I. Translate the text paying special attention to new words and terms.
A contract of insurance is a contract having for its object the indemnification against loss, or the payment of a lump sum upon the happening of a certain event. The principal forms of insurance are life, fire and marine. Almost any risk may be the subject of a contract of insurance. For example, accidents, employer’s liability and burglary.
The parties to a contract of insurance are the insurer and the insured. Insurers are people taking the risk, and agreeing to indemnify or pay a lump sum down on the happening of a particular event. If there are no claims they make a profit. If there are a large number of claims they make a loss. And the insured is the person paying the premium for the consideration of the contract. The insurance premium is rate payable for an insurance policy. The instrument being evidence of this contract is an insurance policy.
When a company or a person, takes out an insurance policy it is very often an all - risks policy, that is, it insure the goods or property against almost anything that could happen. When an accident or robbery takes place the injured party puts in a claim to the insurance company. If the insurance company agrees to pay it is said to meet the claim.
For the contract of insurance to be valid it’s necessary for the insured to show that he has an insurable interest in the thing insured. It means, that only those personas can enter the contract of insurance who stand in a legal relationship to the insured thing, for example, the owner, the mortgagee. Sometimes the insurer (or the insurance company) can disclaim all liability. It means that it refuses to be responsible, because of a false claim and they therefore disclaim all liability, they refuse to pay the claim and render the policy void.
There are some other persons who take part in insurance. They are insurance brokers or agents, adjusters, actuary.
Insurance brokers are people who act as agents between the client and the insurance company negotiating a contract.
Adjusters are usually independent firms who assess the damage to property, etc.
Actuary is a professional expert who works out the average expectation of life, on which life insurance premiums are based.
II. Find in the text the Fnglish equivalenrs for the next word combinations.
возмещение убытков; предмет договора о страховании; стороны в договоре; по наступлению оговоренных событий; документ, являющийся подтверждением; пострадавшая сторона подает иск; иметь страховой интерес; ложный иск; объявить полис недействительным.
III. Match the words or word combinations of both sides.
4. an insurance policy
5. to meet the claim
6. to disc1aim all liability
7. adjusters 1. independent expert firms
3. person, who pays the premium
5. to pay
6. to render the policy void
7. payment of a lump sum
IV. Answer the questions:
1. What is the nature of a contract of insurance?
2. What is the indemnification?
3. What parties enter a contract of insurance?
4. Who takes the risk of insurance?
5. Who is the insured?
6. What is the consideration in the contract of insurance?
7. When do insurance companies make profits?
8. When do they make losses?
9. Why is an insurance policy called an all-risks policy?
10. Why does the insurer disclaim all liability?
V. Make the sentences negative:
- Sometimes the insurer can disclaim all liability.
- The injured party has to put in a claim.
- The principal forms of insurance are life, fire and marine.
- The most insurance companies put in some exceptions.