What is the definition of Fraternal Insurer?

A Fraternal Insurer is an organization that exists to provide insurance benefits for its members, as well as other benefits. Essentially, the beneficiaries of these benefits are only their own members. But there are also others that may also provide coverage for non-members.

Fraternal insurers also fall under the regulation of the state, even though they just comprise a small piece of the insurance market pie.

Fraternal insurers may be able to compete with other insurers, as they can also offer clients a good price. They also have the added attraction since people, especially those who belong to the same religious or civic group, perceive them a highly responsible in handling funds entrusted to them.

Fraternal life insurers also have the advantage of a open contract, where the insurers have the option to assess their policyholders during times of financial crisis.

• Registered Principal
• Businessowners Policy (BOP)
• Captive Agent
• Reinstatement
• Broker