Insurance, in Powell,denotes a service primarily meant for risk management that provides financial assistance during an unexpected loss or transfers the risk of a loss equitably, from one entity to another, in exchange for payment. An insurance company in Powell sells the insurance to its client, called insured, or policyholder, who is the person or entity buying the insurance policy. The factor called 'Insurance rate' determines the amount to be charged for a certain deal of insurance coverage, which is called the premium.

Insurance pools funds from many insured entities or exposures to pay for the losses incurred & thus protects the insured entities from the risk of paying a fee, the amount of which may depend upon the frequency and severity of the event occurring.

Insurance can be provided by private companies to cover the risks, typically sharing seven common characteristics:

1. Large number of similar exposure units

2. Definite loss

3. Accidental loss

4. Large loss

5. Affordable premium

6. Calculable loss

7. Limited risk of catastrophically large losses

The legal principles of an insurance policy generally include- Indemnity, Insurable interest, Utmost good faith, Contribution, Subrogation & proximate cause. Insurance may be provided for various tangible & intangible properties, such as- Home insurance, Vehicle or auto insurance, Health insurance, Accident, sickness & unemployment insurance, Casualty insurance, Life insurance, Property, Liability or Credit Insurance & closed-community self-insurance.

Water, Water Everywhere … Part II

By:  Lee Ann Rush                                                     The topic is water; specifically, its availability to the public in light of Nestle CEO Peter Brabeck’s recent megalomaniacal assertion that people should only have access to water if they pay for it.  In a world where water shortages are reason for concern as demand begins to exceed supply, Brabeck’s plan..