Question
Which Insurance is a compulsory insurance plan administered by a government agency with the primary emphasis on social adequacy?
Solution
Social insurance is any government-sponsored program with the following four characteristics: β’ The benefits, eligibility requirements and other aspects of the program are defined by statute. β’ Explicit provision is made to account for the income and expenses (often through a trust fund) β’ It is funded by taxes or premiums paid by (or on behalf of) participants (but additional sources of funding may be provided as well. β’ The program serves a defined population, and participation is either compulsory or so heavily subsidized that most eligible individuals choose to participate.
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