What is a Friendly Society?
Friendly society legislation was enacted in order to allow and assist groups with a common interest to accumulate capital. The group can in-turn use the accumulated capital to assist its members. The Bentley Friendly Society has elected to assume the risk of financial loss of its members. In exchange for the assumption of its members risk of financial loss, its members pay a premium.
What is a Mutual Company?
A company structure in which the company’s owners are also its clients. That is, the mutual company’s profits are distributed to its participating customers each year in proportion to their individual exposures to the company. Many insurance companies are structured as mutual companies, meaning that policyholders have the right to receive portions of the company’s profits.
Mutual insurance is one of the most common types of insurance available in the United States of America today.
What is a dividend?
A dividend is a financial reward for a policyholder when we have a profitable year of business – a share in the company’s profits. Dividends when paid will be paid by direct bank deposit.
Is the dividend guaranteed?
Dividends are based on the company’s performance and are paid when approved by the Trustees.
Third party cover: Pays out for claims other people make against you for injury or damage. It covers claims made by others for personal injuries, or damage to property caused by you.
Third party does not pay for: damage caused to your own car, theft of your car, loss of or damage to any item in your car.
