What are mutual, friendly and industrial & provident policies?

A mutual society is owned by its members and, typically, exists solely for their benefit.

Mutual societies are often also known as friendly societies or co-operatives.

Mutual societies offer a variety of services including investments, mortgages, loans and savings accounts.

Unlike banks, mutual societies do not have external shareholders and do not therefore pay dividends.

Some building societies and life assurance providers are mutual societies.

Industrial and provident societies

An industrial & provident society is a type of mutual society.

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