In insurance theory, moral hazard is the name given to the increased risk of immoral behavior, and thus a negative outcome (“hazard”), because the person who caused the problem doesn’t suffer the full (or any) consequences, or may actually benefit．Such a concern typically arises in the context of a contract (for example, an insurance policy)．

The most well known examples of moral hazard come from insurance．For example:

Fire insurance increases the motivation to commit arson (縱火), especially if someone is operating a failing business and decides that they’d rather have the cash from the insurance proceeds on the buildings than the buildings themselves．(The value of a business often is based on profitability; after arson, the owner can claim the business was profitable．) In a worst case, the building is over-insured or valuable contents are removed but claims are filed that they were destroyed in the fire．

In finance, low level of effort by the agent (employee) is called the “moral hazard problem” according to agency theory．The more autonomy (自主) the agent enjoys and the greater the information the agent possesses, and the greater the specialized knowledge required to perform the task, the greater the chances for the occurrence of moral hazard．

The problem of moral hazards for insurance can’t be eliminated, but can be minimized．For example:

Getting detailed information to evaluate the value of what is being insured, rather than simply taking the word of the person buying the insurance．

Requiring that there be a deductible(扣除額) (an initial up-front sum which the insured must pay out of his or her own pocket in case of a loss), and/or only paying out a percentage of the loss (say, 80 or 90 percent) via a coinsurance clause．

1．What might be the headache for the insurance company after a fire?

      A．Not knowing who set the fire．

      B．The owner might over-claim the loss．

      C．Where to get the insurance fee paid．

      D．How to punish those who cheated the company．

2．What might be the best way not to suffer over-loss in paying back insurance according to the above passage?

      A．Investigate carefully after a fire．

B．Try to get as much detail information about the insurance．

C．Try to catch hold of the person who committed arson．

D．Request the buyer of insurance to pay more． 

3．The two examples in the above passage are applied to ______．

      A．help people to have reasonable insurance

      B．present the difficulties the insurance companies have

      C．bring up a problem and a solution in insurance business

      D．invite people to buy more profitable insurance

4．The above passage is mainly about ______．

      A．a(chǎn) new theory in insurance                            B．a(chǎn) moral challenge in business

      C．a(chǎn) common business phenomenon          D．moral hazard in insurance

【小題1】B

【小題2】B

【小題3】C

【小題4】D

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科目：高中英語 來源： 題型：閱讀理解

Insurance companies provide a service to the community by protecting it against expected and unexpected disasters. Before an insurance company will agree to insure anything, it collects accurate figures about the risk. It knows, for example, that the risk of a man being killed in a plane accident is less than the risk he takes in crossing a busy road. This enables it to quote(報價) low figures for travel insurance. Sometimes the risk may be high, as in motor-racing or mountaineering. Then the company charges a much higher price. If too many climbers have accidents, the price rises further. If the majority of climbers fall off mountains, the company will refuse to insure them.

An ordinary householder may wish to protect his home against fire or his property against burglary(入室行竊). A shopkeeper may wish to insure against theft. In normal cases, the company will check its statistics and quote a premium(保險費). If it is suspicious(可疑的), it may refuse to quote. If it insures a shop and then receives a suspicious claim, it will investigate the claim as a means of protecting itself against false claims. It is not unknown for a businessman in debt to burn down his own premises so that he can claim much money from his insurance company. He can be sure that the fire will be investigated most carefully. Insurance companies also accept insurance against shipwreck or disaster in the air. Planes and ships are very expensive, so a large premium is charged, but a reduction is given to companies with an accident-free record.

Every week, insurance companies receive premium payments from customers. These payments can form a very large total running into millions of dollars. The company does not leave the money in the bank. It invests (投資) in property, shares (股票) ,farms and even paintings and stamps. Its aim is to obtain the best possible return on its investment. This is not as greedy as it may seem since this is one way by which it can keep its premiums down and continue to make a profit while being of service to the community.

The main idea of the first paragraph is that      .

   A. insurance companies protect the community against disasters

   B. insurance companies often collect accurate figures about the risk

   C. insurance companies base their decisions on the risk involved

   D. insurance companies charge different prices in the same cases

The insurance company will usually investigate a suspicious claim to    .

   A. refuse to quote the insurance fee          B. make sure that the claim is reasonable

   C. decide how much the company should pay D. find out when the accident happened

The underlined word "premises" in Paragraph 2 most probably means"     "

   A. land and buildings                   B. insurance contract

   C. debt papers                                            D. financial papers

The author’s attitude towards customers’ premium payments being used by insurance companies is __

    A. critical             B. doubtful              C. neutral            D. positive

The purpose of this passage is to __

    A. explain how insurance companies operate

    B. encourage people to invest in insurance companies

    C. persuade people to insure against unexpected disasters

    D. advise people how to insure their life and property

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科目：高中英語 來源： 題型：閱讀理解

While surfing television channels over the weekend，a scene from a family classic of last year portraying the now-so-familiar sorry state of retired parents being ill-treated by their children and families caught my attention. I wondered why the description of this relationship had not changed much over the many years! Even though the same movies and soaps accurately capture several other social changes around us — from value systems to new found economic freedom to the importance of technology and the changing approach to consumerism(消費主義) — are these creative efforts far from the truth in telling us that an average retiree is still struggling?

