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As insurance has developed,the various types of cover have been grouped into several classes which have come about by practice within the insurance company offices.Insurance offices are generally split up into departments or sections,each of which will deal with types of risk which have an affiliation with each other.There is a very wide variety in the way in which companies organize their business,but the following divisions are very common.
Ordinary life insurance includes many kinds of assurances.Here are some of them in the following.
In United Kingdom of Great Britain,term life assurance is the oldest form of insurance and provides for payment of the sum insured on death. 14 If the life insured dies,the face amount of the policy money will be given to the beneficiary.If the life insured survives to the end of the term,then the cover ceases and no money is payable.Depending on the age of the life insured,this is a very cheap form of cover and would be suitable in the case of a young married man with medium income to low income who wants to provide a reasonable sum for his wife in the event of death.Such policies can be issued for a period as short as one year or can provide protection up to five,ten,fifteen,or twenty years.
The intention of the basic policy is to provide compensation in the event of an accident causing death or injury.Capital sums are paid in the event of death or certain specified injuries,such as the loss of limbs or sight. 15 The policy is usually extended to include a weekly benefit for up to 104 weeks,or compensation if the insured is temporarily totally disabled due to an accident and reduced weekly be-nefit if he is only partly disabled from carrying out his normal duties.
In addition to the purchase of personal accident insurance by individuals,it is also possible for companies to arrange cover on behalf of their employees.These arrangements made by employers on behalf of the employees are also called employer's liability and many organizations arrange group life insurance for their employees.
Employers sometimes arrange special terms for life assurance for their employees,with the sum insured being payable in the event of death of an employee during his term of the scheme is open to all employees working on the beginning date,or the anniversary date in future years.
In a broad sense,property insurance refers to property loss insurance,liability insurance,credit insurance,bond insurance and agriculture insurance.In a narrow sense,property insurance refers to property loss insurance including ordinary property insurance,cargo transit insurance,construction insurance,etc.Some of them will be discussed in the following.
Motor vehicle insurance is a kind of popular insurance,for there are so many motor vehicles in each city.And it is also the major source of premium income for each insurance company in the insurance market.The minimum requirement by law is to provide insurance in respect of legal liability to pay damages arising out of injury caused to any person.Motor vehicle insurance policies can cover the third party liability,and fire risk as well as theft risk. 16 The comprehensive policies provide cover as above and in addition including cover for accidental loss of,or damage to,the vehicle itself.This is most common form of insurance policy in the European countries.
Traditionally marine policies include three areas of risk:the hull,cargo and freight. 17 While hull and cargo are easy for all of you to understand,the word“freight”may not be quite clear to some of the students.Well,freight is the sum paid for transporting goods,or the hire of a ship.When goods are lost by marine perils,then freight,or part of it,is also lost.Therefore the freight also needs insurance protection.Freight can be classified into two kinds.One is the prepaid freight.The other is the freight paid on delivery or on arrival.Other kind of freight is partial prepaid freight and partial freight paid on delivery.
The risks against which these items are normally insured are collectively termed“perils of the sea”.The perils of the sea can be classified into two kinds.One is the natural disasters or natural calamities.The other is the accident event. 18 Natural calamities include atrocious weather,lightning,tsunami,earthquake or volcanic eruption,flood and disaster beyond manpower.Accident events include grounding,stranded,sunk,fire,violent pilferage,jettison,collision,missing,overturn and the careless,negligent and malicious act by captain or crew.In China,Marine cargo insurance can be divided into three kinds.They are basic,additional and special risks.The basic risks include Free from Particular Average,With Particular Average and All risks.Additional risks include General Additional Risks,Special Additional Risks and Specific Additional Risks.
