B2 – Upper Intermediate
The idea behind the insurance company’s revenue model is a contract between an insurer and a person, business, or organization in which the insurer guarantees to pay a certain sum of money in the event that the insured loses a specific asset, typically due to damage, illness, or, in the case of life insurance, death.
Let’s look at how insurance businesses generate income and why risk-based revenue has been so successful over time.
Vocabulary Questions:
- What does the idiom “swashbuckling” mean? Use it in a sentence. “From swashbuckling pirates to ferocious fire that ravaged the world’s greatest city, insurance has had a colorful past.”
- What does the word “whet” mean? “If these questions whet your curiosity, then stay tuned to today’s episode.” Use it in a sentence.
- What does the word “gamble” mean? Use it in your own sentence. “Insurance companies make money because they evaluate the risk and decide whether it is worth the gamble.”
Discussion Questions:
- What are common types of insurance policies in your country?
- What kind of insurance do you possess?
- Have you had a bad experience with insurance companies?
- Do you believe that a person has to have every type of insurance policy?
7 replies on “How Insurance Companies Make Money”
Vocabulary Questions:
Swashbuckling: During the 17th and 18th centuries there were more brave pirates sailing the seas than in other centuries.
Whet: Good weather whets people´s spirits to go out more.
Gamble: I never make a gable when I Play cards with friends.
Discussion questions:
1. What are common types of insurance policies in your country?
In my country there are many types of insurence. Nowadays, you can insure anything you need. For example, athletes can contract an insurance policy to portect their hands or feet.
2. What kind of insurance do you possess? I have covered may house, my car and my health with an insurance policy.
3. Have you had a bad experience with insurance companies? Most of the times the coverage of the insurance policy is less than you expected, because there is something in the contract that reduces it. And there are issues you thougt it covered and it doesn´t.
4. Do you believe that a person has to have every type of insurance policy? I think that is only necessary an insurance policy for basics things like house, car and health. And even in this basic things, at the end of your life, you will have paid more than they will cover you in case of accident.
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I am going to copy-paste the vocabulary questions in order to be aligned with my asnwers:
1. What does the idiom “swashbuckling” mean? Use it in a sentence.
A/: It is my first time to listen this word and is very difficult to have or explain its meanning also in spanish, but following my understanding I guess that it is an adjetive to describe a person or organism which always tries to go over other person or organism, with violence and without care about feeling or “good-evil” actions.
I.e. the swashbuckling guy hits my car and run away yelling me improper words.
2. What does the word “whet” mean?
A/: It is a verb used to express the action of making thinner the cutting edge of white weepons or items (i.e knif).
3.What does the word “gamble” mean? Use it in your own sentence.
Insurance companies make money because they evaluate the risk and decide whether it is worth the gamble.
A/: It is easy, I used to invert (or gamble in my opinion) in bitcoins. Gamble is the action to put something that below to you in consecuse to obtain aditional thing but without any certance. Poker or lottery is the best example of gamble meanning.
Discussion Questions:
What are common types of insurance policies in your country?
A/: Nowadays insurance company tries to cover all statemets of our lifes. It is normal to see taht IC covers health, vehicles, houses and expensive things.
What kind of insurance do you possess?
A/: I have isurance for my car and health, I do not like so much the IC because they try to play with our fears and percenage of risk (in some cases the risk is very low but they try to maximice to sell us their products).
Have you had a bad experience with insurance companies?
A/: not really, when I suffered some incident with my car they solved it very quickly.
Do you believe that a person has to have every type of insurance policy?
A/: no, in any way. I think it is necessary only cover the basic thing, like health, car and house just that enithing else is overhaving.
Welcome to the Phoneenglish blog! May you continue to practice your writing skills using this platform.
Here is a sentence you can write a bit better:
Keep practicing to improve more and more!
Vocabulary Questions:
What does the idiom “swashbuckling” mean? Use it in a sentence.
From swashbuckling pirates to ferocious fire that ravaged the world’s greatest city, insurance has had a colorful past.
– The last week we saw a swashbuckling hero when he rescued a cat.
What does the word “whet” mean?
If these questions whet your curiosity, then stay tuned to today’s episode.
I read a book when I was young and it whet my coriousity about Cybersecurity.
What does the word “gamble” mean? Use it in your own sentence.
Insurance companies make money because they evaluate the risk and decide whether it is worth the gamble.
– The last rugby championship I had a gamble with my friend for who will be win.
Discussion Questions:
What are common types of insurance policies in your country?
– The principals insurance policies in my country are the house, business, car and maybe animals. Nowadays everybody with a balanced economy can pay those insurance policies.
What kind of insurance do you possess?
– I have the car, house and mobile phone insurance polices. Because those thinks are the most valuable material I have.
Have you had a bad experience with insurance companies?
– From my personal opinion I didn’t have a bad experience with insurance companies but I know friends and family and they had a lot of bad experience with insurance companies.
Do you believe that a person has to have every type of insurance policy?
No because I think we can have a insurance to the most value thinks, for example the car, house, the dog or something like that.
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