...Social Insurance Social insurance funded programs include Social Security, Worker’s compensation, Medicare, and unemployment benefits. Each of these programs is funded by a portion of a person’s check. A certain amount is taken out of each check and put in an “account” for future use. Some of these programs even include a match payment made by the employer. This is mostly used for Social Security. The benefits from each of these programs are used in the event of a future time of unemployment. The benefits from Social Security are used when a person is old enough to retire. Worker’s compensation benefits are available to workers that have been hurt on the job and are no longer able to work for a certain amount of time. Benefits that are available when a person is unemployed are only available if the person is terminated by no fault of their own. I have found that there is one major drawback to social insurance; the growth in our population. With an increase in population and a decrease in the job market, it is harder for people to go back to work when they have been laid off. Our economy at this point is still unstable. With more and more workers joining the workforce each day and our jobs being sent overseas it is easy to see the drawback to social insurance programs. The one drawback for Social Security according to Chambers & Wedel (2005) is that if we are to make it to the projected year of 2040, those who are in workforce will be forced to provide a higher amount...
Words: 297 - Pages: 2
...Chapter 9 health and disability insurance |CHAPTER OVERVIEW | Planning a health insurance program needs careful study because the protection should be shaped to the needs of the individual or the family. However, the task is simplified for many families because a foundation for their coverage is already provided by group health insurance at work. We begin the chapter by recognizing the importance of health insurance in financial planning and define health insurance. Then we analyze the benefits and limitations of the various types of health insurance coverage. Private and governmental sources of health insurance and health care are presented next, with a complete coverage of health maintenance organizations (HMOs). Then, we discuss the importance of disability insurance in financial planning and identify its resources. Finally, we explore why the costs of health insurance and health care have been increasing and what is being done to curtail them. |LEARNING OBJECTIVES |CHAPTER SUMMARY | After studying this chapter, students will be able to: |Obj. 1 |Recognize the importance of health |Health insurance is protection that provides payments of benefits for a covered sickness | | |insurance in financial planning. |or injury. Health insurance should be a part of your overall insurance program to | | ...
Words: 8147 - Pages: 33
...In regards to the issue of how effective and efficient mobile-based applications are at capturing customer data and tools that utilize geolocation technology, we will begin with the current state of smartphone app usage and specific processes made in correlation with mobile devices. Experts predict that by 2020 there will be more than three billion mobile devices making 450 billion mobile transactions. (Chordas, 2012) This key set of projections made by experts concerning future trends in the mobile space, have many companies taking notes and preparing to use mobile based apps using tools like geolocation and customer data usage to their advantage. For example, in the insurance sector, companies like State Farm are creating apps that allow young drivers and parents to study driving trends, utilizing young drivers’ smartphones with mechanisms like accelerometers. State Farm just released its Driver Feedback app for use on Android devices. (Chordas, 2012) State Farm did not just focus on the Android smartphone platform for publishing their apps, the Apple iPhone was also part of the focus regarding their market expansion. State Farm published this unique app for Apple iPhones to engage broader smartphone markets. In 2011, the carrier launched an application for iOS devices that tracks driving behavior. This app as Chordas reports, offers teen drivers and their parents access to nonbiased feedback so families can have constructive conversations about safe driving. (2012) When...
Words: 3229 - Pages: 13
...education, social control, social placement, socialization, transmitting culture, promoting political social structure. Education is an important role in the social control environment. In some ways we think of a school as a place to learn math, literature and history, but education and schools provide an invaluable service by second nature by teaching certain values such as, obedience, discipline, perseverance, respect and punctuality. Schools also teach us conformity; it encourages us to be good and to be law abiding citizens. The functionalism and conflict theory differ in many ways. They each focus on different points of view and values, they have different opinions about society and how it should be run and they both have their own way of approaching the power struggle and who should be in charge. The theory behind functionalism is that everyone has a function that supports the other equally. Sort of like the human body, a socially developed organism. The human body is made up of many different parts. Each part has its own unique function, but as a whole, it supports the function of the body. In regard to the conflict theory, functionalists claim that the availability of schools and the selection of who gets to attend specific schools is merit based. But the conflict theory looks at society as the rich and the poor. The best education should go to the rich and the rest of society is trained in a lower educational setting. For example, the conflict theory points out that...
