/rɪˈsɪprəkəl ˌɪnˈʃʊrəns/ – Phrase
Definition: sự bảo hiểm lẫn nhau.
A more thorough explanation: Reciprocal insurance is a type of insurance arrangement where individuals or entities agree to insure each other, with each member of the reciprocal group acting as both insurer and insured. Members contribute premiums to a common fund, which is used to pay claims and cover administrative expenses. Each member is responsible for the liabilities of the other members, and the reciprocal group is typically managed by an attorney-in-fact or a reciprocal exchange.
Example: Reciprocal insurance is a type of insurance arrangement where policyholders mutually insure each other, with each member of the reciprocal group acting as both an insurer and an insured.