All Professional English: INSURANCE

INSURANCE

I Watch the video and fill the missing words.

The 1)______ principle of insurance is to 2)______ an individual or 3)______ from the effects of financial 4)______ caused by events like 5)______, floods or 6)______. Insurance removes uncertainty by transferring the unknown 7)______ consequences of a 8)______ to someone else, usually an 9)______ company. This 10)______ comes from paying an insurance 11)______ an agreed 12)______ of money, a 13)______. Most 14)______ of insurance are optional, though. So why 15)______ it out? You could put the 16)______ in the 17)______ instead of paying it 18)______ an insurance company. But could you 19)______ enough to 20)______ a $200,000 house, a $20,000 car for a $ 30 million 21)______?

II Watch the video and fill in the gaps with the words from the list. There are some words you don’t need to use.

Policyholders; predicted; exactly; protection; exposed; statistical; amount; insurers; opposed; statistics; paid; policymaker; insurance; personal; fund; save; covers; similar; compensation; occur; predict; good; assure; person; suffer; prepare

Insurance 1)____ risks you can't 2)____ for, so you don't have to 3)____ all your money. But how can 4)____ provide 5)____ when so many losses 6)____ every day? With lots of 7)____ risks insurers can 8)____ roughly the number of losses they might have. They won't know 9)____ , but experience and 10)____ data can give them a pretty 11)____ idea. In fact, only a small proportion of 12)____ will actually 13)____ a loss in any given year.

An 14)____ company offers its 15)____ by grouping together people who all feel 16)____ to the same risk. By collecting an 17)____ of money, a premium, from each 18)____ , the insurer can accumulate a 19)____ , called a pool, out of which losses can be 20)____ .

III Match the words from two columns to make collocations used in the text. Use four collocations in your sentences.

1.	basic	a)	in the bank
2.	protect	b)	loss
3.	financial	c)	money
4.	remove	d)	company
5.	financial	e)	occur
6.	insurance	f)	consequences
7.	an agreed	g)	a loss
8.	put the money	h)	compensation
9.	pay money	i)	principle
10.	save	j)	exposed
11.	provide	k)	uncertainty
12.	losses	l)	data
13.	statistical	m)	of money
14.	suffer	n)	an individual or company
15.	feel	o)	a fund
16.	an amount	p)	sum of money
17.	accumulate	q)	into an insurance company

IV Fill in the gaps with the prepositions.

of; of; in; from; into; by; of; to; of; of; of; in; for; out; of; of; out; from; by

1. Insurers collect an amount ___ money, a premium, ___ each person and accumulate a fund, called a pool.

2. Insurers pay losses ___ ___ pools.

3. An insurance company works with people who all feel exposed ___ the same risk.

4. Giving an individual or company protection ___ the effects ___ financial loss is the basic principle ___ insurance.

5. They don’t want to put the money ___ the bank and decide to pay it ___ an insurance company.

6. Most types ___ insurance are optional but people and companies choose to take it ___.

7. Uncertainty is removed ___ transferring the financial consequences ___ a loss to an insurance company.

8. People and companies can't prepare ___ all types of risks.

9. Insurers analyse lots ___ similar risks and predict roughly the number ___ losses they might have.

10. ___ fact, not all policyholders will actually suffer a loss.

11. Damages or losses can be caused ___ fires, floods or other disasters and accidents.

V Put the sentences from Task IV in the logical order.