Final answer:
A nonprofit entity that provides life insurance as a benefit for their members and beneficiaries is typically known as a fraternal organization. Fraternal organizations are nonprofit associations that offer various services and benefits to their members, including life insurance coverage.
Step-by-step explanation:
A nonprofit entity that provides life insurance as a benefit for their members and beneficiaries is typically known as a fraternal organization. Fraternal organizations are nonprofit associations that offer various services and benefits to their members, including life insurance coverage.
One example of a fraternal organization that provides life insurance is the Knights of Columbus. They are a Catholic fraternal organization that offers life insurance policies to their members and their families.
These nonprofit entities not only provide life insurance coverage but also typically have a wider mission of promoting fellowship, community service, and charitable activities.