There is a whole number of different ways in which property can be damaged.One need only think of a small factory unit to imagine all that can be damaged and all the ways in which damage can be sustained.Companies,hospitals,enterprises,schools and individuals need this kind of insurance.Fire and theft probably come to mind first,and then there are very many different forms of accident damage,such as glass,electronic equipment,furniture and so on.In China,property insurance can be divided into two kinds. One is the household property insurance.The other is the enterprises'property insurance.The household property insurance covers the bedclothes and dresses,furniture,house decoration,electric appliances,etc.The enterprises'property insurance covers houses,buildings as well as the affiliated facilities,machinery and equipment,etc.
As we know,the liability insurance arises under specialist branches,such as motor,marine and aviation,and engineering insurances.It is necessary for us to get some idea of“general liability”and it includes employer's liability,public liability insurance,product liability insurance and professional indemnity liability insurances,etc.
Employer's liability insurance covers the injury or death of the employees during the work. 19 When an employer is held legally liable to pay damages to an injured employee or to the representatives of someone fatally injured,he can claim against his employers'liability policy which will provide him with exactly the same amount he himself must pay out.The policy will also pay certain expenses such as lawyer's fees or doctor's charges where an injured man has been medically examined The intention is to ensure that the employer does not suffer financially,but is compensated for any money he may have to pay in respect of a claim.The policy is restricted to damages payable in respect of injury and does not apply where property of an employee is damaged.
Public liability insurance covers the accident that causes injury or death of the customers when they are in the public places. 20 If a person or customer goes shopping in the supermarket and is injured because of the wet floor,if a football fan watches an important football match in stadium and is injured because of the crowded audience and if a couple see a film in a cinema is injured because of the collapse of the chair or the fire,the supermarket,the stadium or the cinema is liable for the injury of the persons in all these cases.
Product liability insurance covers the accident causing injury or death of the consumers when they use the product. 21 If a person is injured by any product that he purchase from the supermarket and he can show that the seller or in some cases the manufacturer,was to blame,he can make a claim to the related parties for damages.It was reported 10 years ago that in China,some products,for example,the water heater,caused death of the some consumers because of product defectiveness when they are taking bath in winter.And also some fruit juice jellies caused the death of a small baby due to the defective design or without the warning cautions to the parents.
Professional indemnity liability insurance can arise when lawyers,accountants,doctors,insurance brokers and a whole range professional man,do or say something which results in others suffering from a loss or loss of a lawsuit. 22 For example,a lawyer may give advice carelessly resulting in a client losing money.That client would then be able to sue the lawyer for an amount equal to what he had lost.Therefore lawyer can buy professional indemnity liability insurance to meet the cost of any award against him.
It is known to all that each individual owes a duty to his neighbor not to cause them injury to their body or damage their property.Liability may arise out of ownership of a house,a pet,out of sporting activities or just in the simple act of crossing the road without looking ahead. 23 There was a case in UK(Clark V.Mrs.Shepstone,1968)that Mrs.Shepstone stepped from the pavement without looking ahead and caused a motor cyclist to swerve.The motorbike crashed and the pillion passenger,Mr.Clark,suffered severe injury.He sued Mrs.Shepstone and eventually accepted￡28 500 in compensation.Without a personal public liability policy,Mrs.Shepstone would have been in serious financial difficulties.
