mutual insurance

noun

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.

Words nearby mutual insurance

mutual assured destruction, mutual fund, mutual impedance, mutual inductance, mutual induction, mutual insurance, mutual insurance company, mutual resistance, mutual savings bank, mutualism, mutualist

British Dictionary definitions for mutual insurance

mutual insurance

noun

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 (def. 3)