Self-insurance
Self-insurance is a situation in which a person or business that is liable for some risk does not take out any third-party insurance, but rather chooses to bear the risk itself.
In the United States the concept applies especially to
health benefits or disability benefits
– to employees and funding claims from a specified pool of assets rather than through an insurance company, as the term is traditionally used. In self-funded health care, the employer ultimately retains the full risk of paying claims, in contrast to traditional insurance, where all risk is transferred to the insurer.
See also
- Insurance
- Risk management
- Third party administrator
- Self-funded health care
- List of insurance topics
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