(a) A society may provide the following contractual benefits in any form:

Terms Used In Alaska Statutes 21.84.201

  • 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.
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(1) death benefits;
(2) endowment benefits;
(3) annuity benefits;
(4) temporary or permanent health care benefits;
(5) hospital, medical, or nursing benefits;
(6) monument or tombstone benefits to the memory of deceased members; and
(7) other benefits authorized for life and health insurers that are not inconsistent with this chapter.
(b) A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits described in (a) of this section consistent with providing benefits to members and the members’ dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult person.
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