5. The new tax regime is an attempt to make our country a more attractive location
for …….. ……….. .
Exercise 2. Write these numbers in full.
1) 14 - ……………….
6) 13.36% - ………………
2) 40 - ……………….
7) 0.125 - …………………
3) £8.50 - ……………
8)
1
/
3
- …………………
4) €515 - …………….
9)
3
/
4
- …………………
5) 12.5 - ……………..
10) 5,678 - ………………
Task 2. Reading
Insurance
Each of us runs risks every day. You can fall down the stairs going to school
or work.If you are doing business or are in business, you take a chance with
financial loss. Losing money or property is an economic risk, but it is a risk all the
same.
Economic risks are shared most effectively when many people are involved.
Insurance divides a possible loss among large numbers of people. Each individual
then pays a small fee for protection.
Sharing the cost among many people reduces financial loss. This "principle
of large numbers" means many share a loss so one person suffers less. It is a basic
concept of insurance. Insurance protects
against all kinds of perils, or causes of
loss. Examples of such perils are fire, shipwrecks,
automobile accident, death,
sickness, and dishonesty.
The purpose of insurance is to provide you with greater financial security.
Insurance protection requires careful planning and decision making. Choosing the
right insurance plan is an important task. Insurance companies provide almost any
kind of that you might want. An insurance company sells the service of protection.
The insurance company you work with is called the insurer.
When you and your agent have decided on a plan, the agent writes an
application for you. The company then will issue a policy,
a formal written
agreement between you and the company. You are policyholder - the person who
has bought insurance protection. The policy gives in detail all of your protection,
costs, rights and responsibilities. The amount of money charged by the insurance
company for protection during a certain period of time called a premium/ Part of
the premium covers the cost of the services the agent and company give you. The
company uses some of the premium to pay claims, or requests for payments due to
financial losses.
Protecting yourself against the loss would be very expensive if it were not
for sharing. There are two more major types of insurance companies. One, the
stock insurance company, is a corporation with stockholders, a board of directors,
and officers who run the company on a daily basis. The second major type is the
mutual insurance company, a cooperative owned by its customers. Its
owners are
the people insured. Profits, called dividends, are distributed to the owners each
year from investments made by the company. There are several types of insurance.
Life insurance is a protection usually for the family and relatives of a person after
death. Property insurance covers damages and losses to your own property.
Liability insurance, on the other hand, covers damages or losses to someone else or
to his or to her property that you may have caused accidentally. Health insurance
provides money to pay bills in case of accident or sickness. Federal agencies also
insure banks,
saving and loan associations, and credit unions on their accounts.
When a bank fails, tremendous amounts of money are involved. The federal
government handles the social security program, which
is income and retirement
insurance plan.
Insurance frees you from some of the worry you would face without that
protection.
