58-37A-16Contractual benefits allowed.

A society may provide the following contractual benefits in any form:

(1)    Death benefits;

(2)    Endowment benefits;

(3)    Annuity benefits;

(4)    Temporary or permanent disability benefits;

(5)    Hospital, medical, or nursing benefits;

(6)    Monument or tombstone benefits to the memory of deceased members; and

(7)    Any other benefits as authorized for life and health insurers and which are not inconsistent with this chapter.

A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits 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.

Source: SL 1990, ch 410, § 16.