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Social insurance is a form of social welfare that provides insurance against economic risks. The insurance may be provided publicly or through the subsidizing of private insurance. In contrast to other forms of social assistance, individuals' claims are partly dependent on their contributions, which can be considered insurance premiums to create a common fund out of which the individuals are then paid benefits in the future.[1][2]
Types of social insurance include:
- Public health insurance
- Social Security
- Public Unemployment Insurance
- Public auto insurance
- Universal parental leave
- ^ Morduch, Jonathan (2017), "Economics and the Social Meaning of Money", Money Talks, Princeton University Press, doi:10.23943/princeton/9780691168685.003.0002, ISBN 978-0-691-16868-5
- ^ "The United States Social Security Administration". www.ssa.gov. Retrieved 2020-03-17.