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LSDefine

Simple English definitions for legal terms

self-insured retention

Read a random definition: mootness doctrine

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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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