Very large numbers

VOCABULARY DEVELOPMENT

Exercise 1

Read paragraphs A-E and decide in which order they should appear.

A

A few years ago on, Lloyd’s has learns a lesson. To prevent another ‘Andrew’ catching Lloyd’s unexpectedly, it has invested vast sums in climatic modelling. An entire research team specializes in disasters. It has computer links with the world’s weather stations and downloads satellite information on earthquakes, floods and tornadoes every hour. Specialists track the historical patterns of storms, floods and earthquakes so that there is more chance of predicting where disaster might hit.

B

Lloyd’s ranks disasters on a ‘ladder’ and hurricane Andrew was near the top. Lloyd’s faced claims of $ 16 billion and the losses were so catastrophic that the reinsurance market – the insurers that insure insurers – shrank overnight. ‘They put the closed sign on the door’, said one underwriter.

C

Combining this information with the history and geography of a region, their computer programs can predict the likelihood and severity of a disaster and the level of payouts. However, these methods are not always reliable. Underwriters admit they cannot predict an act of God. But they say modelling allows them to set premiums according to the level of risk.

D

When hurricane Andrew hit Palm Beach, Florida in 1992, Lloyd’s of London was devastated, too. Underwriters watched in horror as houses were torn from the ground and cars thrown into the air. Between 1970 and 1995, 28 of the 30 most expensive losses at Lloyd’s were due to natural catastrophe like this.

E

A season of volcanoes, storms and earthquakes could sink Lloyd’s and some underwriters feel that even this level of information gathering is not enough. One syndicate, which writes around 90 million pounds of disaster reinsurance each year, receives regular worldwide catastrophe news and is in daily contact with weather stations.

Exercise 2

Find the words and expressions which suit the following definitions.

1 large amounts of money __________

2 forecasting the weather using statistics and computing ___________

3 receives large amount of information using the Internet ___________

4 puts in order by size or importance __________

5 disastrous __________

6 reduced in size/got smaller ___________

7 the relative possibility of something happening in the future __________

8 badly damaged _________

9 the people who accept insurance risks ___________

10 a group of people or companies that work together to make money _________

Exercise3

Decide whether the following statements are True or False and correct the false statements.

1. Most of Lloyd’s big losses have been caused by man-made disasters.

2. Underwriters were pleased to see hurricane Andrew at work.

3. The reinsurance market was incredibly busy after hurricane Andrew struck.

4. Lloyd’s spends a lot of money on methods that can help it to be better prepared for natural disasters.

5. Lloyd’s would find it difficult to survive season of natural disasters.

6. Climatic modelling and other methods used to predict disasters are a hundred per cent reliable.

Exercise 4

Very large numbers

A

Match the numbers on the left with the numbers/definitions on the right.

1) 1,000,000 2) 1,000,000,000 3) 1,000,000,000,000

a) a trillion (a million million) b) million (a thousand thousand) c) *billion (a thousand million)

• In British English a billion used to be a million million.

B

Complete the sentences with words from A.

1. There are more than six ______________ people on this planet.

2. The total wealth of Japan is measured in ______________ of yen.

3. When he opened thesuitcase, there wasat least a _______________dollars in hundred-dollar notes.

C

Write how you would say these numbers in words.

1) 12,000,000,000

2) 23,000,000

3) 19,000,000,000,000

Exercise 5

Conjunctions

A

Study sentences 1-6 and put a tick (v) next to those which are correct; and a cross (x) next to those which are grammatically wrong or not logical.

1. Although she was wearing seat belt, she wasn’t hurt in the crash.

2. Even though they were well insured, the Insurance company refused to pay out.

3. Although he was still dissatisfied, they gave him compensation.

4. At first they thought the fire was an accident. However, when they investigated it, they discovered it had been started on purpose.

5. However, the accident wasn’t his fault his insurance premium still went up.

6. She was under-insured; nevertheless they settled her claim in full.

B

Rephrase these sentences using the words in brackets.

1. Her premiums are high. She has not asked for other quotations. (although)

2. George exaggerated his claim. The company still paid him what they owed him. (nevertheless)

3. They didn’t insure the concert. They knew it might rain. (even though)

4. He has a risky job. Some companies will insure him. (however)

5. The salesman said that $ 100 was his lowest price. I managed to get it for $ 80. (although)

Exercise 6

A

Look at the verbs which go very well with the word claim. Use the verbs to fill the gaps in the sentences below.

a) to submit b) to accept c) to settle d) to make e) to reject

(a) claim

1. Good morning. Claims department. Can I help you? Yes, my name is David Smith. My car was involved in an accident earlier today, and I'd like to … a claim on my policy. 2. How long do you think it will take to … the claim? 3. I am pleased to tell you your claim has been …. 4. You will need to … your claim to us within the next three weeks. 5. I’m sorry to say your claim has been ….

B

Some words are frequently used with a key business word.
Match each of the liability word partnerships with the appropriate definition:

1 personal 2 employer’s 3 public 4 professional

liability

a) provides cover in case a member of the public has an accident. b) covers a range of possibilities if your business is your livelihood. c) provides compensation in situations such as death, injury or damage to a third party d) means that when an employee has an accident at work, he can claim compensation.

C

Decide which phrasal verb replaces the more formal verbs in italics in the sentences below.

Write your sentences using the phrasal verbs with nouns or pronouns like this:

To effect insurance cover, I am going to take out insurance cover.

take out

fill in

turn off

put in

work out

take off

look up

1. to submit a claim

2. to deduct the discount

3. to complete the form

4. to calculate the premium

5. to find the word

6. to stop the photocopier

Exercise 7

A

Find the definition on the right which matches the word on the left.

a) premium	1 a person who advises on insurance
b) underwriter	2 a document which provides you are insured
c) insurance company	3 payment for insurance
d) broker	4 insurance protection
e) claim	5a form you fill in when you apply for insurance
f) compensation	6 an insurer at Lloyd’s of London
g) small print	7a limited liability company selling cover
h) policy/insurance	8 the conditions and clauses in a document of insurance, usually in small writing
i) proposal form	9 you are paid when your insured property is damaged
j) cover	10 a request for payment when your insured property is damaged

B

Decide which word goes in which gap in the passage below.

Mr. Bean wanted to insure his shop. He wanted …1…against the fire and theft. He filled in the …2... and sent it to his …3.... who arranged the insurance with an…4..... Mr. Bean had to pay quite a high …5.... each year, but it was worth it because a lot of goods were stolen. Mr. Bean put in a …6... for …7..... Unfortunately, the …8…. refused to pay him the full amount. Mr. Bean had not read the …9…. in his …10…. properly.

Exercise 8

Translate into English using the active vocabulary on the topic “History of Insurance”.

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