ORS 748.103 Definitions

As used in this chapter:

“Benefit contract” means the agreement for provision of benefits authorized by ORS 748.201, as that agreement is described in ORS 748.211 (1).

“Benefit member” means an adult member who is designated by the laws or rules of the society to be a benefit member under a benefit contract.

“Certificate” means the document issued as written evidence of the benefit contract.

“Impaired” means either:

For a society that does not write variable contracts, whenever its assets are less than its total liabilities; or

For a society that does write variable contracts, whenever its assets are less than its total liabilities, plus the required surplus for a mutual life insurer to write such contracts.

“Laws” means the society’s articles of incorporation, constitution and bylaws, however designated.

“Lodge” means subordinate member units of the society, known as camps, courts, councils, branches or by any other designation.

“Premiums” means premiums, rates, dues or other required contributions by whatever name known, which are payable under the certificate.

“Rules” means all rules, regulations or resolutions adopted by the supreme governing body or board of directors which are intended to have general application to the members of the society.

“Society” means fraternal benefit society, unless otherwise indicated.