Benefit society in the context of Fraternities and sororities in North America

In North America, fraternities and sororities (Latin: fraternitas and sororitas, 'brotherhood' and 'sisterhood') are social clubs at colleges and universities. They are sometimes collectively referred to as Greek life or Greek-letter organizations, as well as collegiate fraternities or collegiate sororities to differentiate them from general, non-university-based fraternal organizations and fraternal orders, friendly societies, or benefit societies.

Generally, membership in a fraternity or sorority is obtained as an undergraduate student but continues thereafter for life by gaining alumni status. Some accept graduate students as well; some also provide honorary membership in certain circumstances. Individual fraternities and sororities vary in organization and purpose, but most – especially the dominant form known as social fraternities and sororities – share five common elements:

A friendly society (sometimes called a benefit society, mutual aid society, benevolent society, fraternal organization or ROSCA) is a mutual association for the purposes of insurance, pensions, savings or cooperative banking. It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose. Before modern insurance and the welfare state, friendly societies provided financial and social services to individuals, often according to their religious, political, or trade affiliations. These societies are still widespread in many parts of the developing world, where they are referred to as ROSCAs (rotating savings and credit associations), ASCAs (accumulating savings and credit associations), burial societies, chit funds, etc.