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Answered 2016-04-13 16:41:28

If you have an insurance policy purchased from an insurance company, some or all of the financial losses you incur will be reimbursed by the policy issuer.

If you are self-insured you, or the company that is self-insured, is responsible for all financial losses and liability to others.

Some self-insured companies are self-insured only for the first million or 5 million dollars, and have bought insurance policies to cover larger losses. Their annual insurance premiums are lower as a result, since the purchased policy is not responsible for those less, and more frequent, losses.

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