Words: 979 - Pages: 4
...or cardiopulmonary revival (Fremgen, 114). Health care proxy This is an authoritative report in which an individual assigns someone else to settle on health care sets in the occurrence that he or else she is rendered unequipped for making their wishes known. The health care proxy has, generally, the same rights to demand or decline treatment that the individual would have if equipped for settling on and conveying choices (www.nlm.nih.gov). Strong power of attorney This is the third sort of advance directives. People may draft authoritative reports giving power of attorney to others on account of weakening therapeutic condition. The sturdy power of attorney permits a person to make bank exchanges, sign Social Security checks, apply for handicap, or just compose checks to pay the service bill while an individual is medicinally debilitated. (medicinenet). Health Care Situations Varieties of advance directives disagree based on formal rule and different likings within the positions’ legal necessities. The 2 most normal sorts of development mandates...
Words: 1132 - Pages: 5
...A Research Paper Objective: This assignment gives you an opportunity to expand your knowledge by exploring an insurance topic not covered in class. You'll also have an opportunity to work with fellow class members and "pick each other's brains" as you research your topic. Here's what you need to do: 1. Form a group of 2 to 3 members. 2. Select a life/health insurance topic of your interest. If you are looking for suggested topics, here are a few research areas I would like to suggest: * Aging and society: economic, political and social issues * Securitization of longevity risk * Demutualization of life insurers * U.S. healthcare reforms * Medical malpractice insurance crisis in the 1970s and1980s, and current issues * Financial crisis and impact on the life/health industry * Managing longevity risk 3. Each group need to turn in selected paper topic and name of group members (the selection form on page 5) by March 25th. 4. Each group will present their paper in the last week of class. 5. Submit a full paper about 8-10 pages (double-spaced) and the PowerPoint of your presentation to ReggieNet by May 10th. 6. Each group member should submit a peer evaluation form electronically to ReggieNet by May 10th. 7. Late submission will result in one point deduction in grade each day. Requirements * Write professionally: succinctly, proper sentence structure, proper grammar, proper spelling, professional style, and...
Words: 1009 - Pages: 5
...Many social scientists believe that social norms are important in shaping economic behavior and market outcomes, overriding at times even the profit motive. The authors find that a societal norm exists against funding operations that promote vice and that some investors are willing to pay a financial cost to abstain from these stocks. Consequently, sin stocks are less widely held and tend to be relatively cheap when benchmarked against comparables. A key issue in the literature on socially responsible investing is whether it causes corporations to change their behavior. The authors show that for sin stocks, the neglect by large institutions significantly affects their cost of capital. The Price of Sin: The Effects of Social Norms on Markets I. Introduction In this paper, Harrison Hong and Marcin Kacperczyk analyze the effects of social norms on markets by studying sin stocks i.e. publicly traded companies engaged in producing alcohol, tobacco and gaming. Due to the societal norm against funding operations that promote human vice, many investors steer away from supporting these companies by investing in their stocks. II. Background on and Selection of Sin Stocks The authors deduce that the three products namely tobacco, alcohol and gaming are viewed as sinful by individuals and social groups owing to their addictive qualities and unfavorable social consequences when consumed extremely. III. Data The authors illustrate their data collected of these stocks. A. Variables...
Words: 625 - Pages: 3
...Social Security Administration History In the late 1920’s when elders reached an age where they were no longer or able to work, families would take on the responsibilities of taking care of the elders or sending them to a poor house. In August 1935 the Social Security Act was sign by Franklin D. Roosevelt, which originally started as a retirement program, which only paid benefits to the primary worker of the family at the age of 65 (SSA. 2015). The Social Security Administration was originally named the Social Security Board and changed its name in 1946 to Social Security Administration which it is still presently called. When the program initially started lump sum payments were paid out to the retirees and monthly payments did not start until 1940. Ernest Ackerman is claimed to be the first recipient of the lump sum in which he paid 5 cents into the Social Security program, and he ended up receiving a 17 cent lump sum payment upon retirement. In January month Social Security benefits were now approved not only for the primary worker, but also wives, widows, and children under 18.1940 Ida May Fuller was the first recipient to receive the first monthly retirement check, and collected benefits for 35 years dying at the age of 100 years old (SSA. 2015). Structure The current Social Security Administration has a structure that is broken up into regional offices, and multiple processing centers, to include numerous field offices. There is roughly 60,000 Social Security...
