Kosakata TOEIC yang Umum - insurance & tax

Insurance is an arrangement in which you pay money to a company, and they pay money to you if something unpleasant happens to you, for example, if your property is stolen or damaged, or if you get a serious illness. The phrase "take out insurance" is often used. It means buying an insurance.

Insure = buy insurance for something, such as property or health (Verb)

• They refused to insure us because they said we're too old.
• Many companies won't insure new or young drivers.

The following phrases are often used

(1) Item + insured for + Money

(2) Item + insured against + Damage

• The house is insured for two million dollars.
• All our household goods are insured against accidental damage.​

Insurer = a person or company that insures someone or something

• He submitted a claim to the insurer. 
• Due to accidental damage, Darren submitted a claim to the insurer. 
• In this policy, the insurer agrees to pay for all medical expenses. 
• There's no need to stick to the same insurer each year for your car because shopping around could save you money.
• The policy covers accidental and liquid damage. If your gadget has been damaged due to splashes or full immersion, we'll repair it or replace it. Unlike some insurers, we even cover minor screen cracks.

When we are talking about insurance, we will often use the phrase "be coverable at a premium of ...% ". For example: 

• This life insurance is coverable at a premium of 2%.

Coverage = financial protection so that you get money if something bad happens (Uncountable Noun)

• Sudden death or disablement are not included in the coverage.
• Under this policy, there is no coverage for property damage caused by fire.
• You must pay your premium for your coverage to start.
• Earthquake insurance offers coverage for your home and belongings if they are damaged or destroyed in an earthquake. A standard homeowners insurance policy doesn't cover earthquake damage. If your house gets damaged in an earthquake, you will have to pay for the repairs yourself if you don't have earthquake insurance.

Coverage = the reporting of a particular important event or subject (Uncountable Noun)

• What do you think of the BBC's election coverage? 
• There was massive TV coverage of the funeral. 
• Media coverage of Russia's invasion of Ukraine has been massive.
• The channel will have live coverage of the game.

1. Premium = insurance premium = an amount of money paid to get insurance (Countable Noun)

• An insurance premium is the amount of money that an individual is required to pay to an insurance company in order to receive insurance coverage. Depending on your insurers, you may need to pay on a monthly, semi-annual, annual basis, or even a lump sum before your coverage begins.
• Make sure you continue to pay your monthly premiums to your health insurance company on time. If you don't, the insurance company could end your coverage.
• Health insurance premiums have increased this year. 
• Car insurance premiums went up again this year.
• The premium for third-party moto insurance might go up next year.
• My company deducts the monthly premium for my health insurance from my check every month.
• When you are purchasing auto insurance, the insurance company will be looking at your driving records, such as violations, parking tickets, license suspensions, and driving accidents. A driver with a clean driving record will be charged with a smaller premium than a driver with a record consisting of accidents and violations.

2. Premium = an amount that is more than usual (Countable Noun)​

• Health-conscious customers are often willing to pay a premium for organically grown vegetables. 
• Some people are willing to pay a premium for luxury brands.  
• They are willing to pay a premium for the best location.

Something that is at a premium is precious and hard to get.

• Space on aircraft is at a premium, so you need to pay a lot if you want to fly business class.
• Land in a crowded city is at a premium.

3. Premium = used to refer to something that is of higher than usual quality (Adjective)​

• Every year, around 100 million premium cigars are handcrafted in Cuba.  These cigars are sorted by color, checked for flaws, and then boxed for sale.
• The ice cream was pretty average but priced like premium ice cream. I will never go there again!
• Premium ice cream tends to have low overrun and higher fat content than regular ice cream, and the manufacturer uses higher quality ingredients. For example, super-premium ice cream makers like Häagen-Dazs increased the butterfat to at least 15 percent, refused to use preservatives and stabilizers, and cut the overrun—the amount of air pushed into ice cream—to 20 percent.