Summary
Summary Financial English 3 - Finance and Insurance - Artevelde University
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This is a comprehensive summary for the course Financial English 3. The summary includes units 1 - 4.
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Unit 1: Let’s talk about insurance1 General insurance vocabulary
To buy Kopen
To cover Dekken
To insure against Verzekeren tegen
To make a claim Een claim indienen
To pay Betalen
To receive Ontvangen
To reduce Verminderen
To take out Afsluiten
2 People that work in insurance and their activities
A broker Will advise you about different companies and their policies
A policyholder Pays the premiums and has the right to make claims
Receives insurance protection from someone else who has purchased an
A third party
insurance policy
Evaluates the risks of insuring a particular person and uses that
An underwriter
information to set premium pricing
A claimant Makes a claim with an insurance company
Assesses the amount of compensation that should be paid after a person
A loss adjuster
has made an insurance claim
An actuary Calculates risks for insurance companies
An assessor Calculates the value of something
3 More insurance vocabulary
Renewal A policy issued to replace one that has expired
The amount that the policyholder must pay within a specified accumulation
Deductible
period before the insurance company will pay for coverage
Policyholder The insured who is named on the insurance policy
Insurance company employees who are responsible for identifying and
Underwriters
classifying the degree of risk represented by a proposed insurance policy
Lying or misleading an insurance company about the facts affecting a policy.
Misrepresentation
Misrepresentation is grounds for voiding a policy.
Lapse Termination of an insurance policy for nonpayment of the premium
Rider An attachment or endorsement added to a policy
Exclusion A condition or circumstance that is not covered by the insurance policy
1
, An agreement to provide insurance prior to a policy being issued, many
Binder
times used as a temporary policy until a permanent policy
An applicant who has pre – existing poor health or is in substandard physical
Impaired risk
condition, is engaged in dangerous activities, or has a hazardous occupation.
Beneficiary The person named in a life insurance policy to receive the proceeds
The insured that is named first on the declarations of an insurance policy.
First named This is the person the insurance company will notify in case of policy
changes, updates, or in the event of a claim.
Premium The amount of money an insurer charges to provide coverage
4 Europe vs. Belgium
EIOPA seeks to protect the public interest by contributing to the short-,
European medium- and long-term stability, effectiveness and sustainability of the financial
Insurance an system for the Union’s economy, citizens and businesses.
Occupational As an independent advisory body to the European Commission, the European
Pensions Parliament and the Council of the European Union, EIOPA contributes to shape
Authority = EIOPA informed policies and laws in the field of insurance and occupational pensions
in the EU.
Insurance The IDD regulates how insurance products are designed and distributed in the
Distribution EU. It sets out to harmonise regulation of the insurance market across the single
Directive = IDD European market and to improve consumer protection standards.
This is an official rule or the act of controlling something
A regulation
Ex.: new safety regulations have been brought in
To officially force a rule, tax, punishment, etc.
To impose
Ex. : very high taxes have recently been imposed
To act according to an order, set of rules, or request
To comply with
Ex. : there are serious penalties for failure to comply with the regulations
Saying what must happen, especially by giving an instruction or making a rule
Prescriptive
Ex. : teachers think government’s guidelines on homework are too prescriptive
To be suitable together, or to make different plans, situations, etc.
Harmonising
Ex. : the plan is to harmonize safety standards across alle countries involved
Noun Adjective Verb
Regulation Regulative To regulate
Imposition/imposter Imposed To impose
Compliance Compliant To comply with
Prescription Prescriptive To prescribe
Harmonisation Harmonising To harmonise
2
, 5 Legal vocabulary
A statute Formal written law enacted by a legislative body
Legal device used by the European Union to establish policies at the
A directive
European level to be incorporated into the laws of the Member States
An ordinance or by – law Law enacted by a town, city or country government
A legal act of the European Union that becomes immediately enforceable
A regulation
as law in all member states
A bill Draft document before it is made into law
In Europe, a "harmonizing directive" is a rule created by the European
Union (EU) to make life simpler for insurance companies. It's like having
A harmonising directive
one set of rules for insurers all across Europe. This stops insurers from
getting confused by different laws in each country they work in.
3
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