- •«Финансовый университет
- •Предисловие
- •Reading
- •2. Scanning
- •The tax reform experiment in transitional countries
- •The current structure of tax systems
- •Summing up: performance, lessons, and recommendations
- •3. Understanding main points.Answer the following questions:
- •4. Understanding details. Find facts to support or refute the following statements:
- •5. Summarizing
- •Diversity of tax systems
- •2. Meaning
- •1. The tax on wages and salaries (and business profits in the us)iscalled … .In Britain the tax on business is called corporation tax.
- •5. Render the following text into English: Сущность налоговой системы, принципы и функции налогов
- •Section c Practice I
- •Practice II
- •Taxation policy in the european union
- •Over to you
- •Reading
- •I. Skimming
- •II. Scanning
- •Insurance: Сoncept
- •Insurability
- •Legal considerations
- •III. Understanding main points. Answer the following questions and do the assignments:
- •IV. Understanding details. Support or refute the following statements:
- •V. Summarizing.
- •Section b
- •Indemnification
- •2. Meaning
- •World Insurance Companies
- •124 Kew Gardens Road, London sw2 5hb
- •3. Collocations
- •4. Translate the word combinations given in brackets. Carry on with the general topic.
- •5. RenderintoEnglish.
- •Section c Practice I
- •IdentifyingandMeasuringExposures
- •Developing and implementing a risk management program
- •Practice II
- •Insurance, capital and economic stability
- •Practice III
- •Insurance, savings and risk spreading over time
- •Overtoyou:
- •Part II
- •Vocabulary list:
- •International trade is a substitute for the international mobility ofresources.
- •International Trade Agreements
- •Некоторые итоги мировой торговли последних десятилетий XX века и ожидаемые тенденции ее развития
- •Over to you:
- •Vocabulary list:
- •In what way is the entrepreneur’s capital export realized?
- •In what way are investments differentiated depending upon their verification (control)?
- •Портфельныеипрямыеинвестиции
- •Over to you:
- •Unit III The Economic Situation Text 1
- •Vocabulary list:
- •Конъюнктурные исследования
- •Over to you:
- •Vocabulary list:
- •In what way can we determine liquidity positions of the country?
- •Международная валютная ликвидность
- •Overtoyou:
- •The list of literature
- •Заключение
- •Contents
Practice III
Read the following text and be ready to speak about a positive impact of insurance on the process of savings. Give your own examples to illustrate the statement from the text.
Insurance, savings and risk spreading over time
Insurance is one of the rare mechanisms that allow spreading risk over time. This risk spreading over time can involve very long periods and works even from one generation to the next. There are very few other industries that have as long a time horizon as the insurance industry. Who else would think more than 50 years ahead? Perhaps the builders of a nuclear power plant, but few others. And insurance has to consider periods of up to a century. The French woman Jeanne Calment, who lived to the age of 120, had she taken out a life insurance policy with an annuity component around the time she was 20 years old, this policy could have been in force for about a century.
Insurance has a double positive impact on the savings of an economy: firstly, it increases the general savings rate, especially through the existence of life insurance products but also by creating pools of assets that are meant to cover potential future claims. It thus creates deeper markets and allows for more investments. Secondly, it decreases the level of unnecessary (individual) precautionary savings, which is often not available to capital markets. This stimulates investment and consumption by reducing bound (and therefore unproductive or less productive) capital. Insurance thus helps to provide more working capital to an economy because people do not have to protect themselves against the eventuality of, for example, their home being destroyed by a fire. They just have to secure adequate cover through a fire insurance policy and be ready to pay a much lower amount of money over a longer period – a totally different mechanism. This means that the money saved in the process can be allocated to other things, more in line with the preferences of the individuals and more productively. In the process, insurance mechanisms transform dormant capital into free capital.
Overtoyou:
Carry out a research on the types of insurance services provided by insurance companies and other financial institutions. Describe the services in question and illustrate them with examples.
What are the major insurance companies operating in the world insurance market? Use different sources of information and make presentations about their activity.
What do you know about the problems connected with the development of insurance market in Russia? Which types of insurance progress more rapidly? Why?
Role-play:
Conduct a business seminar with the participation of representatives of the world’s major insurance companies and discuss the latest trends in insurance business development. Touch upon the impact of the latest financial crisis, recent natural disasters and other developments on the insurance industry.