The midterm exam is scheduled for in class on Monday, October 18. The exam will be closed book. This page will include a set of topics and questions that will help you in preparing for the exam. You should also study the homework and quizes. <a href=" (Here is our review quiz from October 13

Exam topics and questions (in progress)

What is a DALY? a QALY? a YLL?
what conditions have the highest burden of disease as measured by DALY? by mortality?
What is a public good? an access good?
how do you calculate expected value in a lottery with two or three possible outcomes?
What is the law of large numbers and why is it useful in insurance?
What are the two concepts of pooling and why are they useful in insurance?
Can you give the essential characteristic of the following philosophies with regards to the provision of rights to people: utilitarianism, cosmopolitanism, capabilities approach, Rawlsianism, libertarianism?
What are natural, legal, positive, and negative rights?
Why is Otto van Bismark important in the history of insurance?
What four social risks were seen as the key problems social insurance was meant to help alleviate?
What form of publicly provided social insurance was adopted most quickly throughout the world?
When did US states first begin enacting state accident insurance programs?
How was what we now call behavioral economics or nudging important in accident insurance programs of the early 20th-century?
What characterized communist social insurance programs in comparison with those based on the German model?
Winston Churchill believed social welfare programs were a key ideology which motivated the allied efforts in WWII and were embodied by the Beveridge Plan in 1941.
Privatizing social insurance programs is associated with the University of Chicago Department of Economics, particularly Milton Friedman, and is part of neo-liberal economic ideology which grew in popularity in the 1970s and 1980s. That period was also known for the oil shocks, the Latin American debt crises, US stagflation, and decreases in social security benefits in the US.
When was the great depression? When was FDR’s Social Security Act passed?
What is a FICA? A FUTA? Who is responsible for them? How big is FICA today? What are FITA and FUCA used for?
What is a OASDI? A TANF? A SSI?
What are other key social security and social insurance programs in the US?
What was the retirement age set by OASDI in 1935? What is the normal retirement age set by OASDI starting in 2022?
Other than retired individuals, who else can receive direct benefits from OASDI?
How many workers are paying payroll taxes per OASDI beneficiary?
What is Means Testing? How could it be used to change social insurance programs?
Why is Social Security called a Ponzi Scheme?
What is the key change in the composition of SSI beneficiaries between its establishment and today?
What was the stabilization act of 1942 and why is it important for history of insurance?
When were Medicare and Medicaid created? Who was the president at that time?
What are the 4 most important pieces of the ACA for insurance coverage?
What were the main influences of the following figures on social insurance in the US: Julia Lothrop, FDR, LBJ, Ted Kennedy, Bill Clinton, Hillary Clinton, Obama, Trump?
What was the switch in time that saved nine?
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