Look around and you will agree that the post-retired lifestyle for an ex-salaried class people is often a pale shadow of their last working years. Even self employed people, who have handed over the responsibility to the next generation, are no exception. Did the average middle class not save enough through his working years?

Socially, we already know that the Indians are taught the benefits of start saving early on in life. Household savings data supports this social behavior — India has the highest rates of savings among various economies and is far ahead of the west. Yet, tragically, a lifetime of savings does not seem to provide enough for a comfortable retirement!

A closer look at the pattern of what we do with our financial savings may tell us a bit more. Over half of households’ financial savings is put into a “safe” deposit, followed by large portions in insurance, pension, provident funds（福利基金） and the rest in physical currency. Less than a tenth goes into “risky” assets(資產(chǎn)) like stocks. While there might be nothing, in particular, worrisome in this investment pool, one has to consider inflation(通貨膨脹). The real value of savings, over a few decades, may actually be lower than the starting point.

What had not changed much over the many years according to the passage?

A. Value systems                      B. The poor situation of retirees

C. Economic freedom                  D. Approach to consumerism

Which of the following statements about saving in India is right?

A. the concept of saving has been well received by Indians.

B. the amount of the savings ranks number one across the world.

C. long-standing savings can help the retirees live a care-free life. 

D. saving early can not benefit people at all.

What can be inferred according to the last paragraph?

   A. Half of the financial savings in stocks can be accepted.

   B. The real value of saving must be lowered in a few years.

C. A loss of savings may hardly be avoided.

   D. Inflation can be avoided on condition that you consume instead of saving.

What’s the best title of the text?

   A. Retirees being treated unfairly

   B. Is saving enough

   C. Saving in India

   D. How to deal with saving

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科目：高中英語 來源：2011屆黑龍江省哈九中高三第二次模擬考試英語卷 題型：閱讀理解

While surfing television channels over the weekend，a scene from a family classic of last year portraying the now-so-familiar sorry state of retired parents being ill-treated by their children and families caught my attention. I wondered why the description of this relationship had not changed much over the many years! Even though the same movies and soaps accurately capture several other social changes around us — from value systems to new found economic freedom to the importance of technology and the changing approach to consumerism(消費主義) — are these creative efforts far from the truth in telling us that an average retiree is still struggling?
Look around and you will agree that the post-retired lifestyle for an ex-salaried class people is often a pale shadow of their last working years. Even self employed people, who have handed over the responsibility to the next generation, are no exception. Did the average middle class not save enough through his working years?
Socially, we already know that the Indians are taught the benefits of start saving early on in life. Household savings data supports this social behavior — India has the highest rates of savings among various economies and is far ahead of the west. Yet, tragically, a lifetime of savings does not seem to provide enough for a comfortable retirement!
A closer look at the pattern of what we do with our financial savings may tell us a bit more. Over half of households’ financial savings is put into a “safe” deposit, followed by large portions in insurance, pension, provident funds（福利基金） and the rest in physical currency. Less than a tenth goes into “risky” assets(資產(chǎn)) like stocks. While there might be nothing, in particular, worrisome in this investment pool, one has to consider inflation(通貨膨脹). The real value of savings, over a few decades, may actually be lower than the starting point.
【小題1】What had not changed much over the many years according to the passage?

A．Value systemsB．The poor situation of retirees
C．Economic freedomD．Approach to consumerism
【小題2】Which of the following statements about saving in India is right?
A．the concept of saving has been well received by Indians.
B．the amount of the savings ranks number one across the world.
C．long-standing savings can help the retirees live a care-free life.
D．saving early can not benefit people at all.
【小題3】 What can be inferred according to the last paragraph?
A．Half of the financial savings in stocks can be accepted.
B．The real value of saving must be lowered in a few years.
C．A loss of savings may hardly be avoided.
D．Inflation can be avoided on condition that you consume instead of saving.
【小題4】What’s the best title of the text?
A．Retirees being treated unfairly
B．Is saving enough
C．Saving in India
D．How to deal with saving

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科目：高中英語 來源：2013-2014學(xué)年湖南省懷化市高三第一次模擬考試英語試卷（解析版） 題型：閱讀理解

 

The younger daughter of former New York Mayor Richard White has moved her wedding from New Year’s Eve to this Thursday so her mother, who has been fighting against cancer for 11 years, can take part in the ceremony, a family spokesman said on Wednesday, Oct, 12, 2013. Elizabeth Lally White, who turns 28 on Thursday, will marry Sam Peterson in Spiaggia, a restaurant on North Michigan Avenue. The reception also will be held at the restaurant, which had been previously scheduled to host the couple’s engagement party on Thursday.

