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请告诉我在何处能买到健康保险？

Health insurance is merely a mean by which people pool money to guard against the sudden economic consequences of sickness or

injury.

健康保险就是筹集一些钱以预防疾病或受伤而突然发生的经济困难。

“Major medical” insurance policies are designed to help offset heavy medical expenses that can result from a prolonged

illness or serious injury.

“巨额医药费保险”旨在协助减轻久病及重伤所造成的重大医药开支。

If the benefits provided under a certain policy have a dollar limitation for each service, you should determine whether these

limitations are realistic.

如果某一家保险公司的健康保险对每种服务定有赔偿限额，你应断定这些限额是否合乎实际。

Words and Phrases

health insurance 疾病保险，健康保险

sickness insurance 疾病保险

insurance for medical care 医疗保险

“major medical” insurance policy 巨额医药费保险

insurance during a period of illness 疾病保险

life insurance 人寿保险

endowment insurance 养老保险

insurance on last survivor 长寿保险

to purchase health insurance 购买健康保险

to have a health insurance policy 购买健康保险

Additional Words and Phrases

policy-holder 保险客户

extra premium 额外保险费

additional premium 附加保险费

insurance law 保险法

insurance act 保险条例

insurance industry? 保险业

insurance division 保险部

insurance treaty 保险合同

cover note 保险证明书

guarantee of insurance 保险担保书

premium rebate 保险费回扣

insurance claim 保险索赔

ceding, retrocession(for reinsurance) 分保

reinsurance 分保（再保险）

ceding(insurance)company 分保公司

co-insurance company 共同保险公司

insurance document 保险单据

certificate of insurance 保险凭证

increasing coverage, extending coverage 加保

renewing coverage 续保

insurance commission 保险佣金

social insurance 社会保险

personal property insurance 个人财产保险

insurance of contents 家庭财产保险

FPA代表平安险。

W.P.A. stands for “With Particular Average”.

WPA代表水渍险。

I’ll have the goods covered against Free from Particular Average.

我将为货物投保平安险。

I know that F.P.A insurance doesn’t cover losses on consumer goods.

我知道平安险不包括消费品的种种损失。

I don’t think that the W.P.A insurance covers more risks than the F.P.A..

我认为水渍险承保的范围并不比平安险的范围宽。

Free from Particular Average is good enough.

只保平安险就可以了。

The goods are to be insured F.P.A.

这批货需投保平安险。

What you’ve covered is Leakage.

你所投保的是渗漏险。

Why don’t you wish to cover Risk of Breakage?

您为什么不想投保破碎险呢？

W.P.A coverage is too narrow for a shipment of this nature, please extend the coverage to include TPND.

针对这种性质的货物只保水渍险是不够的，请加保偷盗提货不成险。

Don’t you wish to arrange for W.P.A. and additional coverage against Risk of Breakage?

您不想保水渍险和附加破碎险吗？

Not every breakage is a particular average.

并不是所有的破碎险都属于单独海损。

The coverage is W.P.A. plus Risk of Breakage.

投保的险别为水渍险加破碎险。

Well, obviously you won’t want All Risks cover.

显然，你不想保综合险。

An All Risks policy covers every sort of hazard, doesn’t it?

一份综合险保单保所有的险，是吗？

We’d like? to cover the porcelain ware against All Risks.

我们想为这批瓷器投保综合险。

Please insure the shipment for RMB5,000 against All Risks.

请将这批货物投保综合险人民币5000元。

We’ve cover insurance on these goods for 10% above the invoice value against All Risks.

我们已经将这些货物按发票金额加百分之十投保综合险。

An F.P.A. policy only covers you against total loss in the case of minor perils.

平安险只有在发生较小危险时才给保全部损失险。

The F.P.A. doesn’t cover partial loss of the nature of particular average.

平安险不包括单独海损性质的部分损失。

A W.P.A. or W.A. policy covers you against partial loss in all cases.

水渍险在任何情况下都给保部分损失险。

You’ll cover SRCC risks, won’t you?

你们要保罢工、暴动、民变险，是吗？

As our usual practice, insurance covers basic risks only, at 110 percent of the invoice value. If coverage against other

risks is required, such as breakage, leakage, TPND, hook and contamination damages, the extra premium involved would be for

the buyer’s account.

