Fraternal insurance

Definition of Fraternal insurance

The form of life (or accident) insurance furnished by a fraternal beneficial association, consisting in the payment to a member, or his heirs in case of death, of a stipulated sum of money, out of funds raised for that purpose by the payment of dues or assessments by all the members of the association.

That's the definition of Fraternal insurance in Black's Law Dictionary 6th Edition. Courtesy of