social insurance

Dictionary: social insurance

n.
An insurance program carried out or mandated by a government to provide economic assistance to the unemployed, the elderly, or the disabled.

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Britannica Concise Encyclopedia: social insurance

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Compulsory public-insurance program that protects against various economic risks (e.g., loss of income due to sickness, old age, or unemployment). Social insurance is considered one type of social security, though the two terms are sometimes used interchangeably. The first compulsory national social-insurance programs were established in Germany under Otto von Bismarck: health insurance in 1883, workers' compensation in 1884, and old-age and disability pensions in 1889. Austria and Hungary soon followed Germany's example. After 1920, social insurance was rapidly adopted throughout Europe and the Western Hemisphere. The U.S. lagged behind until the passage of the Social Security Act in 1935. Social Security in the U.S. now provides retirement benefits, health care for persons over a specific minimum age, and disability insurance. Social-insurance contributions are normally compulsory and may be made by the insured person's employer and the state as well as by the individual. Social insurance is usually self-financing, with contributions being placed in specific funds for that purpose. See also unemployment insurance; welfare.

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Insurance Dictionary: Social Insurance

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Compulsory employee benefit plan under which participants are entitled to a series of benefits as a matter of right. The plan is administered by a federal or state government agency and has as its objective the provision of a minimum standard of living for those in lower and middle wage groups. See also Social Security Act of 1935.

WordNet: social insurance

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Note: click on a word meaning below to see its connections and related words.

The noun has one meaning:

Meaning #1: government provision for unemployed or injured or aged; financed by contributions from employers and employees as well as by government revenue

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		Dictionary. The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company. All rights reserved. Read more
		Britannica Concise Encyclopedia. Britannica Concise Encyclopedia. © 2006 Encyclopædia Britannica, Inc. All rights reserved. Read more
		Insurance Dictionary. Dictionary of Insurance Terms. Copyright © 2000 by Barron's Educational Series, Inc. All rights reserved. Read more
		WordNet. WordNet 1.7.1 Copyright © 2001 by Princeton University. All rights reserved. Read more