Контрольная работа выполняется студентом самостоятельно (возможно выполнение контрольной работы в домашних условиях).
Вариант работы определяется начальной буквой фамилии студента:
I вариант – А – Н;
1 вариант
1. INSURANCE, the insurer and the insured. Translate the text.
To insure means to buy insurance to protect yourself against something bad happening to you, your family or your possessions. The insurer is a person or company that provides insurance. The insured is the person or people who are insured. Insurance is a contract in writing between an insurance company and the insured, whereby the insurance company will pay the insured a stated sum of money on the happening of a stated event. {Frequently the word insurance and 'assurance' are used in the same way.} In return for a specified consideration, the insurer undertakes to pay the insured some specified amount in the event that the insured suffers loss through the occurrence of a contingent event covered by the insurance contract (insurance policy). By pooling the financial contributions of a large number of policyholders, the insurer is usually able to absorb losses incurred over any given period much more easily than would the uninsured individual. While the destruction of an automobile in a traffic accident imposes a heavy financial loss on an individual, for example, one such loss is of relatively small consequence to an insurer who is collecting sufficient premiums (insurance premium is the money that you pay regularly to an insurance company) on a large number of automobiles.
Страховать означает покупать страховку, чтобы защитить себя от несчастных случаев, которые могут случиться с вами, вашей семьей или вашей собственностью. Страховое лицо – это человек или компания, обеспечивающая страховку. Страхуемое лицо – это человек или люди, которые страхуются. Страхование – это контракт в письменной форме между страховой компанией и страхуемым лицом, посредством которого
страховая компания выплатит страхуемому лицу определенную сумму денег, если случится несчастный случай. {Очень часто слово страхование и «уверенность» используются в одном значении}. Взамен на определенный взнос страховая компания берет на себя обязательства выплачивать застрахованному лицу определенную сумму денег в случае, если застрахованное лицо потерпит убытки при возникновении непредвиденного случая, прописанного в страховом контракте, (страховом полисе). Объединяя в общий фонд финансовые взносы большого числа держателей страхового полиса, страхователь обычно бывает в состоянии амортизировать убытки, возникшие в любой период, гораздо легче, чем это может сделать незастрахованное лицо. Например, если разрушение автомобиля в дорожно-транспортном происшествии налагает большие финансовые убытки на человека, то для страхового лица эти убытки имеют относительно небольшую значимость, т.к. он собирает достаточные взносы (страховой взнос-это деньги, которые вы платите регулярно страховой компании) на огромное число автомобилей.
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2. Agree or disagree with the following statements.
1) Insurance is a contract for reducing losses from accident incurred by an individual party through a distribution of the risk of such losses among a number of parties. -false
2) Insurance is an arrangement with a company in which you pay them money each year and they pay the costs if anything bad happens to you, such as an illness or an accident.-true
3) To insure means to sell insurance to protect yourself against something bad happening to you. -false
4) The insurer is a person who plays a confidence trick on you in order to get your money.-false
5) The insurer is someone who deceives people to gain money. -false
6) The insured is a victim of insurance fraud.-false
7) The insurer takes responsibility for paying the insured some specified amount when the insured incurs losses.-true
8) The insurer is able to make up losses much more easily than would the uninsured individual. -true
9) To incur means to put yourself in an unpleasant situation by your own actions.-false
3. Translate the following words and phrases from Russian into English.
Посредством чего - whereby; установленный - stated; несчастный случай – a contingent event; в обмен – in return; точно определять – to specify; брать на себя обязательства – to undertake; в случае – in the event; охватывать – to cover; объединять в общий фонд - to pool; разрушение - destruction; налагать – to impose; относительно- relatively; последствие -consequence; достаточный - sufficient; договор страхования – an insurance contract; уменьшать – to reduce; сторона в договоре – a party; распределение - distribution; соглашение - arrangement; случаться – to happen; употребление доверием – playing a confidence trick; обманывать – to deceive; заработать – to gain; жертва – a victim; мошенничество при страховании – insurance fraud; ответственность - responsibility; терпеть убытки – to incur losses; возместить убытки – to make up losses; неприятная ситуация – an unpleasant situation; страхование - insurance; страховщик – an insurer; страхователь – an insured; страховать – to insure; издержки - losses; компенсация - consideration; происшествие - accident; навлечь на себя – to incur; непредвиденный - contingent; страховой полис – insurance policy; взнос - premium; амортизировать – to absorb; страховой взнос – insurance premium.
