RECIPROCAL INSURANCE Definition & Meaning

reciprocal insurance

insurance in which members of a reciprocal exchange, acting through an attorney-in-fact, insure themselves and each other.

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Examples have not been reviewed.

Also sometimes known as reciprocal insurance exchanges, they include USAA, Automobile Club of Southern California, Amica Mutual and NJM Insurance.

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If such occur, then comes in the assistance of the reciprocal insurance.

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