Английский язык для юристов. Предпринимательское право
Шрифт:
1. What are the functions of insurance?
2. Identify the parties to insurance.
3. What is necessary to have mutual assent of the parties?
4. What are the types of insurance?
5. Explain what an insurable interest means.
6. In what case may the insurer cancel the contract or refuse payment of loss?
7. How can misrepresentation or false answers affect the contract?
8. When does an insurance contract lapse?
9. What does the amount of the premium depend on?
Exercise 2. Find in the text English equivalents to the following:
Сокрытие; временный страховой документ; страхование нескольких видов (например, имущества) по одному договору; лишение права
Exercise 3. Consult recommended dictionaries and give words or phrases to the following definitions:
Страхование имущества; страхование ответственности за причиненный вред; страхование ответственности по договору; страхование предпринимательского риска; договор личного страхования; договор имущественного страхования; генеральный полис; правила страхования; страховая сумма; страховая стоимость имущества; страховой риск; страховая премия; страховые взносы; замена выгодоприобретателя.
Exercise 4. Be ready to talk on one of the following topics:
1. Identify the contractual elements that are necessary to make an insurance agreement binding.
2. Contrast the requirements for an insurable interest for life insurance with that for property insurance.
3. Determine whether a beneficiary may or may not receive benefits under a life insurance policy involving exemptions from risks.
4. List the steps to be followed in applying for, obtaining, and maintaining an insurance policy.
5. Judge whether an insurance policy can be canceled in given situations.
Exercise 5. Make up your own dialog on the case: In Home Insurance Co. v. Bishop, the court concluded that the insurance company was «substituted for the mortgagee and in legal effect has purchased its rights.» After the debtor destroyed the insured automobile, the court authorized the insurance company of the creditor to be subrogated to the creditor-insured's rights on the buyer's note.
Unit 16
Security Devices
Способы обеспечения обязательств
Исполнение обязательств (глава 23 ГК РФ) может обеспечиваться неустойкой, залогом, удержанием имущества должника, поручительством, банковской гарантией, задатком и другими способами, предусмотренными законом или договором.
– acceleration – сокращение срока платежа для приобретения права (как санкция за неуплату в срок процента или части долга)
– assume the mortgage – принимать на себя залог
– attachment – скрепление (печатью, подписью); наступление (ответственности, риска, обязанности и т. д.); судебный приказ о наложении ареста на имущество
– balloon-payment mortgage – большой одноразовый платеж в погашение долга
– collateral – обеспечение; залог; дополнительное обеспечение
– conventional mortgage – обычная ипотека (не гарантированная государством)
– deed of trust – документ об учреждении доверительной собственности
– flexible-rate mortgage – ипотека с плавающей процентной ставкой
– foreclosure – лишение права выкупа заложенного имущества, переход заложенной недвижимости в собственность залогодержателя
– graduated-payment mortgage – закладная с возрастающей суммой выплат в счет погашения (первые взносы невелики и возрастают по согласованной схеме)
– mortgage – ипотечный залог mortgagee – кредитор по закладной (получающий права на заложенное имущество)
– mortgagor – должник по ипотечному залогу, залогодатель
– perfected – законченный, завершенный, окончательный, оформленный
– purchase money security interest –
– secured loan – обеспеченная ссуда
– secured party – обеспеченная; гарантированная сторона
– security agreement – соглашение о предоставлении обеспечения
– security interest – обеспечительный интерес; право кредитора вступить во владение собственностью, предложенной в качестве обеспечения; проценты, обеспеченные товарными документами
– subject to the mortgage – являющийся предметом залога
– unsecured loan – необеспеченный заем
– variable-rate mortgage – закладная с изменяющейся ставкой процента
Security is the assurance that a creditor will be paid back for any money loaned or for credit extended to a debtor. Debts are said to be secured when creditors know that somehow they will be able to recover their money. Lenders of money and people who extend credit often require a security device to protect their financial interests. A security device is a way for creditors to get their money back in case the borrower or debtor does not pay. A secured loan is one in which creditors have something of value, usually called collateral, from which they can be paid if the debtor does not pay. In general, if creditors aren't paid the debt owed to them, they can legally gain possession of the collateral. The collateral is then sold, and the money is used to pay the debt. The right to use the collateral to recover a debt is called the creditor's security interest. If creditors lend money but do not require collateral, they have made an unsecured loan. An unsecured loan is one in which creditors have nothing of value that they can repossess and sell to recover the money owed to them by the debtor. Both real property and personal property can be used to secure a debt.
A mortgage is a transfer of an interest in property for the purpose of creating a security for a debt. The one who borrows the money (the mortgagor) conveys all or part of his or her interest in the property to the lender (the mortgagee) while at the same time retaining possession of the property. A mortgage on real estate creates a legal claim to the property. This legal claim, also called a lien, gives the lender the right to have the property sold if the debt is not paid. Once the land is sold and the debt is satisfied, the mortgagor's obligation to the mortgagee is over. However, if the sale of the property does not satisfy the whole debt, the mortgagor will still owe the balance.
Some of the most common mortgages are the conventional, the variable-rate, the graduated-payment, the balloon-payment, and deeds of trust.
A conventional mortgage involves the loan made by private lenders, and the risks of loss are borne exclusively by them. In the past, conventional mortgages had fixed interest rates that stayed the same during the life of the mortgage regardless of fluctuations in the economy.
A variable– or flexible-rate mortgage has a rate of interest that changes according to fluctuations in the index to which it is tied.
A graduated-payment mortgage has a fixed interest rate during the life of the mortgage; however, the monthly payments made by the mortgagor gradually increase over the term of the loan, usually reaching a plateau at which the payments remain fixed.
A balloon-payment mortgage has relatively low fixed payments during the life of the mortgage followed by one large final (balloon) payment.
Under a deed of trust, the mortgagor conveys his or her interest in the property to a disinterested third party, known as a trustee. The mortgagor remains on the property, but the trustee holds certain rights to that property as security for the mortgagor's creditors. If the debtor defaults, the trustee can sell the property for the benefit of those creditors.