Social insurance
Social Insurance
Social insurance (pronunciation: /ˈsoʊʃəl ɪnˈʃʊərəns/) is a system of protection that society provides its members through a series of public measures against economic and social distress that would otherwise be caused by the stoppage or substantial reduction of earnings resulting from sickness, maternity, employment injury, unemployment, invalidity, old age and death.
Etymology
The term "social insurance" is derived from the Latin word "socius" meaning "companion" or "associate" and the Old French word "ensurer" meaning "to make sure". It was first used in the early 20th century to describe a system of government-sponsored protection against individual economic insecurity.
Related Terms
- Social Security: A government system that provides monetary assistance to people with an inadequate or no income.
- Unemployment Insurance: A social insurance program that provides temporary income to unemployed workers who have lost their jobs without fault of their own.
- Health Insurance: A type of insurance coverage that pays for medical and surgical expenses incurred by the insured.
- Pension: A regular payment made during a person's retirement from an investment fund to which that person or their employer has contributed during their working life.
- Workers' Compensation: A form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue their employer for the tort of negligence.
See Also
External links
- Medical encyclopedia article on Social insurance
- Wikipedia's article - Social insurance
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