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Fundamentals of Risk and Insurance, 11th Edition by Therese M. Vaughan, Emmett J. Vaughan

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CHAPTER OBJECTIVES

When you have finished this chapter, you should be able to

  • Identify and describe the major classes of benefits in the Old-Age, Survivors, Disability, and Health Insurance Program (OASDHI)
  • Identify the persons who are eligible for benefits under the Old-Age, Survivors, and Disability Insurance (OASDI) program and how eligibility for benefits is derived
  • Explain how benefits under the OASDI program are financed
  • Explain how the amount of benefits received under OASDI is determined and the circumstances that can lead to a loss of benefits
  • Evaluate the financial soundness of the Social Security system and identify the proposals that have been suggested to improve that soundness
  • Explain the rationale for workers compensation laws and outline the principles on which the workers compensation system is based
  • Describe the operation of the workers compensation system, including the types of injuries covered and the types of benefits

In Chapter 10, we noted how state unemployment insurance programs address the risk of income loss associated with unemployment. In this chapter, we turn to other social insurance programs that contribute to the security of the individual: the Social Security and workers compensation systems. We study these social insurance programs to acquire tools that may be used in dealing with the risks to income facing the individual. Our examination will ...

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