Question

A not-for-profit insurance provider operated by an organization that has a representative form of leadership, operates on a lodge system, and exists solely for the benefit of its members and their beneficiaries is called a:

A. fraternal insurance company

B. risk retention group

C. home service insurance company

D. mutual insurance company

Answer 1

A. fraternal insurance company

Step-by-step explanation:

Fraternal life insurance refers to the arrangement under which a fraternal benefit society accounts for the life of a participant who, under return, makes monthly payments to the association. The fraternal community then makes use of its funds to carry out its advocacy work, whether financial, cultural, spiritual, patriotic, political, or educational, to support its members. Most fraternal insurance programs offer a number of other benefits.