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4. Complete the following statements.
1) To insure means to buy insurance to protect yourself against something bad happening to you.
2) The insurer is a person or company that provides insurance.
3) The insured is the person or people who are insured.
4) Insurance is a contract in writing between an insurance company and the insured.
5) The insurer will pay the insured a stated sum of money on the happening of a stated event.
6) The insurer undertakes to pay the insured some specified amount in the event that the insured suffers loss through the occurrence of a contingent event covered by the insurance contract in return for a specified consideration
7) The insurer is able to absorb losses by pooling the financial contributions
8) Insurance premium is the money that you pay regularly to an insurance company.
5. Restore the word order in the following statements.
1) The and homogeneous enough to estimate the objects to be insured must be numerous enough normal frequency of common events.
The objects to be insured must be numerous enough and homogeneous enough to estimate normal frequency of common events.
2) The be subject to simultaneous insured objects must not destruction.
The insured objects must not be subject to simultaneous destruction.
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3) The be beyond the control of possible loss must the insured.
The possible loss must be beyond the control of the insured.
4) There to determine whether a must be some way loss has occurred and how great that loss is.
There must be some way to determine whether a loss has occurred and how great that loss is.
6. Translate the text. Make up your own questions to the text.
The Insurer and an insurable risk. Insurance relies heavily on the "law of large numbers". In large homogeneous groups of population it is possible to estimate the normal frequency of common events such as deaths and accidents. Losses can be predicted with reasonable accuracy, and this accuracy, and this accuracy increases as the size of the group expands. From a theoretical standpoint, it is possible to eliminate all pure risk if an infinitely large group is selected. From the standpoint of the insurer, an insurable risk must meet the following requirements:
1. The objects to be insured must be numerous enough and homogeneous enough to allow a reasonably close calculation of the probable frequency and severity of losses.
2. The insured objects must not be subject to simultaneous destruction. For example, if all the buildings insured by one insurer are in an area subject to flood, and a flood occurs, the loss to this insurer may be catastrophic.
3. The possible loss must be accidental in nature, and beyond the control of the insured. If the insured could cause the loss, the element of randomness and predictability would be destroyed.
4. There must be some way to determine whether a loss has occurred and how great that loss is.
This is why insurance contracts specify very definitely what events must take place, what constitutes loss, and how it is to be measured.
Страховое лицо и риск при страховании. Страхование очень сильно полагается на «закон большого числа». В больших разнородных слоях общества возможно оценить нормальную частоту повторения распространенных событий, таких как смерти и аварии. Убытки могут быть спрогнозированы с разумной точностью, и эта точность возрастает по мере расширения группы. С теоретической точки зрения, если выбрана бесконечно большая группа, то возможно исключить абсолютный риск. С точки зрения страхового лица, страховой риск должен отвечать следующим требованиям:
1. Объекты, которые подвергаются страхованию, должны быть достаточно многочисленными и достаточно разнородными, для того чтобы можно было разумно точно подсчитать вероятную частоту повторения и суровость убытков.
2. Страхуемые объекты не должны подвергаться одновременным разрушениям. Например, если все здания, застрахованные одним страховым лицом, находятся на территории, подверженной наводнениям, и наводнение происходит, то убытки для этого страхового лица будут катастрофическими.
3. Возможные убытки должны быть случайными по своему происхождению, и находиться вне контроля застрахованного лица. Если застрахованное лицо могло само вызвать убытки, то будет разрушен элемент случайности и вероятности.
4. Должен существовать определенный способ для определения того, произошли ли убытки и насколько они велики.
Вот почему страховой контракт очень точно определяет, какие события будут охватываться, что составляет убытки, и как они будут измеряться.
1. What is the “law of large numbers”?
2. What requirements must an insurable risk meet?
3. What does the insurance contract specify?
7. Agree or disagree with the following statements.
1) The objects to be insured must be small in numbers and heterogeneous to estimate the probable frequency and severity of losses. - False
2) The insured objects must be subject to simultaneous destruction. - False
3) The possible loss must be non-random in nature. – False
4) The possible loss must be within the control of the insured. - False
5) If the insured could cause the loss, the element of randomness and predictability would be completely useless. - True
6) The insured must be morally, legally, or officially allowed to cause the loss. - False
7) If the insured causes the loss, he has to repair damage on his own account. - True
8) Insurance contracts state in an exact and detailed way what events must pass, what forms loss, and how it is to be estimated. - True
