US: (1) A program for providing group insurance with benefits financed entirely through the internal means of the policyholder, in place of purchasing coverage from commercial carriers. (2) A form of risk financing through which a firm assumes all or a part of its own losses.
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A form of risk financing through which a firm assumes all or a part of its own losses.
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An alternative to insurance through an insurer that is generally only available to very large organizations. A self-insured company must make arrangements to meet future risks by setting aside enough money for the anticipated losses and even those that cannot be anticipated.
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An insurance-like strategy for handling one’s own exposures to loss supported by the financial wherewithal to meet expected losses. Not to be confused with a decision to forego insurance.
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REINSURANCE: Setting aside of funds by an individual or organization or ceding company to meet his or its losses and to absorb fluctuations in the amount of loss, the losses being charged against the funds so set aside or accumulated
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MEDICAL, US: System or program of insurance for employees and their dependents in which employers (generally companies with 500 or more employees) establish a plan and assume the functions, responsibilities, and liabilities of an insurer. Health care expenses are paid through a special fund established by the employer. Such plans may be self-administered or the employer may contract with a third-party administrator (TPA) for administrative services only (ASO). Self-insured plans are exempted by the Employee Retirement Income Security Act (ERISA) from state insurance laws, state-mandated requirements for employer health benefit programs, state taxes on insurance premiums, and participation in state risk pools or uncompensated care plans. Also called self-funding, self-insured, employer self-insured program, or partially self-funded .
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UK: The payment of losses as they become due by an individual, partnership or corporation that retains all or part of its own risks. High frequency/low impact losses are paid out of cash flow. In other cases the firm retains the first portion of other losses to be paid out of reserves and insures the excess of the retention. Self-insurance is distinguished from non-insurance because it represents a formalised accrual of liabilities. See PLANNED RISK ASSUMPTION; CAPTIVE INSURANCE COMPANY.
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The retention of risk by an individual or organization, as distinct from obtaining insurance cover. Large commercial concerns may opt for self-insurance on the grounds that they are avoiding the extra expenses and profit loadings of an insurance policy and have sufficiently strong finances to cope with their likely losses. In practice, they will typically still seek insurance against very large losses by having insurance contracts with very high excesses. Effectively, having any non-zero excess implies a level of self-insurance. Owning a captive insurance is a means of arranging for self-insurance, with cover for every large losses being arranged by the captive by means of reinsurance.

Payments to the surviving spouse of a deceased employee, usually in the form of a series of payments upon meeting certain requirements and usually terminating with the survivor’s remarriage or death.

US: A department of a state government whose duty is to regulate the business of insurance and give the public information on insurance.
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An administrative agency that licenses insurers to do business in that state, licenses insurance agents, implements state insurance laws, and supervises (within the scope of these laws) the activities of insurers operating within the state.
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MEDICAL, USA: See: state insurance commission .

Water that is pushed toward the shore due to the force of winds swirling around a storm advancing across a body of water. This advancing surge combines with the normal tides to generate the hurricane storm tide, which can lead to severe flooding in coastal areas. Numerous coverage disputes over the applicability of flood exclusions to storm surge losses caused by major hurricanes, such as Katrina (often called “wind versus water” cases), have arisen because this term is not often listed as an excluded peril in property insurance forms. Most courts, however, have ruled against coverage for these losses under standard property insurance policies, stating that “storm surge” is little more than a synonym for a “tidal wave” or “wind-driven flood,” both of which are excluded under most property forms. In summary, the courts have generally ruled that only flood insurance policies cover these losses.

Insurance issued with an extra premium or special restriction to those persons who do not qualify for insurance at standard rates.

US: A party that guarantees the performance of another. The contract through which the guarantee is executed is called a surety bond.
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An arrangement whereby one party becomes answerable to a third party for the acts of a second party. Customarily an insurance company, the party in a suretyship arrangement who holds himself responsible to one person for the acts of another.
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Corporation or individual who guarantees the performance or faithfulness of another.
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MEDICAL, US: Individual who undertakes to fulfill the obligation of another.
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See: Bond.

US: (1) A risk or a part of a risk for which there is no normal insurance market available. (2) Insurance written by non-admitted insurance companies.
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A risk that cannot be insured by the agents in its jurisdiction.
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See: Excess &amp surplus lines market.
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MEDICAL, US: Special property liability insurance coverage by an insurer not licensed to transact business in the state where the risk is located. Also referred to as excess-surplus lines .

A list of all eligible surplus lines insurers that is maintained by the Texas Department of Insurance (TDI) indicating all unlicensed insurers that meet the requirements of TIC 981, Subchapter B, and 28 TAC Secs. 15.8and 15.9.
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A list of all eligible surplus lines insurers that is maintained by the Texas Department of Insurance (TDI) indicating all unlicensed insurers that meet the requirements of TIC 981, Subchapter B, and <a href="https//texreg.sos.state.tx.us/public/readtac$ext.TacPage?sl=R&ampapp=9&ampp_dir=&ampp_rloc=&amp