Tài liệu Unit 11 - Insurance Coursebook slideshow - By Nguyen Ngoc Dat ppt
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Ministry of Finance
Academy of Finance
Division of English for Finance and Accounting
Subject: English
Skill: Speaking
Teacher: Xuan Phan
Group: OMG
Slide No.1
Hanoi 2013
UNIT 11
INSURANCE
Participants:
Thi Tra Van Nguyen
Anh Dao Hoang
Tam Long Hoang
Tuan Nam Nguyen
Ngoc Dat Nguyen
Honesty is the best policy
Academy of Finance – Division of English for Finance and Accounting
Main parts:
1. What is the insurance ?
2. The following problems
3. Insurance fraud
Definition.
Fighting fraud.
Honesty is the best policy.
When do you think about insurance ?
Some of the most special cases in insurance industry
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What is Insurance ?
Basic Definition
Insurance is the equitable transfer of the risk of a loss, from one
entity to another in exchange for payment. It is a form of risk
management primarily used to hedge against the risk of a
contingent, uncertain loss.
Keynotes
Many people and businesses take out insurance policies to
protect against risks such as fire, accident and theft.
Policyholders pay a yearly premium to the insurance company
which then provides cover against financial loss. If something
unexpected happens, the policyholder can make a claim and
receive compensation for the loss or damage
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Some new Definitions
Insurance policy: An insurance contract covering a particular
risk, and the document that gives details of this
Claim: Request for payment for damage, injury, theft, ect, for which you are insured
Premium: the amount paid for insurance during a particular period of time (year, quarter).
Compensation: the amount of money you receive when something
unexpected happens, according to the insurance contract’s terms.
Damage: Physical harm caused to something.
Risk: The posibility of a particular type of damage against which you are covered
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The Relationship Between
Customer And Insurance Company
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Differentiate Policyholder and The Insured
Definition:
Policyholder is the person who holds the insurance
Policy.
The Insured is the person who is insured.
Explanation:
Policyholder makes a deal and signs an insurance
contract. He/she takes responsibility for the
contract’s terms.
The insured receive compensation when something
unexpected happens, according to the contract’s
terms.
Note:
Sometimes, the policyholder and the insured are the same.
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Why do we need insurance ?
We always want to be safe, but life is full of risks which we can not guess or predict. These risks may come
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Insurance Fraud
Insurance fraud
Fighting fraud
Honesty is the best
policy
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What is insurance fraud ?
Fraud: A method of getting money illegally from a person or organization often in a clever way.
Insurance fraud: The method of getting money illegally from an insurance company in a
clever way.
Some examples:
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Why are people fraudulent ?
The “chief motive” in all insurance crimes is “financial profit”.
There are two main causes:
Many people know that they will receive a big amount of money from the insurance company if they
make a fraudulent claim about themselves.
Fraudsters realize that it is much more easier to enrich by being dishonest than to work hard in factory.
In fact:
A worker will usually be paid less than 1.000 USD per month if they do a good job in factory, but if
they smash their car and then make a claim to the insurance company telling lie that his car was
broken in an accident, he may receive up to 10.000 USD for repair cost – nearly his whole year’s
salary, right ?
Do you think that’s great ???
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Insurance laws are not strict enough to stop insurance crimes !
Different countries have different Insurance policies and laws, but they are all not too strict.
In fact:
Almost insurance crimes are just considered as economic crimes. That means insurance
fraudsters just have to pay a particular amount of money to the insurance company if their claim
was found to be dishonest by the insurance company’s detective.
Only few of a small number of insurance crimes are brought to the court. And, of course, the
sentences they receive are up to the serious level of their crimes.
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Terrible Facts:
Insurance fraud costs American $80 billion a year - $950 per family. This is not just of large – scale fraud –
every day -customers also contribute to the loss by dishonesty claims
Many Insurance company may get a big lost
Some smaller company may go bankrupt
What should they do ?
Fighting fraud
Stop insurance crimes
But How ???
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Solutions
Insurance companies bring two kinds of Lie Detector Machine into use. They are:
LVA - Layered Voice Analyzer.
VRA - Voice Risk Analyzer.
Theoretically, two kinds of Lie Detector System measure micro tremor in the voice to determine the
emotional state of the speaker. This will leads us to two cases:
If the speaker’s emotional state is steady, the claim seems to be OK.
If the speaker’s emotional state changes(nervous, moved, worried…), there must be
something suspicious in the claim and the insurance company will conduct a further
investigation.
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How LVA & VRA work
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Surprising Results
Before the Lie Detector telephone technology is brought into use, many UK insurance thought that only 5% of
claims for auto theft were fraudulent. However, with VRA, the company is now able to identify that nearly
one of five auto theft claims are fraudulent. It can be said that LVA & VRA save many insurance companies
which are on the edge of bankrupt.
For example: Highway insurance – An UK insurance company- has now saved £3 million thanks to the VRA.
The fact is: Almost fraudsters withdraw their dishonest claims when they hear that the insurance company will
investigate them. If so, the insurance company will take no action.
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Honesty is the best policy
Honesty is the best policy. I suspect most of you have heard this phrase at least once in your life, if not
more.
Honesty and truth can, on occasion, be hard. Sometimes we don’t tell the truth because we don’t want to
hurt the other person’s feelings. Sometimes we just don’t see the value in being honest: it’s not worth
the effort – the person you’re talking to doesn’t want to hear the truth. Other times we don’t feel it’s
safe to tell the truth – don’t hurt the messenger. But it’s in real life – in a wide-range situation- the social
situation, especially when the lie is useful.
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So what does this mean in insurance industry ???. To the fraudsters dishonesty brings them profit.
They force themselves say anything that makes profit- the more, the better. They don’t care (much)
about what they say as long as that gives them money. That also means fraudsters see the financial
value in their dishonest claims.
To Insurance company, Honesty is much more precious than money or a big insurance contract. They
really need a policy called “honesty”. So why ? – because just a simple thing: they can use the time
wasted on stop fraudsters to earn much more money from honest people. Why ?
Telling lie is more useful.(illegal profit)
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Take an example: Highway insurance – A UK insurance company has wasted £3 million
per year on fraudsters(fraudulent claims) -including the money spent on installing the
VRA system - before using this.
Imagine: if there were not any dishonest claims, the company will save £3 million a year.
Besides, they can use the time and the money investigating suspicious claims (in fact) to
sign many insurance contracts and make profit from them.
