Glossary

A mutual benefit association is an organization offering benefits to members for no fixed premiums, but assessments are levied to meet specific losses as they occur.

A mutual company is an insurance company that is owned by its insureds.

A mutual fund is an investment company that raises capital by selling its own stock and then buying other securities as an investment with the proceeds generated.

A mutual law enforcement agreement is a formal agreement between neighboring municipalities to provide law enforcement assistance in emergency situations when a local police department requires additional personnel.

The mean/variance/covariance (MVC) risk modeling method is a special class of statistical risk modeling methods that relies on only three parameters: mean, variance, and covariance matrix.