The relationship between the social security system and private insurance.

Question

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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.

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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.

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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.

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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.

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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.