through premiums and investments and out through the payment of claims and operating expenses.

Government and Social Insurance

Federal and state governments run a number of insurance programs. Some of the programs look much like

private insurance, in the sense that the members of a group make steady payments into a fund, and those in

the group who suffer an adverse experience receive payments. Other programs protect against risk, but

without an explicit fund set up. Following are some examples.

• Unemployment insurance: Employers in every state pay a small amount for unemployment insurance,

which goes into a fund to pay benefits to workers who lose their jobs and do not find new jobs, for a period

of time, usually up to six months.

• Pension insurance: Employers that offer pensions to their retired employees are required by law to pay a

small fraction of what they are setting aside for pensions to the Pension Benefit Guarantee Corporation,
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