1. Insurance RB

2. Answer the questions based on the text (RB, p. 65) What kinds of information can you find in an insurance contract? What should you include into a claim that you file after suffering a loss? What will companies consider during the underwriting process? How do insurance companies increase their profits?

3. Explain these sentences taken from the text (RB, p. 65) Insurance is actually a type of risk management where the risk is shifted to the insurance company in exchange for payments or premiums. In order to protect themselves most insurance companies minimise their underwriten risks by reinsuring risks with larger insurers.

4. Participants in the insurance business 1. agent 2. broker 3. insurer 4. insured 5. underwriter 6. claims adjuster A. The person who is covered by insurance B. Investigates insurance claims and inspects damage to determine the company's liability. C. The person who estimates risks and calculates premiums. D. Sells insurance for a number of insurers E. The party who gives insurance cover F. Employed by one insurer to sell insurance

5. Listening http://www.youtube.com/watch?v=ID9aevs-els

6. Steps in taking out an insurance: 1. You decide to protect your property against an accident, loss or damage. 2. You find an insurance company and contact an agent or a broker. 3. You apply for an insurance. 4. The underwriting process (risk assessment) takes place. 5. The insurer is willing to provide cover. 6. The insurer quotes a premium. 7. The insured pays the first premium. 8. The insurer issues the policy (the contract).

7. Match the sentences: 1. “I have fire insurance and my house burnt down.” 2. “Please pay for my losses.” 3. “We have to see the damages that your house suffered to decide how much we can give you to rebuild it.” 4. “We are willing to give you €10.000.” 5. “Hurrah! The insurance company paid € 10.000 for my house that burnt down.” A. We will pay you a compensation of €10.000. B. We will assess your damages. C. The risk took place. D. The claim is settled. E. I would like to file a claim.

8. Match the sentences: 1. “I have fire insurance and my house burnt down.” 2. “Please pay for my losses.” 3. “We have to see the damages that your house suffered to decide how much we can give you to rebuild it.” 4. “We are willing to give you €10.000.” 5. “Hurrah! The insurance company paid € 10.000 for my house that burnt down.” A. The risk took place. B. I would like to file a claim. C. We will assess your damages. D. We will pay you a compensation of €10.000. E. The claim is settled.

9. Match up the terms with similar meaning insurance cover insurer insured risk management insurance pool underwriting compensation institutional investor pool of premiums insurance companies, pension funds, hedge funds risk assessment minimizing risk policyholder insurance company insurance policy claim

10. Match up the terms with similar meaning insurance cover insurer insured risk management insurance pool underwriting compensation institutional investor insurance policy insurance company policyholder minimizing risk pool of premiums risk assessment claim insurance companies, pension funds, hedge funds

11. HW MK, p. 87 Reading: match up the half- sentences.