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Thumb of Michigan | I was taught there are three things you can do with all risks:
Keep it (your deductible, where you are 'self insuring')
Transfer it (where you 'buy' or pay someone/company to take that part of the risk from you, up to a limit).
Avoid/remove risk (taking a gas can out og garage and storing in a separate build as an example, not sky diving is another).
So you could say you are 'self-insuring' (your deductible) and anything over the coverage limit.
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"Self Insurance" from below
