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The definition of friendly societies is exclusively limited to organizations focused solely on financial mutual aid.
Answer: False
Explanation: The foundational definition of a friendly society encompasses both financial and social purposes, not exclusively financial mutual aid, as indicated by its nature as a mutual association for common financial or social objectives.
Benefit societies, ROSCAs, and chit funds are recognized as alternative designations for friendly societies.
Answer: True
Explanation: Friendly societies are known by various alternative names, including benefit societies, mutual aid societies, benevolent societies, fraternal organizations, and, in certain developing regions, ROSCAs (rotating savings and credit associations), ASCAs (accumulating savings and credit associations), burial societies, or chit funds.
The principal objective of friendly societies is to generate profit for their founders.
Answer: False
Explanation: Friendly societies are fundamentally mutual organizations with the primary goal of providing mutual support and financial security to their members, rather than generating profit for founders.
Friendly societies predominantly offered services predicated on geographic proximity rather than shared affiliations among members.
Answer: False
Explanation: Friendly societies typically based their membership and services on shared affiliations, such as trade, religion, or social groups, rather than solely on geographic location.
Which of the following best defines a friendly society according to the provided source material?
Answer: A mutual association formed for common financial or social purposes.
Explanation: The source defines a friendly society as a mutual association established by individuals for shared financial or social objectives, functioning as a mutual or benefit society.
Beyond 'benefit societies,' what is another alternative designation mentioned for friendly societies?
Answer: Fraternal organizations
Explanation: The source lists 'fraternal organizations' as one of several alternative names for friendly societies, alongside terms like mutual aid societies and benevolent societies.
Friendly societies provided essential support prior to the establishment of modern welfare states and comprehensive insurance systems.
Answer: True
Explanation: Before the widespread development of modern welfare states and formal insurance mechanisms, friendly societies served as a critical source of financial and social support for individuals, often based on shared affiliations.
A 2012 European Commission report documented the decline of mutual benefit societies across Europe.
Answer: False
Explanation: A 2012 European Commission report provided an overview of the current standing and prospects of mutual benefit societies within Europe, rather than solely detailing their decline.
Friendly societies in Australia originated in the 1830s and currently offer services encompassing financial products and aged care.
Answer: True
Explanation: Friendly societies were established in Australia from the 1830s onwards and have evolved to provide a diverse range of services, including financial products, healthcare, retirement living, and aged care.
What was a principal function of friendly societies prior to the establishment of modern insurance and welfare states?
Answer: Providing essential financial and social services based on shared affiliations.
Explanation: Before the advent of modern insurance and welfare systems, friendly societies played a crucial role by offering essential financial and social support, often organized around shared affiliations among members.
In the United States, American friendly societies typically provided members with a financial allowance during periods of sickness and occasionally offered access to medical care without charge.
Answer: True
Explanation: American friendly societies commonly offered financial support to sick members and sometimes provided free medical access, supplementing the limited social safety nets available at the time.
Lodge members bore the sole responsibility for verifying that sick members were not engaging in malingering.
Answer: False
Explanation: The assertion that lodge members were *solely* responsible for verifying malingering is inaccurate. While visiting sick members and ensuring adherence to benefit rules was part of the process, it was a collective oversight rather than an exclusive duty of lodge members.
Friendly societies typically limited their provisions for deceased members exclusively to funeral expenses.
Answer: False
Explanation: Friendly societies commonly covered funeral expenses for deceased members, but often also provided a sum of money to the next of kin, extending support beyond just burial costs.
Social engagements such as dances and participation in sports teams were sometimes organized by friendly societies.
Answer: True
Explanation: Beyond their primary financial functions, friendly societies frequently organized social activities, including dances and sports teams, to foster camaraderie and community among their members.
Societies registered under the UK's Friendly Societies Act 1974 were empowered to manage allotments and provide insurance for cattle.
Answer: True
Explanation: Indeed, societies registered under the UK's Friendly Societies Act 1974 could undertake a range of activities, including managing allotments and insuring cattle, depending on their specific registration type.
In the United States, what form of financial assistance did members typically receive from friendly societies during periods of sickness?
Answer: A financial allowance and potential free access to a doctor.
Explanation: American friendly societies commonly provided members with a financial allowance to mitigate income loss during sickness and sometimes offered access to medical practitioners without direct cost.
What was the function of lodge members visiting a sick fellow member within a friendly society?
Answer: To provide emotional support and verify the member wasn't malingering.
Explanation: Visits from lodge members to a sick fellow member served a dual purpose: offering emotional support and participating in the society's oversight by verifying the member was not malingering.
What financial provision was commonly made for the family of a deceased member?
Answer: A sum of money for the next of kin, in addition to funeral expenses.
Explanation: Friendly societies typically ensured that funeral expenses were covered for deceased members and often provided an additional sum of money to the member's next of kin.
Which of the following exemplifies a social activity occasionally organized by friendly societies?
Answer: Dances
Explanation: Friendly societies frequently organized social events for their members, such as dances, to foster community and camaraderie, alongside other activities like sports teams.
According to the source, what spectrum of services do Australian friendly societies currently offer?
Answer: Financial products, healthcare, retirement living, aged care, and more.
Explanation: Contemporary Australian friendly societies provide a comprehensive array of services, including financial products, healthcare services, retirement living options, aged care, and transport, among others.
In the United Kingdom, friendly societies were subjected to regulatory oversight primarily to safeguard the financial security of their members.
Answer: True
Explanation: The prudential regulation of friendly societies in the UK was implemented to protect the financial interests of their members and ensure the solvency of the benefits promised.
The Friendly Societies Act of 1875 in the UK established the definitive regulatory framework for all mutual organizations.
Answer: False
Explanation: While the Friendly Societies Act of 1875 was significant legislation for regulating friendly societies in the UK, it did not establish the *current* definitive framework, which has evolved through subsequent acts.
In certain countries, friendly societies are compelled to operate under the regulatory statutes governing for-profit insurance companies due to a lack of specific legal status.
Answer: True
Explanation: Due to the absence of distinct legal frameworks for friendly societies in some nations, they are often required to comply with the regulations intended for for-profit insurance entities.
In Australia, the regulation of friendly societies falls under the purview of the Reserve Bank of Australia (RBA).
Answer: False
Explanation: Friendly societies in Australia are regulated by the Australian Prudential Regulation Authority (APRA), not the Reserve Bank of Australia (RBA).
In Ireland, friendly societies are governed by the Friendly Societies Acts 1896–2014, with the Registrar of Companies exercising oversight.
Answer: True
Explanation: Friendly societies in Ireland operate under the Friendly Societies Acts 1896–2014, and the Registrar of Companies also serves as the Registrar for these societies, alongside others.
The 2014 Act in Ireland permitted the registration of new friendly societies specifically focused on public services.
Answer: False
Explanation: The Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Act 2014 in Ireland stipulated the cessation of new friendly society registrations, thus not permitting new ones focused on public services.
The cessation of new friendly society registrations in Ireland was attributed to the organizational form being deemed outdated and its business types being regulated elsewhere.
Answer: True
Explanation: The discontinuation of new friendly society registrations in Ireland was primarily due to the perception of the organizational form as outdated and the regulation of its typical business activities under other legislative frameworks.
The 2014 Irish Act authorized existing friendly societies to establish new loan funds subsequent to July 2014.
Answer: False
Explanation: The Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Act 2014 prohibited existing Irish friendly societies from establishing new 'loan funds' from the Act's commencement date of July 28, 2014, thereby restricting this particular financial activity.
The Friendly Societies Act 1974 and the Friendly Societies Act 1992 constitute the principal governing legislation for these societies within the United Kingdom.
Answer: True
Explanation: The primary legislative framework governing friendly societies in the United Kingdom comprises the Friendly Societies Act 1974 and the Friendly Societies Act 1992.
Under the UK's Friendly Societies Act 1974, registration was restricted exclusively to standard friendly societies and working men's clubs.
Answer: False
Explanation: The Friendly Societies Act 1974 permitted the registration of various types of societies, including standard friendly societies, working men's clubs, benevolent societies, cattle insurance societies, and specially authorised societies, not exclusively the former two.
New friendly societies can still be registered under the Friendly Societies Act 1974 in the United Kingdom.
Answer: False
Explanation: Registration for new friendly societies under the Friendly Societies Act 1974 in the UK is no longer permitted; the Act governs existing societies but is closed to new registrations.
Friendly societies registered under the UK's Friendly Societies Act 1992 are specifically constituted for the purpose of effecting insurance contracts.
Answer: True
Explanation: The Friendly Societies Act 1992 governs incorporated friendly societies whose primary function is to effect and carry out contracts of insurance.
The Co-operative and Community Benefit Societies Act 2014 in Great Britain resulted in friendly societies being renamed 'cooperative societies'.
Answer: False
Explanation: The Co-operative and Community Benefit Societies Act 2014 in Great Britain introduced a new framework for various mutual organizations, leading to some being registered as 'co-operative' or 'community benefit' societies, but it did not mandate the renaming of all existing friendly societies.
