Oregon Statutes 748.103 – Definitions
As used in this chapter:
Terms Used In Oregon Statutes 748.103
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Benefit contract: means the agreement for provision of benefits authorized by ORS § 748. See Oregon Statutes 748.103
- Benefit member: means an adult member who is designated by the laws or rules of the society to be a benefit member under a benefit contract. See Oregon Statutes 748.103
- Certificate: means the document issued as written evidence of the benefit contract. See Oregon Statutes 748.103
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Laws: means the society's articles of incorporation, constitution and bylaws, however designated. See Oregon Statutes 748.103
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Premiums: means premiums, rates, dues or other required contributions by whatever name known, which are payable under the certificate. See Oregon Statutes 748.103
- Rules: means all rules, regulations or resolutions adopted by the supreme governing body or board of directors which are intended to have general application to the members of the society. See Oregon Statutes 748.103
- Society: means fraternal benefit society, unless otherwise indicated. See Oregon Statutes 748.103
(1) ‘Benefit contract‘ means the agreement for provision of benefits authorized by ORS § 748.201, as that agreement is described in ORS § 748.211 (1).
(2) ‘Benefit member’ means an adult member who is designated by the laws or rules of the society to be a benefit member under a benefit contract.
(3) ‘Certificate’ means the document issued as written evidence of the benefit contract.
(4) ‘Impaired’ means either:
(a) For a society that does not write variable contracts, whenever its assets are less than its total liabilities; or
(b) For a society that does write variable contracts, whenever its assets are less than its total liabilities, plus the required surplus for a mutual life insurer to write such contracts.
(5) ‘Laws’ means the society’s articles of incorporation, constitution and bylaws, however designated.
(6) ‘Lodge’ means subordinate member units of the society, known as camps, courts, councils, branches or by any other designation.
(7) ‘Premiums’ means premiums, rates, dues or other required contributions by whatever name known, which are payable under the certificate.
(8) ‘Rules’ means all rules, regulations or resolutions adopted by the supreme governing body or board of directors which are intended to have general application to the members of the society.
(9) ‘Society’ means fraternal benefit society, unless otherwise indicated. [1987 c.490 § 2]
[Formerly 740.010; repealed by 1987 c.490 § 58]