Chapter 18 RSM Exam | Questions with 100%
Correct Answers | Verified | Latest Update 2026
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Practice questions for this set
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Reduce financial uncertainty from workplace injuries
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1 Social insurance programs 2 Purpose of workers compensation
3 Fully insured status 4 Social adequacy vs individual equity
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Terms in this set (90)
Social insurance programs Government programs designed to address social
risks, provide economic security, and cover risks
that are difficult to insure privately
, Purpose of social insurance Solve complex social problems, insure difficult
risks, and provide a minimum level of economic
security
Key characteristic of social insurance Programs are compulsory for most participants
Income floor concept Social insurance provides a minimum level of
income rather than full income replacement
Social adequacy vs individual equity Benefits are based on societal needs rather than
proportional contributions of individuals
Relationship of benefits to earnings Benefits are loosely related to earnings rather than
strictly proportional
Legal basis of benefits Benefits are prescribed by law rather than private
contracts
Means testing in social insurance Formal means testing is generally not required
Funding approach Full funding of future benefits is not required
OASDI (Social Security) Federal program providing retirement, survivor,
and disability benefits to eligible workers and
dependents
Year Social Security enacted 1935
Coverage of Social Security Covers over 90% of workers, including most
private-sector and many public-sector employees
Fully insured status Requires 40 credits to qualify for retirement and
survivor benefits
Correct Answers | Verified | Latest Update 2026
Save
Practice questions for this set
Learn 1 /7 Study using Learn
Reduce financial uncertainty from workplace injuries
Choose an answer
1 Social insurance programs 2 Purpose of workers compensation
3 Fully insured status 4 Social adequacy vs individual equity
Don't know?
Terms in this set (90)
Social insurance programs Government programs designed to address social
risks, provide economic security, and cover risks
that are difficult to insure privately
, Purpose of social insurance Solve complex social problems, insure difficult
risks, and provide a minimum level of economic
security
Key characteristic of social insurance Programs are compulsory for most participants
Income floor concept Social insurance provides a minimum level of
income rather than full income replacement
Social adequacy vs individual equity Benefits are based on societal needs rather than
proportional contributions of individuals
Relationship of benefits to earnings Benefits are loosely related to earnings rather than
strictly proportional
Legal basis of benefits Benefits are prescribed by law rather than private
contracts
Means testing in social insurance Formal means testing is generally not required
Funding approach Full funding of future benefits is not required
OASDI (Social Security) Federal program providing retirement, survivor,
and disability benefits to eligible workers and
dependents
Year Social Security enacted 1935
Coverage of Social Security Covers over 90% of workers, including most
private-sector and many public-sector employees
Fully insured status Requires 40 credits to qualify for retirement and
survivor benefits
