BIM24685 - Meaning of trade: mutual trading and members clubs: mutual associations: specific activities: mutual health insurers: background

The majority of mutual health insurers are what is known as 바카라 사이트˜voluntary mutuals바카라 사이트™, or 바카라 사이트˜contributory바카라 사이트™ funds. They have their origin in the so-called 바카라 사이트˜Saturday funds바카라 사이트™, which began to be set up in the 1870s.

The Saturday funds were originally set up to support local voluntary hospitals. Contributors were assured of free medical treatment. They were called 바카라 사이트˜Saturday funds바카라 사이트™ because in those days workmen were paid on a Saturday and it was then that they made their contributions. Over the years the business evolved into what became largely the provision of pecuniary loss insurance.

The main characteristics of the typical fund are:

  • it is locally based, often having strong and at times venerable local tradition.
  • local dignitaries usually support it.
  • it has set up a charitable trust. The fund makes payments to the trust by gift aid. The payments support mainly local health and welfare charities. There is guidance on 바카라 사이트˜profit shedding바카라 사이트™ by gift aid payments at CTM40065.

There are a number of large insurers who offer much more than pecuniary loss insurance. These insurers are typically more commercially orientated.