Mixed Insurance Company Law and Legal Definition
Mixed insurance company is an insurance company which embodies the characteristics of both a mutual company and a stock company. [State v. Willett, 171 Ind. 296, 301 (Ind. 1908)]
There are three kinds of insurance companies--stock, mutual and mixed. A stock company is one where the stockholders contribute all the capital, pay all the losses, and take all the profits. A mutual company is one wherein the members constitute both the insurer and the insured, where the members all contribute, by a system of assessments, to the creation of a fund from which all losses and liabilities are paid, and wherein the profits are divided among themselves in proportion to their interests.
A mixed Insurance company is owned in part by stockholders and in part by policyholders. Also, in such a company, a certain portion of the profits will be divided among the stockholders and a distribution of other accumulated funds will be made among the persons insured. [Pink v. Town Taxi Co., 138 Me. 44. 49 (Me. 1941)]
Legal Definition list
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