Maryland Code, INSURANCE 8-427
Terms Used In Maryland Code, INSURANCE 8-427
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Dependent: A person dependent for support upon another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) life insurance benefits;
(2) annuity benefits;
(3) health insurance benefits;
(4) monument or tombstone benefits to the memory of a deceased member of the society; and
(5) such other benefits as authorized for life insurers and which are not inconsistent with this subtitle.
(b) (1) A society shall specify in its laws those persons who may receive benefits through the society.
(2) (i) For all coverages, the member shall be the applicant or the insured.
(ii) If the member is the applicant, there shall be a bona fide familial or other dependent relationship between the member and the insured or beneficiary.
(3) (i) Every society, by its laws, may limit the scope of beneficiaries only to the extent required by federal law governing fraternal benefit societies.
(ii) The society may specify the terms and conditions on which benefits certificates may be assigned.
(c) A society may not provide benefits through group insurance coverages.
(d) A member who applies for additional benefits more than 6 months after becoming a benefit member shall provide additional evidence of insurability acceptable to the society.