INSURANCE, the insurer and the insured
1. INSURANCE, the insurer and the insured. Translate the text.
To insure means to buy insurance to protect yourself against something bad happening to you, your family or your possessions. The insurer is a person or company that provides insurance. The insured is the person or people who are insured. Insurance is a contract in writing between an insurance company and the insured, whereby the insurance company will pay the insured a stated sum of money on the happening of a stated event. {Frequently the word insurance and 'assurance' are used in the same way.} In return for a specified consideration, the insurer undertakes to pay the insured some specified amount in the event that the insured suffers loss through the occurrence of a contingent event covered by the insurance contract (insurance policy). By pooling the financial contributions of a large number of policyholders, the insurer is usually able to absorb losses incurred over any given period much more easily than would the uninsured individual. While the destruction of an automobile in a traffic accident imposes a heavy financial loss on an individual, for example, one such loss is of relatively small consequence to an insurer who is collecting sufficient premiums (insurance premium is the money that you pay regularly to an insurance company) on a large number of automobiles.
2. Agree or disagree with the following statements.
1) Insurance is a contract for reducing losses from accident incurred by an individual party through a distribution of the risk of such losses among a number of parties.
2) Insurance is an arrangement with a company in which you pay them money each year and they pay the costs if anything bad happens to you, such as an illness or an accident.
3) To insure means to sell insurance to protect yourself against something bad happening to you.
4) The insurer is a person who plays a confidence trick on you in order to get your money.
5) The insurer is someone who deceives people to gain money.
6) The insured is a victim of insurance fraud.
7) The insurer takes responsibility for paying the insured some specified amount when the insured incurs losses.
8) The insurer is able to make up losses much more easily than would the uninsured individual.
9) To incur means to put yourself in an unpleasant situation by your own actions.
3. Translate the following words and phrases from Russian into English.
Посредством чего; установленный; несчастный случай; в обмен; точно определять; брать на себя обязательства; в случае; охватывать; объединять в общий фонд; разрушение; налагать; относительно; последствие; достаточный; договор страхования; уменьшать; сторона в договоре; распределение; соглашение; случаться; злоупотребление доверием; обманывать; заработать; жертва; мошенничество при страховании; ответственность; терпеть убытки; возместить убытки; неприятная ситуация; страхование; страховщик; страхователь; страховать; издержки; компенсация; происшествие; навлечь на себя; непредвиденный; страховой полис; взнос; амортизировать; страховой взнос.
4. Complete the following statements.
1) _ means to buy insurance to protect yourself against something bad happening to you.
2) _ is a person or company that provides insurance.
3) _ is the person or people who are insured.
4) _ is a contract in writing between an insurance company and the insured.
5) _ will pay the insured a stated sum of money on the happening of a stated sum of money on the happening of a stated event.
6) The insurer undertakes to pay _ in return for _.
7) The insurer is able_ by pooling _.
8) _ is the money that you pay regularly to an insurance company.
5. Restore the word order in the following statements.
1) The objects to be insured must be numerous enough and homogeneous enough to estimate the normal frequency of common events.
2) The insured objects must not be subject to simultaneous destruction.
3) The possible loss must be beyond the control of the insured.
4) There must be some way to determine whether a loss has occurred and how great that loss is.
6. Translate the text. Make up your own questions to the text.
The Insurer and an insurable risk. Insurance relies heavily on the "law of large numbers". In large homogeneous groups of population it is possible to estimate the normal frequency of common events such as deaths and accidents. Losses can be predicted with reasonable accuracy, and this accuracy, and this accuracy increases as the size of the group expands. From a theoretical standpoint, it is possible to eliminate all pure risk if an infinitely large group is selected. From the standpoint of the insurer, an insurable risk must meet the following requirements:
1. The objects to be insured must be numerous enough and homogeneous enough to allow a reasonably close calculation of the probable frequency and severity of losses.
2. The insured objects must not be subject to simultaneous destruction. For example, if all the buildings insured by one insurer are in an area subject to flood, and a flood occurs, the loss to this insurer may be catastrophic.
