self insurance

Popular Terms
Risk management approach in which an entity sets aside a sum as a protection against a probable loss, instead of transferring the risk by purchasing an insurance policy. This term is a misnomer because no insurance is involved. Properly called risk retention.

Use 'self insurance' in a Sentence

You may want to have some self insurance in case things go wrong so that you are always protected by it.
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He had a lot of self insurance, so we knew he would be okay if something were to happen to him.
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His stress was reduced enormously when he realized he'd reached his self insurance goals and would be covered in an emergency.
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