Type of group insurance in which a group sponsor, not an insurance company, pays the claims made by group insureds. It may be partially or fully self-insured.
Insurance Encyclopedia
Self-insured health plan
Health insurance in which the employer and not an insurance company is at risk for the employees’ medical expenses.
Self-Insured Retention
That portion of a risk or potential loss assumed by an insured. It may be in the form of a deductible, self-insurance or no insurance.
Self-insured retention (SIR)
That portion of pure risk an insured undertakes to handle on his or her own. A deductible is a form of self-insured retention.
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Portion of a loss exposure assumed by an insured, in the form of a deductible or a self-insured reserve. Usually excess Insurance is purchased over a large retention.
Self-Insurer
An individual, partnership or corporation who retains all or part of its risk. Generally, it retains the first portion of the risk, up to the level it feels it can also absorb risks financially, and purchases Insurance over in excess of the retained or self-insured level to protect itself against catastrophic loss. See Also: “Risk management” and “Self-insured retention.”
Self-investment
The investment of the asset of an occupational pension scheme approved under Chapter I in employerrelated investment. A 5 per cent limit is imposed by PA95 and the IR imposes separate restrictions on self-investment by small self-administered schemes.
Self-limited or minor
In CPT coding of a service or procedure, problem that runs a definite and prescribed course, is transient in nature, and is not likely to permanently alter health status or has a good prognosis with management/compliance.
Self-managed funds (SMFS)
Earmarked schemes where the policies are linked to an investment fund. The investment fund is normally selected by the employer or trustees but held in the name of the insurance company.
Self-pay patient
Individual (self) or patient’s family who pays out of pocket for the medical services instead of a third-party payer (insurance company). Self-pay patients may not have health insurance coverage.
Self-Personal invested personal pensions (SIPPs)
Personal pensions that allow the individual to select where his contributions, within limits, should be invested. The investment opportunities include stocks and shares, unit and investment trusts, insurance company funds, deposit accounts and commercial property. Certain investments (e.g. works of art) are prohibited. Individuals must have net relevant earnings and will receive tax relief on contributions at the highest marginal rate. Group arrangements are common. SIPPs are offered by insurance companies and stockbrokers. See SELFINVESTMENT.