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Safety Nets: Insurance Policies And Retirement Plans

In: Social Security's Investment Shortfall: $8 Trillion Plus — and The Way Forward Plus How the US Government's Financial Deficit Reporting = 64 Madoffs

Author

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  • Nils H Hakansson

    (University of California, Berkeley, USA)

Abstract

The reason for purchasing an insurance policy is to protect oneself or an economic entity from the prospect of future loss. With respect to home, auto, or other property insurance no loss may occur. But if there is damage or destruction, the insured receives a payout in some form as compensation in accordance with the terms of the policy. What the insurance policy provides is a safety net that may or may not end up being needed. The same is true for disability insurance, (discontinued) term life insurance, long-term care insurance, liability insurance, unemployment insurance, as well as event insurance written to protect against terrorist attacks, for example…

Suggested Citation

  • Nils H Hakansson, 2012. "Safety Nets: Insurance Policies And Retirement Plans," World Scientific Book Chapters, in: Social Security's Investment Shortfall: $8 Trillion Plus — and The Way Forward Plus How the US Government's Financial Deficit Reporting = 64 Madoffs, chapter 3, pages 13-18, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814407977_0003
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