Insurance is concerned with the economic problems created by pure risks. Speculative risks are not insurable. Both speculative risk and pure risk involve the possibility of loss. However, speculative risk also involves the possibility of gain as well - even if there is no loss.
1.Form a more Perfect Union. 2.Establish Justice. 3.Insure Domestic Tranquility. 4.Provide for the Common Defense. 5.Promote the General Welfare. 6.Secure the blessings of Liberty.
Even when the United States is often cataloged as a democracy, it is more accurate to define it as a federal constitutional republic. In other words, the government of this country is based on a Constitution that is the supreme law of the nation. The Constitution not only provides the framework that defines what the structure of the federal and state governments should be, but also imposes significant limits on their powers. Because it is a republic, in the American system the maximum power resides in the people. That power is exercised through regularly scheduled elections in which voters elect the President, members of Congress and various state and local officials. These officials and their staff formulate policies, create laws and direct the daily operations of the government.
The form of government of the United Kingdom is the parliamentary monarchy, a democratic system in which the king plays the role of Head of State, but does not really possess great administrative power. The executive branch is in the hands of the government and the legislative branch is in parliament. The United Kingdom does not have a written constitution, as in most democratic countries. This means that its constitutional model is not based on a single document, but on a set of them that are being approved and / or modified: ordinary laws, judicial sentences, treaties, etc. For practical purposes, this implies that its constitution can be modified more easily, avoiding long procedures, as in countries such as Spain. The organs of power in the United Kingdom are divided into three levels, each with different functions: The Monarchy, The Government and Parliament.
