Insurance cooperatives are member-owned organizations that provide insurance coverage to their members. Unlike traditional insurance companies, which aim to make a profit, these cooperatives focus on serving their members' needs. Members pool their resources to share risks and costs, making insurance more affordable and accessible. In an insurance cooperative, each member typically has a say in decision-making processes, promoting transparency and community involvement. This structure allows members to benefit from lower premiums and potential dividends, as any surplus funds are returned to the members rather than distributed to shareholders.