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Insurance - angličtina referát

Companies and individuals protect themselves against loss, damage or injury taking out insurance policies. These are contracts against possible future risks.

Important part is proposal form. It must be completed by the firm or person who wants insurance cover. This tells the insurance company what is to be insured, how much the policy is worth and how long it is to run.
If the proposal form contents all necessary information the insurer issues a cover note. The cover note is an agreement, which tells that the goods are covered until the policy is ready.

When the policy is sent, the client is indemnified against loss, damage or injury.
Indemnification means that the insurance company will compensate the client to his original position before the loss or damage.
But the price for client can be depreciated.
If there is a claim then underwriters pay compensation and work out the premium.
So if you insure a stereo for 800 pounds at 25%, you will have to pay 2 pounds per
annum for the premium.

There are other types of insurance – fire ins., accident ins….
Fire insurance companies offer three types of insurance policy
- ins. Of home and business
premises
- policies which protect the insured person against special factors /flooding…/
- consequential loss insurance, which insures against loss of profit in the period after fire or flooding while for ex. Factory is being rebuilt.

Accidental Insurance
this ins. Covers four areas
- insurance of liability
- property insurance /includes protection against terrorism, explosions…/
- personal accident insurance
- insurance of interest protects, for example publishers against libel /protection against damaging his reputation/

Claims
Companies and individuals make claims for loss, damage by filling in a claims form. This tells the insurance company what has happened. If the insurers accept it, they pay compensation. But they wont pay it if the claimant was negligent /nedbalý/, for example when insuring the same thing twice or gave false info on the proposal form…
The insurer may also offer less money than claimant is asking for. If the claimant disagrees with an amount of money, he can call in an independent assessor /odhadce/. But usually small claims are paid without question.

Lloyds of London
Almost anything can be insured there. Their income represents an income of over 24 mil. pounds and it flows there from all parts of the world.
Lloyds is not an insurance company, but an international insurance market consisting of 260 insurance brokers and more than 20 000 underwriters. They finance
the insurance, which means they will pay the claims. Underwriters usually work in syndicates. There are more than 400 syndicates.

Dispelling illusions - Life insurance - referát do angličtiny

Purchasing life insurance has ner been, and ner will be, fun, Nertheless, it is important-especially for the high-nel-worth individual who must provide liquidity for estate ning purposes. To put the purchasing decision in perspecti, the author presents a brief history of life insurance, explaining the delopments that ha led to today's array of products. Their variegated evolution means certain inevile compromise that an advisor can illuminate and some salesmen may obfuscate.

Brief History of Life Insurance

"[L]ife insurance as we know it began in the 19th century Industrialization-with its cities, factories, money economy, and an urban 'saving' class-set the stage for life insurance as a large-scale, national institution. Life insurance, it can truly be said, is a product of modern industrial society. [Davis W. Gregg and Vane B. Lucas, "A Brief History," Life and Health Insurance Handbook (1973)]

The first life insurance company in North America, the Presbyterian Ministers' Fund, was eslished in 1759. The Insurance Company of North America, chartered in 1794, was the first commercial enterprise to sell policies; it sold only six policies in fi years and discontinued operations in 1804.

The insurance business took off in the 1840s because of the confluence of the rapid growth of the US industrial economy, the start of mutual companies, and the delopment of the agency system of distribution. The in-force lel rose to $97.1 million by 1850, and $173.3 million by 1861. Numerous companies failed during the general depression of the mid-l870s, and by 1882, only 55 of 129 survid. By 1970 there were around 1800 companies, but today there are hundreds fewer, because of failures, consolidations, and mergers and acquisitions. Today, most life insurers are stock companies owned by shareholders. Fraternal companies make up a ry small piece of the total pie, and only a small number of the mutual companies remain as such. The primary allegiance to the policyowner is the most obvious competiti advantage that a mutual company has or a stock company.

Insurance - referát do angličtiny

In business, insurance has great importance. It is an aid to trade; businessmen can insure themselves against loss or damage to their property.

Importers and exporters must insure their goods while in transit, their stocks and other company property; they must recompense their employees if they are injured while working for them.

The Principles of Insurance
Insurable interest: It means that we must have a direct personal interest in the effect of a loss against which we are insuring. It applies to every contract of insurance.
Utmost Good Faith: It means that the person wishing to be insured must be absolutely open and honest in his dealings with the insurance company. It also applies to every contract of insurance.
Indemnity: It means that a person suffering a loss after insuring against it will be indemnified for the amount of the loss. He will be restored as nearly as possible to the condition that he was in right before the loss occurred. But the insured is not allowed to make a profit out of a loss. It applies to all contracts of insurance except personal accident and life insurance.
(Approximate cause)
Insurance Policy
The written contract between the insurers and the insured is called the policy.

Insurance companies can only cover you against those risks whose statistical probability can be calculated with a high degree of certainty.

Insurable risks include such items as
fire,burglary,storm,collision,explosion,breakage,marine disasters etc.

Liability Insurance

It protects the insured person against his liability to pay compensation for losses caused to others by his own actions, and for whom he is responsible.

Product liability: It means that the manufacturers are liable for their products and should compensate their customers for any injuries their products cause.

Reinsurance is the sharing of a large risk among two or more insurers, each of whom takes responsibility for a fixed part of any loss, and receives a like proportion of the premiums.

The premium is the regular payment that has to be made by the insured under the terms of a policy. The insurers decide it.

Marine Insurance

It covers loss or damage to goods during sea transport. Insurers distinguish between total and partial loss, major perils and minor perils, and losses voluntarily incurred and those involuntarily incurred.

General average (=damage) is damage resulting from a voluntary loss.

Particular average is a partial, but an involuntary and accidental loss.

Floating Policies and the Open Cover

Regular exporters who make many shipments a year often go in for Floating Policies or Open Covers. They estimate the number of shipments they are likely to make in the coming year, and the total value.

They can take out a Floating Policy for this figure, under which every shipment is automatically covered.

Open Cover is slightly different. It is non-reducing; although it is usually only valid for twelve months, there is no total figure for any individual shipment. Such a contract is negotiated annually, at fixed rates for each type of goods.

The industry in the UK is broadly made up of 3 groups: insurance companies,Lloyd's and insurance brokers.

The insurance companies and Lloyd's combined provide a major reinsurance market. London's importance as an insurance centre, as well as its comparative freedom from excessive regulation,has attracted many foreign reinsurance companies and brokers.

Insurance companies: There are around 850 insurance companies authorised in the UK but approx. one half of them handle more than 90% of company market business. They provide the full range of insurance contracts including life,pensions, permanent health insurance,marine,aviation,fire,accident,motor,travel and household insurance.

Lloyd's: A unique international insurance market. Lloyd's is a socicety of underwriters made up for mor than 26000 members or "names" who as a private individuals,accept insurance risks and are liable for claims to the full extent of their personal wealth. The members are grouped in some 350 syndicates. Business is introduced by Lloyd's broking fimrs who look for the best quotation on behalf of their clients. Although its origins lie with marine insurance,Lloyd's now covers almost any risk. More than three-quarters of this busines originates from overseas and its premium income is 24m/day

Insurance brokers: Brokers or intermediaries look for the best cover for their clients and offer advice on insurance. Their size can range from a simple one-man operation to a City-based international broker with a turnover running into millions. Brokers place their business with theinsurance companies and with Lloyd's. Brokers handle app. 70% of the general UK insurance business.