Words: 631 - Pages: 3
...Intrapersonal Stressors To evaluate the client that came into the hospital after the bombing the first thing I would evaluate is the client’s intrapersonal stressors. The first to assess would be the client’s physiological condition. The patient has extensive damage to her legs and is likely to have them amputated. She is also losing blood. She has shrapnel in her eye and could lose her vision. The patient is also has metal fragments in her chest and abdomen. I would evaluate her respiratory conditions to figure out if her air ways are normal or possibly obstructed. I would check her cardiovascular system such as checking for heart rate and blood pressure. Examine the client’s eye to see the damage and visions conditions. Check her ears were affected by the explosion. I would assess the damage of the client’s extremities and its mobility. I would also inspect the integumentary system of the clients. I would ask of any known health issues. I would then assess the patient’s psychological condition. The client’s mental state will need to be given attention. It would be noted that the patient is confused and emotional. The patient is stressing more because she doesn’t know the where about of her daughter is. She is also emotional because her legs may need to be removed. Her sociocultural status is that she is a single parent. She is also a student studying accountancy. She has a close relationship with her parents and her residence is with them. She has the support of her immediate...
Words: 1000 - Pages: 4
...Risk Analysis 5 C. BPMN 6 1. Demand for pet sitting 6 2. Pet sitting process 7 D. Database 7 E. Project Plan 8 A. Business Plan 1. EXECUTVE SUMMARY The idea of 5 STAR CATS was born from the necessity of Catalina of finding a friend to look after her cat during holidays. Luckily, one of her friends was available and willing to check on her cat but the solution was not perfect because the two of them haven’t met before and her friend was not knowledgeable about cats. Any cat owner knows how difficult it is to find a trusted sitter, who not only understands the needs of your pet and of the owner but with whom you are in confidence enough to give him the keys of your flat. Catalina was always reluctant to leave her cat in a hotel or to call a professional sitter, for the same reasons: “I would not leave my cat in the hands of a stranger and give him my keys. Ideally I wanted to be part of a network of cat owners, people who have pets and with whom I would regularly meet, discuss about our cats, exchange ideas and advice, participate in workshops and other activities together, people who will also check on my cat while I am on holidays via a booking system hosted by an internet platform. People I know and I trust but who also have signed a bounding contract of confidentiality and legal...
Words: 2148 - Pages: 9
...Death Fraud: What is it and how to prevent it? Acco 455: Fraud Prevention and Investigation D. Peltier-Rivest November 26, 2013 In 1986, fraudster James Hogue famously stole the identity of a dead infant to conceal his criminal past in order to attend high school while pretending to be an orphan with special backgrounds. Each year, nearly 2.5 million deceased Americans' identities are stolen by perpetrators (Kirchheimer, 2013). Death frauds have affected victims, companies, organizations and society at large in numerous ways. What exactly is death fraud, and how do we prevent it? What is death fraud? Death fraud can be broadly defined as any fraud that involves death but does not involve killing. There are several major types of death frauds: stealing the identity of a deceased person, faking death and faking that a deceased person is not dead. Identity theft A common type of death fraud is that of identity theft targeting dead people. According to the Identity Theft Handbook, during identity theft, criminals acquire key pieces of personal identifying information - such as name, address, date of birth, SSN/SIN etc. - for the purpose of impersonating and defrauding a victim (Biegelman, 2009). Death fraud, then, is a spin on this crime, targeting specifically the identity of deceased individuals who can no longer detect the crime and thus less likely to be caught. There are many ways a fraudster can obtain vital personal information of the deceased...
