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INSURANCE

Part 1

Insurance is a financial protection against an event which may happen.

Assurance is a financial protection against an event which must happen.

What does it mean?

People may insure their property against fire and theft and the members of their families against an accident and ill health.

Everybody has to die, that’s why death insurance is called assurance. Death is not usually an accident.

In the case of life (or death) assurance a sum of money will be paid to the next of kin of the assurance person when that assured person dies or after the premium payments have been paid for an agreed length of time, say 10 years or 25 years.

There is also a kind of assurance called “endowment” or “pure endowment” which is a kind of nest-egg saving and this money, plus the interest that has accrued, can be paid to the assured person after a period of time, say 20 years. This method of saving can be used, for instance, for when the person reaches 21 years of age or 65 years of age or other time when he feels that he will need a capital lump sum.

Insurance/assurance companies deal with about 60% insurance and 40% assurance.

Companies can calculate statistically the risk involved in any insurance or assurance contract. Generally if the risk is high then the premium that has to be paid will also be high. For example, some areas are more liable to have burglaries than others, so in these higher risk areas the premiums for insurance against burglary will be higher. Statistically young car users are more likely to have a driving accident so the premium the young person has to pay will be higher than that which an older person has to pay.

To provide the service to their customers and to make a profit, the companies invest their customers premiums (which they receive every day) in the best possible way and make very large profits for their shareholders.

When a person or company wishes to insure or assure they will fill in a proposal form, then, if the company is willing to accept the risk involved, they will pay a premium (weekly, monthly, quarterly or annually) and be issued with a policy. The policy sets down in full detail the conditions agreed between the parties involved.

Words:

assurance страхование

burglary кража со взломом

theft воровство, кража

premises помещение

kin родственники, семья

premium вознаграждение, страховая премия, взнос

endowment дар, пожертвование

endowment insurance тип страхования с выплатой страховой суммы лицам, указан-ным в полисе, или самому за-страхованному при дожитии до указанного срока

nest-egg saving сбережения на черный день

accrue нарастать, накапливаться

liable вероятный, подверженный

proposal form бланк заявления

2 Переведите предложения на русский язык, обращая внимание на разные значения слов that, one.

1. One must be cautious about the future of new projects.

2. One can purchase audio-visual equipment here.

3. This policy is a little more expensive than that one, but it is better.

4. That man is going to sell his car and then he’s going to buy a new one.

5. If the risk is high, the premium that has to be paid will also be high.

6. The policy was that of an elderly woman.

7. I want a car that’s reliable.

8. Some wines have «proprietary» names – that is, their names were created by the producers.

9. My one hope is that more people will enter into profession like insurance.