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Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.
The United States of America has separate federal, state, and local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2020, taxes collected by federal, state, and local governments amounted to 25.5% of GDP, below the OECD average of 33.5% of GDP.
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science which covers rigorous mathematical calculations in areas of life expectancy and life insurance. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms.
Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuities, bonus payments or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, disability insurance. Employment is typically governed by employment laws, organisation or legal contracts.
Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses.
AARP, formerly the American Association of Retired Persons, is an interest group in the United States focusing on issues affecting those over the age of fifty. The organization, which is headquartered in Washington, D.C., said it had more than 38 million members as of 2018. The magazine and bulletin it sends to its members are the two largest-circulation publications in the United States.
The National Center for Policy Analysis (NCPA) was a non-profit American think tank whose goals were to develop and promote private alternatives to government regulation and control. Topics it addressed include reforms in health care, taxes, Social Security, welfare, education, and environmental regulation.
A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), HSA funds roll over and accumulate year to year if they are not spent. HSAs are owned by the individual, which differentiates them from company-owned Health Reimbursement Arrangements (HRA) that are an alternate tax-deductible source of funds paired with either high-deductible health plans or standard health plans.
John Raymond Garamendi is an American businessman, politician, and member of the Democratic Party who has represented areas of Northern California between San Francisco and Sacramento, including the cities of Fairfield and Vacaville, in the United States House of Representatives since 2009. Garamendi was the California insurance commissioner from 1991 to 1995 and 2003 to 2007, the U.S. Deputy Secretary of the Interior from 1995 to 1998, and the 46th lieutenant governor of California from 2007 until his election to Congress in late 2009.
The Aerospace Industries Association (AIA) -- originally the Aeronautical Chamber of Commerce (1922-1945), then Aviation Industries Association (1945-1960) -- is an American trade association representing manufacturers and suppliers of civil, military, and business aircraft, helicopters, UAVs, space systems, aircraft engines, missiles, material, and related components, equipment, services, and information technology in the United States. It also co-sponsors, with the National Association of Rocketry, the America Rocketry Challenge (TARC), an annual competition for high school students. Member companies also give awards and scholarships to top placing teams at the TARC national finals each year, and it is funded through sponsoring companies. AIA also develops the manufacturing standards called National Aerospace Standards, which are available to aerospace manufacturers that conform to United States Military Standard's for equipment manufacturing and provide standards for other various components.
The United States federal government and most state governments impose an income tax. They are determined by applying a tax rate, which may increase as income increases, to taxable income, which is the total income less allowable deductions. Income is broadly defined. Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnerships are not taxed, but their partners are taxed on their shares of partnership income. Residents and citizens are taxed on worldwide income, while nonresidents are taxed only on income within the jurisdiction. Several types of credits reduce tax, and some types of credits may exceed tax before credits. Most business expenses are deductible. Individuals may deduct certain personal expenses, including home mortgage interest, state taxes, contributions to charity, and some other items. Some deductions are subject to limits, and an Alternative Minimum Tax (AMT) applies at the federal and some state levels.
The United States Internal Revenue Service (IRS) uses forms for taxpayers and tax-exempt organizations to report financial information, such as to report income, calculate taxes to be paid to the federal government, and disclose other information as required by the Internal Revenue Code (IRC). There are over 800 various forms and schedules. Other tax forms in the United States are filed with state and local governments.
The California Department of Insurance (CDI), established in 1868, is the agency charged with overseeing insurance regulations, enforcing statutes mandating consumer protections, educating consumers, and fostering the stability of insurance markets in California. The CDI has authority over how the insurance industry conducts business within California, and licenses and regulates the rates and practices of insurance companies, agents, and brokers in the state.
In the United States, health insurance helps pay for medical expenses through privately purchased insurance, social insurance, or a social welfare program funded by the government. Synonyms for this usage include "health coverage", "health care coverage", and "health benefits". In a more technical sense, the term "health insurance" is used to describe any form of insurance providing protection against the costs of medical services. This usage includes both private insurance programs and social insurance programs such as Medicare, which pools resources and spreads the financial risk associated with major medical expenses across the entire population to protect everyone, as well as social welfare programs like Medicaid and the Children's Health Insurance Program, which both provide assistance to people who cannot afford health coverage.
ACA International is a trade group located in the United States representing debt collection agencies, creditors, debt buyers, collection attorneys, and debt collection industry service providers. Founded in 1939 as the American Collectors Association, the organization changed its name to ACA International in 2001; it is based in Minneapolis, Minnesota and Washington, D.C. ACA International members are located throughout the U.S. and more than 60 countries, representing more than 230,000 industry employees.
Insurance in the United States refers to the market for risk in the United States, the world's largest insurance market by premium volume. According to Swiss Re, of the $6.782 trillion of global direct premiums written worldwide in 2022, $2.959 trillion (43.6%) were written in the United States.
The American Payroll Association (APA) is a professional association for individuals responsible for processing company payrolls. The Association conducts payroll training courses and seminars on a yearly basis and publishes a library of payroll resource texts and newsletters. APA has approximately 21,000 members, 121 APA-affiliated local chapters, and registered lobbyists based in Washington, D.C.
An Employee Stock Ownership Plan (ESOP) in the United States is a defined contribution plan, a form of retirement plan as defined by 4975(e)(7)of IRS codes, which became a qualified retirement plan in 1974. It is one of the methods of employee participation in corporate ownership.
Associated Equipment Distributors (AED) is an international trade association representing over 800 industrial equipment companies that rent and sell equipment used in construction, mining, energy, agriculture and other industrial applications. The association runs congressional lobbying, education, research, networking and public relations programs. AED was founded in 1919 and is headquartered in Schaumburg, Illinois. The chairman of the association is Diane Benck of Naperville, Illinois.
Workers' compensation in the United States is a primarily state-based system of workers' compensation.
References
- ↑ "Home Page - aiadc.org". aiadc.org. Archived from the original on August 21, 2023.
- ↑ "150 Years of Impact". AIA. Archived from the original on September 17, 2016. Retrieved August 18, 2016.
- ↑ "eo_dc_xls". www.irs.gov. Archived from the original on November 22, 2022.
- ↑ "American Insurance Association in Washington, District of Columbia (DC)". faqs.org. Archived from the original on June 5, 2011.
- ↑ "Contact AIA". AIA. Archived from the original on August 21, 2016. Retrieved August 18, 2016.
- ↑ "American Insurance Association". aiadc.org. Archived from the original on 2011-12-12. Retrieved 2012-01-05.
- ↑ "American Ins. Assn. v. Garamendi - 539 U.S. 396 (2003)". Justia. Archived from the original on May 4, 2022. Retrieved 29 December 2013.