A republic (from Latin: res publica) is a sovereign state or country which is organized with a form of government in which power resides in elected individuals representing the citizen body and government leaders exercise power according to the rule of law. In modern times, the definition of a republic is commonly limited to a government which excludes a monarch. Currently, 147 of the world's 206 sovereign states use the word "republic" as part of their official names; not all of these are republics in the sense of having elected governments, nor do all nations with elected governments use the word "republic" in their names.