In the world of insurance and banking, administrative procedures and statutes are very complicated. In order to preserve your rights, it is necessary to know all the possible forms of membership and in this article, we will be interested in the member. The latter may be present in a bank or an insurance company and he has a status different from that of a simple client, but it is not a shareholder. In fact, it occupies an intermediate position between the two, and for that, you must understand what a member is.

So what is the definition of a member? If you want to know the answer, please continue reading this article!

What is a member?

Nowadays, there are several forms of insurance, whether for means of transport, housing, health and even animals. Some are mandatory, as is the case for housing and automobiles, while others are optional.

In any case, taking out insurance can bring you a lot of benefits, because you will benefit from compensation in the event of a claim. It should be noted that the reimbursement rate depends on the nature of the contract. You can opt for basic, intermediate or all-risk offers.

However, before choosing the nature of your coverage, you should know that there are several ways to benefit from the services of an insurance. It is possible to subscribe as a simple customer or as a member.

The member is a person who has a more interesting contract than that of a simple client and who holds a share in the company. She then has the right to participate in decision-making within this company. It should be noted that a member pays his cover just like a simple client. Only it has additional advantages.

What are the benefits of a member?

Mutual insurers offer a large number of advantages to their subscribers, including the possibility of becoming a member.

First of all, you should know that the member has the right to vote when making decisions or determining the direction of the company; all members have equal votes, regardless of the number of shares held.

As a member, you will have access to several exclusive insurance offers not available to other members, which means that you will benefit from significant discounts and reductions, especially for all-risk offers which are generally very expensive.

All-risk or premium insurance is coverage with which you will benefit from full compensation for the costs incurred in a claim, whatever its nature. With the status of member, you will be able to benefit from this coverage without spending a lot of money.

In addition to that, the member receives at the end of each year a remuneration proportional to the number of his shares, because it is above all an investment. But be careful, the member should not be confused with the shareholder. The latter is a permanent member and holds shares and not shares. It should be noted that the actions are limited and it takes a very substantial budget to buy them.

Since it is an investment, the value of your share, as well as your remuneration vary according to several parameters.

How to become a member?

If you want to become a member, know that the procedure is very simple. You just have to go to a mutual insurance agency to make your subscription. However, the hardest part is choosing the insurer. Indeed, with the different insurance agencies present today, it will not be easy to determine which one will allow you to make a safe and profitable investment. To help you choose, here is a list of best mutual insurance companies:

To conclude, the status of member can bring you various advantages within a mutual insurance company and for this, you must understand the characteristics and the principle of this particular subscription in order to judge its usefulness.

Now you know how to become a member, as well as the benefits of becoming one.