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