Unit 6 Lab Questions

Unit 6; Lab Questions

What problem occurred after Hurricane Katrina that has prevented rebuilding?

The dam broke which caused flooding. Only 5 out of 26,000 people’s houses weren’t flooded.

Why is disclosure important when taking out insurance?

So you know what you’re getting yourself into. .So you also know what you’re insured for.

Who invented the insurance fund? What was the insurance that they invented for?

Two Scottish ministers, in 1744. It was invented for Widows of the clergy men and Orphans. (aka Widows fund)

How did the idea of welfare develop? What areas were covered in state welfare?

Otto von Bismarck, the first Chancellor of Germany, created the modern welfare state by building on a tradition of welfare programs in Prussia and Saxony. Social welfare in the United Kingdom, France, Germany, Sweden, United States

Which country is known as the welfare superpower? Why? What was problematic about the system?

The first super power was Japan. Disaster kept striking (an earthquake) they set it up to promote warfare. Japan went to war with the U.S.

What country first began to dismantle its welfare state? What was put in its place?

Democracy was restored.

What other methods can people use to protect themselves from unexpected disasters?

They can be protected by being hedged-hedge fund.

Why do individuals buy insurance policies?

People purchase insurance policies so they are protected if the worst happens.

What are some of the advantages and disadvantages with insurance?

An advantage is being covered if the worst happens. Not having car insurance is a $500 dollar ticket so you are better off having it then getting caught without it. Some disadvantages are buying insurance and never using it or there being a loop hole and something not being covered.

The video discusses government sponsored programs in some countries to provide for individuals when the unexpected happens, such as providing unemployment benefits, health insurance, and so on. Do you think governments should provide insurance programs to individuals? Why or why not?

I think that if someone is really going through a rough time or like lost their job or got pregnant and don’t have a way to get help or also have health problems then yeah I feel that the government should help them for as long as they need it but the individuals should also put their part by looking for jobs and doing what they can so the government doesn’t always have to support them.

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