Vermont Statutes
Chapter 121 - Fraternal Benefit Societies
§ 4470. Qualifications for membership

§ 4470. Qualifications for membership
(a) A society may admit to benefit membership any person not less than 15 years of age, at his or her nearest birthday, who has furnished evidence of insurability acceptable to the society. A member who applies for additional benefits more than six months after becoming a benefit member shall furnish additional evidence of insurability acceptable to the society.
(b) A person admitted before becoming 18 years of age is bound by the terms of the application and certificate and by all the laws and rules of the society and is entitled to all the rights and privileges of membership to the same extent as though the age of majority had been reached at the time of application. A society may also admit general or social members who shall have no voice or vote in the management of its insurance affairs. (Added 1959, No. 197, § 10, eff. Nov. 22, 1959; amended 2021, No. 105 (Adj. Sess.), § 188, eff. July 1, 2022.)

Structure Vermont Statutes

Vermont Statutes

Title 8 - Banking and Insurance

Chapter 121 - Fraternal Benefit Societies

§ 4460. Statutory purposes

§ 4461. Fraternal benefit societies defined

§ 4462. Lodge system defined

§ 4463. Representative form of government defined

§ 4464. Organization

§ 4465. Corporate powers retained

§ 4466. Existing voluntary associations; may incorporate

§ 4467. Location of office; place of meeting

§ 4468. Consolidations and mergers

§ 4469. Conversion of fraternal benefit society into mutual life insurance company

§ 4470. Qualifications for membership

§ 4471. Articles of incorporation, constitution, and laws; amendments

§ 4472. Institutions

§ 4473. No personal liability

§ 4474. Benefits

§ 4475. Benefits on lives of children

§ 4476. Nonforfeiture benefits, cash surrender values, certificate loans, and other options

§ 4477. Beneficiaries

§ 4478. Benefits not attachable

§ 4479. The contract

§ 4480. Provisions, standard and prohibited

§ 4481. Accident and health insurance and total and permanent disability insurance certificates; filing and approval

§ 4482. Waiver

§ 4483. Reinsurance

§ 4484. Annual license

§ 4485. Foreign or alien society; admission

§ 4486. Injunction; liquidation; receivership of domestic society

§ 4487. Suspension, revocation or refusal of license of foreign or alien society

§ 4488. Licensing of agents

§ 4489. Service of process

§ 4490. Injunction

§ 4491. Review

§ 4492. Funds

§ 4493. Investments

§ 4494. Reports and valuations

§ 4495. Examination of domestic societies

§ 4496. Examination of foreign and alien societies

§ 4497. No adverse publications

§ 4498. Misrepresentation

§ 4499. Discrimination and rebates

§ 4500. Taxation

§ 4501. Exemptions

§ 4502. Exemption of certain societies

§ 4503. Penalties