self insurance
Definition
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.
self insurance is in the Decision Making, Problem Solving, & Strategy, Disaster Planning & Risk Management and General, Marine, & Life Insurance subjects.
self insurance appears in the definition of the following term: risk retention
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