2. Meaning

a) Translate the following word-combinations into Russian paying special attention to the difference in the meaning of the words:

1. life insurance premium, share premium, to stand at a premium, to charge a premium, shift premium, single premium;

2. capital loss, pure losses, indemnified loss, loss of goodwill, loss and gain, to avert losses, to substantiate a loss, to yield losses, at a loss, markdown loss;

3. utmost good faith, to be faithful to smb., faithless, in good faith, to loose faith;

4. claim for compensation, first claim, priority claim, monetary claim, claim for losses, to acknowledge a claim, to file a claim, statutory claim.

b) Match the words with similar meanings:

contents take steps tailor made taking into account peace of mind second to none “new for old cover” wear and tear pick up the bill

especially designed settle an account household possessions serenity receive full compensation bear in mind damage through use do what is required cannot be bettered

1.

incurred reinstatement option betterment prior to residual settlement liable arising solely occupied material property custody incident consent

remaining responsible only return to previous condition improvement choice event payment before legal control caused by agreement resulting from physical things lived in

2.

c) Choose the correct alternative to complete each sentence. Afterwards continue the discussion of the major topic of this unit: “Insurance market”.

World Insurance Companies

The top insurance companies of the world ___(1)___ a major part of the financial services worldwide, and a huge part of insurance worldwide. ___(2)___ of financial market reforms by almost all the countries worldwide has given birth to a more competitive environment in this sector than in the past.

Despite the financial shakeout which began in September 2008, insurance companies are still ___(3)___. While many people have lost their homes and jobs, insurance is one product many people cannot ___(4)___. Whether by law or by necessity, people still have car, health, life and other types of insurance in effect. Most of the top insurance companies of the world remain financially ___(5)___, with some exceptions.

Furthermore, with more people owning vehicles, homes, and more people earning greater amounts worldwide, the need to have them insured has emerged, creating an entirely new segment for the insurance companies. This is particularly true in emerging markets such as India and China where this phenomenal growth ___(6)___.

Note that the housing slump and automotive meltdown in the US have put a considerable damper on adoption of new policies there, and in Europe, but again, India and China remain strong. The big insurers in this sector, including the top ___(7)___ companies, have stepped forward with their strategies to adapt to the changing global ___(8)___ and markets.

1. A. consist B. take up C. make up

2. A. adaptation B. adoption C. adopting

3. A. forging ahead B. going out C. moving in

4. A. do with B. live on C. do without

5. A. boosted B. robust C. bust

6. A. has occurred B. aroused C. has risen

7. A. damper B. danger C. damage

8. A. landing B. landslide C. landscape

d) Antonio Alessandro has sent a claim form to his insurer after a fire at his restaurant. He receives the reply below. Complete the text with appropriate words from the box.

claim cover legal costs policy compensation estimate loss adjuster premium comprehensive indemnity no claims bonus

Bridge Insurance Ltd