Posted: Sunday, October 6, 2013 11:04 AM
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Self-insurance or self-funding is the establishment of a formal plan to meet losses that may occur from risk retention. While the concept and practice of self-insurance has existed for more than sixty years, there has been an acceleration in its growth during the past decade. The surge of interest in self-insurance is attributable to high inflation and corresponding high interest rates; increased insurance rates and cost consciousness on the part of business; broadened concepts of corporate liability, and high jury awards. In addition, the rise of the professional risk manager, coupled with the increased expertise of independent service organizations that provide services to self- insured clients have motivated firms to change the funding mechanism from insurance to self-insurance. Most of the contingencies subject to self-funding are the same as those for which commercial insurance is normally used. Self-insurance has had its greatest impact in the casualty lines of insurance - workers compensation, general liability, and automobile. Self-Insurance Defined. Self-insurance, which is technically not insurance, is used to describe a whole range of actions companies take to counter high premiums and inadequate coverage. A more accurate term is risk retention, a general category of risk management that includes self-insurance as well as risk assumption, or non-insurance designed to nullify risk. It is a system of setting aside and accumulating funds to absorb fluctuations in the amount of a loss. Funds that would normally be used to pay insurance premiums are added to the fund and losses are charged against it. Get Free Car Insurance Quotes here.
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• Location: Los Angeles, Los Angeles CA
• Post ID: 27021959 losangeles