________ are set up to meet the insurance needs of its members, who are also classed as owners and entitled to a share of profits.
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BCP Quiz
A co-operative can also be set up to provide the insurance needs of its members. All policyholders of the insurance co-operative are the members and co-owners of the company. Interests of the co-operative’s policyholders are placed foremost, instead of maximising profits for shareholders. A portion of the company’s operating profits is from time to time distributed to its policyholders in the form of policy dividends.
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