selfinsurance

self-insurance

[self-in-shoor-uhns, self-]
noun
insurance of one's property or interests against possible loss by the establishing of a special fund for the purpose instead of seeking coverage with an underwriter.

Origin:
1895–1900

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Collins
World English Dictionary
self-insurance
 
n
the practice of insuring oneself or one's property by accumulating a reserve out of one's income or funds rather than by purchase of an insurance policy

Collins English Dictionary - Complete & Unabridged 10th Edition
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