What is the primary role of policyholders in mutual life insurance companies?

In mutual life insurance companies, policyholders have a significant role that includes participating in the governance of the company. This participation is typically manifested through their right to elect a governing body, such as the board of directors. Since mutual insurers are owned by their policyholders, each policyholder usually has voting rights that allow them to influence decisions regarding the company's direction, management, and operations. This democratic structure distinguishes mutual life insurance companies from stock companies, where shareholders, not policyholders, have control over governance. Given this framework, the selection and election of a governing body directly empower policyholders, making it their primary role within mutual life insurance companies.