NATIONAL INSURANCE Meaning and
Definition
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National insurance is a social insurance system in many countries that provides financial protection and assistance to citizens or residents of the respective country. It is typically administered by the government or an independent agency authorized by the government.
In general, national insurance schemes aim to ensure that individuals have access to certain benefits and services to protect them against risks and uncertainties such as unemployment, sickness, disability, and old age. Contributions to the national insurance are usually mandatory and are collected through a payroll tax or similar form of deduction.
The funds collected from these contributions are pooled together to create a pool of resources that can be used to provide benefits to those who are eligible. The type and level of benefits provided under national insurance can vary depending on the country and the specific scheme in place. These benefits may include financial assistance during periods of unemployment, sickness or disability, as well as retirement and pension benefits.
National insurance plays a crucial role in promoting social welfare, reducing inequality, and ensuring a basic standard of living for individuals. It provides a safety net for individuals and families during times of hardship and helps to protect against poverty and financial insecurity.
Common Misspellings for NATIONAL INSURANCE
- bational insurance
- mational insurance
- jational insurance
- hational insurance
- nztional insurance
- nstional insurance
- nwtional insurance
- nqtional insurance
- narional insurance
- nafional insurance
- nagional insurance
- nayional insurance
- na6ional insurance
- na5ional insurance
- natuonal insurance
- natjonal insurance
- natkonal insurance
- natoonal insurance
- nat9onal insurance
Etymology of NATIONAL INSURANCE
The word "national insurance" has its roots in the concept of insurance, which dates back to ancient times. The term "insurance" comes from the Latin word "assurantia", meaning a pledge or assurance. In the Middle Ages, it evolved into the Old French word "ensurer", which referred to the act of making a payment to guarantee protection against losess or risks.
The concept of national insurance emerged in the late 19th and early 20th centuries, driven largely by social and political movements seeking to provide security to workers and address social inequalities. One significant figure in the development of national insurance was the British social reformer William Beveridge.
In the United Kingdom, national insurance was introduced as part of the Welfare State reforms after World War II.
Similar spelling words for NATIONAL INSURANCE
- national assistance,
- National Guard Bureau,
- national socialism,
- nationalist china,
- national leader,
- national anthem,
- national monument,
- national income,
- national service,
- national socialist,
- national debt ceiling.