insurance 保险
uncertainty 不确定性
peril 风险事故
hazard 风险因素
unpredictability 不可预测性
underlying idea 言下之意
premium 保险费
moral hazard 道德风险
potential risk 潜在风险
financial risk 财务风险
insured 被保险人
pure risk 纯粹风险
break-even 收支平衡
speculative risk 投机风险
fundamental risks 基本风险
natural disaster 自然灾害
political interventions 政治干涉
particular risks 特殊风险
technological unemployment 技术性失业
insurable 可以保险的
commercial insurance transaction 商业保险交易
insurance applicant 保险投保人
insurer 保险人
insurance benefit 保险给付
function of insurance 保险的功能
risk transfer mechanism 风险转嫁机制
financial indemnity 经济补偿
property insurance 财产保险
subject-matter of insurance 保险标的
insurance contract 保险合同
life insurance 人寿保险
common pool 共同基金
idle fund 闲置资金
collect premiums 收取保费
spread the cost of the few losses 分散少数人的成本
attractive business 有吸引力的行业
fair and equitable premium 公平合理的保险费
charge premium 收取保险费
interest-dependent 利益相互依赖
subsidiary functions 附加功能
loss prevention 损失预防
make a survey 开展检验
assess the degree of risk 评估风险程度
risk management 风险管理
other related departments 其他相关部门
overall return 全部的回报
government security 政府债券
money market fund 货币市场基金
real estate 不动产，房地产
take out insurance 购买保险
policy 保险单
stability to the society 社会的稳定
types of cover 承保的种类
ordinary life insurance 普通人寿保险
term life assurance 定期人寿保险
sum assured 保险金额
face amount of the policy money 保单面值
issue a policy 签发一张保险单
capital sums 资本总额，保险金额
weekly benefit for up to 104 weeks 连续每周给付至104个星期为止
compensation 赔偿
employer's liability 雇主责任保险
group life insurance 团体人寿保险
property loss insurance 财产损失保险
liability insurance 责任保险
credit insurance 信用保险
bond insurance 保证保险
agriculture insurance 农业保险
cargo transit insurance 货物运输保险
construction insurance 建筑保险
motor vehicle insurance 机动车辆保险
third party liability 第三者责任保险
theft risk 盗窃保险
comprehensive policy 综合保险
marine cargo transport insurance 海洋货物运输保险
hull insurance 船舶保险
freight insurance 运费保险
prepaid freight 预付运费
freight paid on delivery 到付运费
grounding 搁浅
stranded 触礁
violent pilferage 暴力盗窃
jettison 投弃
collision 碰撞
missing 失踪
overturn 倾覆
negligent and malicious act 疏忽和恶意行为
Free from Particular Average 平安险
With Particular Average 水渍险
All Risks 一切险
General Additional Risks 一般附加险
Special Additional Risks 特别附加险
Specific Additional Risks 特殊附加险
household property insurance 家庭财产保险
enterprise's property insurance 企业财产保险
affiliated facility 附属设备
1.Risk can be defined as the possibility or uncertainty of damage and loss,but not the damage and loss that have occurred on a certain property.
风险可定义为损失发生的可能性和不确定性，但不是某一财产已经发生了损失。
2.Risk is a combination of hazards.Risk is unpredictability,which refers that the actual results may differ from predicted results.
风险是危险因素的结合体。风险的不可预测是指实际结果与预测的结果不一样。
3.It has an underlying idea of uncertainty that we refer to as doubt about the future.
言下之意是不确定性是我们所说的对未来的疑虑。
4.We can conclude that uncertainty is not dependent on whether you recognize it or not.It always exists around us.
我们能推断不确定性不依赖于你是否承认。不确定性总是在我们身边。
5.Peril means the possibility that something is likely to cause injury,pain,harm,or loss and damage.
风险事故是指某事物可能造成伤害、痛苦和损失的可能性。
6.Non-financial risk refers to anything that is not monetary or that which cannot be associated or viewed in terms of money.
非财务风险是指不与货币有关或不以货币衡量。
7.Pure risk refers loss or a break-even situation.There is no chance of gaining profits.
纯粹风险是指可能造成损失或收支平衡，没有机会获取利润。
8.Speculative risk refers to a loss,a break-even or the chance of gaining profits.
投机风险包括损失、收支平衡或有机会获取利润。
9.Fundamental risks are those which arise from causes outside the control of any one individual or even a group of individuals.
基本风险是指任何个人或团体无法控制的风险。
10.Insurance can be defined as the“term used to refer to a commercial insurance transaction whereby an insurance applicant,as contracted,pays insurance premiums to the insurer,and the insurer bears an obligation to indemnify for property loss or damage caused by an occurrence of a possible event that is agreed upon in the contract,or to pay the insurance benefits when the insured person dies,is injured or disabled,suffers diseases or reaches the age or term agreed upon in the contract.”
