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 ?
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).
In effect, this marks the third phase of a commitment that began many years ago; conversion from self insurance to assessable mutual and now to a premier nonassessable insurance program, the goal has always been to provide Florida employers with an efficient and effective workers' compensation package.
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.