What is the definition of Fraternal Benefit Society?
A Fraternal Benefit Society is an voluntary association or organization that exists for mutual aid or benefit. A fraternal benefit society is characterized by its established customs and charters and may also collect funds for payment of benefits provided by the fraternal benefit society.
Benefit societies exist mainly because of shared goals, occupation, religion, ethnic background or any other basis. Some of the goals that these societies may have are to preserve cultural traditions, acts of charity and benevolence, as well as mutual defense. It may provide benefits such as mutual support, a place to belong, assistance and money during a member's sickness, education, maternal benefits, and so on.
Some examples of these societies include self-help groups, trade unions, the Rotary, immigrant hometown societies and friendly societies.
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- Fraternal Insurer
- Fraud
- Free-Look period
- Frequency
- Fronting
- Futures
- Gap Insurance
- General Account
- Generally Accepted Accounting Principles (GAAP)
- Generic Auto Parts
- Foreign Insurance Company
- Forced Place Insurance
- Flood Insurance
- Floater
- Flexible Premium
- Fixed Annuity
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- Financial Responsibility Law