the practice of insuring oneself or one's property by accumulating a reserve out of one's income or funds rather than by purchase of an insurance policy
self-insurance in American English
(ˈsɛlfɪnˈʃʊrəns)
noun
insurance of oneself or one's property by setting apart one's own funds rather than by paying for an insurance policy
self-insurance in Insurance
(sɛlf ɪnʃʊərəns)
noun
(Insurance: General)
Self-insurance is the practice of insuring yourself or your property by saving your income or other funds rather than by buying an insurance policy.
The commercial insurance market pays for losses above the specified self-insurance limit per loss, thereby stopping the cost of losses to the self-insured above theretained values.
Large commercial concerns may opt for self-insurance on the grounds that they are avoiding the extra expenses of an insurance policy andhave sufficiently strong finances to cope with their likely losses.
Self-insurance is the practice of insuring yourself or your property by saving your income or otherfunds rather than by buying an insurance policy.