(b) An authorized society shall specify in its laws or rules those persons who may receive benefits or be covered by benefits through the society, consistent with providing benefits to members and their dependents. Nothing herein shall alter the insurable interest requirements of section three thousand two hundred five of this chapter.
(c) No authorized society shall undertake to pay a total and permanent disability benefit on any life in excess of two hundred fifty dollars per month exclusive of waived premiums, nor for disability occurring after age sixty except that a society may undertake to pay benefits for disability occurring at any age, in an amount not exceeding the reserve under the life insurance certificate or one-half the amount of such certificate, whichever is greater, if the payment of such benefits is conditioned upon the surrender of, or a proportionate reduction of the amount of, such certificate.
(d) Notwithstanding the foregoing provisions, no policy of industrial life insurance shall be delivered or issued for delivery in this state.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.