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Simple English definitions for legal terms

self-insured retention

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A quick definition of self-insured retention:

Self-insured retention is a term used in insurance. It means the amount of money that a person or company has to pay themselves before their insurance policy will start paying for a loss. For example, if someone has a self-insured retention of $1,000 and they have a loss of $5,000, they will have to pay the first $1,000 themselves before their insurance policy will pay the remaining $4,000. Self-insured retention is also known as SIR and is different from a deductible.

A more thorough explanation:

Definition: Self-insured retention is the amount of money that an insured person or company must pay out of their own pocket before their insurance policy will start covering the rest of the costs. This is different from a deductible, which is a set amount that the insured person or company must pay before the insurance policy starts covering costs.

Example: Let's say a company has a self-insured retention of $10,000 for their property insurance policy. If they have a covered loss that costs $50,000, they will have to pay the first $10,000 out of their own pocket before their insurance policy will start covering the remaining $40,000.

Another example: A person has a self-insured retention of $500 for their car insurance policy. If they get into an accident and the repairs cost $2,000, they will have to pay the first $500 out of their own pocket before their insurance policy will start covering the remaining $1,500.

These examples illustrate how self-insured retention works. It is important to understand the difference between self-insured retention and a deductible, as they can affect how much an insured person or company will have to pay out of their own pocket before their insurance policy starts covering costs.

self-insurance | self-killing

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18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
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