(i) Refers to mutually owned companies, where certain categories of policyholders (members) have ownership rights; (ii) Refers to a key insurance concept where independent risks are pooled to become insurable.
Found on http://www.encyclo.co.uk/local/20197
Mu`tu·al'i·ty noun [ Confer French mutualité .] 1. The quality of correlation; reciprocation; interchange; interaction; interdependence. 2. (Law) Reciprocity of consideration. Wharton. Found on http://www.encyclo.co.uk/webster/M/122