Massachusetts General Laws ch. 176 sec. 17 – Benefits
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Section 17. A society authorized to do business in the commonwealth may provide for the payment of—
Terms Used In Massachusetts General Laws ch. 176 sec. 17
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
(a) Death benefits in any form;
(b) Endowment benefits;
(c) Annuity benefits;
(d) Temporary or permanent disability benefits;
(e) Hospital, medical or nursing benefits;
(f) Monument or tombstone benefits to the memory of deceased members not exceeding in any case the sum of three hundred dollars; and
(g) Such other benefits as authorized for life insurers and which are not inconsistent with this chapter.
A society shall specify in its rules those persons who may be issues, or covered by, the contractual benefits authorized in clauses (a) to (g), inclusive, consistent with providing benefits to members and their dependents.