Fraternal Benefit Societies
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Advanced Funding Approach
Adopted by most fraternal benefit societies today
Membership
Based on religious, national, or ethnic lines
Nonprofit
Characteristics of a fraternal benefit society
Assessment System
Funding benefits based on pure assessment
Lodge System
Includes ritualistic work in a fraternal benefit society
Annuities
Issued by most fraternal benefit societies today
Group Insurance
Issued by most fraternal benefit societies today
Representative Form of Government
Maintained by a fraternal benefit society
Fraternal Benefit Societies
Organizations with social, charitable, and benevolent activities
Insurance
Originally offered to meet low-income members' needs
Minimum Reserves and Surpluses
Priority for fraternal benefit societies