2.5.2 Social Insurance - Social insurance is a device for the pooling of risk bt their transfer to an organization, usually govermental , that is required by law to provide pecuniary or service benefits to or on behalf of covered persons upon the occurrence of certain pre-designated losses under all the following conditions.- Provide compulsory protection for personal risks- Modern social insurance originated in Germany in the 1880s: sickness, accident, invalidity and old age.- United States : early 1900s: the Old-Age, Survivor, and Disability Insurance Program.
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