Exhibit C
| 1995/1996 | 1994/1995 | 1993/1994 | 1992/1993 | 1991/1992 | 1990/1991 | |
|---|---|---|---|---|---|---|
| Actual | Actual | Actual | Actual | Actual | Actual | |
| 1. Fund Balance (Deficit) Beginning of Year | ($1,252,355) | ($900,156) | ($399,793) | ($477,087) | $422,171 | $328,210 |
| 2. Revenues | ||||||
| (a) Premiums | $10,688,428 | $10,398,488 | $9,573,312 | $8,815,517 | $8,885,230 | $8,771,556 |
| (b) State Payments for Expense Charges | 0 | 0 | 0 | 0 | 0 | |
| (c) Interest Earned on Premium Waiver Reserve | 257,501 | 226,847 | 229,325 | 329,330 | 381,504 | 553,163 |
| (d) Interest on Cash Flow & Claim Reserve | 70,047 | 83,338 | 52,900 | 66,048 | 79,092 | |
| * (e) Interest on Premium Stabilization Reserve | 0 | 0 | 0 | 0 | 0 | |
| (f) Total Revenues | $11,015,976 | $10,708,673 | $9,855,537 | $9,210,895 | $9,345,826 | $9,324,719 |
| 3. Benefits | ||||||
| (a) Paid Life Insurance Claims | $9,074,702 | $10,362,700 | $9,686,300 | $8,817,500 | $9,885,400 | $9,106,499 |
| (b) Interest Paid on Delayed Claims | 43,002 | 36,643 | 49,783 | 43,137 | 67,899 | 107,537 |
| (c) Total Benefits | $9,074,702 | $10,399,343 | $9,736,083 | $8,860,637 | $ 9,953,299 | $9,214,036 |
| 4. Change in Reserves | ||||||
| (a) Unpaid Claim Reserve | $29,715 | $126,401 | $282,402 | $169,341 | $11,367 | $49,967 |
| (b) Premium Waiver Reserve | (263,220) | (83,322) | (180,352) | (425,646) | (195,556) | (486,027) |
| (c) Premium Stabilization Reserve | 0 | 0 | 0 | 0 | 0 | 0 |
| (d) Total Changes in Reserve | ($233,505) | $43,079 | $102,050 | ($256,305) | ($606,360) | ($436,060) |
| 5. Expense Charges | ||||||
| (a) State Premium Taxes | $240,490 | $246,756 | $239,333 | $220,388 | $ 222,131 | $219,289 |
| (b1) Conversion Charges - Administration | 17,030 | 15,902 | 23,760 | 28,240 | 31,790 | 18,388 |
| (b2) Conversion Charges - Premium Subsidy | 68,120 | 63,608 | ||||
| (c) Administration, Risk & Profit | 277,206 | 255,463 | 238,682 | 225,602 | 220,817 | 214,937 |
| (d) Direct Charges for Specific Services | 1,560 | 715 | 0 | 29,993 | 1,237 | 168 |
| (e) Interest on Deficit | 50,094 | 36,006 | 15,992 | 25,047 | 0 | 0 |
| (f) Total Expense Charges | $654,500 | $618,450 | $518.767 | $529,270 | $475,975 | $452,782 |
| 6. Fund Balance End of Year | $267,924 | ($1,252,355) | ($900,156) | ($399,794) | ($477,088) | $422,171 |
| -- Balance expressed as per $1000/mo. | ||||||
| RESERVE BALANCES | ||||||
| 1995/1996 | 1994/1995 | 1993/1994 | 1992/1993 | 1991/1992 | 1990/1991 | |
| Projected | Actual | Actual | Actual | Actual | Actual | |
| 1. Unpaid Claim Reserve | $1,466,665 | $1,340,264 | $1,057,864 | $888,523 | $877,156 | |
| 2. Premium Waiver Reserve | 5,942,967 | 6,026,289 | 6,206,641 | 6,632,287 | 6,827,843 | |
| 3. Premium Stabilization Reserve | 0 | 0 | 0 | 0 | 0 | |
| 4. Total Reserves | $0 | $7,409,632 | $7,366,553 | $7,264,505 | $ 7,520,810 | $7,704,999 |
| COST OF INSURANCE - $1,000/MONTH | ||||||
| 1. Basic Insurance: Employee Share | $0.433 | $0.433 | $0.433 | $0.433 | $0.433 | $0.433 |
| State Share | 0.097 | 0.097 | 0.067 | 0.047 | 0.047 | 0.047 |
| Total | 0.530 | 0.530 | 0.500 | 0.480 | 0.480 | 0.480 |
| State Share - Retired | 0.530 | 0.530 | 0.500 | 0.480 | 0.480 | 0.480 |
| 2. Supplemental Insurance (EE pay-all) | 0.550 | 0.550 | 0.520 | 0490 | 0.490 | 0.490 |