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

(1)        Death benefits;

(2)        Endowment benefits;

(3)        Annuity benefits;

(4)        Temporary or permanent disability benefits;

(5)        Hospital, medical or nursing benefits;

(6)        Monument or tombstone benefits to the memory of deceased members; and

(7)        Such other benefits as authorized for life insurers and which are not inconsistent with this Article.

(b)        A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits in subsection (a), 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. (1987, c. 483, s. 2.)

Terms Used In North Carolina General Statutes 58-24-75

  • 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 any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
  • 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 North Carolina General Statutes 58-24-15
  • Society: shall mean fraternal benefit society, unless otherwise indicated. See North Carolina General Statutes 58-24-15
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