Simple English definitions for legal terms

mutual insurance company

Read a random definition: memorandum of association

A quick definition of mutual insurance company:

A mutual insurance company is a type of insurance company where the policyholders are also the owners. They pay premiums into a common fund, which is used to pay for any claims made by the policyholders. This means that the company is owned by its policyholders, not by outside shareholders. It is different from a stock insurance company, which is owned by shareholders who do not necessarily have insurance policies with the company.

A more thorough explanation:

A mutual insurance company is a type of insurance company where the policyholders are also the owners. They pay premiums into a common fund, which is used to pay out claims. This is different from a stock insurance company, which is owned by outside shareholders.

  • Captive insurance company: A company that insures the liabilities of its owner. The insured is usually the sole shareholder and the only customer of the company.
  • Mixed insurance company: An insurance company that has characteristics of both stock and mutual companies. It distributes part of the profits to stockholders and also makes distributions to the insureds.
  • Stock insurance company: An insurance company that is operated as a private corporation and owned by stockholders who share in the company's profits and losses.
  • Stock life-insurance company: A stock insurance company that does life-insurance business.

These examples illustrate the different types of insurance companies that exist. A mutual insurance company is unique because the policyholders are also the owners, which means they have a say in how the company is run. This democratic ownership and control is a fundamental characteristic of a mutual insurance company.

mutual insurance | mutuality


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oh its one of my least favorite things about the application process! the LSAC converts your undergrad transcript to their own scale, which goes up to a 4.3 to accommodate schools that do +/-
how do they convert? say i have a 3.25 / 4.0...do they have a formula? and is that normal for all schools now
idk how common it is, i know my undergrad didnt do +/- and i graduated a couple years ago, lemme see if i can find the LSAC's official explanation of their gpa scale. it basically includes any credit attempted even if it didnt factor into your school's calculation of your gpa, so if your school only takes the most recent grade from a retaken class, or doesn't assign value to a failed pass/fail class, etc
thank you, friend
if you have your complete unofficial transcript you cans search up some calculators online that would give you an estimate. also if you did anything for college credit in high school/like dual enrolled it would calculate that too even if your undergrad institution didn't give you a grade for it
also ahhhh its COB and i havent heard anything from georgetown and they said we'd hear back by this week lwhbrve2purbqpiubvrew
whats COB
"close of business" like the end of the business day
oh gotcha. Hope you get in
ig i dont actually know what their admissions offices hours are though
and thank you!! sorry i didnt see your last messag
*message damn i have sausage fingers today
@manifestmoreadmissions: they are rereading your application to ensure your A rn
trees ily
my gulc app never went back to app complete from decision rendered, so i'm not expecting anything from them (not yet anyway)
it would be nice if i did hear back tho lol
i also have no change but ig no news is better than bad news
adcomms? slower than anticipated? nawwwww
that Vandy WL=>A is cool though congrats
@DisillusionedHomelessWalnut: for example, UCLA does an undergrad grading scale that caps at a 4.0 for both an A and A+ grade. If you get all A+'s at UCLA, you have something in the 4.0-4.3 range according to LSAC.
My community college on the other hand, does a grading scale that goes A-, A, A+ = 4.0 so at the time I worked just to get like an A- but LSAC scales A-'s down to like 3.7.
I could be completely wrong though.
Just got my ND waitlist
Kind of sad because I even visted the school last week
that is brutal im so sorry
Ohio has not responded still
and to me its kind of crazy
[] ararara
Somebody was telling me it’s a good idea to start taking practice exams 8 weeks into 1L if your grades are decided by test taking. Thoughts?
[] ararara
@HurriedNippyPirate: just finished working, not sure if you’re on EST but it’s Friday night! Definitely idea to touch some grass. Report to your nearest dance floor! I think it’s important to take it easy sometimes.
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