Definitions for "Self-Insured"
( also known as self-funded): A health plan under which an employer or other group sponsor, rather than an insurance company, is financially responsible for paying plan expenses, including claims made by group plan members. (3)
An insurance policy within a company where revenue is generated for insurance from associates and company contributions rather than paying premiums to an outside insurance company.
a) In relation to superannuation, referring to a fund which itself takes on responsibility for paying death or disablement benefits to its members rather than paying an external insurer to accept the risk; b) More generally, referring to companies who pay insurance premiums for their own business into a fund they directly control rather than using an insurance company to write a policy.