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
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:
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: