self-insurance
noun
self-in·sur·ance ˌself-in-ˈshu̇r-ən(t)s 
-ˈshər-,
-ˈin-ˌshu̇r-,
-ˈin-ˌshər-
: insurance of oneself or of one's own interests by the setting aside of money at regular intervals to provide a fund to cover possible losses
Word History
First Known Use
1829, in the meaning defined above
Legal Definition
self-insurance
noun
self-in·sur·ance
ˌself-in-ˈshu̇r-əns, -ˈin-ˌshu̇r-
: insurance of oneself, one's interests, or one's components (as of a governmental unit) through the use of a fund that one maintains to cover losses