Vermont Statutes Title 8 Sec. 4474
Terms Used In Vermont Statutes Title 8 Sec. 4474
- 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.
- Society: means a fraternal benefit society. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 4474. Benefits
(a) A society authorized to do business in this State may provide for the payment of:
(1) death benefits in any form;
(2) endowment benefits;
(3) annuity benefits;
(4) temporary or permanent disability benefits as a result of disease or accident;
(5) hospital, medical, or nursing benefits due to sickness or bodily infirmity or accident;
(6) monument or tombstone benefits to the memory of deceased members not exceeding in any case the sum of $300.00; and
(b) Such benefits may be provided on the lives of members or upon application of a member, on the lives of the member’s family, including the member, the member’s spouse and minor children, in the same or separate certificates. (Added 1959, No. 197, § 14, eff. Nov. 22, 1959.)