Florida Statutes, Rules, and Regulations Common to All Lines
Which feature most clearly separates a fraternal benefit society from a stock insurer under Florida law?
Answer and explanation
Answer: B. Section 632.601 defines the fraternal benefit society as being without capital stock, not for profit, operated on a lodge system with ritualistic form of work, and having a representative form of government, which is what distinguishes it from a stock company owned by shareholders. Both pay death benefits, both are insurance entities under the office's supervision, and it is the fraternal society that issues certificates.Source: Fla. Stat. § 632.601 — 632.601 compared with a stock insurer
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