Insurance is the sharing of risks. Nearly everyone is exposed to risk of some sort. The house owner, for example, knows that his property can be damaged by fire; the ship owner knows that his vessel may be lost at sea; the bread-winner knows that he may die at an early age and leave his family poorer. On the other hand, not every house is damaged by fire nor every vessel is lost at sea. If these persons each put a small sum into a pool, there will be enough to meet the needs of the few who do suffer loss. In other words, the losses of the few are met from the contributions of the many. This is the basis of insurance. Those who pay the contribution are known as "insured" and those who administer the pool of contributions as "insurers". Not all risks end themselves to being covered by insurance. Broadly speaking, the ordinary risks of business and speculation cannot be covered. The risk that buyers will not buy goods at the prices offered is not of a kind that can be statistically estimated and risks can only be insured against, if they can be so estimated. The legal basis of all insurance is the policy. This is a printed form of contract on stout paper of the best quality. It states in return for the regular payment by the insured of a named sum of money, called the "premium", which is usually paid every year, the insurer will pay a sum of money or compensation for loss, if the risk or event insured against actually happens. The wording of policies, particularly in marine insurance, often seems very old-fashioned, but there is a sound reason for this. Over a large number of years many law cases have been brought to clear up the meanings of doubtful phrases in policies. The law courts, in their judgments, have given these phrases a definite and indisputable meaning, and to avoid future disputes that the phrases have continued to be used in policies even when they have passed out of normal use in speech. The "basis of insurance" (Para. 1) refers to________.

There are people who are especially attracted to the co...

单项选择题There are people who are especially attracted to the concept of "climbing the ladder" so to increase their status, financial position, and sense of self-worth. In part, as a result of the work ethic (行为准则) , these people are internally "driven" to work. Frequently, foreign visitors have observed that Americans spend an excessive amount of time working and as a consequence, Americans have little time for leisure or personal relationships. In American English a new word has been created to describe people who work compulsively. The word "workaholic" describes an individual who is as devoted to work as an alcoholic is addicted to liquor. There are conflicting points of view about workaholics. Those concerned with problems of mental stress believe workaholics abuse themselves physically and mentally. Others hold that workaholics are valuable members of society because they are extremely productive. The American culture values achievement, efficiency, and production—a workaholic upholds these values.

There is much discussion today about whether economic g...

单项选择题There is much discussion today about whether economic growth is desirable at an earlier period; our desire for material wealth may have been justified. Now, however, this desire for more than we need is causing serious problems. Even though we have good intentions, we may be producing too much, too fast. Those who criticize economic growth argue that we must slow down. They believe that society is approaching certain limits on growth. There include the fixed supply of natural resources, the possible negative effects of industry on the natural environment, and the continuing increase in the world’s population. As society reaches these limits, economic growth can no longer continue, and the quality of life will decrease. People who want more economic growth, on the other hand, argue that even at the present growth rate there are still many poor people in the world. These proponents of economic growth believe that only more growth can create the capital needed to improve the quality of life in the world. Furthermore, they argue that only continued growth can provide the financial resources required to protect our natural surroundings from industrialization. This debate over the desirability of continued economic growth is of vital importance to business and industry. If those who argue against economic growth are correct, the problems they mention cannot be ignored. To find a solution, economists and the business community must pay attention to these problems and continue discussing them with one another.