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Meaning of self-insurance

self-in•sur•ance

Pronunciation: (self'in-shoor'uns, self"-), [key]
— n.
  1. 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.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.