What type of insurance policy retains a governing body elected by the policyowners?

A mutual policy is designed to benefit policyholders, who are essentially the owners of the mutual insurance company. In this structure, policyowners have the opportunity to elect a governing body, typically a board of directors, which is accountable to them. This governance allows policyholders to influence the company's decisions and ultimately receive dividends based on the company's profitability.

In contrast, stock policies are owned by shareholders who may or may not be policyholders, meaning they do not provide the same governance rights to policyowners. Term and whole life policies refer to specific types of life insurance coverage that do not pertain to the ownership structure of the issuing company, thus lacking a governing body elected by policyowners.