Words: 3460 - Pages: 14
...Labor Relations Dr. Jennifer Young Briefly describe your “dream job” with an organization for which you would like to work. My ideal job would be to work as a Human Resource Director at the Social Security Administration, making a salary of $270,000.00 per year. As my job duties I would be responsible for all of the Human Resource functions within the company and report directly to the commissioner. The department areas that I will cover and be responsible for all function are as follows. This would consist of recruitment; the Human Resource Director would have to make sure that the recruitment team is able to find the right talent. Ensure the individual is right for the job. This is important that the recruitment team has a strong filter process, or able to red flag particular candidates. Recruiters should also be knowledgeable of the company, confident and loyal. The duties would also involve traveling as well. Payroll and Time management, this is a very important sector of the Human Resource department. This area would be responsible for hourly employee’s time, vacation, sick time, FMLA, and bonus. They will make sure they all the taxes are accounted for and verification of the employees direct deposit and tax exemptions. If the employees have questions about their pay checks they will need to contact this area of human resource business. The Human Resource Director should ensure that a knowledgeable Human Resource Generalist is in place to handle all terminations...
Words: 1726 - Pages: 7
...with him. Most importantly, Nate was an accountant. Not only was he an accountant, but also an accountant working a mid-level job in corporate America, a job that I could easily see myself doing. He grew up in central Minnesota in an upper middle class family and attended Gustavus Adolphus College (Duluth News Tribune, 2012). He was a very intelligent and knowledgeable accountant in addition to being very personable. All of these similarities really intrigued me and also scared me about who can commit a fraud and how easily the lines can be crossed. Now onto Nathan Mueller—the criminal. Nate was working as an accounting manager for ING Resurgence Corporation in their re-insurance division (St. Anthony, 2008). Before ING Resurgence, a subsidiary of the ING GROUP, had acquired ReliaStar Life Insurance Company, Nate began learning the new accounting information system People Soft. He was then trained to be the system specialist for his office. During the transitional stage from the prior system to ING’s People Soft system, Nate was able not only become extremely knowledgeable in relation to the operations of the system, but also found that the system had some anomalies or inconsistencies that were unknown to many if not all of the other...
Words: 1995 - Pages: 8
...struggling through life. After the death of Lena’s husband, the father of Walter and Beneatha, the Younger family waits for a life insurance check of $10,000. Each member of the family has dreams of what they want to do with the insurance money. Lena and Ruth both dream of buying a nice big house for their family. Walter Lee wants to start up a liquor store so he could quit his job as a chauffeur and Beneatha has dreams of going to medical school. James Truslow Adams stated that the American Dream is "that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement. It is a difficult dream for the European upper classes to interpret adequately, and too many of us ourselves have grown weary and mistrustful of it. It is not a dream of motor cars and high wages merely, but a dream of social order in which each man and each woman shall be able to attain to the fullest stature of which they are innately capable, and be recognized by others for what they are, regardless of the...
Words: 1365 - Pages: 6
...back years ago it was barely there. In 1905 the first social worker, Ida Cannon, was hired to provied services to patients in outpatient clinics with mental illnesses. At this point in time, social workers only helped the mentally ill. Previously, she worked as a visiting nurse, started to provide food and clothes to needy woman and children. By 1919 the social work program was better known as the Department of Mass General. At this time the main focus was people in outpatient clinics who needed medical assistance but did not have insurance. Before ten years ahd passed, the focus had boadened to include the community and environment. By May of 1939 the food stamp program was orignited by the federal government in result of the Great Depression. Food Stamp Program, is a federal assistance program that provides assistance to low- and no-income people and families living in the U.S Familes bought food stamp vouchers in allotments depending on their family income. By 1964 the food stamp program transformed into a program of relief as part as the welfare system. When the food stamp program was first introduced, it was given as paper coupons to buy prepackaged eligible foods. In the late 1990's, the checks or "vouchers" were ruled out of favor and a debit card was used. The debit card is also known as an "Electronic Benefit Transfer". This was one of the top growing welfare system being used by millions of people. The Social Security Act was passed by congress as part of the new...
Words: 1070 - Pages: 5
