Practice English Vocabulary Exercises – Vocabulary for Banking and Finance: Insurance

A. Match these types of insurance with the definitions.

B. Put the words into the correct spaces.

take out        broker        quote        premium

covered        claim        pay out        fill in

How to ………………… an insurance policy.

1   Choose an insurance …………………, or contact an insurance company direct.

2   Phone up and get a ………………… (or you can do this on the internet).

3   Pay the …………………

4   Now you’re ………………….

5   If you need to make a …………………, contact the insurance company.

6   You will probably have to ………………… a claim form.

7   You may have to wait several weeks for the insurance company to …………………

C. Choose the best words to go into each space.

1   A person who assesses insurance claims is called a …………………

        a   loss adjuster       

        b   claim adjuster       

        c   insurance adjuster

2   Your home insurance will be expensive if you live in a ………………… area.

        a   big risk       

        b   risky       

        c   high risk

3   An insurance broker usually ………………… several different insurance companies

        a   deals with       

        b   contacts       

        c   works for

4   In many cases, the insurance company doesn’t take the financial …………………

        a   problem       

        b   risk       

        c   damage

5   The financial risk is taken by ………………… such as Lloyds of London.

        a   underwriters       

        b   undertakers       

        c   underpasses

6   Natural disasters usually mean that insurance underwriters suffer …………………

        a   heavy losses       

        b   high expenses       

        c   big debts

7   A ………………… proves you have insurance while the policy is being processed.

        a   cover letter       

        b   cover paper       

        c   cover note

8   If you agree to pay, for example, the first £200 of a claim, then your policy has a £200 …………………

        a   surplus       

        b   extra       

        c   excess

9   A company giving insurance cover is known as the …………………

        a   insurer       

        b   insured       

        c   insurance

10   A person who has taken out insurance cover is known as the ………………… …

        a   insurer       

        b   insured       

        c   insurance

11   …or the …………………

        a   policyholder       

        b   policy-taker       

        c   policy

12   A life insurance policy pays out ………………… your death or after a set period, whichever is first.

        a   in case of       

        b   if       

        c   in the event of

D. Choose the correct prepositions.

1   I’ve never claimed on / from my insurance.

2   Don’t worry. It’s covered by / with my insurance.

3   I’m insured for / by the Lion Rock Insurance Company.

4   This sculpture is insured for / at £100,000.

5   I’m insured to / for drive any car.

6   I’m covered by / for all risks.

7   Which insurance company are you with / in?