What type of insurer is characterized as being owned by the policyholders?

The type of insurer characterized as being owned by the policyholders is a mutual insurer. In a mutual insurance company, the policyholders are essentially the owners of the company. This structure allows them to have a say in the operations of the insurer, often through voting on key issues, such as the election of the board of directors. Furthermore, mutual insurers may distribute dividends to their policyholders based on the company's performance, which reflects the mutual benefit of the policyholders being the stakeholders.

This ownership structure contrasts with stock insurers, which are owned by shareholders who may or may not be policyholders. Brokers and adjusters are not insurers themselves; brokers act as intermediaries between clients and insurance companies, while adjusters handle claims on behalf of insurance companies. This further highlights the unique nature of mutual insurers as organizations directly owned and operated for the benefit of their policyholders.