What does Self-Procured Insurance mean? Read on to discover the definition & meaning of the term Self-Procured Insurance - to help you better understand the language used in insurance policies.
Self-procured, or independently procured, insurance refers to any policy that is bought from an insurance company not licensed in the state where the insured resides. This practice is legal but discouraged because the state cannot provide protection if the insurance provider becomes bankrupt.
We hope the you have a better understanding of the meaning of Self-Procured Insurance.