The relationship between the social security system and private insurance.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter ST2, Problem 1CQ

To determine

The relationship between the social security system and private insurance.

Expert Solution & Answer

Explanation of Solution

Social insurance is a government program that provides social security and aid from any losses, such as accident, death, and so forth. It is compulsory that the government has pay to its citizens. It is paid through the tax payment of individuals. Both social and private insurance have similarities and dissimilarities. The similarities are, such as the similarity in wide pooling of risk, specific benefit definitions, definition of eligibility rules and amount coverage, and so on. There are also dissimilarities between them. The private insurance will give its emphasis on the individuals who are under coverage, whereas social security covers all participants. Private insurance is voluntary, and social insurance is mandatory. Therefore, it cannot be said that both insurances have the same principles, and also, it cannot be said that there are no relations.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Answer question 2 only.

1. A pension fund manager is considering three mutual funds. The first is a stock fund, the second is a long-term government and corporate fund, and the third is a (riskless) T-bill money market fund that yields a rate of 8%. The probability distributions of the risky funds have the following characteristics: Standard Deviation (%) Expected return (%) Stock fund (Rs) 20 30 Bond fund (RB) 12 15 The correlation between the fund returns is .10.

Frederick Jones operates a sole proprietorship business in Trinidad and Tobago. His gross annual revenue in 2023 was $2,000,000. He wants to register for VAT, but he is unsure of what VAT entails, the requirements for registration and what he needs to do to ensure that he is fully compliant with VAT regulations. Make reference to the Vat Act of Trinidad and Tobago and explain to Mr. Jones what VAT entails, the requirements for registration and the requirements to be fully compliant with VAT regulations.

Answer 2

Question

Chapter ST2, Problem 1CQ

To determine

The relationship between the social security system and private insurance.

Expert Solution & Answer

Explanation of Solution

Social insurance is a government program that provides social security and aid from any losses, such as accident, death, and so forth. It is compulsory that the government has pay to its citizens. It is paid through the tax payment of individuals. Both social and private insurance have similarities and dissimilarities. The similarities are, such as the similarity in wide pooling of risk, specific benefit definitions, definition of eligibility rules and amount coverage, and so on. There are also dissimilarities between them. The private insurance will give its emphasis on the individuals who are under coverage, whereas social security covers all participants. Private insurance is voluntary, and social insurance is mandatory. Therefore, it cannot be said that both insurances have the same principles, and also, it cannot be said that there are no relations.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter ST2, Problem 1CQ

To determine

The relationship between the social security system and private insurance.

Expert Solution & Answer

Explanation of Solution

Social insurance is a government program that provides social security and aid from any losses, such as accident, death, and so forth. It is compulsory that the government has pay to its citizens. It is paid through the tax payment of individuals. Both social and private insurance have similarities and dissimilarities. The similarities are, such as the similarity in wide pooling of risk, specific benefit definitions, definition of eligibility rules and amount coverage, and so on. There are also dissimilarities between them. The private insurance will give its emphasis on the individuals who are under coverage, whereas social security covers all participants. Private insurance is voluntary, and social insurance is mandatory. Therefore, it cannot be said that both insurances have the same principles, and also, it cannot be said that there are no relations.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter ST2, Problem 1CQ

To determine

The relationship between the social security system and private insurance.

Expert Solution & Answer

Explanation of Solution

Social insurance is a government program that provides social security and aid from any losses, such as accident, death, and so forth. It is compulsory that the government has pay to its citizens. It is paid through the tax payment of individuals. Both social and private insurance have similarities and dissimilarities. The similarities are, such as the similarity in wide pooling of risk, specific benefit definitions, definition of eligibility rules and amount coverage, and so on. There are also dissimilarities between them. The private insurance will give its emphasis on the individuals who are under coverage, whereas social security covers all participants. Private insurance is voluntary, and social insurance is mandatory. Therefore, it cannot be said that both insurances have the same principles, and also, it cannot be said that there are no relations.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter ST2, Problem 1CQ

To determine

The relationship between the social security system and private insurance.

Expert Solution & Answer

Explanation of Solution

Social insurance is a government program that provides social security and aid from any losses, such as accident, death, and so forth. It is compulsory that the government has pay to its citizens. It is paid through the tax payment of individuals. Both social and private insurance have similarities and dissimilarities. The similarities are, such as the similarity in wide pooling of risk, specific benefit definitions, definition of eligibility rules and amount coverage, and so on. There are also dissimilarities between them. The private insurance will give its emphasis on the individuals who are under coverage, whereas social security covers all participants. Private insurance is voluntary, and social insurance is mandatory. Therefore, it cannot be said that both insurances have the same principles, and also, it cannot be said that there are no relations.

Answer 6

Chapter ST2, Problem 1CQ

To determine

The relationship between the social security system and private insurance.

Expert Solution & Answer

Explanation of Solution

Social insurance is a government program that provides social security and aid from any losses, such as accident, death, and so forth. It is compulsory that the government has pay to its citizens. It is paid through the tax payment of individuals. Both social and private insurance have similarities and dissimilarities. The similarities are, such as the similarity in wide pooling of risk, specific benefit definitions, definition of eligibility rules and amount coverage, and so on. There are also dissimilarities between them. The private insurance will give its emphasis on the individuals who are under coverage, whereas social security covers all participants. Private insurance is voluntary, and social insurance is mandatory. Therefore, it cannot be said that both insurances have the same principles, and also, it cannot be said that there are no relations.

Answer 7

Chapter ST2, Problem 1CQ

To determine

The relationship between the social security system and private insurance.

Answer 8

Expert Solution & Answer

Explanation of Solution

Social insurance is a government program that provides social security and aid from any losses, such as accident, death, and so forth. It is compulsory that the government has pay to its citizens. It is paid through the tax payment of individuals. Both social and private insurance have similarities and dissimilarities. The similarities are, such as the similarity in wide pooling of risk, specific benefit definitions, definition of eligibility rules and amount coverage, and so on. There are also dissimilarities between them. The private insurance will give its emphasis on the individuals who are under coverage, whereas social security covers all participants. Private insurance is voluntary, and social insurance is mandatory. Therefore, it cannot be said that both insurances have the same principles, and also, it cannot be said that there are no relations.