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United States Air Force

The United States Air Force (USAF) is the lead aerial warfare and space warfare service branch of the United States armed forces and one of the American uniformed services. Initially part of the United States Army, the USAF was formed as a separate branch of the military on September 18, 1947 under the National Security Act of 1947. It is the most recent branch of the U.S. military to be formed. In its 2010 Posture Statement, the USAF articulates its core functions as Nuclear Deterrence Operations, Special Operations, Air Superiority, Global Integrated ISR, Space Superiority, Command and Control, Cyberspace Superiority, Personnel Recovery, Global Precision Attack, Building Partnerships, Rapid Global Mobility and Agile Combat Support.

As of 2009[update] the USAF operates 5,573 manned aircraft in service (3,990 USAF; 1,213 Air National Guard; and 370 Air Force Reserve); approximately 180 unmanned combat air vehicles, 2,130 air-launched cruise missiles and 450 intercontinental ballistic missiles. The USAF has 330,159 personnel on active duty, 68,872 in the Selected and Individual Ready Reserves, and 94,753 in the Air National Guard as of September 2008. In addition, the USAF employs 151,360 civilian personnel and has 57,000 auxiliary members in the Civil Air Patrol.

The Department of the Air Force is headed by the civilian Secretary of the Air Force who oversees all administrative and policy affairs. The Department of the Air Force is a division of the Department of Defense, headed by the Secretary of Defense. The highest ranking military officer in the Department of the Air Force is the Chief of Staff of the Air Force

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Insurance

In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance policy. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a large, possibly devastating loss. The insured receives a contract called the insurance policy which details the conditions and circumstances under which the insured will be compensated.

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