Actuarial Science 1021A/B Lecture Notes - Lecture 2: Child Benefit, Old Age Security, Disability Insurance

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Can be countered with gov. support or savings. Additional expenses: medical bills, property damage, auto accident. Uncertainty of income: may lose job to downsizing, etc. Premature death of family head: leaves financial debt such as education of children, debts, mortgage, etc. Old age: loss of income, medical expenses, custodial care. Poor health: medical reasons (poor health, paying for drugs). Unemployment: insufficient income to support self and/or family. Personal factors: divorce, alcohol abuse, drug addiction, gambling, domestic violence. 1995: 1 in 8 were 65 and over. 2005: 1 in 7 were 65 and over. 2050: 1 in 4 will be 65 and over. Emergency measures to protect individuals from economic downfall in case the individual or private insurers can not provide adequate coverage. 5 major approaches used to provide cash payments and services under social security programs: Financed by employers and employees (not by general tax revenue) Benefits paid from these funds (to eligible people)

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