Code of Alabama - Title 27: Insurance - Section 27-34-1 - Definitions

Section 27-34-1 - Definitions.

For the purposes of this chapter, the following terms shall have the meanings respectively ascribed to them by this section:

(1) FRATERNAL BENEFIT SOCIETY. Any incorporated society, order, or supreme lodge without capital stock, including one exempted under the provisions of subdivision (a) (3) of Section 27-34-5, whether incorporated or not, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with ritualistic form of work, having a representative form of government and which makes provision for the payment of benefits in accordance with this chapter is hereby declared to be a fraternal benefit society.

(2) SOCIETY. Such term, unless otherwise indicated, means a fraternal benefit society.

(3) PREMIUMS. Premiums, rates, or other required contributions by whatever name known.

(Acts 1911, No. 476, p. 700; Acts 1971, No. 407, p. 707, §§672, 703.)

Last modified: May 3, 2021