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КАТЕГОРИИ







Think of the main pillars that keep a shipping company afloat.





Evaluate the strategy worked out by Sinokor for the future.

Explain why the balance between owned and chartered tonnage is crucial.

Suggest, with reasons, why shipping companies sometimes buy vessels on the secondary market.

Using evidence from the text and your own knowledge say what influences freight rates.

6. Speak on the current situation in the world shipping.

Part 1

Unit 9

THE UNDAMENTALS

OF INSURANCE

 

 

UNIT 9

THE FUNDAMENTALS OF INSURANCE

 

SECTION 1 INSURANCE PROTECTION

LEAD-IN

Throughout human history, unexpected economic losses have occurred. Such losses would continue to occur whether or not a system of insurance had ever been devised. But through the operation of an insurance system, losses can be predicted before they occur. The predictability of losses in advance is basic to an insurance system's operations. Because an insurance system allows losses to be predicted in advance, it allows the cost of losses to be financed and redistributed in advance.

The first definition of insurance is the financial one. In this instance, insurance is a financial arrangement that redistributes the costs of unexpected losses. The insurance arrangement involves the transfer of many different exposures to loss to one insurance pool, which combines the numerous exposures.

An insurance system accomplishes the redistribution of the costs of losses by collecting a premium payment from every participant in the system. In exchange for the payment of the premium, the insured receives a promise from the insurance system to be compensated in the event of a loss. In most insurance systems only a small percentage of those insured suffer losses. Thus, an insurance system redistributes the costs of losses from the unfortunate few members who experience them to all the members of the insurance pool (including those who suffer losses) who have paid premiums.

An insurance system is able to operate because all the insureds are willing to substitute a relatively small certain outlay, the insurance premium, for a relatively large uncertain loss. It is generally assumed that most people find the possibility of suffering a large loss unpleasant to contemplate. Therefore, people are willing to pay an insurance premium to be relieved of the uncertainty about a loss, as well as to be compensated if the loss actually occurs. Thus, even if no loss occurs during a year, as will be the case for most insureds, value has still been received in the form of a reduced or eliminated unpleasant mental state, the anxiety about a loss.

When a person buys insurance he makes a contract, called a policy, with the insurance company – also known as the insurer. The contract promises that the company will pay you if you suffer loss of or damage to property, or sickness or personal injury.

There are various losses which people or businesses can insure against:

- theft – someone stealing their goods or possessions

- damage from fire or other natural disasters such as floods, earthquakes and hurricanes.

If property is stolen or damaged, the person or company who is insured makes a claim – requests compensation – from the insurer. The insurer will then indemnify or compensate them: that is, pay them an amount of money equivalent to the loss.

 

VOCABULARY

loss (es) - убыток (убытки)
predictability of losses - предсказуемость убытков
redistribute (losses) - перераспределять (убытки)
exposure to loss - риск возникновения убытка
insurance pool - страховой «пул», страховое сообщество, общий фонд страховщиков
premium - страховая премия
insured - страхователь, застрахованный
uncertain loss - неявный убыток
insurer - страховщик
policy - страховой полис
loss of ordamage to property - потеря или ущерб имущества
personal injury - травма
make a claim against smb. for smth. - предъявлять иск к кому-л. о чем-л.
indemnify compensate - возмещать убытки, компенсировать -

COMPREHENSION QUESTIONS:

1) What is insurance protection?

2) How can losses be predicted?

3) What is basic to an insurance system’s operation?

4) What does the insured receive in exchange for the payment of the premium?

5) Why are people willing to pay an insurance premium?

 

VOCABULARY PRACTICE

Through the operation of an insurance system, losses can be predicted before they occur.

The predictability of losses in advance is basic to an insurance system's operation.

Insurance is a financial arrangement that redistributes the costs of unexpected losses.

In exchange for the payment of the premium, the insured receives a promise from the insurance system to be compensated in the event of a loss.

People are willing to pay an insurance premium to be relieved of the uncertainty about a loss.

TEXT TO TRANSLATE:

78. Royal Insurance

(a leaflet offering insurance for a home and its contents)

At Royal Insurance we believe in offering careful householders both buildings and contents insurance at the best possible price. After all if you take steps to protect your home it's only right that we, as one of Britain's leading household insurance companies, should recognise such care by using the fairest, most accurate premium assessment system available today. Your quotation will be tailor made for you - taking into account where you live and size, type and age of your home.

For many householders the premium could be less than that charged by their present insurer.

Fast and fair settlement of claims.

At Royal Insurance our professional friendly staff will ensure not only that your claim is dealt with promptly but also without unnecessary argument. After all you want your claim settled without problems and delays.

Real peace of mind from one of the UK's largest insurance companies.

You can enjoy peace of mind knowing that your home and its contents are protected by a company who have been providing insurance expertise for over 150 years and whose customer service is second to none - something appreciated by over one million householders who have trusted Royal Insurance to look after their home.

Easy to understand and simple to buy.

At Royal insurance we ensure that you know exactly what your insurance covers you for. As for buying a policy from Royal Insurance, nothing could be more straightforward, you will almost certainly qualify if you can tick yes to the questions below. Then complete the coupon and post it to us FREEPOST (you don't need a stamp) or call us on FREECALL 0500 223344 and we will send you a free quotation by return of post.

New for old cover.

Many insurance companies will only pay you the original cost of the items for which you make a claim. With Royal Insurance, however, you enjoy peace of mind with new for old cover. This means that we'll replace items claimed for at today's prices, if they cannot be, economically repaired. No reductions will be made for wear and tear, except for clothing, household linen and pedal cycles.







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