for life insurance on someone else must have an "insurable interest.' This means the applicant would suffer a serious financial. emotional or other loss from the death of the other person, and needs life insurance to. compensate for that loss. If there were no significant "insurable interest," the policy might be mere speculation. The owner (whether or not he is the "insured") is the only person who can , exercise certain rights, such as changing the beneficiary, using the dividend options, converting or exchanging the policy for different coverage, borrowing against the cash value, assigning the policy to a lender (the "assignee") as collateral, surrend