SECTION 4 ASSESSMENT Reviewing Ideas and Terms 1. a. Define Write a brief defini
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SECTION 4 ASSESSMENT Reviewing Ideas and Terms 1. a. Define Write a brief definition for the terms Critical Thinking 3.Summarizing Copy the graphic organizer Using your notes, list the different kinds of insurance you have read about and what each kind covers. Add boxes if you need to. insurance, premium, private insurance, and beneficiary b. Summarize How can insurance companies cover large risks in return for relatively small premiums? Type 2. a. Define Write a brief definition for the terms social insurance, Social Security, Medicare, and Medicaid b. Compare and Contrast What is the difference between unemployment compensation and workers' compensation? c. Summarize What do the Medicare and Focus on Writing 4. Supporting a Point of View Do you think Social Security has encouraged Americans to become too dependent on the state and federal governments for support in times of need? Write a paragraph explaining your answer Medicaid programs provide? 526 CHAPTER 19Explanation / Answer
First question is answered below
1b.
Insurance involves pooling funds from many insured entities to pay for the losses that only some may incur. The insured parties are therefore protected from risk for a nominal fee, with the fee being dependent upon the frequency and severity of the event occurring, known as premium. In order to be insurable, the risk insured against must meet certain characteristics in order to be an insurable risk.
By collecting nominal premium from many people, a huge amount of money gets collected, which is enough for the insurance companies to use in case of emergencies which is only incurred by some parties. This helps giving large coverage to the parties for a nominal amount collected.
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