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Chapter Six Social Insurance, Reasons for Social Insurance - Coggle Diagram
Chapter Six Social Insurance
Basic Characteristics of Social Insurance
Compulsory programs
Floor of income
Emphasis on social adequacy rather than individual
equity
Benefits loosely related to earnings
Benefits prescribed by law
No means test
Full funding unnecessary
Financially self-supporting
Old-Age, Survivors, and Disability Insurance
(OASDI) program
Covered Occupations
Determination of Insured Status
Fully insured
Currently insured
Disability insured
Types of Benefits
Retirement Benefits
Survivor Benefits
Unmarried children younger than age 18
Unmarried disabled children
Surviving spouse with children younger than age
16
Surviving spouse age 60 or older
Disabled widow or widower ages 50 through 59
Dependent parents
Lump-sum death benefit
Disability Benefits
Unemployment
Workers compensation
Reasons for Social Insurance
Social insurance programs are enacted to solve
complex social problems.
Social insurance programs are necessary because
certain risks are difficult to insure privately
Social insurance programs provide a base of
economic security to the population