保险可以定义为“投保人根据合同约定，向保险人支付保险费，保险人对于合同约定的可能发生的事故因其发生所造成的财产损失承担赔偿保险金责任，或者当被保险人死亡、伤残、疾病或者达到合同约定的年龄、期限等条件时承担给付保险金责任的商业保险行为”。
11.The basic function of insurance is to provide financial indemnity and insurance benefit.
保险的基本功能是提供经济补偿和保险给付。
12.By collecting premiums from all individuals and enterprises,insurers can spread the cost of the few losses among all the insureds.
保险人从个人和企业收集保险费，将少数人发生损失的成本分散到所有的被保险人当中。
13.Even after taking all these costs into account,insurance is still an attractive business in the world.
即使考虑所有的成本，保险在全球依然是很有吸引力的行业。
14.In United Kingdom of Great Britain,term life assurance is the oldest form of insurance and provides for payment of the sum insured on death.
在英国，定期人寿保险是最古老的保险形式，提供死亡保险给付金。
15.Capital sums are paid in the event of death or certain specified injuries,such as the loss of limbs or sight.
如发生死亡或特定的伤残，比如失去肢体或丧失视力，保险人提供最高给付金总额。
16.Motor vehicle insurance policies can cover the third party liability,and fire risk as well as theft risk.
机动车辆保险单能够承保第三者责任、火灾风险以及盗窃风险。
17.Traditionally marine policies include three areas of risk:the hull,cargo and freight.
传统的海上保险单包括三类风险：船舶、货物以及运费。
18.The perils of the sea can be classified into two kinds.One is the natural disasters or natural calamities.The other is the accident event.
海上风险可分为两类：一类是自然灾害，另一类是意外事故。
19.Employer's liability insurance covers the injury or death of the employees during the work.
雇主责任保险承保雇员在受雇期间的伤残或死亡。
20.Public liability insurance covers the accident that causes injury or death of the customers when they are in the public places.
公众责任保险承保客户在公共场所因意外事故造成的伤残或死亡。
21.Product liability insurance covers the accident causing injury or death of the consumers when they use the product.
产品责任保险承保客户使用产品时因意外事故造成的伤残或死亡。
22.Professional indemnity liability insurance can arise when lawyers,accountants,doctors,insurance brokers and a whole range of professional men,do or say something which results in others suffering from a loss or loss of a lawsuit.
职业赔偿责任保险承保律师、会计师、医生、保险经纪人等专业人士因所作所为造成的他人的损失。
23.Liability may arise out of the ownership of a house,a pet,out of sporting activities or just in the simple act of crossing the road without looking ahead.
责任的发生包括因房屋的产权、宠物、户外运动或者横过马路时没有抬头看前方产生的责任。
1.Give the definition of risk.
2.Give examples to tell the difference between peril and hazard.
3.What is moral hazard?
4.Give examples to show that we are surrounded by risks.
5.Give the definition of insurance.
6.Tell the primary function of insurance.
7.Tell the subsidiary function of insurance.
8.Tell the role of insurance.
1.Something that is uncertain or causes one to feel uncertain
1.__________
2.A person or organization covered by insurance
2._________
3.An amount to be paid for a contract of insurance
3._________
4.Not able to be predicted
4._________
5.A person or company that underwrites an insurance risk
5.________
6.(Of a boat,sailor,or sea creature)left aground on a shore
6._________
7.Throw or drop something from an aircraft or ship
7.________
8.An instance of one moving object or person striking violently against another
8.________
9.The state of being legally responsible for something
9.________
10.A document detailing the terms and conditions of a contract of insurance
10.________
1.Without insurance,there is no risk.( )
2.Uncertainty is not dependent on whether you recognize it or not.It always exists around us.( )
3.Flood is the hazard and the proximity of the house to the river is the peril.( )
4.The consideration of peril is important when an insurer decides whether or not it should insure some risk and what premium to charge.( )
5.Pure risk refers loss or a break-even situation.There is chance of gaining profits.( )
6.Speculative risk refers to a loss,a break-even or the chance of gaining profits.( )
7.The primary function of insurance is to act as risk transfer mechanism.( )
8.The basic function of insurance is to provide financial indemnity and investment.( )
9.Insurance itself is also the important aspect of risk management.( )
10.Motor vehicle insurance is very popular,for there are so many motor vehicles in each city.( )
1.When we use the word_____,we mean it will possibly cause losses or damages to someone when it happens.
