Definitions for "Self-Insurance"
Keywords:  wcb, retention, surety, lieu, workers
Employer acceptance of insurance risk for its employees by paying for all incurred expenses. Also referred to as self-funding.
Periodically setting aside sums of money which in time will cover losses as they occur. Only very large concerns with widely scattered property can safely afford to self-insure.
The taking on of risk by the employer. This is generally applicable to larger groups, or to small groups for topping up an insured plan.