GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Self Insurance


Synonyms:coverage, protection, rainy day fund, security
Filed Under: financial-banking, insurance
Tags: banking, insurance
 

Definition of self insurance

self insurance
1. A risk management method where an entity sets aside a certain amount of money for a possible future loss. An individual or company may choose to self-insure when the potential loss is small or an insurance policy would not be economical.

Related Terms and Acronyms:

  • financial responsibility laws   A type of law that requires an entity to be capable of paying for damages in the event of a potential claim.
  • first loss insurance policy   An insurance policy where the policyholder under-insures their assets and will only receive partial coverage in the event of a loss.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • life insurance   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.
  • mutual insurance company   An insurance company where the each policyholder is a part owner of the company.
  • peril   Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
  • reciprocal insurance exchange   A group of individuals, firms and corporations that mutually insure each other.
  • reserve   Money retained for some future use.
  • risk management   The methods used to identify, assess, and prioritize risk and the strategies used to manage them in the most effective and economical way possible.
  • uninsurable peril   Something that cannot be insured due to a high risk of loss.

More Related Terms and Acronyms

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