A group of employers in the same industry that jointly (as a whole) and severally (individually) guarantee payment of workers compensation benefits to the employees of the group's members. A not-for-profit association or corporation is typically formed to which they pay premiums for self-insurance purposes.

• A. Monopolistic State Fund
• B. Self-Insured Group
• C. State Guaranty Fund
• D. Assigned Risk Plan

Answer: (B)

Group self-insurance is when multiple employers in the same industry pool their resources to self-insure workers’ compensation, with the group (often formed as a not-for-profit association) guaranteeing payment of benefits for employees of all member firms. Each member is responsible for claims, and the group as a whole stands behind those obligations on a joint and several basis. This arrangement lets employers control how claims are managed and funded, typically through pooled premiums and a mutual commitment to cover future losses.

This fits because the description emphasizes a not-for-profit association formed to administer self-insurance and a joint and several guarantee of benefits among the members. It’s different from a monopolistic state fund, which is government-run and provides coverage to employers rather than a voluntary private group. It’s also distinct from a state guaranty fund, which exists to pay insurer claims if an insurer fails, not to insure employers’ workers’ compensation obligations. And it’s not an assigned risk plan, which places high-risk employers who can’t obtain coverage with insurers, rather than self-insuring as a group.