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Assessable Mutual

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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.


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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.
First Commercial Mutual Company (FCMC) announced today that the company will convert from an assessable mutual insurer to a stock insurer and change its name to First Commercial Insurance Company (FCIC).
 
 
 
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