mutuality

mutuality
Term used to describe an organisation owned by its members for their own benefit, e.g., Building societies and Insurance companies.

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mutuality UK US /ˌmjuːtʃuˈæləti/ noun [U] FINANCE, INSURANCE
a situation in which a financial organization is owned by its members rather than shareholders, allowing members to share any profits: »

With the insurer's traditional business in decline, it needs to find new ways for members to benefit from the company's mutuality.

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The building society confirmed that it was to reward members with a mutuality bonus of £1,000.


Financial and business terms. 2012.

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Look at other dictionaries:

  • mutuality — mu·tu·al·i·ty /ˌmyü chə wa lə tē/ n: the quality or state of being mutual: as a: the quality of a contract under which both parties are bound by obligations b: the state of debts for purposes of set off under bankruptcy law in which the debts are …   Law dictionary

  • Mutuality — Mu tu*al i*ty, n. [Cf. F. mutualit[ e].] 1. The quality of correlation; reciprocation; interchange; interaction; interdependence. [1913 Webster] 2. (Law) Reciprocity of consideration. Wharton. [1913 Webster] …   The Collaborative International Dictionary of English

  • mutuality — (n.) 1580s, from MUTUAL (Cf. mutual) + ITY (Cf. ity) …   Etymology dictionary

  • mutuality — Reciprocation; interchange. An acting by each of two parties; an acting in return. Mutuality of contract means that obligation rests on each party to do or permit doing of something in consideration of other party s act or promise; neither party… …   Black's law dictionary

  • mutuality — Reciprocation; interchange. An acting by each of two parties; an acting in return. Mutuality of contract means that obligation rests on each party to do or permit doing of something in consideration of other party s act or promise; neither party… …   Black's law dictionary

  • mutuality — noun The property of being mutual. The mutuality of mutually assured destruction is key to its function as a deterent …   Wiktionary

  • mutuality — mutual ► ADJECTIVE 1) experienced or done by each of two or more parties towards the other or others. 2) (of two or more parties) having the same specified relationship to each other. 3) held in common by two or more parties. 4) (of a building… …   English terms dictionary

  • mutuality — noun 1. a reciprocality of sentiments (Freq. 1) the mutuality of their affection was obvious • Syn: ↑mutualness • Derivationally related forms: ↑mutual (for: ↑mutualness), ↑ …   Useful english dictionary

  • mutuality of obligation — n. The principle that both parties to a contract are either bound to it or not, but one party cannot be bound if the other is not. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.… …   Law dictionary

  • mutuality of remedy — n. The principle that one party cannot receive an equitable remedy that the other party could not also receive. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. mutuality of remedy …   Law dictionary

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