mutual insurance company

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 profits are divided among themselves in proportion to their interests. 29 Am J Rev ed Ins § 89. Better known, as an insurance company which is not a stock insurance company, that is, one operating on a mutual basis rather than one operating for a profit to be paid to stockholders.

Ballentine's law dictionary. . 1998.

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  • mutual insurance company — n. An insurance company owned by the people it insures, who share in the company’s profits. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 …   Law dictionary

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