Which of the following are insurance organizations owned by the policyholders?

Mutual companies are indeed insurance organizations owned by the policyholders. In a mutual company, the policyholders are also the owners of the company, which means they have voting rights in the corporation and can influence decisions regarding the company’s operations. This ownership structure allows the policyholders to align the company's goals with their interests, such as how profits are distributed, which may come in the form of dividends or reduced premiums.

In contrast, cooperative companies and fraternal organizations, while having unique structures and benefits, do not operate in the same manner as mutual companies specifically regarding ownership. Stock insurance companies are owned by shareholders, not by policyholders, indicating a clear distinction between their ownership structure and that of mutual companies. Thus, mutual companies stand out as the correct choice for organizations owned directly by the policyholders.