Risk retention refers to the ability to accept risk and or can be referred to as risk taking, however self insured refers to a situation when someone is very much hopeful

Risk retention is a form of self-insurance. An organization sets aside a reserve fund to be able to offset unexpected claims.

Risk retention is when a company decides to bear the financial impact of a potential loss itself, while risk transfer involves shifting the risk to another party through insurance or other financial arrangements. Risk retention allows a company to potentially save on insurance premiums but also exposes it to higher financial losses, while risk transfer helps mitigate potential losses by passing them onto another party.

A Risk Retention Group is a type of insurance formed by members who associate specifically to form an insurance pool. Acceptable risk is the level of loss that such an association can handle and remain solvent.

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