Answer :
Final answer:
Mutual insurance is insurance that results from agreements of indemnity between subscribers. Policyholders own mutual insurance companies without the need for profit to shareholders.
Explanation:
Insurance that is the result of agreements of indemnity between subscribers is known as Mutual Insurance.
Mutual insurance companies are owned by policyholders, and income is retained to reduce future insurance premiums. The policyholders are the owners of the company, and the mutual company must cover all claims without the need to generate profit for shareholders.
Fraternal benefit societies, which are a type of mutual insurance companies, were founded based on a common bond shared by members such as religion, ethnicity, or geography.
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