Final answer:
Nonprofit life insurance providers in Florida designated under a special code are called Fraternal Life organizations, focusing on serving the community rather than generating profit.
Step-by-step explanation:
The nonprofit life insurance providers in Florida covered by a special section in the insurance code are known as Fraternal Life insurance organizations. These non-profit organizations, much like other civic and community non-profits, may include groups such as welfare organizations, churches, schools, and fraternal organizations. They operate similarly to corporations in terms of structure, which includes legal incorporation, the ability to borrow money, and hiring employees. The key difference is that these entities do not aim to generate profits for shareholders but rather reinvest any profits back into the organization to provide greater services or fulfill their social missions. Whereas a Cooperative provides goods, services, or insurance for the mutual benefit of its members, Fraternal Life insurance organizations typically have additional social, benevolent, or charitable interactions with their communities.