self-insurance

/ˈsɛlf ənˌʃʊrəns/
IPA guide

Definitions of self-insurance
  1. noun
    insuring yourself by setting aside money to cover possible losses rather than by purchasing an insurance policy
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    type of:
    insurance
    promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company
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