Kankakee Valley Post, Volume 17, Number 48, DeMotte, Jasper County, 24 October 1947 — Service Insurance To Pay Dividends [ARTICLE]

Service Insurance To Pay Dividends

Vast Majority Of Indiana's 2K0,000 Servicemen To Receive Dividends From Policies

A vast majority of the 280,000 servicement and women in Indiana who took out National Service Life Insurance during World War II will eventually receive dividends on their policies, Veterans Administration said today. The amount of the dividends has not been determined. The payments to individual veterans will vary greatly as they are leased on the amount of insurance the Veteran has carried, the length of time he has held the insurance, and his age at the time he took it out. This is a tremendous task and it is impossible at this time to estimate how long it will take to accomplish it. Altho dividends will not be paid for some time, VA said it is anxious to keep veterans properly posted on their insurance rights and benefits. NOLX is mutual insurance, VA explained, and when the insurance fund shows a surplus from gains and savings that surplus belongs to the policy-holder who have paid in their premiums and so contributed to the surplus, including policies of those who have allowed their insurance to lapse. The surplus arises because in calculating premiums it is necessary to make some assumptions as to future mortality. If the mortality is less than was assumed, savings arise which are refunded a dividends. Since all excess costs resulting from death or total disability traceable to the extra hazard of the military or naval are borne by the Government and paid from separate appropriations, war casualties have no bearing on dividends. For further information regai'ding veterans’ benefits, calL at the Veterans Administration Office, 545 Northwestern Avenue, West Lafayette, Indiana. Phone 92-2342.