Fraternal benefit society

{
  "id": "MLC-T-INS-001585",
  "term": "Fraternal benefit society",
  "field": "Insurance and risk management",
  "definition": "A non-profit organization that provides insurance coverage and other benefits to its members, who share a common bond such as religion, ethnicity, or occupation. These societies operate under a lodge system and a representative form of government, offering life insurance, health insurance, and annuities. They are regulated by state insurance departments, similar to commercial insurers, but also adhere to specific fraternal laws.",
  "url": "https://mlchart.com/terminology/insurance/fraternal-benefit-society/"
}