Meaning of the word self-insurance in English
What does self-insurance mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.
self-insurance
US /ˌself.ɪnˈʃʊr.əns/
UK /ˌself.ɪnˈʃʊə.rəns/
Noun
a system in which a business or individual assumes financial responsibility for their own risks, rather than transferring them to an insurance company
Example:
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Many large corporations opt for self-insurance to manage their employee health benefits.
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The company decided to switch to self-insurance to reduce premium costs.
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