Michigan Laws 500.8179 – Contractual benefits; specifying persons covered in rules
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(1) A society may provide in any form the following contractual benefits:
(a) Death benefits.
Terms Used In Michigan Laws 500.8179
- 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: means all rules, regulations, or resolutions adopted by a society's supreme governing body or board of directors that are intended to have general application to the members of the society. See Michigan Laws 500.8161
(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 not inconsistent with this chapter.
(2) A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits listed 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.