One that is owned and controlled by a group of stockholders whose investment in the company provides the safety margin necessary in the issuance of guaranteed fixed premium, non-participating policies. The stockholders share in the profits and losses of the company. Some stock companies also issue participating policies.
A life insurance company owned by stockholders who elect a board to direct the company's management. Stock companies, in general, issue nonparticipating insurance, but may also issue participating insurance.