Florida Statutes, Rules, and Regulations Common to All Lines
Which combination of features identifies a fraternal benefit society under Florida law?
Answer and explanation
Answer: C. Section 632.601 describes a fraternal benefit society as being without capital stock, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with ritualistic form of work, and having a representative form of government. Capital stock and profit distribution belong to stock insurers, and the society is neither state owned nor confined to public employees.Source: Fla. Stat. § 632.601 — 632.601, Fraternal benefit society defined
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