mutual insurance

American  

noun

1. insurance in which those insured become members of a company who reciprocally engage, by payment of certain amounts into a common fund, to indemnify one another against loss.

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mutual insurance British  

noun

1. a system of insurance by which all policyholders become company members under contract to pay premiums into a common fund out of which claims are paid See also mutual

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Example Sentences

Since the 1800s, shipping insurers have pooled together in mutual insurance clubs that sell separate coverage for losses to ships and cargo caused by war, terrorism, and piracy.

From Barron's

Police, who swooped mid-October, did not name the company but the searches followed allegations against New Zealand-headquartered Maritime Mutual Insurance Association.

From Barron's

More recently, the nonprofits have converted into mutual insurance holding companies.

From Los Angeles Times

A Southern California homeowner is suing Liberty Mutual Insurance Co. for canceling her longstanding insurance policy, accusing the company of dropping her for bogus reasons.

From Los Angeles Times

“You get out, you get to see the world, and you get to see your favorite artist or performer at the same time, so there are a lot of wins to it,” said Warren, who works as the director of research and innovation for a mutual insurance company.

From Seattle Times