Principles of Risk Management and Insurance - Social Insurance

A set of flashcards focusing on key terms and definitions related to social insurance programs, including Medicare, Social Security, and their benefits.

Social Insurance

Programs designed to help provide coverage for risks that are difficult to insure privately and offer economic security.

OASDI

Old-Age, Survivors, and Disability Insurance; commonly known as Social Security.

Fully Insured Status

A status attained with 40 credits, necessary for eligibility for retirement and survivor benefits.

Medicare

A federally funded program that covers medical expenses for most individuals aged 65 and older.

Retirement Benefits

Monthly payments made to individuals who have reached retirement age, based on their earnings history.

Disability Benefits

Payments made to disabled workers who meet certain criteria, providing income during long-term disabilities.

Survivor Benefits

Financial support for dependents of deceased workers, including children and spouses.

Medicare Part A

Hospital insurance covering inpatient hospital stays and certain skilled nursing facility services.

Medicare Part B

Medical insurance that covers outpatient care, necessary services, and some home health services.

Medigap Policy

Private insurance plans that supplement Medicare, covering expenses not paid by Medicare.