INSURANCE PROFESSIONAL ENGLISH IN USE FOR FINANCE

 

PROFESSIONAL ENGLISH IN USE FOR FINANCE 47. INSURANCE

 

A Insuring against risks Insurance is protection against possible financial losses. Individuals, companies and organizations can make regular payments, called premiums, to an insurance company which accepts the risk (or possibility) of loss. When you buy insurance you make a contract, called a policy, with the insurance company – also known as insurer. The contract promises that the company will pay you if you suffer loss or damage to property, or sickness or personal injury. B Life insurance and saving Life insurance (also called assurance) will pay an agreed sum to someone else, for example your husband and wife, if you die before a certain age. People also use life C Insurance companies Insurance companies have to invest the money they receive from premiums. Like pension funds, they are large institutional investors that invest huge sums in securities, especially low-risk ones like government bonds.   EXERCISES 47.1 Complete the crossword. Look at A, B and C opposite to help you. Across 1 and 10 across Some people buy life insurance that pays a ________ on retirement. (4,3) 4 Many insurance companies now sell ________, over the phone or the internet. (6) 8 I have a theft policy, so the insurance company will ________ me if my mobile phone is stolen. (9)     Down 2 Lloyd’s _________ risks worth over £14 billion. (11) 3 You should always read the small print – all the details – before you accept an insurance _________. (6) 5 There are _________ companies that take on part of the risks underwritten by smaller companies. (11)

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