Noun
mutual insurance (uncountable)
A form of insurance scheme owned entirely by its policyholders.
The first American insurance company was the Friendly Society for the Mutual Insurance of Houses Against Fire, founded in Charles Town in South Carolina, in 1735. Andrew Tobias
All legitimate government is a mutual insurance company, voluntarily agreed upon by the parties to it, for the protection of their rights against wrong-doers. In its voluntary character it is precisely similar to an association for mutual protection against fire or shipwreck. Lysander Spooner
P&I clubs, for mutual insurance of vessels, contain minimum standards for the conduct of their members in their charters; it is hard to see why the United Nations should not adopt an equivalent approach. Source: Internet
The general dividend is a portion of a mutual insurance company’s surplus returned to its customers. Source: Internet