III. Language

Exercise 3. Find in the text and put down English equivalents to the following word combinations:

Одночасно з появою людства; натуральне господарство; методи передачі та розподілу ризиків; сума, що буде стягнена ; сплата рахунків; покрити будь-який ризик; страхування громадської відповідальності; витрати на медичні послуги; страховий захист; поглинути збитки; звернулися до уряду.

Exercise 4. Fill the blanks with the suitable words:

1. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the...

(insurance benefit, premium)

2. When we do have an accident, … is responsible for paying the bills related to the accident.

(insurer, insured, policyholder)

3. … provides you with insurance protection if you cause damage to someone’s health or property

(life insurance; disability insurance; property insurance)

4. The ... of an insurance company should be a major consideration when buying a policy.

(financial stability; income; history)

5. Business insurance is any kind of insurance that protects businesses against...

(competition, taxes, risks)

Exercise 5. Make up the possible word combinations out of the following and translate them:

Insurance money financial life property liability disability

economy instruments company rate agents coverage insurance stability crisis

Exercise 6. Match the definitions to the economic terms in the left column:

Insurance premium Disability Insurance policyholder insurance policy insurer Health Insurance insurance rate Liability Insurance Life Insurance Business insurance

a). a factor used to determine the premium; b). an insurance covering certain medical expenses and prescription medications; c). the cost of the insurance; d). an insurance providing benefit when the person who is insured dies; e). transfer of the risk of a loss, from one entity to another, in exchange for a premium; f). a company selling the insurance; g). the person or entity buying the insurance; h). any kind of insurance that protects businesses against risks; i). an insurance paying you income if you are unable to work; j). an insurance providing you with insurance protection if you cause damage to someone’s health or property; k). insurance contract

IV. Text understanding

Exercise 7. Find in the text and translate a passage describing:

1. the history of insurance

2. the definition of isurance

3. categories of insurance

4. insurance sector overcoming financial crisis.

Exercise 8. Agree or disagree with the statements:

1. The money economy is a more ancient form than natural economy.

2. The concept of insurance involves paying the insurance company to take on a certain risk.

3. We pay the premiums only if we have accidents.

4. An insurance company can offer multiple types of insurance.

5. The financial stability and strength of an insurance company is not a major consideration when buying a policy.

6. The financial crisis has shown that the insurance sector suffers great losses.

7. Property Insurance pays you a benefit if you cause damage to somebody`s property

8. Our insurer is responsible for paying the bills related to the accident.

Exercise 9. Answer the questions:

1. What two types of economies in human societies do we know? Characterize them.

2. What is insurance? Define the concept.

3. What risks can you cover buying insurance?

4. What types of insurance are there? Explain the essence of each.

5. What is insurance company?

6. How does insurance sector overcome financial crisis?