3. The possible loss must be accidental in nature, and beyond the control of the insured. If the insured could cause the loss, the element of randomness and predictability would be destroyed.
4. There must be some way to determine whether a loss has occurred and how great that loss is.
This is why insurance contracts specify very definitely what events must take place, what constitutes loss, and how it is to be measured.
1) Is it possible to estimate the normal frequency of common events such as deaths and accidents in large homogeneous groups of population?
2) What can be predicted with reasonable accuracy?
3) What must be accidental in nature, and beyond the control of the insured?
7. Agree or disagree with the following statements.
1) The objects to be insured must be small in numbers and heterogeneous to estimate the probable frequency and severity of losses.
It’s false. The objects to be insured must be numerous enough and homogeneous enough to estimate the probable frequency and severity of losses.
2) The insured objects must be subject to simultaneous destruction.
It’s false. The insured objects must not be subject to simultaneous destruction.
3) The possible loss must be non-random in nature.
It’s false. The possible loss must be accidental in nature.
4) The possible loss must be within the control of the insured.
It’s false. The possible loss must be beyond the control of the insured.
5) If the insured could cause the loss, the element of randomness and predictability would be completely useless.
Yes, it is correct.
6) The insured must be morally, legally, or officially allowed to cause the loss.
It’s false. The insured must not be morally, legally, or officially allowed to cause the loss.
7) If the insured causes the loss, he has to repair a damage on his own account.
Yes, it is correct if the insured causes the loss on purpose.
8) Insurance contracts state in an exact and detailed way what events must pass, what forms loss, and how it is to be estimated.
Yes, it is correct.
8. Translate the following words and phrases from Russian into English.
Слои общества – groups of population; подверженный – be subject to; одновременный – simultaneous; разрушение – destruction; наводнение – flood; происходить – to take place; случайный – accidental; вне – beyond; вызывать - to cause; случайность – accident; предсказуемый – predictable; определять – to determine; оценить – to estimate; предсказывать – to predict; разумный – reasonable; расширяться – expand; исключить – to eliminate; бесконечно – infinitely; страхуемый риск – insurable risk; могущий быть предметом страхования – insurable; точка зрения – standpoint; требование – requirement; многочисленный – numerous; однородный – homogeneous; разумно – reasonably; частота – frequency; большие убытки – great loss; точно определять – to specify; определенно – definitely; составлять – to form; измерять – to measure.
9. Complete the following statements.
1) Insurance relies _
2) It is possible to estimate _
3) Losses can be _
4) Reasonable accuracy increases _.
5) It is possible to eliminate _
6) The objects to be insured must be _
7) The insured objects must not be _.
8) The possible loss must be _
9) The element of randomness and predictability would be _ if _
10) There must be some _
11) Insurance contracts specify very definitely _
10. Translate the dialogue.
Board Member: I notice that our cash and cash-in-banks has been building up above the amount required by law.
President: I`ve had the same thoughts. And right now there is a new offering of municipal bonds that can be bought at a price that will yield 3,5%.
B.M.: Are they general obligation bonds?
P.: Yes, they are. I prefer those to revenue bonds, don`t you?
B.M.: I do. Does this issue have an AA rating?
P.: Yes. And they can be had in five to ten-year maturities. They`re tax-exempt, you know.
B.M.: Do you think we might also buy some stocks to keep our portfolio well diversified?
P.: Well, we might. But stocks are much more speculative.
B.M.: Unless we stick to blue chip issue. They show less price fluctuation.
11. Answer the questions:
1) What problem is being considered by the President and the Board Member?
2) How can the bank invest its funds profitably at present?
3) Why does the President prefer to invest in general obligation bonds?
4) What does the President know about a new offering of municipal bonds?
5) Where else can they invest the bank`s funds?
6) What sort of stocks are they going to invest in and why?
12. Find proper definitions:
Terms |
Definitions |
Tax |
the pattern of investments held by a bank |
Yield |
a government or local government security |
Cash |
the actual return from a particular investment |
Bond |
a unit of ownership in a company |
Stock/share |
a stock thought to be of highest quality |
A rating |
money collected by a government for its support |
Portfolio |
the speed with which an investment can be redeemed for cash |
Liquidity |
coins and bills |
13. Choose the right answers:
1) "our portfolio" in this dialogue means:
a) a wallet,
b) a list of stocks and bonds belonging to the bank,
c) a list of bank`s fixed assets.
