self-insure
- Refers to a strategy where an entity sets aside financial resources to compensate for potential future losses, often used in sectors like workers' compensation
- Refers to the practice of handling potential risks rather than purchasing an insurance policy from a third-party provider
- Many corporations decide to self-insure to save money on insurance premiums.
- When businesses self-insure, they typically set aside money each month to cover potential losses.
- Due to the high cost of insurance policies, the company decided to self-insure and bear the risk of potential future losses.
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