Assessable Mutual

Assessable Mutual

A mutual insurance company that charges a policyholder a premium in exchange for an insurance policy, but reserves the right to require another premium to be paid if losses resulting from claims exceed the amount the policyholder contributed in the initial premium.
References in periodicals archive ?
The membership is comprised of all authorized property and casualty insurers writing workers' compensation, group self-insurance funds, commercial self-insurance funds, and assessable mutual insurers.
PhIL is an assessable mutual, one in which the members can be assessed in the event that accumulated funds are insufficient to meet expenses, including those of claim settlements.
We have been in business since 1934 operating under the assessable mutual laws of our state and we understand the insurance needs of North Carolina property owners.