The Mirage of Private Unemployment Insurance

Nicholas Barr

in The Welfare State as Piggy Bank

Published in print May 2001 | ISBN: 9780199246595
Published online November 2003 | e-ISBN: 9780191595936 | DOI:
 The Mirage of Private Unemployment Insurance

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Chapter 3 discusses unemployment insurance. Actuarial insurance faces a series of problems including adverse selection and – particularly – moral hazard. It is, therefore, not surprising that private insurance connected with unemployment – for example mortgage protection policies – is offered on only the most restrictive of conditions, and that no private policies offer cover remotely comparable to that of state schemes. The state, in contrast, can offer social insurance.

Keywords: actuarial insurance; adverse selection; moral hazard; social insurance; unemployment insurance

Chapter.  6892 words.  Illustrated.

Subjects: Public Economics

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