Kentucky Statutes 304.29-161 – Benefits
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(1) A society may provide 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; and
(g) Other benefits as authorized for life insurers and which are not inconsistent with this subtitle.
(2) A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits in subsection (1) of this section, 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.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 310, sec. 16, effective January 1, 1989.
(b) Endowment benefits; (c) Annuity benefits;
Terms Used In Kentucky Statutes 304.29-161
- 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.
- Rules: shall mean all rules, regulations or resolutions adopted by the supreme governing body or board of directors which are intended to have general application to the members of the society. See Kentucky Statutes 304.29-041
- Society: shall mean fraternal benefit society, unless otherwise indicated. See Kentucky Statutes 304.29-041
(d) Temporary or permanent disability benefits; (e) Hospital, medical or nursing benefits;
(f) Monument or tombstone benefits to the memory of deceased members; and
(g) Other benefits as authorized for life insurers and which are not inconsistent with this subtitle.
(2) A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits in subsection (1) of this section, 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.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 310, sec. 16, effective January 1, 1989.