What is Benefit Societies?

Legal Definition
Under this and several similar names, in various states, corporations exist to receive periodical payments from members, and hold them as a fund to be loaned or given to members .needing pecuniary relief. Such are beneficial societies of Maryland, fund associations of Missouri, loan and fund associations of Massachusetts, mechanics' associations of Michigan, protection societies of New Jersey. Friendly societies in Great Britain are a still more extensive and important species belonging to this class. Comm. v. Equitable Ben. Ass'n, 137 Pa. 412, 18 Atl. 1112; Co.m. v. Aid Ass'n. 94 Pa. 489.
-- Black's Law Dictionary