What is the main function of fraternal benefit societies?

Fraternal benefit societies primarily exist to provide insurance and other benefits to members who share a common bond, such as belonging to the same religious group, ethnic heritage, or social organization. These societies are rooted in mutual aid, where members contribute to a pool that funds benefits, including life insurance and various forms of support for their members in times of need. This focus on a specific group helps to create a sense of community and shared responsibility, which is the cornerstone of their purpose.

In contrast, the other options do not accurately reflect the role of fraternal benefit societies. They are not focused on providing insurance to stockholders or acting as state regulatory bodies, nor do they have the authority to control the insurance market. Instead, they function as organizations that promote social and financial support among their members.