A mutual insurance company is different then a corporate entity in that it is the policyholders who own the company. This type of insurance company has the control and ownership vested in the policyholders. Each policyholder becomes like a shareholder. If there is surplus earnings then the policyholders may receive dividends. Sometimes the premiums for policies are reduced by the amount of the surplus earnings. There is no capital stock for this type of company.
If this type of insurance company chose to become a corporation then the policy holders would become stock holders for particular types of policies.
The insurance answer is that there is more then one type of company from which to purchase your life insurance. The companies available differ in structure as well as the specific types of policies sold. It is important that you understand clearly which type of company you are dealing with and which product you have purchased. Ask questions of your adviser - you are in control.
Mutual Insurance Company