Virginia Code 38.2-4116: Benefits
A. A society may apply to the Commission to provide the following contractual benefits in any form:
Terms Used In Virginia Code 38.2-4116
- Adult: means a person 18 years of age or more. See Virginia Code 1-203
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
- Rules: means 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 Virginia Code 38.2-4103
- Society: means fraternal benefit society, unless otherwise indicated. See Virginia Code 38.2-4103
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 chapter.
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.
Code 1950, §§ 38-283, 38.1-599; 1952, c. 317, § 38.1-638.31; 1968, c. 654; 1972, c. 530; 1975, c. 262; 1986, c. 562.