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Self-insurance may not be possible when there is a legal obligation to hold insurance such as mandatory third-party car insurance that is required in some countries. In some cases organizations need to apply for special licenses to self-insure certain risks, such as employee benefits insurance.
Self-funded health care, also known as Administrative Services Only (ASO), is a self insurance arrangement in the United States whereby an employer provides health or disability benefits to employees using the company's own funds. [1]
Self-insurance is an alternative to any type of insurance including home, auto and life, but the legal and financial ramifications of choosing to self insurance are very different depending on the ...
This term is also now commonly used in commercial general liability (CGL) policies or so called "casualty" business. In these instances, the liability policies are written with a large (in excess of $50,000) self-insured retention (SIR) that operates somewhat like a deductible, but rather than being paid at the end of a claim (when a loss payment is made to a claimant), the money is paid up ...
The duty to indemnify is the insurer's duty to pay all covered sums for which the insured is held liable, up to the limits of coverage and subject to any deductibles, retained limits, self-insured retention, excess payments, or any other amounts of money which the insured is required to pay out-of-pocket as a precondition to the insurer's duty.
Traditional forms of finance include risk transfer, funded retention by way of reserves (often called self-insurance) and risk pooling. Alternative risk finance is the use of products and solutions which have grown out of the convergence of the banking and insurance industry. They include captive insurance companies and catastrophic bonds, and ...
Risk Retention Groups (RRG): self-insurance capital (money) contributed by several companies that can range from small to medium in size. Self-Insured Retentions (SIR): capital (money) set aside to be used when losses occur. Earnings Protection: policies that are available by specific loss of earnings in a certain financial period.
Employee retention rate vs. employee turnover rate. Calculating employee retention goes hand in hand with calculating employee turnover.Although the two rates reflect inverse situations of keeping ...