Thông tin tài liệu
Ministry of Finance
Academy of Finance
Division of English for Finance and Accounting
Subject: English
Skill: Speaking
Teacher: Xuan Phan
Group: OMG
Slide No.1
Hanoi 2013
UNIT 11
INSURANCE
Participants:
Thi Tra Van Nguyen
Anh Dao Hoang
Tam Long Hoang
Tuan Nam Nguyen
Ngoc Dat Nguyen
Honesty is the best policy
Academy of Finance – Division of English for Finance and Accounting
Main parts:
1. What is the insurance ?
2. The following problems
3. Insurance fraud
Definition.
Fighting fraud.
Honesty is the best policy.
When do you think about insurance ?
Some of the most special cases in insurance industry
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What is Insurance ?
Basic Definition
Insurance is the equitable transfer of the risk of a loss, from one
entity to another in exchange for payment. It is a form of risk
management primarily used to hedge against the risk of a
contingent, uncertain loss.
Keynotes
Many people and businesses take out insurance policies to
protect against risks such as fire, accident and theft.
Policyholders pay a yearly premium to the insurance company
which then provides cover against financial loss. If something
unexpected happens, the policyholder can make a claim and
receive compensation for the loss or damage
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Some new Definitions
Insurance policy: An insurance contract covering a particular
risk, and the document that gives details of this
Claim: Request for payment for damage, injury, theft, ect, for which you are insured
Premium: the amount paid for insurance during a particular period of time (year, quarter).
Compensation: the amount of money you receive when something
unexpected happens, according to the insurance contract’s terms.
Damage: Physical harm caused to something.
Risk: The posibility of a particular type of damage against which you are covered
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The Relationship Between
Customer And Insurance Company
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[...]... ??? 18 Insurance laws are not strict enough to stop insurance crimes ! Different countries have different Insurance policies and laws, but they are all not too strict In fact: Almost insurance crimes are just considered as economic crimes That means insurance fraudsters just have to pay a particular amount of money to the insurance company if their claim was found to be dishonest by the insurance. .. Only few of a small number of insurance crimes are brought to the court And, of course, the sentences they receive are up to the serious level of their crimes 19 Terrible Facts: Insurance fraud costs American $80 billion a year - $950 per family This is not just of large – scale fraud – every day -customers also contribute to the loss by dishonesty claims Many Insurance company may get a big lost... are fraudulent It can be said that LVA & VRA save many insurance companies which are on the edge of bankrupt For example: Highway insurance – An UK insurance company- has now saved £3 million thanks to the VRA The fact is: Almost fraudsters withdraw their dishonest claims when they hear that the insurance company will investigate them If so, the insurance company will take no action 23 Honesty is the... adminis-tration claims claims Manage staf cases Agree to accept a risk or not 15 Insurance Fraud Insurance fraud Fighting fraud Honesty is the best policy 16 What is insurance fraud ? Fraud: A method of getting money illegally from a person or organization often in a clever way Insurance fraud: The method of getting money illegally from an insurance company in a clever way Some examples: Being... voice, guitarists’ fingers, models’ body, Ice-cream tasters’ tongue… 13 Type of Insurance: Commercial 1 Insurance protects business owners from certain losses including injured workers and damage to equipment and buildings Life 2 Insurance provides protection in the event of a death Payment is made to the nearest relative or other named beneficiary Auto 3 Insurance protects against financial losses... To Insurance company, Honesty is much more precious than money or a big insurance contract They really need a policy called “honesty” So why ? – because just a simple thing: they can use the time wasted on stop fraudsters to earn much more money from honest people Why ? 25 Take an example: Highway insurance – A UK insurance company has wasted £3 million per year on fraudsters(fraudulent claims) -including... Detector Technology can not find out all fraudsters no matter how modern it is For insurance companies, it’s unfair that they have to pay for what fraudsters created or stretched If insurance fraud go on and go on, many insurance company will go bankrupt, the insurance industry will be no more someday, that’s why in insurance, HONESTY IS THE BEST POLICY 27 Thank you ! ©2103 OMG All rights reserved... it’s safe to tell the truth – don’t hurt the messenger But it’s in real life – in a wide-range situation- the social situation, especially when the lie is useful 24 So what does this mean in insurance industry ??? To the fraudsters dishonesty brings them profit They force themselves say anything that makes profit- the more, the better They don’t care (much) about what they say as long as that gives... Many Insurance company may get a big lost Some smaller company may go bankrupt What should they do ? Fighting fraud Stop insurance crimes But How ??? 20 Solutions Insurance companies bring two kinds of Lie Detector Machine into use They are: LVA - Layered Voice Analyzer VRA - Voice Risk Analyzer Theoretically, two kinds of Lie Detector System measure micro tremor in the voice to determine the emotional... Home 4 Insurance can cover fire, weather-related destruction and other losses The policy covers the cost of labor, materials and services necessary to replace or repair building damages 14 Insurance Company’s Structure Manager Clerical staf Underwriters Handle online and Deal with the Take care of Take decision telephone majority of general on special application and a applications and adminis-tration . No.1
Hanoi 2013
UNIT 11
INSURANCE
Participants:
Thi Tra Van Nguyen
Anh Dao Hoang
Tam Long Hoang
Tuan Nam Nguyen
Ngoc Dat Nguyen
Honesty. !<
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