按照我们的惯例，只保基本险，按发票金额110%投保。如果要加保其它险别，例如破碎险、渗漏险、盗窃遗失险、钩损和污染险等，额外保险

费由买方负担。

Words and Phrases

insurance free of (from) particular average (FPA). 平安险（单独海损不赔）

insurance with particular average (WPA), basic risks. insurance against all risks. 综合险，应保一切险

risk of breakage 破碎险

risk of clashing 碰损险

risk of rust 生锈险

risk of hook damage 钩损险

risk of contamination (tainting) 污染险

insurance against total loss only (TLO) 全损险

Advanced economies account for the bulk of global insurance. With premium income of $1,485bn, Europe was the most important region, followed by North America ($1,258bn) and Asia ($801bn). The top four countries accounted for nearly two-thirds of premiums in 2006. The U.S. and Japan alone accounted for 43% of world insurance, much higher than their 7% share of the global population. Emerging markets accounted for over 85% of the world’s population but generated only around 10% of premiums. The volume of UK insurance business totalled $418bn in 2006 or 11.2% of global premiums.

Property coverage pays for damage to or theft of your car.
Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
An auto insurance policy is comprised of six different kinds of coverage. Most countries require you to buy some, but not all, of these coverages. If you’re financing a car, your lender may also have requirements. Most auto policies are for six months to a year.

In the United States, your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium.

Business insurance can be any kind of insurance that protects businesses against risks. Some principal subtypes of business insurance are (a) the various kinds of professional liability insurance, also called professional indemnity insurance, which are discussed below under that name; and (b) the business owner’s policy (BOP), which bundles into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners insurance bundles the coverages that a homeowner needs.

Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which insurance is part of the financial sphere), early methods of transferring or distributing risk were practised by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively.^[8] Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel’s capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practised by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender’s guarantee to cancel the loan should the shipment be stolen.

Achaemenian monarchs of Iran were the first to insure their people and made it official by registering the insuring process in governmental notary offices. The insurance tradition was performed each year in Norouz (beginning of the Iranian New Year); the heads of different ethnic groups as well as others willing to take part, presented gifts to the monarch. The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. This was advantageous to those who presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices.

The purpose of registering was that whenever the person who presented the gift registered by the court was in trouble, the monarch and the court would help him. Jahez, a historian and writer, writes in one of his books on ancient Iran: “[W]henever the owner of the present is in trouble or wants to construct a building, set up a feast, have his children married, etc. the one in charge of this in the court would check the registration. If the registered amount exceeded 10,000 Derrik, he or she would receive an amount of twice as much.”[1]

A thousand years later, the inhabitants of Rhodes invented the concept of the ‘general average’. Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse any merchant whose goods were jettisoned during storm or sinkage.

The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when they organized guilds called “benevolent societies” which cared for the families and paid funeral expenses of members upon death. Guilds in the Middle Ages served a similar purpose. The Talmud deals with several aspects of insuring goods. Before insurance was established in the late 17th century, “friendly societies” existed in England, in which people donated amounts of money to a general sum that could be used for emergencies.

Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in post-Renaissance Europe, and specialized varieties developed.

Toward the end of the seventeenth century, London’s growing importance as a centre for trade increased demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house that became a popular haunt of ship owners, merchants, and ships’ captains, and thereby a reliable source of the latest shipping news. It became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures. Today, Lloyd’s of London remains the leading market (note that it is not an insurance company) for marine and other specialist types of insurance, but it works rather differently than the more familiar kinds of insurance.

Insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured 13,200 houses. In the aftermath of this disaster, Nicholas Barbon opened an office to insure buildings. In 1680, he established England’s first fire insurance company, “The Fire Office,” to insure brick and frame homes.

The first insurance company in the United States underwrote fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina, in 1732. Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire in the form of perpetual insurance. In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin’s company was the first to make contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses. In the United States, regulation of the insurance industry is highly Balkanized, with primary responsibility assumed by individual state insurance departments. Whereas insurance markets have become centralized nationally and internationally, state insurance commissioners operate individually, though at times in concert through a national insurance commissioners’ organization. In recent years, some have called for a dual state and federal regulatory system (commonly referred to as the Optional federal charter (OFC)) for insurance similar to that which oversees state banks and national banks.

