mutual benefit society

mutual benefit society
A voluntary association or corporation formed and organized, aside from accompanying fraternal objectives, solely for the purpose of rendering financial aid or other assistance to their members, or certain designated beneficiaries of the latter, when visited by sickness, death, or other misfortune specifically designated. 36 Am J2d Frat O § 1. The organization is commonly based upon the lodge system, with a graduated series of central or governing bodies, throughout which a representative form of government ordinarily prevails; that is, the directors, delegates, and other officers who have general charge and control of the property and business of the society and the management of its affairs are chosen by the members or their selected representative. 36 Am J2d Frat O § 1. "Mutuality" is a term which designates payment for fraternal life insurance in exact proportion to its cost. If a fraternal benefit society lacks mutuality in payment for insurance afforded, it faces inevitable ruin. If some pay adequately and others do not, there is still want of mutuality and financial ruin of the society, though postponed, is none the less inevitable. Jenkins v Talbot (Ill) 170 NE 735.

Ballentine's law dictionary. . 1998.

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