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December 23, 2024 Clouds | 20°F
The 193rd General Court of the Commonwealth of Massachusetts

Section 19: Payment of benefits for disability on account of old age; periodical member contribution for mortuary purposes; restrictions

Section 19. (a) Every society may provide for the payment of death benefits; may issue to its members, term, life, endowment and annuity certificates and combinations thereof; and may provide for the payment of benefits in case of temporary or permanent physical disability, either as the result of disease, accident or old age, and provide further for hospitalization and medical service, but the period of life at which the payment of benefits for disability on account of old age shall commence shall not be under 70 years of age. Such society may give a member, when permanently disabled, or on attaining the age of 70, all or such portion of the face value of his certificate as the by-laws of the society may provide. This chapter shall not prevent the issuing of benefit certificates, for a term of years less than the whole of life, which are payable upon the death or permanent disability of the member occurring within the term of which the benefit certificate is issued.

(b) Such society may, upon written application of a member, accept a part of the periodical contribution for mortuary purposes in cash and charge the remainder, not exceeding one-half of the periodical contribution, against the certificate, with interest payable or compounded annually at a rate not lower than 4 per cent per annum. This privilege shall not be exercised except by societies which have readjusted or may hereafter readjust their rates or contributions, and then only as to contracts affected by such readjustment. The yearly amount and the amount in the aggregate of such charges against the certificates of members, including interest charged, as cannot be collected on account of the lapsing of members against whose certificates such charges have been made, shall be stated in the records of the proceedings of the annual or other regular meetings of the society.

(c) Such society providing on January 1, 1912 for tombstones to the memory of deceased members may continue such provision, but not at an expense in excess of $100 for any member.