RMI 3011 Chapter 14 Question answers
already passed
Reasons for Social Insurance, why are they necessary? - correct answer
✔To help solve complex social problems.
To provide coverage for perils that are difficult to insure privately.
To provide a base of economic security to the population.
Basic Characteristics of Social Insurance
Social insurance programs are distinct from other government insurance
programs because: - correct answer ✔Most programs are compulsory.
Programs are designed to provide a floor of income.
Programs pay benefits based on social adequacy rather than individual equity.
Benefits are loosely related to earnings.
Programs, benefits, and benefit formulas are prescribed by law.
A formal means test is not required.
Full funding of benefits is unnecessary.
, Programs are designed to be financially self-supporting.
Old-Age, Survivors, and Disability Insurance (OASDI) - correct answer
✔Commonly known as Social Security, OASDI is the most important social
insurance program in the US.
Enacted in 1935, it covers more than 9 out of 10 workers
Virtually all private-sector employees, and a majority of state and local
government employees are covered under the Social Security Program
Old-Age, Survivors, and Disability Insurance (OASDI) cont - correct answer
✔A worker becomes eligible for benefits by attaining an insured status:
To attain a fully insured status and be eligible for retirement and survivor
benefits - correct answer ✔you must have 40 credits.
You are currently insured, and eligible for survivor benefits, if - correct answer
✔you have earned at least 6 credits in the past 13 calendar quarters.
The number of credits required to receive disability benefits depends on your
age when you become disabled.
OASDI: Retirement Benefits - correct answer ✔Social security retirement
benefits are an important source of income for most retired workers.
For persons both in 1937 or earlier, full retirement age for unreduced benefits
is age 65. - correct answer ✔The full retirement age will increase gradually to
67.
already passed
Reasons for Social Insurance, why are they necessary? - correct answer
✔To help solve complex social problems.
To provide coverage for perils that are difficult to insure privately.
To provide a base of economic security to the population.
Basic Characteristics of Social Insurance
Social insurance programs are distinct from other government insurance
programs because: - correct answer ✔Most programs are compulsory.
Programs are designed to provide a floor of income.
Programs pay benefits based on social adequacy rather than individual equity.
Benefits are loosely related to earnings.
Programs, benefits, and benefit formulas are prescribed by law.
A formal means test is not required.
Full funding of benefits is unnecessary.
, Programs are designed to be financially self-supporting.
Old-Age, Survivors, and Disability Insurance (OASDI) - correct answer
✔Commonly known as Social Security, OASDI is the most important social
insurance program in the US.
Enacted in 1935, it covers more than 9 out of 10 workers
Virtually all private-sector employees, and a majority of state and local
government employees are covered under the Social Security Program
Old-Age, Survivors, and Disability Insurance (OASDI) cont - correct answer
✔A worker becomes eligible for benefits by attaining an insured status:
To attain a fully insured status and be eligible for retirement and survivor
benefits - correct answer ✔you must have 40 credits.
You are currently insured, and eligible for survivor benefits, if - correct answer
✔you have earned at least 6 credits in the past 13 calendar quarters.
The number of credits required to receive disability benefits depends on your
age when you become disabled.
OASDI: Retirement Benefits - correct answer ✔Social security retirement
benefits are an important source of income for most retired workers.
For persons both in 1937 or earlier, full retirement age for unreduced benefits
is age 65. - correct answer ✔The full retirement age will increase gradually to
67.
