Self-Insured Reimbursement Plan

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What does Self-Insured Reimbursement Plan mean? Read on to discover the definition & meaning of the term Self-Insured Reimbursement Plan - to help you better understand the language used in insurance policies.

Self-Insured Reimbursement Plan

Self-Insured Reimbursement Plan

A self-insured reimbursement plan is a type of insurance plan in which a company reimburses its employees for medical expenses rather than paying premiums to an insurer to do this on the company's behalf. Companies often choose to create self-insured reimbursement plans when they think that the cost of insurance company premiums are too high.

More Insurance Terms And Definitions

The Merriam-Webster Dictionary defines insurance as:

a: The business of insuring persons or property.

b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.

c: The sum for which something is insured.

We hope the you have a better understanding of the meaning of Self-Insured Reimbursement Plan. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for:

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