mutual insurance

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.
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mutual insurance
 
n
See also mutual 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

Collins English Dictionary - Complete & Unabridged 10th Edition
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