An employer engaging to make compensation payments directly to the injured employee in lieu of carrying insurance, he being required, as a condition of dispensing with an insurance carrier to furnish satisfactory proof of financial ability, file a bond, or make a deposit of securities as a guaranty of compensating his injured employees. 58 Am J1st Workm Comp § 546. See reciprocal insurance.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • Self insurance — is a risk management method in which a calculated amount of money is set aside to compensate for the potential future loss. More colloquially, the term self insured is used as a euphemism for uninsured. [] If self… …   Wikipedia

  • self-insurance — self insure ˌself inˈsure verb [intransitive, transitive] INSURANCE in the US and some other countries, if a company self insures, it keeps money specially to pay for any accidents to employees, harm caused to others etc, instead of buying… …   Financial and business terms

  • self-insurance — [self′in shoor′əns] n. insurance of oneself or one s property by setting apart one s own funds rather than by paying for an insurance policy …   English World dictionary

  • self–insurance — self–in·sur·ance /ˌself in shu̇r əns, in ˌshu̇r / n: insurance of oneself, one s interests, or one s components (as of a governmental unit) through the use of a fund that one maintains to cover losses Merriam Webster’s Dictionary of Law. Merriam… …   Law dictionary

  • self-insurance — /self in shoor euhns, self /, n. 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. [1895 1900] * * * …   Universalium

  • self-insurance — /sɛlf ɪnˈʃɔrəns/ (say self in shawruhns) noun 1. the insuring of one s property, etc., through oneself, as by setting aside a fund for the purpose. 2. the amount by which the actual value of one s property exceeds the cover provided by an… …   Australian English dictionary

  • self-insurance — self′ insur′ance n. bus insurance of one s property or interests by setting aside funds to cover possible loss • Etymology: 1895–1900 …   From formal English to slang

  • self-insurance — /self ɪn ʃυərəns/ noun insuring against a probable future loss by putting money aside regularly, rather than by taking out an insurance policy …   Dictionary of banking and finance

  • self-insurance — self confidence, self assurance …   English contemporary dictionary

  • self-insurance — The practice of setting aside a fund to meet losses instead of insuring against such through insurance. A common practice of business is to self insure up to a certain amount, and then to cover any excess with insurance. Workers compensation… …   Black's law dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.