1. (1) A society may provide in any form the following contractual benefits:

   1. (a) Death benefits;
   2. (b) Endowment benefits;
   3. (c) Annuity benefits;
   4. (d) Temporary or permanent disability benefits;
   5. (e) Hospital, medical or nursing benefits;
   6. (f) Monument or tombstone benefits to the memory of deceased members; and
   7. (g) Such other benefits as authorized for life insurers and which are not inconsistent with this chapter, upon determination by the Director of the Department of Consumer and Business Services that the society is in compliance with all the requirements for a mutual life insurer to write such benefits.
2. (2) A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits in subsection (1) of this section, 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.

[1987 c.490 §17]