Final answer:
Stockholders do not have ownership in a mutual insurance company.
Step-by-step explanation:
A mutual insurance company is a type of insurance company where policyholders rather than stockholders own the company. This means that the policyholders have ownership and control of the company, and therefore, they vote on the board of directors. The company provides insurance to its members, and any profits it earns are returned to the policyholders as dividends.
So, the correct answer is c. Stockholders have ownership. In a mutual insurance company, stockholders do not have ownership, as ownership rests with the policyholders.
The characteristic that is not associated with a Mutual Insurance Company is 'c. Stock holders have ownership.' Mutual Insurance Companies are owned by their policyholders, not by stockholders.
Policyholders in a mutual insurance company have the right to vote on the board of directors and may receive profits in the form of dividends. These companies provide insurance to their members and operate with the primary goal of serving their policyholders rather than external shareholders.