Lally White’s mother, Maggie, 68, was reported to have caught breast cancer in 2002. She had an operation in her leg in April and she was hospitalized twice in the weeks following the procedure for treatment of flu-like symptoms that doctors said were not related to the cancer. Maggie, who has used a walker or a wheelchair during most public appearances in recent years, is well beyond the average survival time for someone with breast cancer.

“As the mayor himself has said, she had a pretty difficult summer.” said Jacquelyn Heard, who served Mayor White’s press secretary for years and followed him to the same international law firm that he joined after leaving office in May. “She was not able to get around the way that she normally would do. This year, she has had quite a few setbacks and they’ve been pretty well documented. Lally White decided to reschedule the wedding so that her mom can participate in the festivities (慶�；顒�).” Heard said. Lally White is a doctoral candidate at De-Paul University and plans to work with autistic (孤獨癥) children, and Sam Peterson works in insurance, Heard said.

Richard and Maggie White married in 1972 and had three children in addition to Lally — Nora, Patrick and Kevin. But Kevin was born with a disease and died in 1981 at 33 months.

1.When was Elizabeth Lally White born?

A. In 1983.?????????? B. In 1987.?????????? C. In 1985.?????????? D. In 1984.

2.What can we infer from Paragraph 2?

A. Maggie, 68, is recovering now.

B. Maggie caught breast cancer in 2002.

C. The cancer caused some flu-like symptoms on Maggie.

D. Average breast cancer patients lived a life shorter than Maggie.

3.Why did Lally White reschedule her wedding?

A. She was afraid that her mother couldn’t participate her wedding on New Year’s Eve.

B. She was eager to work with autistic children after wedding.

C. Her family will move out of New York.

D. Her mother will accept operation because of her disease.

4.How many children did the former mayor and his wife give birth to?

A. 3.??????????????? B. 4.???????????????? C. 5.???????????????? D. 6.

5.What does the passage mainly talk about?

A. The political life of former Mayor.

B. The brave wife of former Mayor.

C. The wedding of former Mayor’s daughter.

D. The family life of former Mayor.

 

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科目：高中英語 來源：2010-2011學(xué)年黑龍江省高三第二次模擬考試英語卷 題型：閱讀理解

While surfing television channels over the weekend，a scene from a family classic of last year portraying the now-so-familiar sorry state of retired parents being ill-treated by their children and families caught my attention. I wondered why the description of this relationship had not changed much over the many years! Even though the same movies and soaps accurately capture several other social changes around us — from value systems to new found economic freedom to the importance of technology and the changing approach to consumerism(消費主義) — are these creative efforts far from the truth in telling us that an average retiree is still struggling?

Look around and you will agree that the post-retired lifestyle for an ex-salaried class people is often a pale shadow of their last working years. Even self employed people, who have handed over the responsibility to the next generation, are no exception. Did the average middle class not save enough through his working years?

Socially, we already know that the Indians are taught the benefits of start saving early on in life. Household savings data supports this social behavior — India has the highest rates of savings among various economies and is far ahead of the west. Yet, tragically, a lifetime of savings does not seem to provide enough for a comfortable retirement!

A closer look at the pattern of what we do with our financial savings may tell us a bit more. Over half of households’ financial savings is put into a “safe” deposit, followed by large portions in insurance, pension, provident funds（福利基金） and the rest in physical currency. Less than a tenth goes into “risky” assets(資產(chǎn)) like stocks. While there might be nothing, in particular, worrisome in this investment pool, one has to consider inflation(通貨膨脹). The real value of savings, over a few decades, may actually be lower than the starting point.

1.What had not changed much over the many years according to the passage?

A. Value systems                      B. The poor situation of retirees

C. Economic freedom                  D. Approach to consumerism

2.Which of the following statements about saving in India is right?

A. the concept of saving has been well received by Indians.

B. the amount of the savings ranks number one across the world.

C. long-standing savings can help the retirees live a care-free life. 

D. saving early can not benefit people at all.

3. What can be inferred according to the last paragraph?

   A. Half of the financial savings in stocks can be accepted.

   B. The real value of saving must be lowered in a few years.

C. A loss of savings may hardly be avoided.

   D. Inflation can be avoided on condition that you consume instead of saving.

4.What’s the best title of the text?

   A. Retirees being treated unfairly

   B. Is saving enough

   C. Saving in India

   D. How to deal with saving

 

 

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