1.

Stock Company - the money needed to form the company came from people who bought stocks in the company. The profit generated by the company is shared among these stockholders.

2.

Mutual Company - the money needed to form a mutual company comes from insurance policies being sold in advance. A percentage of the profits generated by a mutual company can be shared among participating policyholders in the form of dividends, depending on various factors. 

TYPES OF LIFE INSURANCE:

1.

Whole Life Insurance - provides coverage for the policyholder's entire life, provided the premiums are paid as specified in the insurance policy's contract. 
- Includes traditional whole life, adjustable, joint, and variable.

2.

Term Life Insurance - provides coverage on the policyholder for a specified period of time.
- Includes level, adjustable, renewable, increasing, decreasing, and convertible term insurance.

3.

Universal Life Insurance - provides whole life coverage, but allows flexible premiums and face amounts by separating the factors which are used to determine them.

4.

Group Life Insurance - provides coverage on a group of individuals, usually employees of a business or members of an organization. 
- In general, the employer or organization is the owner of the policy and the coverage is usually in the form of term life insurance.