8. Translate the following words and phrases from Russian into English.
Слои общества – groups of population; подверженный - subject; одновременный - simultaneous; разрушение - destruction; наводнение - flood; происходить – to occur; случайный - accidental; вне - beyond; вызывать - to cause; случайность - randomness; предсказуемый - predictable; определять – to specify; оценить – to estimate; предсказывать – to predict; разумный - reasonable; расширяться – to expand; исключить – to eliminate; бесконечно - infinitely; страхуемый риск – insurable risk; могущий быть предметом страхования – objects to be insured; точка зрения – standpoint; требование - requirement; многочисленный - numerous; однородный - homogeneous; разумно - reasonably; частота - frequency; большие убытки – catastrophic losses; точно определять – to specify very definitely; определенно - definitely; составлять – to constitute; измерять – to measure.
9. Complete the following statements.
1) Insurance relies on the “law of large numbers”.
2) It is possible to estimate the normal frequency of common events such as deaths and accidents.
3) Losses can be predicted with reasonable accuracy.
4) Reasonable accuracy increases as the size of the group expands.
5) It is possible to eliminate all pure risk if an infinitely large group is selected.
6) The objects to be insured must be numerous enough and homogeneous enough to allow a reasonable close calculation of the probable frequency and severity of losses.
7) The insured objects must not be subject to simultaneous destruction.
8) The possible loss must be accidental in nature and beyond the control of the insured.
9) The element of randomness and predictability would be destroyed if the insured could cause the loss.
10) There must be some way to determine whether a loss has occurred and how great that loss is.
11) Insurance contracts specify very definitely what events must take place, what constitutes loss and how it is to be measured.
10. Translate the dialogue.
Board Member: I notice that our cash and cash-in-banks has been building up above the amount required by law.
President: I`ve had the same thoughts. And right now there is a new offering of municipal bonds that can be bought at a price that will yield 3,5%.
B.M.: Are they general obligation bonds?
P.: Yes, they are. I prefer those to revenue bonds, don`t you?
B.M.: I do. Does this issue have an AA rating?
P.: Yes. And they can be had in five to ten-year maturities. They`re tax-exempt, you know.
B.M.: Do you think we might also buy some stocks to keep our portfolio well diversified?
P.: Well, we might. But stocks are much more speculative.
B.M.: Unless we stick to blue chip issue. They show less price fluctuation.
Член правления: Я замечаю, что наши наличные деньги и вклады в банках превышают число, требуемое законом.
Президент: Я тоже так думаю. И прямо сейчас к нам поступило предложение о муниципальных облигациях, которые можно купить по цене, приносящей прибыль в 3.5 %.
Ч.П.: Это обязательные для всех облигации?
П.: Да. Я предпочитаю их облигациям, которые приносят ежегодный доход, а вы?
Ч. П.: И я тоже. Эти ценные бумаги имеют уровень АА?
П.: Да, и их можно приобрести на срок платежа по векселю от пяти до десяти лет. Они не облагаются налогом, как вы знаете.
Ч.П.: Как вы думаете, мы могли бы приобрести также несколько акций, чтобы разнообразить наш портфель?
П.: Да, мы могли бы. Но акции гораздо рискованнее.
Ч.П.: Только в том случае, если мы не имеем дело с надежными акциями, опирающимися на устойчивый курс. Они показывают меньше ценовых колебаний.
11. Answer the questions:
1) What problem is being considered by the President and the Board Member? They are considering the problem of investment of their money.
2) How can the bank invest its funds profitably at present? The bank can invest its funds in obligation bonds and blue chip issue.
3) Why does the President prefer to invest in general obligation bonds? The President prefers to invest in general obligation bonds because they are tax- exempt.
4) What does the President know about a new offering of municipal bonds? He knows that they can be bought at a price that will yield 3.5%.
5) Where else can they invest the bank`s funds? They also can buy stocks.
6) What sort of stocks are they going to invest in and why? They are going to invest in blue chip issue because they show less price fluctuation.
