500.8179 Contractual benefits; specifying persons covered in rules.
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500.8179 Contractual benefits; specifying persons covered in rules.
Sec. 8179.
(1)A society may provide in any form the following contractual benefits:
(a)Death benefits.
(b)Endowment benefits.
(c)Annuity benefits.
(d)Temporary or permanent disability benefits.
(e)Hospital, medical, or nursing benefits.
(f)Monument or tombstone benefits to the memory of deceased members.
(g)Other benefits authorized for life insurers and not inconsistent with this chapter.
(2)A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits listed in subsection (1), 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.
History: Add. 1990, Act 1, Eff. Apr. 1, 1990
Popular Name: Act 218