In Great Britain, housing associations and working men's clubs may now be categorized under the umbrella of co-operative or community benefit societies.
Answer: True
Explanation: The Co-operative and Community Benefit Societies Act 2014 in Great Britain expanded the scope of registration, allowing entities such as housing associations and working men's clubs to register as co-operative or community benefit societies.
The Financial Conduct Authority (FCA) currently serves as the regulatory body for friendly societies in the United Kingdom.
Answer: True
Explanation: The Financial Conduct Authority (FCA) is the principal regulatory authority overseeing friendly societies and other mutual organizations in the United Kingdom.
The Financial Services Authority (FSA) held regulatory responsibility for friendly societies in the UK until 2013.
Answer: True
Explanation: The Financial Services Authority (FSA) regulated friendly societies in the UK until its functions were transferred to the Financial Conduct Authority (FCA) in April 2013.
What was the rationale behind subjecting friendly societies in the United Kingdom to prudential regulation?
Answer: To protect the financial interests and promised benefits of their members.
Explanation: Friendly societies in the UK were subjected to prudential regulation to ensure the financial security of their members and guarantee the fulfillment of promised benefits.
What regulatory challenge do friendly societies in some countries encounter in comparison to those in the UK?
Answer: They lack specific legal status and must follow rules for for-profit insurers.
Explanation: In jurisdictions lacking specific legal frameworks for friendly societies, they often face the challenge of adhering to regulations designed for for-profit insurance companies due to their undefined legal status.
Which Australian authority is responsible for the registration and oversight of friendly societies?
Answer: The Australian Prudential Regulation Authority (APRA)
Explanation: In Australia, the Australian Prudential Regulation Authority (APRA) is the designated authority responsible for the registration and ongoing supervision of friendly societies.
What significant legislative development concerning new friendly societies occurred in Ireland in 2014?
Answer: The registration of new friendly societies was stopped.
Explanation: The Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Act 2014 introduced a cessation of new friendly society registrations in Ireland.
What were the principal reasons cited for the discontinuation of new friendly society registrations in Ireland?
Answer: The organizational form was seen as outdated and its business types regulated elsewhere.
Explanation: The cessation of new friendly society registrations in Ireland was attributed to the organizational form being considered obsolete and its business activities being subject to regulation under different legislative frameworks.
What specific financial activity was prohibited for existing Irish friendly societies by the 2014 Act?
Answer: Establishing a 'loan fund'.
Explanation: The Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Act 2014 explicitly prohibited existing Irish friendly societies from establishing a 'loan fund' after the Act's commencement date.
Which United Kingdom Act governs incorporated friendly societies primarily established for effecting insurance contracts?
Answer: Friendly Societies Act 1992
Explanation: The Friendly Societies Act 1992 specifically governs incorporated friendly societies whose primary purpose is to undertake insurance contracts.
What is the current regulatory body overseeing friendly societies in the United Kingdom?
Answer: The Financial Conduct Authority (FCA)
Explanation: The Financial Conduct Authority (FCA) is the principal regulatory authority responsible for the oversight of friendly societies and other mutual organizations in the UK.
Which Act enacted in Great Britain led to the potential renaming of societies such as working men's clubs and housing associations?
Answer: The Co-operative and Community Benefit Societies Act 2014
Explanation: The Co-operative and Community Benefit Societies Act 2014 in Great Britain provided a framework under which various organizations, including working men's clubs and housing associations, could be registered as co-operative or community benefit societies.
Prior to the establishment of the FCA, who regulated friendly societies in the UK following the Registrar of Friendly Societies?
Answer: The Financial Services Authority (FSA)
Explanation: Following the Registrar of Friendly Societies, the Financial Services Authority (FSA) served as the primary regulator for friendly societies in the UK until April 2013, when regulatory responsibilities transferred to the FCA.
In developing regions, structures analogous to friendly societies are never designated as ROSCAs or ASCAs.
Answer: False
Explanation: Contrary to the assertion, structures similar to friendly societies are frequently referred to as ROSCAs (rotating savings and credit associations) or ASCAs (accumulating savings and credit associations) in many parts of the developing world.
Certain friendly societies have undergone transformation into substantial financial institutions, akin to contemporary insurance companies.
Answer: True
Explanation: In some jurisdictions, friendly societies have evolved significantly, transitioning into large, mutually-owned financial entities comparable to modern insurance providers, often shedding their earlier social functions.
The Association Internationale de la Mutualité (AIM) functions as a global consortium for commercial insurance providers.
