A. A society may apply to the Commission to 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. Such other benefits as authorized for life insurers and which are not inconsistent with this chapter.
B. A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits in subsection A, 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 person.
Code 1950, §§ 38-283, 38.1-599; 1952, c. 317, § 38.1-638.31; 1968, c. 654; 1972, c. 530; 1975, c. 262; 1986, c. 562.
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