benevolent insurance company

benevolent insurance company
Benevolent associations, formed primarily for social and charitable purposes and for securing efficient mutual aid for their members are sometimes referred to as insurance companies, because they issue death certificates which are, in effect, policies of life insurance. Penn. Mut. L. Ins. Co. v Mechanics' Sav. Bank & T. Co. (CA6 Tenn) 72 F 413. See mutual benefit societies.

Ballentine's law dictionary. . 1998.

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