What is the Definition of Mutual Insurance Company?
A company owned by its policyholders that returns part of its profits to the policyholders as dividends. The insurer uses the rest as a surplus cushion in case of large and unexpected losses.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Annuity?
What is the Definition of Mutual Insurance Company?
You can find random definition and meaning of insurance terms below:
Meaning of Accumulation At Interest Dividend Option in Insurance Terms
An option, available to the owners of participating insurance policies, that allows a policy owner to leave policy dividends on deposit with the insurer and earn interest. (See Dividends)
Meaning of Actual Cash Value in Insurance Terms
A form of insurance that pays damages equal to the replacement value of damaged property minus depreciation. (See Replacement cost)
Meaning of Actuary in Insurance Terms
An insurance professional skilled in the analysis, evaluation and management of statistical information. Evaluates insurance firms’ reserves, determines rates and rating methods, and determines other business and financial risks.
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