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self-insurance

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Self-Insurance

Definition:
Self-insurance is a way of protecting yourself financially by saving money to cover possible losses instead of buying an insurance policy from a company.

Usage Instructions:
You can use "self-insurance" when talking about personal finances, risk management, or when discussing how someone prepares for unexpected costs.

Example:
- "Instead of buying car insurance, Maria decided to use self-insurance by saving money each month to cover any potential repairs."

Advanced Usage:
In business contexts, companies may use self-insurance to manage risks by setting aside funds to pay for losses rather than relying on traditional insurance policies.

Example:
- "The company opted for self-insurance to manage its liability costs more effectively."

Word Variants:
- Self-insured (adjective): This describes a person or entity that practices self-insurance.
- Example: "John is self-insured, so he doesn’t pay for health insurance."

Different Meaning:
While "self-insurance" primarily refers to setting aside money for potential losses, it can also imply a mindset of being prepared for future uncertainties without relying on external help.

Synonyms:
- Self-funding - Risk retention

Idioms:
While there are no direct idioms that include "self-insurance," you might encounter phrases related to being prepared, such as "better safe than sorry," which emphasizes the importance of planning for unexpected events.

Phrasal Verbs:
There aren't specific phrasal verbs directly related to "self-insurance," but you might use phrases like "set aside" (to save money for a specific purpose) in context.
- Example: "I need to set aside some funds for my self-insurance plan."

Summary:
Self-insurance is a financial strategy where you save money to cover potential risks instead of purchasing traditional insurance.

Noun
  1. insuring yourself by setting aside money to cover possible losses rather than by purchasing an insurance policy

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