Read and translate the text. The insurance market: structure and situation in Russia

The insurance market: structure and situation in Russia

INTRODUCTION

Most insurance today is arranged by intermediaries acting on behalf of cli­ents. Their job is to arrange insurances on behalf of people who ask them to do so but also to encourage people to insure in respect of needs which the intermediary -being experienced in insurance and risk - makes them aware of. The diagram shows the general structure of the insurance market. The buyers in the market are the public, industry and commerce as well as some local government and nationalized enterprises. Obviously there is a difference in the sizes of risks offered ranging from the contents of very small flats insured against fire, to large office blocks in the centre to a big town.

The people who offer insurance cover are the insurers who may be pro­prietary companies, societies, mutual indemnity associations or Lloyd's Un­derwriters. Insurance may be bought directly from companies at their branch offices or through their representatives. Most insurance, however, is ar­ranged through intermediaries who are approached by prospective insured's or bring the need for insurance to the notice of their clients.

Intermediaries are brokers and agents who act on behalf of their clients but are usually paid in the form of commission by the insurers.

PROPRIETARY INSURANCE COMPANIES

Proprietary companies are owned by the shareholders whose liability for losses is restricted to the nominal value of their shares (basically that is the originally stated face value of the shares).

MUTUAL COMPANIES

Mutual companies have been formed by Deed of Settlement or registration under the Companies Acts. They are owned by the policyholders who share any profits made. The shareholder in the proprietary company receives his share of the profit by way of dividends but in the mutual company the policyholder owner may en­joy lower premiums or higher life assurance bonuses that would otherwise be the case.

It is no longer possible to tell from the name of a company whether it is proprietary or mutual. Many companies which were originally formed as mutual organizations have now registered as proprietary companies. There are other ways of classifying insurance companies.

(a) Specialist companies- are those which underwrite one type of insurance business only, e.g. life companies, engineering insurance companies.

(b)Composite companies- are those which underwrite several types of business.

INDUSTRIAL LIFE INSURANCE
(HOME SER VICE INSURANCE)

These are proprietary companies transacting "industrial" life assurance and increasingly, "ordinary" life assurance as well.

Ordinary Branch life assurance premiums are collected quarterly, half-yearly or annually, or paid by Direct Debit monthly. If the premiums were physically collected more frequently than every two months the policies would be considered to be Industrial Life Assurance and subject to the appropri­ate laws.

CAPTIVE INSURANCE COMPANIES

Captive insurance is a method of transacting risk transfer which has be­come more common in recent years among the large national and interna­tional industrial companies. The parent company forms a subsidiary company to underwrite certain of its insurable and sometimes otherwise uninsurable risks. Indeed the incentive to form a captive company for many large industrial con­cerns was that the insurance market generally was not prepared to write particu­lar risks or provide full cover (an example would be insurance guaranteeing a product's performance).

LLOYD'S UNDERWRITERS

There are just over 26,000 members of Lloyd's grouped into approximately 400 syndicates. The trend seems to be a reducing number of richer members (names) grouped into larger syndicates. These syndicates can be made up of only a few members or in some cases more than a thousand.

Vocabulary:

Insurance-страхование

Behalf-в интересах кого-либо

Encourage-поддерживать

Obviously-очевидно

Shareholders-акционеры

Policyholders-держатели страховых полисов

Intermediary-посредник

Composite-комбинированные

Transacting-ведут

Issue-издавать

1. Continue sentences:

1) Look through the text and find all sentences in the Passive Voice.

2. Translate from English to Russian:

1) Acting on behalf of clients

2) Restricted to the nominal value of their share

3) Composite companies

4) Transacting "industrial life" assurance

3. Answer the questions:

1) By what restricted shareholder's liabilities for losses?

2) London is the only place where representatives of buyers could meet sell­ers face to face?

3) What kind of assurance suggests industrial life insurance?

4) What means "composite companies"

4. Put the necessary words in each of these sentences:

1) Ordinary Branch life assurance premiums are... quarterly, half-yearly or annually.

2) Captive insurance is a... of transacting risk transfer.

3) There are just over 26,000 members of Lloyd's grouped... approximately 400 syndicates.

5. Are the following statements true or false?

1) The parent company forms a subsidiary company to underwrite certain of its insurable and sometimes otherwise uninsurable risks.

2) Most insurance, however, is not arranged through intermediaries who are approached by prospective insured's or bring the need for insurance to the notice of their clients.

3) The shareholders in the proprietary company receive his share of the profit not only by the dividends.

4) It is no longer possible to tell from the name of a company whether it is proprietary or mutual.

6. Connect words in word combinations:

Mutual Trade

Particular Laws

Stated Societies

Friendly Companies

Appropriate Face

Date: 2016-02-19; view: 904; Нарушение авторских прав