Washington Code 48.36A.160 – Contractual benefits
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(1) A society may provide the following contractual benefits in any form:
Terms Used In Washington Code 48.36A.160
- 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.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- 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 Washington Code 48.36A.040
- Society: means fraternal benefit society, unless otherwise indicated. See Washington Code 48.36A.040
(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; and
(g) Such other benefits as authorized for life insurers and which are 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 in subsection (1) of this section, 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 person.
[ 1987 c 366 § 16.]