self-insurance

[ self-in-shoor-uhns, self- ]

noun

1. insurance of one's property or interests against possible loss by the establishing of a special fund for the purpose instead of seeking coverage with an underwriter.

self-insurance

noun

1. 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

Word History and Origins

Origin of self-insurance¹

First recorded in 1895–1900

Example Sentences

The Caribbean island nation of Barbados — home of swimming’s captive self-insurance subsidiary, the United States Sports Insurance Company — was key.

From Salon

For damages beyond these limits, all sequestration sites in the jurisdiction would pitch in via a form of pooled industry self-insurance, again up to a specified limit.

From Science Daily

If approved, Bellevue will pay using the city’s general self-insurance fund.

From Seattle Times

Reuters spoke to five coal mining executives who said that the industry is increasingly moving towards self-insurance and self-finance, as the difficulty of securing coverage from insurers makes loans more expensive or unavailable.

From Reuters

The bishop said that as cases brought under the state’s Child Victims Act were settled, “our limited self-insurance funds which have been paying those settlements, have been depleted.”

From Seattle Times