A friendly society (sometimes called a mutual society, benevolent society, fraternal organization or ROSCA) is a mutual association for the purposes of insurance, pensions, savings or cooperative banking. It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose. Before m...
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http://en.wikipedia.org/wiki/Friendly_society
mutual-aid organization formed voluntarily by individuals to protect members against debts incurred through illness, death, or old age. Friendly ... [3 related articles]
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http://www.britannica.com/eb/a-z/f/64
An organisation set up to accept savings from individuals. The policies offered by the friendly society are generally tax free, but there is a limit on the amount you may invest. You may be able to claim limited tax relief for contributions to certain older policies providing a combination of sickness and death benefits.
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http://www.encyclo.co.uk/local/20949
A mutual organisation whose funds, after the deduction of running costs, are owned by its... <a target=_blank href='http://www.finance-glossary.com/terms/friendly-society.htm?id=586&ginPtrCode=00000&PopupMode=false' title='Read full definition of friendly society'>more</a>
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Financial services and insurance organisation that is wholly owned by its members so profits stay within the organisation rather than going to outside shareholders. Often arranged around local areas, charities, employers or religious/cultural groups.
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https://www.encyclo.co.uk/local/20141
An organisation set up to accept savings from individuals. The policies offered by the friendly society are generally tax free, but there is a limit on the amount you may invest. You may be able to claim limited tax relief for contributions to certain older policies providing a combination of sickness and death benefits.
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https://www.encyclo.co.uk/local/20956
Association that makes provisions for the needs of sickness and old age by money payments. Among the largest in the UK are the National Deposit, Odd Fellows, Foresters, and Hearts of Oak. In the USA similar `fraternal insurance` bodies are known as benefit societies; they include the Modern Woodmen of America (1883) and the Fraternal ...
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https://www.encyclo.co.uk/local/21221
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