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VOCABULARY FOCUS. Ex. 1. In the text find the words having the meanings as follows.
Ex. 1. In the text find the words having the meanings as follows.
1. A professional person trained in the law and authorized to advise clients on legal business and represent them in courts of law.
2. The party or parties, usually an insurance company who take upon themselves the risk of paying for losses in accordance with the conditions of an insurance contract.
3. A price demanded or paid to obtain the release of a person held as a prisoner, or of a valuable object that has been stolen.
4. That part of a trade cycle that is marked by a large fall in output, high unemployment and low prices.
5. The amount which is paid for a stock or share over and above its nominal or face value; a sum of money paid on a lease in advance of signature and over and above the rent.
6. Rivalry between business concerns in the same market.
7. A person who introduces insurance business to an insurance company in return for a commission.
8. An insurance contract which has not been renewed and is no longer effective.
9. An association of producers who agree to share between them the output needed to meet the market demand at a certain fixed price.
10. Any insurance that covers a group of different kinds of risk, such as fire, theft, storm, etc.
Words for reference: ransom, competition, depression, pool, insurer, lapse, premium, insurance agent, lawyer, blanket insurance.
Ex. 2. Supply the sentences with the missing words from the box.
1. Advanced technology has directly … to the excessive growth of cities.
2. This measure would … the government £185 million.
3. He pulled hard, but without any noticeable … .
4. We must find out if there is any … covering the mortgage.
5. He allowed his membership of the union … .
6. Investors were even more willing to pay a … for companies that offered such a potential for growth.
7. I want … a mortgage.
8. They would never surrender this territory, on any … whatever.
9. We have personnel and facilities for any … .
10. There are limitations to the contractors … .
Ex. 3. Match the verb with the appropriate preposition. Make sentences about insurance using these verbs.
Ex. 4. Find the words/expressions in the text to complete the following phrases.
1. to contribute to …
2. to take care of …
3. property of value to the insurer can constitute …
4. the policy is …
5. insurance is … which business purchases
6. … the amount of money paid to keep the policy in force
7. insurance companies sell …
8. businesses save money by purchasing …
9. … insurance is important
10. business owners need help in …
Ex. 5. The verb to insure has many derivates. Look through the following extract and complete it using one of them.
a) An … risk – one that an … company will cover – generally meets the following requirements:
b) The peril … against must not be under the control of the … . This means that … do not pay for losses that are intentionally caused by the …, caused at the … direction, or caused with the … collusion. For example, a fire-… policy excludes loss caused by an employee’s arson.
c) Losses must be calculable, and the cost of … must be economically feasible. To operate profitable, … companies must have data on the frequency and severity of losses caused by a given peril. If this information covers a long period of time and is based on a large number of cases, … companies can usually predict accurately how many losses will occur in the future. For example, the number of people who will die each year in the United States has been calculated with great precision, and … companies use this information to set policyholders’ life-… premiums.
Ex. 6.Make up your own text using the following words and word combinations.
Ransom, insurer,premium, insurable risks, the financial loss, insurance terms, an insurable interest, to prove a loss, an insurance broker, to cover emergencies, an insurance policy.
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