2) "a portfolio well diversified" is:
a) one yielding high interest,
b) entirely made up of blue chip stocks,
c) one made up of a variety of stocks and bonds.
3) "price fluctuation" is:
a) a price stability,
b) an increase in prices,
c) a changing back and forth in the price.
4) "speculative" means:
a) risky,
b) disequilibrating,
c) negotiable.
5) "yield 3,5%" means:
a) earn 3,5%,
b) treble the price,
c) rise by 3,5%.
6) "advances" here means:
a) approaches from one person to another,
b) improvements in a bank`s position,
c) loans and overdrafts for customers
14. Combine the words listed below into meaningful two or three word expressions:
bank |
fluctuation |
member |
bond |
general |
local authority |
blue-chip |
issue |
obligation |
liquid |
investment |
price |
15.Put the prepositions:
1) TS shares dropped.......10% this afternoon.
a) to b) by c) on d) with
TS shares dropped by 10% this afternoon.
2) The advantage......direct marketing is that it enables us to cut out the middleman.
a) on b) from c) for d) of
The advantage of direct marketing is that it enables us to cut out the middleman
3) The government spent less...... defense last year.
a) to b) on c) for d) at
The government spent less on defense last year.
4) The telephone lines can be so busy that people have to wait.... an hour to get through.
a) up to b) in on c) out for d) in at
The telephone lines can be so busy that people have to wait up to an hour to get through.
5) What effect could these new EC directives have....the company?
a) about b) over c) on d) to
What effect could these new EC directives have on the company?
16. Ask Liz questions about herself and her family.
1. You know that Liz plays tennis. You want to know how often. Ask her.
2. Perhaps Liz`s sister plays tennis too. You want to know. Ask Liz.
3. You know that Liz reads a newspaper every day. You want to know which one. Ask her
4. You know that Liz`s brother works. You want to know what he does. Ask Liz.
5. You know that Liz goes to the cinema a lot. You want to know how often. Ask her.
17. Put the verb in the correct form, present continuous or present simple.
1) Let`s go out. It (not/rain) now.
2) Julia is very good at languages. She (speak) four languages very well.
3) Hurry up! Everybody (wait) for you.
4) (you/listen) to the radio?' 'No, you can turn it off.'
5) (you/listen) to the radio every day?' 'No, just occasionally.'
6) The River Nile (flow) into the Mediterranean.
7) Look at the river. It (flow) very fast today - much faster than usual.
18. Make sentences from the words in brackets. Use the present perfect or past simple.
1) (it/not/rain/this week)
2) (the weather/be/cold/recently)
3) (it/cold/last week)
4) (I/not/read/a newspaper yesterday)
5) (I/not/read/a newspaper today)
6) (Ann/earn/a lot of money/ this year) year.
7) (she/not/earn/so much/last year)
19. Put the verb into the correct form, past perfect or past simple.
1) 'Was Tom at the party when you arrived?' No, he (go) home.'
2) I felt very tired when I got home, so I (go) straight to bed.
3) The house was very quiet when I got home. Everybody (go) to bed.
4) Sorry I`m late. The car (break) down on my way here.
5) We were driving along the road when we (see) a car which (break) down, so we (stop) to see if we could help.
20. Complete the sentences using can or (be) able to.
1) George has traveled a lot. He _ speak four languages.
2) I _ sleep very well recently.
3) Sandra _ drive but she hasn`t got a car.
4) I can`t understand Martin. I_ never _ understand him.
5) I used to _ stand on my head but I can`t do it now.
6) I can`t see you on Friday but I _ meet you on Saturday morning.
7) Ask Catherine about your problem. She might _ help you.
Контрольная предназначена для тех кто изучает страховое дело в вузах. Если вы хотите отлично выполнить эту или другие контрольные работы, то вам необходимо знать все грамматические темы.
