Benefit society

Common card · No. 480576

A benefit society, fraternal benefit society, or fraternal benefit order is a voluntary association formed to provide mutual aid, benefit, for instance, insurance for relief from sundry difficulties. Such organizations may be formally organized with charters and established customs or may arise ad hoc to meet the unique needs of a particular time and place. Often fitting this description include friendly societies, or mutual aid organizations. Many major financial institutions existing today, particularly some insurance companies, mutual savings banks, and credit unions, trace their origins back to benefit societies, as can many modern fraternal organizations and fraternal orders which are now viewed as being primarily social. The contemporary legal system essentially requires all such organizations of appreciable size to incorporate one of these forms or another to continue to exist on an ongoing basis. Benefit societies may be organized around a shared ethnic background, religion, occupation...

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