Answer: False
Explanation: The Association Internationale de la Mutualité (AIM) is an international organization that unites healthcare mutuals globally, not a consortium for commercial insurance providers.
Credit unions are recognized as modern entities exhibiting functional similarities to traditional friendly societies.
Answer: True
Explanation: Credit unions and other cooperative financial institutions are considered modern successors to friendly societies, embodying similar principles of mutual support and collective financial benefit.
How are structures analogous to friendly societies commonly referred to in numerous developing regions?
Answer: ROSCAs (rotating savings and credit associations) or ASCAs (accumulating savings and credit associations)
Explanation: In many developing regions, structures similar to friendly societies are frequently identified as ROSCAs (rotating savings and credit associations) or ASCAs (accumulating savings and credit associations), reflecting their localized mutual support functions.
According to the source, how have friendly societies diverged in their evolution across different countries?
Answer: Some transformed into large financial institutions like insurance companies, while others focused on solidarity.
Explanation: The evolution of friendly societies has varied significantly by country; some have transformed into large financial institutions akin to insurance companies, while others have retained a stronger emphasis on mutual solidarity and democratic principles.
Which international association serves as a global coordinating body for healthcare mutuals?
Answer: Association Internationale de la Mutualité (AIM)
Explanation: The Association Internationale de la Mutualité (AIM), based in Brussels, is the international organization that unites healthcare mutuals worldwide.
Which contemporary financial institutions embody principles analogous to traditional friendly societies?
Answer: Credit unions and cooperative financial institutions
Explanation: Credit unions and other cooperative financial institutions are widely considered modern entities that share functional and philosophical similarities with traditional friendly societies, emphasizing mutual aid and member benefit.
The inaugural mutual savings bank established in Scotland in 1810 was designated as the 'Savings and Friendly Society'.
Answer: True
Explanation: Historical records indicate that the first mutual savings bank in Scotland, founded in 1810, was named the 'Savings and Friendly Society,' highlighting an early linkage between savings institutions and friendly society principles.
Friendly society brasses were predominantly utilized in Northern England throughout the 19th century.
Answer: False
Explanation: Friendly society brasses, which were decorative emblems often attached to poles, were particularly prevalent in the west of England during the late 18th and early 20th centuries, not primarily in Northern England.
The Museum of English Rural Life houses a notable collection of friendly society poleheads, also referred to as brasses.
Answer: True
Explanation: The Museum of English Rural Life holds a significant collection comprising over 900 'Friendly Society Brasses,' also known as poleheads, which serve as artifacts of these historical organizations.
Female friendly societies were prevalent in England prior to the 1800s and primarily catered to adult women.
Answer: False
Explanation: Female friendly societies became common in England during the 19th century, and their primary purpose was often to assist girls, particularly those attending schools associated with the society's founders, rather than exclusively serving adult women.
Faith Gray and Catherine Cappe were the founders of the York Female Friendly Society in 1788.
Answer: True
Explanation: The York Female Friendly Society, established in 1788, was indeed founded by Faith Gray and Catherine Cappe, who were involved in educational initiatives for girls.
The accompanying image depicts the secretary of the Harting Old Club during a meeting held in 2007.
Answer: True
Explanation: The image provided illustrates a meeting of the Harting Old Club in 2007, showing its secretary, offering a contemporary glimpse into the activities of such a society.
What relationship does the source suggest between early savings banks and friendly societies?
Answer: The first mutual savings bank in Scotland was named 'Savings and Friendly Society'.
Explanation: The source indicates a historical connection by noting that the first mutual savings bank in Scotland, established in 1810, was named the 'Savings and Friendly Society'.
What were 'friendly society brasses'?
Answer: Decorative emblems, often attached to poles, used by village societies.
Explanation: Friendly society brasses were distinctive decorative emblems, frequently affixed to poles, utilized by village friendly societies as identifying symbols.
During the late 18th to early 20th centuries, in which geographical region were friendly society brasses particularly prevalent?
Answer: The west of England
Explanation: Friendly society brasses were notably common in the west of England during the period spanning the late 18th century through the early 20th century.
What was the primary intended purpose of female friendly societies prevalent in 19th-century England?
Answer: To assist girls, especially those attending schools run by founders.
Explanation: Female friendly societies in 19th-century England were often established with the specific aim of assisting girls, particularly those enrolled in schools operated by the society's founders.
Who established the York Female Friendly Society in 1788?
Answer: Faith Gray and Catherine Cappe
Explanation: The York Female Friendly Society, founded in 1788, was established by Faith Gray and Catherine Cappe, notable figures involved in educational work.