New York Laws
Article 45 - Fraternal Benefit Societies
4507 - Juvenile Members.

(b) Any such society may provide in its constitution or by-laws for
the admission, as juvenile insurance members, of children less than
eighteen years of age at nearest birthday. They shall have no voice or
vote in the management of the insurance affairs of the society. Life
insurance benefits may be made payable upon the lives of juvenile
members, upon the application of some adult person, in accordance with
the by-laws, rules or regulations of such society, and in amounts which
shall not exceed the limits specified in section three thousand two
hundred seven of this chapter.
(c) Juvenile members insured under certificates issued pursuant to
this section, if eligible for adult membership, shall be transferred to
and become members of the adult branch of the society upon attaining the
minimum age for adult membership under the laws of the society. Upon
such transfers made pursuant hereto, the mortuary reserve funds accruing
against such certificates and an equitable share of any surplus funds
pertaining thereto shall likewise be transferred to the adult mortuary
fund.
(d) Any such society may provide in its by-laws that mortuary
payments, meaning that portion of contributions allocated to the
mortuary fund and to reserves on outstanding contracts, received under
new certificates issued on or after January first, nineteen hundred
thirty-nine, covering the lives of juvenile members, may be mingled with
the mortuary or reserve funds held on classes of adult certificates on
which adequate reserves are maintained not lower than those required by
the minimum standards of valuation prescribed by this article for adult
certificates issued on or after January first, nineteen hundred
thirty-nine. Except as hereinbefore provided, every such society shall
maintain the mortuary and reserve funds on insurance on the lives of
juvenile members and the accretions thereto, separate and distinct from
all other funds of the society, and the same shall be held as a trust
fund available exclusively for the payment of benefits under such
contracts.
(e) Any such society insuring the lives of juvenile members may
provide in its by-laws, rules and regulations for payment on account of
the society's juvenile expense fund, and that such payments may be
mingled with the general expense funds of the society.