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


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