Task 10 Match examples and appropriate principles of insurance they demonstrate.
| EXAMPLE | PRINCIPLE |
| 1. Mr. Smith’s house got burnt. He claimed that it was his neighbor’s fault. But in the cause of investigation they found out that it was Mr. Smith himself who accidentally forgot to extinguish a cigarette before he went to bed. | Uberrimaefidei |
| 2. The owner of a taxicab has insurable interest in the taxicab because he is getting income from it. But, if he sells it, he will not have an insurable interest left in that taxicab. | Causa Proxima |
| 3. Mr. Black insured his car for 1 million dollars. He hides his car and claims that it was stolen. The insurer finds it out but Mr. Black insists. He also accuses the insurance company of making profit in his case. | Contribution |
| 4. Mr. John insures his property worth $ 100,000 with two insurers "AIG Ltd." for $ 90,000 and "MetLife Ltd." for $ 60,000. John's actual property destroyed is worth $ 60,000, then Mr. John can claim the full loss of $ 60,000 either from AIG Ltd. or MetLife Ltd., or he can claim $ 36,000 from AIG Ltd. and $ 24,000 from Metlife Ltd. | Indemnity |
| 5. Mr. John insures his house for $ 1 million. The house is totally destroyed by the negligence of his neighbor Mr. Tom. The insurance company shall settle the claim of Mr. John for $ 1 million. At the same time, it can file a law suit against Mr. Tom for $ 1.2 million, the market value of the house. If insurance company wins the case and collects $ 1.2 million from Mr. Tom, then the insurance company will retain $ 1 million (which it has already paid to Mr. John) plus other expenses such as court fees. The balance amount, if any will be given to Mr. John, the insured. | Insurable Interest |
| 6. Mr. John's house is set on fire due to an electric short-circuit. In this tragic scenario, Mr. John must try his level best to stop fire by all possible means, like first calling nearest fire department office, asking neighbors for emergency fire extinguishers, etc. He must not remain inactive and watch his house burning hoping, "Why should I worry? I've insured my house." | Loss Minimization |
| 7. A cargo ship's base was punctured due to rats and so sea water entered and cargo was damaged. Here there are two causes for the damage of the cargo ship - (i) The cargo ship getting punctured because of rats, and (ii) The sea water entering ship through puncture. The risk of sea water is insured but the first cause is not. The nearest cause of damage is sea waterwhich is insured and therefore the insurer must pay the compensation. | Subrogation |
Task 11 Fill in the gaps with the expressions given in the box.
|
|
|
| credit obligations | car insurance | credit card |
| credit worthiness | insurance history | credit-wise |
| credit score | insurance scores | good risk |
Insurance Scores vs. Credit Scores
…. …. (1) are different from credit scores and it is important to understand the distinction. Your credit score is a number that represents your overall …. …. (2); predicting the likelihood of delinquency or non-payment of …. …. (3). It encompasses everything you have ever done …. …. (4) credit-wise, from your very first …. …. (5) to the bills that you pay. Whether you are buying a house, applying for a credit card or looking to purchase a car, your…. …. (6) will factor into these decisions.
Your insurance score, on the other hand, is based in part on your credit score, but also includes other factors pertaining to your… … (7). For example, with auto insurance, information about age, gender, income, the number of …. …. (8) claims you have made, Department of Motor Vehicles points, your timeliness with payments, etc. all factor into the equation that determines your score. Insurers use this score to determine whether you are a …. …. (9) to insure.
Task 12 Complete the text with prepositions:
| by on into of for with from upon to in behind |
Insurance has great benefit _1__ the insured who are freed _2__ a great deal __3_ worry. It also has a great effect _4__ the economy _5__ the country. Insurance releases the energies _6__ businessmen who would otherwise hesitate to go ahead _7__ risky projects _8__ removing uncertainty __9_ business life. The result is a higher level __10_ business activity and consequently a higher standard _11__ living and fuller employment. Even people who are not themselves insured benefit _12__ added opportunities given _13__ them.
Insurance companies help the whole nation to save _14__ collecting regular sums _15__ large numbers _16__ people. And savings means investment. It is important that, as a nation, we should invest _17__ new technologies as they are introduced. We have a tendency to lag _18___ our competitors _19__ this respect. We enjoy a higher standard _20__ living (a higher rate _21__ consumption) than we should do _22__ view _23__ our present difficulties. This is called living _24__ one’s capital. The millionaire’s son who comes __25_ fortune and fritters it away is living _26__ his capital. If, as a nation, we wish to have a higher standard _27__ living, we must invest __28__ new, more productive machinery and equipment that produces wealth more rapidly. Insurance companies help the whole nation to become more prosperous __29___ assisting us to save and investing the savings __30_ innovative technologies.
|
|
|
Дата добавления: 2019-09-13; просмотров: 218; Мы поможем в написании вашей работы! |
Мы поможем в написании ваших работ!