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Glossary > F > "Friendly society" Definition

Friendly society

A mutual organisation whose funds, after the deduction of running costs, are owned by its policyholders.The main purpose of a friendly society is to provide life assurance and to assist members during sickness and unemployment. They were first formed around the sixteenth century in order to provide protection for the families of working individuals in the event of their death or illness and to encourage self reliance.Some of these societies grew into large mutual insurance companies and still exist today. Friendly societies are regulated by the Financial Services Authority (FSA).

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Friendly society - A mutual organisation whose funds, after the deduction of running costs, are owned by its policyholders.The main purpose of a friendly society is to provide life assurance and to assist members during sickness and unemployment. They were first formed around the sixteenth century in order to provide protection for the families of working individuals in the event of their death or illness and to encourage self reliance.Some of these societies grew into large mutual insurance companies and still exist today. Friendly societies are regulated by the Financial Services Authority (FSA).

Friendly society : a mutual organisation whose funds, after the deduction of running costs, are owned by its policyholders.the main purpose of a friendly society is to provide life assurance and to assist members during sickness and unemployment. they were first formed around the sixteenth century in order to provide protection for the families of working individuals in the event of their death or illness and to encourage self reliance.some of these societies grew into large mutual insurance companies and still exist today. friendly societies are regulated by the financial services authority (fsa).