§ 4507 — Juvenile members

§ 4507. Juvenile members. (a) An authorized society may admit to adult\ninsurance membership any person not less than fifteen years of age at\nnearest birthday. Any person so admitted prior to attaining the full age\nof eighteen years shall be deemed competent to contract for life\ninsurance benefits, and to exercise and enjoy every right, privilege and\nbenefit provided by any life insurance certificate on the life of such\nminor subject to the limitations contained in section four thousand five\nhundred eight of this article as to the designation of beneficiary.\n (b) Any such society may provide in its constitution or by-laws for\nthe admission, as juvenile insurance members, of children less than\neighteen years of age at nearest birthday. They shall have no voice or\nvote in the management of the insurance affairs of the society. Life\ninsurance benefits may be made payable upon the lives of juvenile\nmembers, upon the application of some adult person, in accordance with\nthe by-laws, rules or regulations of such society, and in amounts which\nshall not exceed the limits specified in section three thousand two\nhundred seven of this chapter.\n (c) Juvenile members insured under certificates issued pursuant to\nthis section, if eligible for adult membership, shall be transferred to\nand become members of the adult branch of the society upon attaining the\nminimum age for adult membership under the laws of the society. Upon\nsuch transfers made pursuant hereto, the mortuary reserve funds accruing\nagainst such certificates and an equitable share of any surplus funds\npertaining thereto shall likewise be transferred to the adult mortuary\nfund.\n (d) Any such society may provide in its by-laws that mortuary\npayments, meaning that portion of contributions allocated to the\nmortuary fund and to reserves on outstanding contracts, received under\nnew certificates issued on or after January first, nineteen hundred\nthirty-nine, covering the lives of juvenile members, may be mingled with\nthe mortuary or reserve funds held on classes of adult certificates on\nwhich adequate reserves are maintained not lower than those required by\nthe minimum standards of valuation prescribed by this article for adult\ncertificates issued on or after January first, nineteen hundred\nthirty-nine. Except as hereinbefore provided, every such society shall\nmaintain the mortuary and reserve funds on insurance on the lives of\njuvenile members and the accretions thereto, separate and distinct from\nall other funds of the society, and the same shall be held as a trust\nfund available exclusively for the payment of benefits under such\ncontracts.\n (e) Any such society insuring the lives of juvenile members may\nprovide in its by-laws, rules and regulations for payment on account of\nthe society's juvenile expense fund, and that such payments may be\nmingled with the general expense funds of the society.\n