Social insurance: Difference between revisions
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Add second definition of social insurance from another source |
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Social insurance has also been defined as a program where risks are transfered to and pooled by an organization, often governmental, that is legally required to provide certain benefits.<ref name="HIAA Terminology">Margaret E. Lynch, Editor, "Health Insurance Terminology," Health Insurance Association of America, 1992, ISBN 1-879143-13-5</ref> |
Social insurance has also been defined as a program where risks are transfered to and pooled by an organization, often governmental, that is legally required to provide certain benefits.<ref name="HIAA Terminology">Margaret E. Lynch, Editor, "Health Insurance Terminology," Health Insurance Association of America, 1992, ISBN 1-879143-13-5</ref> |
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In the U.S., programs that meet these |
In the U.S., programs that meet these definitions include [[Social Security (United States)|Social Security]], [[Medicare (United States)|Medicare]], the [[Pension Benefit Guaranty Corporation|PBGC]] program, the [[Railroad Retirement Board|railroad retirement]] program and state-sponsored [[unemployment benefit#United States|unemployment insurance]] programs.<ref name="ASOP 32">[http://www.actuarialstandardsboard.org/pdf/asops/asop032_062.pdf "Social Insurance,"] Actuarial Standard of Practice No. 32, Actuarial Standards Board, January 1998</ref> |
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The [[Canada Pension Plan]] (CCP) is also a social insurance program. |
The [[Canada Pension Plan]] (CCP) is also a social insurance program. |
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Revision as of 21:26, 15 January 2008
Social insurance is any government-sponsored program with the following four characteristics:
- the benefits, eligibility requirements and other aspects of the program are defined by statute;
- explicit provision is made to account for the income and expenses (often through a trust fund);
- it is funded by taxes or premiums paid by (or on behalf of) of participants (although additional sources of funding may be provided as well); and
- the program serves a defined population, and participation is either compulsory or the program is heavily enough subsidized that most eligible individuals choose to participate.[1]
Social insurance has also been defined as a program where risks are transfered to and pooled by an organization, often governmental, that is legally required to provide certain benefits.[2]
In the U.S., programs that meet these definitions include Social Security, Medicare, the PBGC program, the railroad retirement program and state-sponsored unemployment insurance programs.[1]
The Canada Pension Plan (CCP) is also a social insurance program.
References
- ^ a b "Social Insurance," Actuarial Standard of Practice No. 32, Actuarial Standards Board, January 1998
- ^ Margaret E. Lynch, Editor, "Health Insurance Terminology," Health Insurance Association of America, 1992, ISBN 1-879143-13-5