Group 4
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Trương Mỹ Hoa
Hoàng Thị Thúy Trinh
Đặng Thùy Dương
Vũ Hoàng Vân
Trương Trần Huyền Trang


• Summary
• Reading
• Vocabulary

3

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Contents


Vocabulary

Accomplish (v)

[ə'kɔmpli∫]

Hoàn thành

Compensate (v)

['kɔmpenseit]

Bồi thường

Economic losses (n)

[,i:kə'nɔmik] [lɔs]

Những tổn thất về kinh tế

Experience (v)

[iks'piəriəns]

Trải qua, nếm mùi

Exposure (n)

[iks'pouʒə]

Nguy cơ, rủi ro

Occur (v)


[ə'kɜ:(r)]

Xảy ra

Devise (v)

[di'vaiz]

Tạo ra

The insured(n)

[ðə] [in'∫uəd]

Người mua bảo hiểm


Vocabulary
Insurance pool(n)

[in'∫uərəns] [pu:l]

Quỹ bảo hiểm

Insurance fund(n)

[in'∫uərəns] [fʌnd]

Quỹ bảo hiểm


Participant(n)

[pɑ:'tisipənt]

Người tham gia

Contemplate(v)

['kɔntempleit]

Suy ngẫm

The predictability of losses in advance

[ðə] [pri,diktə'biləti]

Khả năng dự đoán trước các tổn thất

[ɔv] [lɔs] [in] [əd'vɑ:ns]

Cost of unexpected losses

[kɔst] [ɔv] [,ʌniks'pektid] [lɔs]

Chi phí cho các tổn thất ngoài dự kiến

Premium payment

['pri:miəm] ['peimənt]


Thanh toán bảo hiểm


Reading
Throughout human to history, unexpected economic losses have occurred. Such losses would continue to occur whether or not a system
of insurance had ever been devised. But through the operation of insurance system, losses can be predicted in advance, it allows the
cost of losses to be financed and redistributed in advance.

 Questions
1. In what way, losses can be predicted before they occur?
.Losses can be predicted before they occur through the operation of insurance system.
2. Why the predictability of losses in advance is basic to an insurance system’s operation?
 Because it allows the cost of losses to be financed and redistributed in advance.


Reading

Throughout human to history, unexpected economic losses
have occurred. Such losses would continue to occur
whether or not a system of insurance had ever been
devised. But through the operation of insurance system,
losses can be predicted in advance, it allows the cost of
losses to be financed and redistributed in advance.

Trong suốt lịch sử loài người những tổn thất kinh tế bất ngờ luôn
xảy ra. Những tổn thất như vậy sẽ tiếp tục xảy ra dù một hệ
thống bảo hiểm có hay không được tạo ra. Nhưng qua hoạt động
của hệ thống bảo hiểm, những tổn thất có thể được dự đoán
trước, cho phép chi phí tổn thất được tài trợ và phân phối lại
trước.



Reading
The first definition of insurance that we will examine is the finance one. In this instance, insurance is a financial arrangement that
redistributes the costs of unexpected losses. The insurance arrangement involves the transfer of many different exposures to loss to one
insurance pool, which combines the numerous exposures.



Questions

3. What is insurance in financial definition?



Insurance is a financial arrangement that redistributes the costs of unexpected losses.

4. What does the insurance arrangement involve?
The insurance arrangement involves the transfer of many different exposures to loss to one insurance pool, which combines the
numerous exposures.


Reading
The first definition of insurance that we will examine is the
finance one. In this instance, insurance is a financial arrangement
that redistributes the costs of unexpected losses. The insurance
arrangement involves the transfer of many different exposures to
loss to one insurance pool, which combines the numerous
exposures.


Định nghĩa đầu tiên về bảo hiểm mà chúng ta xem xét là theo
góc độ tài chính. Trong trường hợp này bảo hiểm là một hợp
đồng tài chính phân phối lại chi phí tổn thất ngoài dự kiến. Hợp
đồng bảo hiểm liên quan đến sự chuyển giao nhiều loại rủi ro tổn
thất khác nhau đến một quỹ bảo hiểm- quỹ kết hợp rất nhiều rủi
ro.


Reading
An insurance system accomplishes the redistribution of the costs of losses by collecting a premium payment from every participant in the system. In
exchange for the payment of the premium, the insured receives a promise from the insurance system to be compensated in the event of a loss. In most
insurance system only a small percentage of those insured suffer losses. Thus, an insurance system redistributes the costs of losses from the
unfortunate few members of the insurance pool (including those who suffer losses) who have paid premiums.



Questions

5. How can an insurance system accomplish the redistribution of the costs of losses?



An insurance system accomplishes the redistribution of the costs of losses by collecting a premium payment from every participant in the
system.

6. What dose the insured receive when a loss occur?
 The insured is compensated by the insurer when a loss occur.


Reading

An insurance system accomplishes the redistribution of the costs
of losses by collecting a premium payment from every
participant in the system. In exchange for the payment of the
premium, the insured receives a promise from the insurance
system to be compensated in the event of a loss. In most
insurance system only a small percentage of those insured suffer
losses. Thus, an insurance system redistributes the costs of losses
from the unfortunate few members of the insurance pool
(including those who suffer losses) who have paid premiums.