A .“risk”
B.“danger”
C.“peril”
D.“hazard”
2.Risk can be defined as the possibility or_____of loss and damage,but not the damage and loss that have occurred on a certain property.
A.probability
B.uncertainty
C.unpredictability
D.impossibility
3._____means the possibility that something is likely to cause injury,pain,harm,or loss and damage.
A.Risk
B.Danger
C.Hazard
D.Peril
4.Risk is_____,which refers that the actual results may differ from predicted results.
A.predictable
B.possible
C.impossible
D.unpredictable
5.Factors which may influence the outcome are referred to as_____.
A.risk
B.hazard
C.peril
D.danger
6.The proximity of the house to the river is the_____.
A.risk
B.hazard
C.peril
D.danger
7.We know that the owner of the car can transfer the financial consequences to the insurer,in return for paying_____.
A.a commission
B.a premium
C.expenses
D.fees
8._____is a kind of popular insurance,for there are so many motor vehicles in each city.And it is also the major source of premium income in the insurance market.
A.Motor vehicle insurance
B.Life insurance
C.Cargo transit insurance
D.Glass insurance
9._____risk refers loss or a break-even situation.There is no chance of gaining pro-fits.
A.Particular
B.Pure
C.Speculative
D.Basic
10.A_____risk is one where the result or the outcome can be measured by money.
A.Particular
B.Pure
C.financial
D.economic
1.If a child is playing in the middle of a busy road;if a workman is using a machine while he is unaware that it is faulty and dangerous;if a pedestrian is unaware that a wall running alongside a pavement is in a dangerous condition and about to collapse,what will happen to them?There is an element of risk and uncertainty in each of these situations.The child may escape free of injury,the machine may hold out until the workman has finished using it and the wall may not collapse and injure the passersby. Otherwise,there could be serious injury in each case.
2.It is known to all that each individual owes a duty to his neighbor not to cause them injury to their body or damage their property.Liability may arise out of tile ownership of a house,a pet,out of sporting activities or just in the simple act of crossing the road without looking ahead.There was a case in UK(Clark V& Mrs. Shepstone,1968)that Mrs.Shepstone stepped from the pavement without looking ahead and caused a motor cyclist to swerve.The motorbike crashed and the pillion passenger,Mr.Clark,suffered severe injury.He sued Mrs.Shepstone and eventually accepted￡28 500 in compensation. In the absence of a personal public liability policy, Mrs.Shepstone would have been in serious financial difficulties.
1.风险是损失的不确定性，是损失的可能性。
2.风险不可预测是指实际结果与预测的结果不一样。
3.洪水是危险事故，靠近河边的房子是危险因素。
4.风险因素本身不是损失的原因，但是能够增加或减少风险的发生。
5.物理风险因素是指与风险的物理特征有关。
6.道德风险是指某一方可能更愿意去冒险，因为不用承担因风险带来的成本。
7.哪里有风险，哪里就有保险。
8.财务风险是指其结果能够用货币计算的风险。
1.Suppose you want to establish a small business.The business is about a small grocery,selling foodstuffs and various household supplies.Describe the ways in which risk may affect your business.How you deal with the business?Describe the pure risks and speculative risks.
2.There is a large multi-nation petroleum company.It spends a large sum of money each year on insurance premiums.Talk about the benefits for the company,for the community and for the government.