(a) A society authorized to do business in this state may provide for the payment of:

Terms Used In Alabama Code 27-34-23

  • 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.
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(1) Death benefits in any form;
(2) Endowment benefits;
(3) Annuity benefits;
(4) Temporary or permanent disability benefits as a result of disease or accident;
(5) Hospital, medical, or nursing benefits due to sickness or bodily infirmity or accident; and
(6) Monument or tombstone benefits to the memory of deceased members not exceeding in any case the sum of $300.00.
(b) Such benefits may be provided on the lives of members or, upon application of a member, on the lives of a member’s family, including the member, the member’s spouse, and minor children, in the same or separate certificates.
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