What does BENEFIT SOCIETY stand for? 

Benefit society

A benefit society or mutual aid society is an organization or voluntary association formed to provide mutual aid, benefit, or insurance for relief from sundry difficulties. Such organizations may be formally organized with charters and established customs, or may arise ad hoc to meet unique needs of a particular time and place. Many major financial institutions existing today, particularly some insurance companies, mutual savings banks, and credit unions, can trace their origins back to benefit societies, as can many modern fraternal organizations which are now viewed as being primarily social; the modern legal system essentially requires all such organizations of appreciable size to incorporate as one of these forms or another to continue to exist on an ongoing basis. Benefit societies can be organized around a shared ethnic background, religion, occupation, geographical region or other basis. Benefits may include money or assistance for sickness, retirement, education, birth of a baby, funeral and medical expenses, or unemployment.

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