self insured retention (SIR)

Definition

The fraction of a risk that the insured assumes him or herself. This fraction may be the deductible, it may be the uninsured portion, or it may be self-insured.

Use this term in a sentence

You may want to try and take on some self insured retention so that you know you have your self covered.

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There was some self insured retention and I knew there would be at least a little risk for us in the future.

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Under his insurance policy the Self Insured Retention contract is confirmation payment must be made before the insurance company will pay.

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