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All of the following are true of a Reciprocal Insurance Company, except:
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Each subscriber assumes part of the risk of all other subscribers
If funds are insufficient to pay claims, the subscribers can be assessed for additional premium
It is managed by an attorney-in-fact
It is an incorporated entity, with a Board of Directors elected by policyholders
Answer: It is an incorporated entity, with a Board of Directors elected by policyholders
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