stock insurance company

stock insurance company
An insurance company organized and operating as a private business corporation rather than as a mutual insurance company or mutual benefit society. An incorporated insurance company in which the initial capital investment is made by subscribers to the stock, and the business is thereafter conducted by a board of directors elected by the stockholders, and, subject to state statutes, the distribution of earnings and profits as between stockholders and policy holders is determined by the board. Atlantic Life Ins. Co. v Moncure (DC Va) 35 F2d 360, affd (CA4) 44 F2d 167, cert den 283 US 823, 75 L Ed 1438, 51 S Ct 346. An insurance corporation which has a capital stock owned by its stockholders, and whose capital is the basis of its business, out of which the losses and expenses are paid, with those insuring in such company paying premiums as the basis of their contract. An insurance company wherein the stockholders contribute all the capital, stand all the losses and take all the profits. State v Willett, 171 Ind 296, 86 NE 68.

Ballentine's law dictionary. . 1998.

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Look at other dictionaries:

  • stock insurance company — An insurance company owned by a group of stockholders, who are not necessarily policyholders. Bloomberg Financial Dictionary …   Financial and business terms

  • stock insurance company — noun : an insurance company with capital contributed by stockholders who control its operations and reap any profits or sustain any losses which may result therefrom and with policies that are ordinarily nonparticipating and always nonassessable …   Useful english dictionary

  • joint-stock insurance company — See stock insurance company …   Black's law dictionary

  • joint-stock insurance company — See stock insurance company …   Black's law dictionary

  • insurance company — A company engaged in the business of making contracts by which it agrees to indemnify the other parties thereto from a loss or damage which they may suffer from a specified peril. Strictly construed, an insurance company regularly incorporated… …   Ballentine's law dictionary

  • mutual insurance company — Type of insurance company in which there is no capital stock and in which the policy holders are the sole owners. Christiansen v. National Savings and Trust Company, C.A.D.C., 683 F.2d 520, 526. A cooperative enterprise in which members are both… …   Black's law dictionary

  • mutual insurance company — Type of insurance company in which there is no capital stock and in which the policy holders are the sole owners. Christiansen v. National Savings and Trust Company, C.A.D.C., 683 F.2d 520, 526. A cooperative enterprise in which members are both… …   Black's law dictionary

  • mutual insurance company — A cooperative enterprise wherein the members constitute both insurer and insured, where the members all contribute, by a system of premiums or assessments, to the creation of a fund from which all losses and liabilities are paid, and wherein the… …   Ballentine's law dictionary

  • Capital Stock Insurance Companies — A capital stock insurance company is a company that gets its capital from contributions from its stockholders in addition to its surplus accounts and reserve accounts. In other words, a capital stock insurance company is one that gets a majority… …   Investment dictionary

  • Churchill Insurance Company — Type Wholly owned subsidiary Industry Financial services Founded 1989 Founder(s) …   Wikipedia

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