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Gale Encyclopedia of American Law Volume 5 P47 fully illuminates today's leading cases, major statutes, legal terms and concepts, notable persons involved with the law, important documents and more. Legal issues are fully discussed in easy-to-understand language, including such high-profile topics as the Americans with Disabilities Act, capital punishment, domestic violence, gay and lesbian rights, physician-assisted suicide and thousands more. | 448 INSURANCE The business of insurance is sustained by a complex system of risk analysis. Generally this analysis involves anticipating the likelihood of a particular loss and charging enough in premiums to guarantee that insured losses can be paid. Insurance companies collect the premiums for a certain type of insurance policy and use them to pay the few individuals who suffer losses that are insured by that type of policy. Most insurance is provided by private corporations but some is provided by the government. For example the federal deposit insurance corporation FDIC was established by Congress to insure bank deposits. The federal government provides life insurance to military service personnel. Congress and the states jointly fund medicaid and medicare which are health insurance programs for persons who are disabled or elderly. Most states offer health insurance to qualified persons who are indigent. The 2008 presidential candidacy of barack obama focused largely on a platform of promised health care reform centered on the insurance industry. in 2009 the Obama administration and Congress struggled with internal power plays along party lines to include a public option government-provided insurance to qualifying persons in any health care reform package that would ostensibly enhance competition among private insurance companies. Government-issued insurance is regulated like private insurance but the two are very different. Most recipients of government insurance do not have to pay premiums but they also do not receive the same level of coverage available under private insurance policies. Government-issued insurance is granted by the legislature not bargained for with a private insurance company and it can be taken away by an act of the legislature. However if a legislature issues insurance it cannot refuse it to a person who qualifies for it. History The first examples of insurance related to marine activities. in many ancient societies merchants and traders .
