Retention

{
  "id": "MLC-T-INS-002928",
  "term": "Retention",
  "field": "Insurance and risk management",
  "definition": "The portion of a risk or loss that an insured party or insurer chooses to bear themselves rather than transferring it to another entity through insurance or reinsurance. This can involve self-insurance, deductibles, or uninsured exposures. Higher retention levels can reduce insurance premiums but increase the financial exposure of the retaining entity.",
  "url": "https://mlchart.com/terminology/insurance/retention/"
}