One branch of government insurance programs has a number of distinguishing characteristics.These programs are compulsory,they are financed by mandatory contributions rather than general tax revenues,and benefits are weighted in favor of low-income groups.These government insurance programs are called
A)welfare programs.
B)social insurance programs.
C)casualty insurance programs.
D)private insurance programs.

Question

Quizplus · Accepted Answer

The distinguishing characteristics mentioned in the question (compulsory, financed by mandatory contributions, benefits weighted in favor of low-income groups) point towards social insurance programs, which are designed to provide income support and protection against certain risks for specific groups of people, such as retirees, disabled individuals, and low-income families. Welfare programs typically refer to means-tested programs that provide assistance to individuals and families with low income and resources, which are funded by general tax revenues (not mandatory contributions). Casualty insurance refers to insurance that protects against financial loss from unexpected events (such as car accidents), and private insurance programs are offered by private companies rather than the government.

One Branch of Government Insurance Programs Has a Number of Distinguishing