Principles of Risk Management and Insurance, 13th Edition

Review Questions

1. Explain the reasons for social insurance programs in the United States.

2. Describe the basic characteristics of social insurance programs.

3. The OASDI program has several types of insured status. Briefly explain the meaning of the following:

   1. Fully insured

   2. Currently insured

   3. Disability insured

4. The OASDI program provides several major benefits. Briefly describe each of the following:

   1. Retirement benefits

   2. Survivor benefits

   3. Disability benefits

5. Explain the definition of disability used in the OASDI program.

6. a.

   1. The Original Medicare Plan provides several benefits. Identify the major benefits that are available under each of the following:

      • Hospital Insurance (Medicare Part A)

      • Medical Insurance (Medicare Part B)

   2. Briefly describe the major ...