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RMI 3011 Chapter 14 RMI 3011 Florida State University -Question answers already passed
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RMI 3011 Chapter 14 RMI 3011 Florida State University -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 e...

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  • November 30, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rmi 3011 chapter 14
  • rmi 3011 chapter 14 question answers already passe
  • rmi 3011 chapter 14 rmi 3011 florida state univers

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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.

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