12. Find proper definitions:
| Terms | Definitions |
| Tax | the pattern of investments held by a bank |
| Yield | a government or local government security |
| Cash | the actual return from a particular investment |
| Bond | a unit of ownership in a company |
| Stock/share | a stock thought to be of highest quality |
| A rating | money collected by a government for its support |
| Portfolio | the speed with which an investment can be redeemed for cash |
| Liquidity | coins and bills |
Tax - money collected by a government for its support
Yield - the actual return from a particular investment
Cash - coins and bills
Bond a government or local government security
Stock/share- a unit of ownership in a company
A rating-a stock thought to be of highest quality
Portfolio- the pattern of investments held by a bank
Liquidity- the speed with which an investment can be redeemed for cash
13. Choose the right answers:
1) "our portfolio" in this dialogue means:
a) a wallet,
b) a list of stocks and bonds belonging to the bank,
c) a list of bank`s fixed assets.
2) "a portfolio well diversified" is:
a) one yielding high interest,
b) entirely made up of blue chip stocks,
c) one made up of a variety of stocks and bonds.
3) "price fluctuation" is:
a) a price stability,
b) an increase in prices,
c) a changing back and forth in the price.
4) "speculative" means:
a) risky,
b) disequilibrating,
c) negotiable.
5) "yield 3,5%" means:
a) earn 3,5%,
b) treble the price,
c) rise by 3,5%.
6) "advances" here means:
a) approaches from one person to another,
b) improvements in a bank`s position,
c) loans and overdrafts for customers
14. Combine the words listed below into meaningful two or three word expressions:
| bank | fluctuation | member |
| bond | general | local authority |
| blue-chip | issue | obligation |
| liquid | investment | price |
Price fluctuation, blue-chip issue, local authority member, general obligation bond.
15.Put the prepositions:
1) TS shares dropped on10% this afternoon.
a) to b) by c) on d) with
2) The advantage of direct marketing is that it enables us to cut out the middleman.
a) on b) from c) for d) of
3) The government spent less for defense last year.
a) to b) on c) for d) at
4) The telephone lines can be so busy that people have to wait up to an hour to get through.
a) up to b) in on c) out for d) in at
5) What effect could these new EC directive have on the company?
a) about b) over c) on d) to
16. Ask Liz questions about herself and her family.
1. You know that Liz plays tennis. You want to know how often. Ask her.
How often do you play tennis?
2. Perhaps Liz`s sister plays tennis too. You want to know. Ask Liz.
How often does your sister play tennis?
3. You know that Liz reads a newspaper every day. You want to know which one. Ask her.
What newspaper do you read every day?
4. You know that Liz`s brother works. You want to know what he does. Ask Liz.
What is the profession of your brother?
5. You know that Liz goes to the cinema a lot. You want to know how often. Ask her.
How often do you go to the cinema?
17. Put the verb in the correct form, present continuous or present simple.
1) Let`s go out. It is not raining now.
2) Julia is very good at languages. She speaks four languages very well.
3) Hurry up! Everybody is waiting for you.
4) 'Are you listening to the radio?' 'No, you can turn it off.'
5)'Do you listen to the radio every day?' 'No, just occasionally.'
6) The River Nile flows into the Mediterranean.
7) Look at the river. It is flowing very fast today - much faster than usual.
18. Make sentences from the words in brackets. Use the present perfect or past simple.
1) (it/not/rain/this week) — It hasn`t rained this week.
2) (the weather/be/cold/recently) — The weather has been cold recently.
3) (it/cold/last week) — It was cold last week.
4) (I/not/read/a newspaper yesterday) — I didn’t read a newspaper yesterday.
5) (I/not/read/a newspaper today) — I haven’t read a newspaper today.
6) (Ann/earn/a lot of money/ this year) — Ann has earned a lot of money this year.
7) (she/not/earn/so much/last year) — She didn’t earn so much last year.
19. Put the verb into the correct form, past perfect or past simple.
1) 'Was Tom at the party when you arrived?' No, he had gone home.'
2) I felt very tired when I got home, so I went straight to bed.
3) The house was very quiet when I got home. Everybody had gone to bed.
4) Sorry I`m late. The car broke down on my way here.
5) We were driving along the road when we saw a car which had broken down, so we stopped to see if we could help.
20. Complete the sentences using can or (be) able to.
1) George has traveled a lot. He can speak four languages.
2) I haven`t been able to sleep very well recently.
3) Sandra can drive but she hasn`t got a car.
4) I can`t understand Martin. I`ve never been able to understand him.
5) I used to be able to stand on my head but I can`t do it now.
6) I can`t see you on Friday but I will be able to meet you on Saturday morning.
7) Ask Catherine about your problem. She might can help you.