Insurance company claim departments employ a large number of claims adjusters supported by a staff of records management and data entry clerks. Incoming claims are classified based on severity and are assigned to adjusters whose settlement authority varies with their knowledge and experience. The adjuster undertakes a thorough investigation of each claim, usually in close cooperation with the insured, determines its reasonable monetary value, and authorizes payment. Adjusting liability insurance claims is particularly difficult because there is a third party involved (the plaintiff who is suing the insured) who is under no contractual obligation to cooperate with the insurer and in fact may regard the insurer as a deep pocket. The adjuster must obtain legal counsel for the insured (either inside “house” counsel or outside “panel” counsel), monitor litigation that may take years to complete, and appear in person or over the telephone with settlement authority at a mandatory settlement conference when requested by the judge.

In managing the claims handling function, insurers seek to balance the elements of customer satisfaction, administrative handling expenses, and claims overpayment leakages. As part of this balancing act, fraudulent insurance practices are a major business risk that must be managed and overcome. Disputes between insurers and insureds over the validity of claims or claims handling practices occasionally escalate into litigation; see insurance bad faith.

Insurers make money in two ways: (1) through underwriting, the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks and (2) by investing the premiums they collect from insured parties.

The most complicated aspect of the insurance business is the underwriting of policies. Using a wide assortment of data, insurers predict the likelihood that a claim will be made against their policies and price products accordingly. To this end, insurers use actuarial science to quantify the risks they are willing to assume and the premium they will charge to assume them. Data is analyzed to fairly accurately project the rate of future claims based on a given risk. Actuarial science uses statistics and probability to analyze the risks associated with the range of perils covered, and these scientific principles are used to determine an insurer’s overall exposure. Upon termination of a given policy, the amount of premium collected and the investment gains thereon minus the amount paid out in claims is the insurer’s underwriting profit on that policy. Of course, from the insurer’s perspective, some policies are winners (i.e., the insurer pays out less in claims and expenses than it receives in premiums and investment income) and some are losers (i.e., the insurer pays out more in claims and expenses than it receives in premiums and investment income).

An insurer’s underwriting performance is measured in its combined ratio. The loss ratio (incurred losses and loss-adjustment expenses divided by net earned premium) is added to the expense ratio (underwriting expenses divided by net premium written) to determine the company’s combined ratio. The combined ratio is a reflection of the company’s overall underwriting profitability. A combined ratio of less than 100 percent indicates underwriting profitability, while anything over 100 indicates an underwriting loss.

Insurance companies also earn investment profits on “float”. “Float” or available reserve is the amount of money, at hand at any given moment, that an insurer has collected in insurance premiums but has not been paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest on them until claims are paid out. The Association of British Insurers (gathering 400 insurance companies and 94% of UK insurance services) has almost 20% of the investments in the London Stock Exchange.^[6]

In the United States, the underwriting loss of property and casualty insurance companies was $142.3 billion in the five years ending 2003. But overall profit for the same period was $68.4 billion, as the result of float. Some insurance industry insiders, most notably Hank Greenberg, do not believe that it is forever possible to sustain a profit from float without an underwriting profit as well, but this opinion is not universally held. Naturally, the “float” method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards. So a poor economy generally means high insurance premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the “underwriting” or insurance cycle. ^[7]

Property and casualty insurers currently make the most money from their auto insurance line of business. Generally better statistics are available on auto losses and underwriting on this line of business has benefited greatly from advances in computing. Additionally, property losses in the United States, due to unpredictable natural catastrophes, have exacerbated this trend.

1. an “indemnity” policy and
2. a “pay on behalf” or “on behalf of”^[3] policy.

The difference is significant on paper, but rarely material in practice.

An “indemnity” policy will never pay claims until the insured has paid out of pocket to some third party; for example, a visitor to your home slips on a floor that you left wet and sues you for $10,000 and wins. Under an “indemnity” policy the homeowner would have to come up with the $10,000 to pay for the visitor’s fall and then would be “indemnified” by the insurance carrier for the out of pocket costs (the $10,000)^[4].

Under the same situation, a “pay on behalf” policy, the insurance carrier would pay the claim and the insured (the homeowner) would not be out of pocket for anything. Most modern liability insurance is written on the basis of “pay on behalf” language^[5].

An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the ‘insured’ party once risk is assumed by an ‘insurer’, the insuring party, by means of a contract, called an insurance ‘policy’. Generally, an insurance contract includes, at a minimum, the following elements: the parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be “indemnified” against the loss covered in the policy.

When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a ‘claim’ against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the ‘premium’. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims—in theory for a relatively few claimants—and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (i.e., reserves), the remaining margin is an insurer’s profit.