Arkansas Life and Health Insurance Practice Exam

A Fraternal Benefit Society is required to file a non-profit status because it is a type of organization that operates on a non-profit basis for the benefit of its members. Fraternal Benefit Societies are membership-based organizations that provide insurance benefits to their members, often based on common interests or affiliations.

Health Maintenance Organizations (HMOs), Mutual Insurance Companies, and Risk Retention Groups are not required to file a non-profit status. HMOs are managed care organizations, Mutual Insurance Companies are owned by policyholders, and Risk Retention Groups are formed by organizations with similar liability risks.