Insurance,Chapter 11,Do you know what disasters they are?,ground sea (tsunami),earthquake,fire,thunder and light,What kind of transportation is it?,ocean cargo transportation,What are the three basic risks OMCC provides?,The three basic risks are Free from Particular Average (F.P.A), With Particular Average(W.P.A.) and All Risks ( A.R.).,Learn the following expressions.,war,flood,sinking,volcanic eruption,Match,natural calamity,fortuitous accidents,extraneous risks,war volcanic eruption flood sinking earthquake thunder and light explosion,Try to devide the following disasters into three.,New words & expressions,1. primarily praimrili adv. 首先,主要地 2. hedge hed vt.防范；以为限制条件来保护 3. contingent kntindnt adj. 或许会或不会发生的,附随的,暂时的 4. equitable ekwitbl adj. 公平的,公正的 5. transfer trnsf: n. 迁移,移动,换车 6. exchange iksteind vt.把换成；用交换；兑换(for)： 7.premium primjm n. 额外费用,奖金,保险费 8. insurer inur n. 保险公司,承保方 9. factor fkt n.系数 10.coverage kvrid n. 保险总额 11.appraise preiz v. 评价,估价,鉴定 12.evolve ivlv v. 进展,进化,展开 13.discrete diskri:t adj. 不连续的 离散的 mercially km:li adv. 商业上 15.insurable inurbl adj. 可以保险的；适于保险的 16.homogeneous ,hmudi:njs adj. 同种的,同质的,均质的 17. exposure ikspu n.承受风险；收支差外汇 18. accidental ,ksidentl adj. 意外的,偶然的 19.calculable klkjulbl adj. 可计算的,可信赖的,可靠的 20. catastrophically ,ktstrfikli adv. 悲惨地,灾难性地,Insurance is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss in exchange for a premium. An insurer is a company selling the insurance. The insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk has evolved as a discrete field of study and practice. Comercially insurable risks typically share seven common characteristics. 1.A large number of homogeneous exposure units. 2.Definite loss. 3.Accidental loss 4.Large loss 5.Affordable premium. 6.Calculable loss 7.Limited risk of catastrophically large losses.,Passage A,均质风险,确定的损失,意外损失,巨额损失,合理的保费,可计损失,有限风险下的巨大损失,Answer the following questions according to Passage A.,1. What is insurance? 2. What is an insurance premium? 3. What is the insurer?,Insurance is a form of risk management primarily used to hedge against the risk of a contingent loss.,It is used to determine the amount and to be charged for a certain amount of insurance coverage.,An insurer is a company selling the insurance.,Insurance companies may be classified into two groups: life insurance companies ,which sell life insurance, annuities and pensions products, and non-life, general, or property/ casualty insurance companies, which sell other types of insurance. In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity , and pension business is very long-term in nature coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance coverage usually covers a shorter period, such as one year. Insurance companies can also be classified as either mutual or stock companies. This is more of a traditional distinction as true mutual companies are becoming rare. Mutual companies are owed by the policyholders, while stockholders (who may or may not own policies) own stock insurance companies. Other possible forms for an insurance company include reciprocal, in which policyholders “reciprocate” in sharing risks.,Passage B,1.Do you know how to classify the insurance companies? 2.What are the differences between life insurance companies and property insurance companies? 3.What are the differences between mutual company and stock company?,Insurance companies may be classified into two groups: life insurance companies ,which sell life insurance, annuities and pensions products, and non-life, general, or property/ casualty insurance companies, which sell other types of insurance.,Life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules.,Mutual companies are owed by the policyholders, while stockholders own stock insurance companies.,insured insurer insurance company insurance clause underwrite In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. This is more of a traditional distinction as true mutual companies are becoming rare.,Translation,被保险人,保险人,保险公司,保险条款,承保人,在许多国家，人寿与非人寿保险公司受限制于不同的制度，不同的税收与会计规则等。,这更象是一个传统意义上的区分，因为互惠公司已十分稀少了。,Look at the cartoon, do you know why the father did not fear to die?,Because he has been insured.,Do you know what principle the artist wants to tell us? The insurance can cover any risk and pay any loss.,Thank