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

No; that is, I have recently adopted a scheme of mutual self-insurance, and the loss falls pro rata on my other vessels.

From Project Gutenberg