Insurance Reader pp 37-40

Want to take out an insurance policy? consider the risks you face contact an insurance agent / broker fill in a proposal form (proposer) underwriters working for the insurer  examine the proposal  assess the risk  calculate the premium receive a policy, become the insured suffered a loss?–complete & submit a claim form receive compensation (hopefully fair)

Pls complete: A risk shared is a risk _________ read: Reader p 37 underline important phrases, collocations match the terms with their definitions (p 38) Complete collocations: provide / take out / sell i____________ seek / take insurance c___________ in “utmost good f_________” calculate / quote a p____________ issue a p____________ complete / submit / settle a c_____________ loss a___________

Pls complete: A risk shared is a risk halved read: Reader p 37 underline important phrases, collocations match the terms with their definitions (p 38) Complete collocations: provide / take out / sell insurance seek / take insurance cover in “utmost good faith” calculate quote a premium issue a policy complete / submit / settle a claim loss adjusters

Say who: insurer or insured provide cover contribute to the insurance pool face risks claim compensations suffer losses calculate the premium take out a policy pay damages make claims to be covered to cover against risk complete a proposal form issue a policy receive a policy settle a claim issue a cover note issue renewal notices receive a proposal

insured insurer face risks complete a proposal form to be covered contribute to the insurance pool take out a policy receive a policy suffer losses claim compensations make claims receive a proposal provide cover to cover against risk assess risk calculate the premium issue a cover note issue a policy settle a claim pay damages issue a renewal notice

Where does your premium go? pool of premiums claims overheads investments industry government individuals profits

Describe the graph! As can be seen from the graph, thousands of people pay _____________ to insurance companies, which use the money to pay claims, ____________, fixed and variable costs. The rest of the pool of premiums can be ______________ in the form of lending to ___________, ___________, or _____________ in order to earn _____________. In this way insurance companies become large institutional investors that place great sums of money in various securities.

Describe the graph! As can be seen from the graph, thousands of people pay premiums to insurance companies, which use the money to pay claims, overheads, fixed and variable costs. The rest of the pool of premiums can be invested in the form of lending to industry, government, or individuals in order to earn profit. In this way insurance companies become large institutional investors that place great sums of money in various securities. COMPLETE: Insurance, Reader p 39

Lloyd’s tsunami exposure limited (R, p40) Explain the headline in simple terms! Explain the following: - unscathed- property claims - limited/minimal exposure- reinsurers - penetration of insurance - insured losses - insurance spent per head - exclusions for “acts of God” - the worst on record - softening of premium rates

Pair the halves of sentences: 1. It is important to keep the value of your policy 2. Make sure you get insured 3. When you say what you want your insurance to cover, 4. If an accident does happen, 5. If the company agrees to your claim, a) you make a claim to the insurance company. b) against accidents. c) you receive compensation. d) then the broker will tell you which policy you could take out. e) closely linked to the value of your property.

Revision: complete or fill in the missing prepositions face risk / face a risk ____ fire insure ______ risk insure _______ burglary / theft / injury to be covered _______ loss two parties ____ an insurance contract ______ a loss ______ compensation receive money ____ premiums pay money out ___ claims

Revision – fill in the missing prepositions face risk / face a risk of fire insure against risk insure against burglary / theft / injury to be covered against loss two parties to an insurance contract suffer a loss claim compensation receive money in premiums pay money out in claims

Topics covered by the 1st Progress Test Meetings (R) Report writing (R) Trade (retail, wholesale) (R) International trade & protectionism(MKU27,R) Market structure and competition (MK U 18) Banking (MK U 14, R) Central banking and taxation (MK U 23, R) Insurance (R)

Types of exercises you can expect: Read the definition/explanation and provide the right term Supply the missing word to make strong word partnerships, use the expressions to to answer to a question Find the odd one out & explain your answer Fill in the missing prepositions Compare X and Y Downtoning Translate (key terms) into Croatian