BIM24685 - Meaning of trade: mutual trading and members clubs: mutual associations: specific activities: mutual health insurers: background
皇冠体育app majority of mutual health insurers are what is known as 鈥榲oluntary mutuals鈥�, or 鈥榗ontributory鈥� funds. 皇冠体育appy have their origin in the so-called 鈥楽aturday funds鈥�, which began to be set up in the 1870s.
皇冠体育app Saturday funds were originally set up to support local voluntary hospitals. Contributors were assured of free medical treatment. 皇冠体育appy were called 鈥楽aturday funds鈥� 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.
皇冠体育app 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. 皇冠体育app fund makes payments to the trust by gift aid. 皇冠体育app payments support mainly local health and welfare charities. 皇冠体育appre is guidance on 鈥榩rofit shedding鈥� by gift aid payments at CTM40065.
皇冠体育appre are a number of large insurers who offer much more than pecuniary loss insurance. 皇冠体育appse insurers are typically more commercially orientated.