Question 4: Social Insurance 4.1 (1 point) What is the purpose of social insurance? How is it different from private insurance? How is it different from other government insurance programs such as flood insurance? 4.2 (2 points) What are the four main benefits of Social Security? Briefly describe each of them in your own words. 4.3 (2 points) Pick one benefit of Social Security and comment on how it can be/should be incorporated in your life planning (i.e., whether and how this benefit may impact your life). Try to be as specific as possible by considering your specific situation. Hint: You should start with a more detailed description of this benefit