friendly society

From King Dictionary of Contemporary English
Related topics: Organizations, Insurance
friendly societyˈfriendly soˌciety noun [countable] SSOBFIan association in Britain that people regularly pay small amounts of money to, which then provides them with money when they become old or ill
Examples from the Corpus
friendly societyTheir friendly society status means that they have no shareholders in the normal sense of the term.
From King Business Dictionaryfriendly societyˈfriendly soˌciety [countable]FINANCEORGANIZATIONS an organization whose members pay money into a FUND that is used to help them if they become sick or lose their job, or when they become old. REGISTERED friendly societies are able to borrow money at reduced interest rates or receive a higher rate on money they investThe Loyal Standard Association operated as a friendly society for sick, injured and elderly seamen. society