Một hệ thống bảo hiểm hoàn thành việc phân phối lại chi phí tổn
thất bằng cách thu nhận phí bảo hiểm từ những người tham gia
bảo hiểm. Đổi lấy việc thanh toán phí bảo hiểm người mua bảo
hiểm nhận được lời cam kết được công ty bảo hiểm bồi thường
khi sự cố xảy ra. Hầu hết hệ thống bảo hiểm đều chỉ có một tỷ lệ
nhỏ người được bảo hiểm gặp rủi ro. Như vậy một hệ thống bảo
hiểm phân phối lại chi phí tổn thất từ quỹ bảo hiểm đến người
chịu rủi ro ( kể cả những người chịu tổn thất) những người đã trả
phí bảo hiểm.


Reading
An insurance system is able to operate because all the insured are willing to substitute a relatively small certain outlay, the insurance
premium, for a relatively a large uncertain loss.


Reading
An insurance system is able to operate because all the insured
are willing to substitute a relatively small certain outlay, the
insurance premium, for a relatively a large uncertain loss.


Một hệ thống bảo hiểm có thể hoạt động bởi tất cả những người
mua bảo hiểm sẵn sàng chịu một khoản phí bảo hiểm tương đối
nhỏ thay vì một tổn thất tương đối lớn.


Reading
It is generally assumed that most people find the possibility of suffering a large loss unpleasant to contemplate. Therefore, people are
willing to pay an insurance premium to be relieved of the uncertainty about a loss, as well as to be compensated if the loss actually
occurs. Thus, even if no loss occurs during a year, as will be the case for most insured, value has still been received in the form of an
eliminated unpleasant mental state, the anxiety about a loss.



Questions

7. Why are people willing to pay an insurance premium?
Because they find the possibility of suffering a large loss unpleasant to contemplate and if the loss occurs the insured will be
compensated by the insurer, if no loss occurs the insured have still eliminated unpleasant mental state and the anxiety about a loss.


Reading
It is generally assumed that most people find the possibility of
suffering a large loss unpleasant to contemplate. Therefore,
people are willing to pay an insurance premium to be relieved of
the uncertainty about a loss, as well as to be compensated if the
loss actually occurs. Thus, even if no loss occurs during a year,
as will be the case for most insured, value has still been received
in the form of an eliminated unpleasant mental state, the anxiety
about a loss.

Nhìn chung hầu hết mọi người cho rằng khả năng phải gánh chịu
một tổn thất lớn ngoài dự kiến đáng để suy ngẫm. Do vậy, mọi
người sẵn sàng trả một khoản phí bảo hiểm để giảm bớt nỗi lo
gặp phải rủi ro, cũng như để được nhận bồi thường nếu tổn thất
xảy ra. Như thế kể cả khi trong một năm không có tổn thất xảy
ra , điều hay xảy ra với người mua bảo hiểm , thì họ vẫn nhận
được giá trị là loại bỏ trạng thái tinh thần khó chịu và những lo
lắng về sự mất mát.


Reading
It is sometimes said that insurance is like gambling. The law however has found a mean of distinguishing between gambling contracts,
which it will not enforce, and insurance contracts, which it will. Contract of insurance form a special class of contract in that the law
requires parties to them, the insured and the insurer, to exercise the utmost good faith towards each other.



Question

8. Is insurance like gambling? Why?



No, it isn’t. Because gambling contracts will not enforce but insurance contracts will enforce.

9.What do you know about contracts of insurance?
 Contract of insurance form a special class of contract in that the law requires parties to them, the insured and the insurer, to exercise
the utmost good faith towards each other.



Reading
It is sometimes said that insurance is like gambling.
The law however has found a mean of distinguishing
between gambling contracts, which it will not
enforce, and insurance contracts, which it will.
Contract of insurance form a special class of contract
in that the law requires parties to them, the insured
and the insurer, to exercise the utmost good faith
towards each other.

Đôi khi người ta nói rằng bảo hiểm giống như cờ bạc. Tuy nhiên
pháp luật đã tìm ra một sự khác nhau cơ bản giữa những giao
kèo cờ bạc- cái không phải thực thi và các hợp đồng bảo hiểmcái sẽ phải thực thi. Hợp đồng bảo hiểm là một mẫu hợp đồng
đặc biệt mà pháp luật đòi hỏi các bên – bên mua và bên bán bảo
hiểm tuân theo, để tạo ra niềm tin tuyệt đối giữa các bên.


Summary
•

Firstly, insurance in financial definition:
- a arrangement that redistributes the costs of unexpected losses,
- involves the transfer of many different exposures to loss to one insurance pool.

•

Secondly, the operation of insurance:

- an insurance system accomplishes the redistribution of the costs of losses by
system.

- an insurance system redistributes the costs of losses from the unfortunate few

a premium payment from every participant in the
members of the insurance pool

- the insured is compensated by the insurer when a loss occur.

•

Finally, contracts of insurance:
- contracts of insurance will enforce

- form a special class of contract in that the law requires parties to them, the
faith towards each other.

insured and the insurer, to exercise the utmost good


Thanks for attention!