Iowa Code 512B.16 – Benefits
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Terms Used In Iowa Code 512B.16
- 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.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
512B.16 Benefits.
1. A society may provide any or all of the following contractual benefits in any form:
a. Death benefits.
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.
g. Other benefits authorized for life insurers and which are not inconsistent with this chapter.
2. A society shall specify in its regulations those persons who may be issued, or covered by, the contractual benefits in subsection 1, consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult person.
90 Acts, ch 1148, §17
Referred to in §512B.2, 512B.6
1. A society may provide any or all of the following contractual benefits in any form:
a. Death benefits.
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.
g. Other benefits authorized for life insurers and which are not inconsistent with this chapter.
2. A society shall specify in its regulations those persons who may be issued, or covered by, the contractual benefits in subsection 1, consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult person.
90 Acts, ch 1148, §17
Referred to in §512B.2, 512B.6