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English definition of “mutual insurance company”

mutual insurance company

noun [C]
 
 
(also mutual insurer) FINANCE, INSURANCE
an insurance company owned by its members who make regular payments into a fund that will pay their costs if they have a loss, accident, etc. : The company, a mutual insurer owned by its policyholders, said its net worth dropped 11% last year.
(Definition of mutual insurance company from the Cambridge Business English Dictionary © Cambridge University Press)
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