insurance is like marriage. you pay, pay, pay, and you never get anything back
TRANSCRIPT
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• Insurance is like marriage. You pay, pay, pay, and you never get anything back.
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• Insurance is like marriage. You pay, pay, pay, and you never get anything back.
• Al Bundy
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• The chief beneficiary of life insurance policies for young, single people is the life insurance agent.Wes Smith
• Fun is like life insurance; the older you get,
the more it costs.Kin Hubbard (American Humorist and Writer,1868-1930)
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How Insurance WorksWhat is insurance?
Why do people and businesses purchase insurance cover?
What does a person or a business have to do if they want to purchase insurance?
Do you know how the insurance business works?
RB, p 65II Read the text and find the answers.III Find the words which match...IV Match the verbs with the appropriate nouns...V Read the gapped text and suggest ...
http://www.youtube.com/watch?v=ID9aevs-els
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Check:
V Read the gapped thext...
1) premium 2) cover 3) risk4) spreading 5) claims6) reinsurance 7) purchase8) reduce
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WHAT DO THEY DO?
• UNDERWRITER
• BROKER
• INSURER
• POLICY HOLDER / INSURED
• LOSS ADJUSTER
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WHO IS IT?
UNDERWRITER, BROKER, INSURER,
POLICY HOLDER/ INSURED, LOSS ADJUSTER
The party to an insurance arrangement who
undertakes to indemnify for losses.
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WHO IS IT?
UNDERWRITER, BROKER, INSURER,
POLICY HOLDER/ INSURED, LOSS ADJUSTER
The party to an insurance arrangement who
undertakes to indemnify for losses.
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WHO IS IT?
UNDERWRITER, BROKER, INSURER,
POLICY HOLDER/ INSURED, LOSS ADJUSTER
• A person or organization that has an
insurance policy. S/he receives the specific
types of coverage (life, health, etc.) stated in
the policy, subject to the payment of
premiums, usually on a monthly basis.
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WHO IS IT?
UNDERWRITER, BROKER, INSURER,
POLICY HOLDER/ INSURED, LOSS ADJUSTER
• A person or organization that has an
insurance policy. S/he receives the specific
types of coverage (life, health, etc.) stated in
the policy, subject to the payment of
premiums, usually on a monthly basis.
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WHO IS IT?
UNDERWRITER, BROKER, INSURER,
POLICY HOLDER/ INSURED, LOSS ADJUSTER
• The person charged with evaluating an
insurance claim to determine the
insurance company's liability under the
terms of an owner's policy.
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WHO IS IT?
UNDERWRITER, BROKER, INSURER,
POLICY HOLDER/ INSURED, LOSS ADJUSTER
• The person charged with evaluating an
insurance claim to determine the
insurance company's liability under the
terms of an owner's policy.
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WHO IS IT?UNDERWRITER, BROKER, INSURER,
POLICY HOLDER/ INSURED, LOSS ADJUSTER
• The person who evaluates the risk and
exposures of potential clients. S/he decides
how much coverage the client should receive,
how much they should pay for it, or whether
even to accept the risk and insure them.
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WHO IS IT?UNDERWRITER, BROKER, INSURER,
POLICY HOLDER/ INSURED, LOSS ADJUSTER
• The person who evaluates the risk and
exposures of potential clients. S/he decides
how much coverage the client should receive,
how much they should pay for it, or whether
even to accept the risk and insure them.
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WHO IS IT?
UNDERWRITER, BROKER, INSURER,
POLICY HOLDER/ INSURED, LOSS ADJUSTER
The person who works with many insurance
companies to find the very best available
policies for his or her clients.
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WHO IS IT?
UNDERWRITER, BROKER, INSURER,
POLICY HOLDER/ INSURED, LOSS ADJUSTER
The person who works with many insurance
companies to find the very best available
policies for his or her clients.
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VII Put the following steps in the chronological order: HOW TO TAKE OUT INSURANCE
VIII Fill in the missing words.
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Avoiding the financial consequences of fire, theft, earthquake... Put in the right order:
PAIRWORK:
M contact an insurance agent or broker
G file/submit a claim if you suffer a loss
D consider the risks you face
A decide to insure against an accident/ theft or damage (or: seek insurance cover)
S receive compensation / indemnity
A contract an insurance policy and pay a premium for the insurance cover
E the insurance company settles a claim
Write the letters in the right order...
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D consider the risks you faceA decide to insure against an accident/ theft or
damage (or: seek insurance cover)M contact an insurance agent or brokerA contract an insurance policy and pay a premium for
the insurance coverG file/submit a claim if you suffer a lossE the insurance company settles a claimS receive compensation / indemnityDAMAGES or compensation or indemnity
Avoiding the financial consequences of fire, theft, earthquake... Put in the right order:
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D consider the risks you faceA decide to insure against an accident/ theft or
damage (or: seek insurance cover)M contact an insurance agent or brokerA contract an insurance policy and pay a premium for
the insurance coverG file/submit a claim if you suffer a lossE the insurance company settles a claimS receive compensation / indemnityDAMAGES or compensation or indemnityCAREFUL!!! Harm or injury to property or a person. = damageMoney paid as compensation for injury or loss. = damages
Avoiding the financial consequences of fire, theft, earthquake... Put in the right order:
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Damage or damages?
The houses sustained heavy ________ during the war.
He was ordered to pay ________ by the end of the week.
They intend to sue for ________.
The disease is known to cause permanent brain ______.
Please leave before you do any more ________.
Ann was awarded £ 6,000 (in) _________.
damage
damages
damage
damages
damage
damages
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Pairwork: Practice describing how insurance works from the perspective of the insured.
D consider the risks you faceA decide to insure against an accident/ theft or
damage (or: seek insurance cover)M contact an insurance agent or brokerA contract an insurance policy and pay a premium for
the insurance coverG file/submit a claim if you suffer a lossE the insurance company settles a claimS receive compensation / indemnityDAMAGES or compensation or indemnity
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Where does your premium go?
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Where does your premium go?
pool ofpremiums
claims
overheads
investments industry
government
individuals
profits
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Describe the diagram!Please, copy the text and fill the gaps.• As can be seen from the graph, thousands of
people pay _________ to insurance companies, which use the money to pay ______ and __________ . The rest of the _____of premiums can be ________ in the form of lending to _______ , ___________, or _________ in order to earn _____ . In this way insurance companies become large institutional investors that place great sums of money in various securities.
premiumsclaims
overheadsinvested
industry government individualsprofit
pool
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PAIRWORK:Practice describing the diagram.
pool ofpremiums
claims
overheads
investments industry
government
individuals
profits
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HW: • RB, p 67 (Task VII, VIII)• RB, p 68 Read: Lloyd’s tsunami exposure limitedPrepare to explain the heading and following expressions
(from the text) in simple terms: - unscathed - property claims- limited/minimal exposure - reinsurers- penetration of insurance - insured losses- insurance spent per head- exclusions for “acts of God”- the worst on record in terms of...- softening of premium ratesHow do disasters affect a) insurers and b) the insured?
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HW: fill in the missing prepositions (To be found in Task XI, p 68)
• face risk / face a risk ____ fire• insure ______ risk / burglary / theft / injury• to be covered _______ loss• two parties ____ an insurance contract• receive money ____ premiums• pay money ____ compensation• penetration ___ insurance• worst year ___ record• big number ___ insurance terms• compared ____ $ 2000 ___ head• exclusions ____ “acts ___ God”• an analyst ___ Numis Securities / PBZ / CNB