Knowledge is power, that is commonly said, and there is another popular adage that you are a slave to what you don’t know. The assumption is generally classified as the lowest form of knowledge, so the assumption is not even a good place to be on the cadre of knowledge. The simple answer to the question asked above is no. Colorado Credit union are not insurance companies, however, they have their insurance fund and plans that are run by them, and this is controlled and run by the National Credit Union Administration (NCUA. They are also in charge of the operations and management of the National Credit Union Share Insurance Fund, which provides share insurance coverage for credit union members against any form of casualties to manage losses in the cause.
These all are pointers to the fact that a credit union is not the same as an insurance company, however, the credit union has its insurance plan, just like how people mistake credit unions for other financial institutions such as banks and cooperative societies, it is clear that they have similarities of operation but they are not the same in their entirety of operations. So when next you come across the word insurance company, credit union or even Colorado credit union, or banks you can clearly state that they may have similarities in their operations but they are different organizations. Credit unions, unlike insurance companies, are designed to be non-profit organizations and it is an organization that is run by their members, unlike insurance companies that are owned by their stakeholders. Credit unions including Colorado credit union are member-oriented and driven by its member, even the board of directors are elected by its member, not the ones that are chosen by those who have the largest stake or share in the company.
Insurance company on their own has their difference and area of specialization, and I believe strongly that at the core of what differentiates these organizations from each other are the core vision they have and what they seek to achieve by its creation, one is centered on what it could get from its customers while the other is positioned in seeking how it can help its customer and what it can make possible for them rather than what can be gotten from them.