Definition: Allied Mutual Insurance (AMI) is a large, multi-state insurer based in Austin, Texas, that offers life, health, and non-life insurance products. AMI's parent company, Allstate Corporation, has been operating as an independent insurance agency since 1942. The word "allied mutual insurance" refers to the concept of insurance companies working together to provide one type of insurance policy or coverage to their customers. The goal is to lower the overall cost for both the customer and the insurance company through sharing resources and knowledge across the board. Allied Mutual Insurance offers a range of products including life, health, disability, accident, and property insurance policies. Each product typically has its own specific features and deductibles, as well as an underwriting process that ensures fair coverage for policyholders. The concept behind AMI's approach to insurance is that by pooling resources across the board, each insurer can offer better deals on their own products. This strategy allows AMI to offer a more competitive rate compared to traditional independent agencies that operate independently. In summary, Allied Mutual Insurance is a type of insurance company that works together with other companies to provide one type of policy or coverage to its customers and aims to lower the overall cost through sharing resources and knowledge.
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