Benefit society

A benefit society, fraternal benefit society, or fraternal benefit order is a voluntary association formed to provide mutual aid, benefit, for instance, insurance for relief from sundry difficulties. Such organizations may be formally organized with charters and established customs or may arise ad hoc to meet the unique needs of a particular time and place. Often fitting this description include friendly societies, or mutual aid organizations. Many major financial institutions existing today, particularly some insurance companies, mutual savings banks, and credit unions, trace their origins back to benefit societies, as can many modern fraternal organizations and fraternal orders which are now viewed as being primarily social. The contemporary legal system essentially requires all such organizations of appreciable size to incorporate one of these forms or another to continue to exist on an ongoing basis. Benefit societies may be organized around a shared ethnic background, religion, occupation, geographical region, or other basis. Benefits may include financial security or assistance for education, unemployment, birth of a baby, sickness and medical expenses, retirement, and funerals. Often, benefit societies provide a social or educational framework for members and their families to support each other and contribute to the broader community. Examples of benefit societies include trade unions, burial societies, friendly societies, cooperatives, credit unions, self-help groups, landsmanshaft, immigrant hometown societies, fraternal organizations built upon the models of fraternal orders such as the Freemasons and the Oddfellows, some coworking communities, and many others. A benefit society can be characterized by members having an equivalent opportunity for a say in the organization members having potentially equivalent benefits aid going to those in need (strong helping the weak) a collection fund for payment of benefits educating others about a group's interest preserving cultural traditions mutual deference