Vocabulary focus

Ex. 1. Choose from the words in the box to complete the sentences.

average, marine, rates, floating, policy, risks, brokers, open, particular, special

1. The details of an agreement with an insurance company shown in a written insurance …… .

2. Insurance agreements are made through ……. .

3. Professionals, like those in 2, are usually able to obtain the best insurance ……. .

4. An all …… policy specifies the hazards that are covered by that policy.

5. A loss by one shipper, but which is shared by all the shippers with cargoes on the same carrying vessel, is the general …… .

6. A partial loss of a consignment, which may not affect other consignments on the same carrying vessel, is a …… average.

7. A policy with a …… risks clause covers the goods against theft, short delivery, breakage and leakage, other forms of damage and so on.

8. Regular shippers may often take out a …… insurance policy, which gives automatic cover for a fixed value of shipments, depending on the previous year’s values, if the insurance company is told when each shipment is made.

9. A flexible type of insurance, for twelve months and at agreed rates, is …… cover.

10. Ships’ cargoes are covered by …… policies.

Ex. 2. Find out (use a dictionary) which definition of the right matches which word on the left.

premium underwriter insurance company broker claim compensation small print policy/insurance certificate proposal form cover

A person who advises on insurance A document which proves you are insured Payment for insurance Insurance protection A form you will fill in when you apply for insurance An insurer at Lloyd’s of London A limited liability company The conditions and clauses in a document of insurance, usually in small writing You are paid … … when insured property is damaged A request for payment when insured property is damaged

Ex. 3. Decide which word goes in which gap in the passage below.

Mr Bean wanted to insure his shop. He wanted 1______ against fire and theft. He filled in the 2______ and sent it to his 3______ who arranged the insurance with an 4______. Mr Bean had to pay quite a high 5_______ each year, but it was worth it because a lot of goods were stolen. Mr Bean put in a 6______ for 7______. Unfortunately, the 8______ refused to pay him the full amount. Mr Bean had not read the 9______ in his 10______ properly.

COMPREHENSION

Ex. 1. Answer the questions.

1. What is the difference between term insurance and whole life insurance?

2. Why does cancellation of the policy during the first years involve a substantial financial loss?

3. Why does it seem backward that the buildup of cash value in the earliest years is the lowest?

4. Why may a whole life policy be considered a good investment?

5. What is the essence of whole life insurance?

Ex. 2. Make a plan of the text and then retell the text according to your plan.

Ex. 3. Compare the two types of insurance in Text 2 and Text 3 and specify the differences between them. Speak about their advantages and disadvantages for people of different ages and professions.

T e x t 4