Sabtu, 17 Maret 2012

Module business english



Silabus Mata Kuliah Business English


Dosen Pengampu : Lilis Suryani.S.Pd


Mata Kuliah :
Nama Mata Kuliah = Business English
Jurusan.Prodi = Bahasa Inggris
Bobot = 2 SKS


Standart Kompetensi :
Mata kuliah business English ditujukan untuk membekali mahasiswa memiliki pengetahuan tentang korespondensi dalam dunia perdagangan serta mampu menerapkannya.


Kompetensi Dasar :
Kompetensi dasar yang harus dimiliki oleh mahasiswa dalam perkuliahan business English adalah agar:
1.      Mahasiswa mampu memahami tentang structure and presentation
2.      Mahasiswa mampu memahami tentang content and style
3.      Mahasiswa mampu memahami tentang inquires
4.      Mahasiswa mampu memahami tentang replies and quotations
5.      Mahasiswa mampu memahami tentang orders
6.      Mahasiswa mampu memahami tentang payment
7.      Mahasiswa mampu memahami tentang credits
8.      Mahasiswa mampu memahami tentang banking
9.      Mahasiswa mampu memahami tentang agent and agencies
10.  Mahasiswa mampu memahami tentang transportation and shipping
11.  Mahasiswa mampu memahami tentang insurance

Perkuliahan Business English menggunakan strategi Students Active Learning yang diwujudkan dalam berbagai bentuk kegiatan antara lain: mahasiswa menganalisis topic-topik perkuliahan, menyusunnya dalam bentuk makalah individu dan kelompok.
Metode perkuliahan:
Ceramah dan diskusi
Problem solving
Pemberian tugas

Evaluasi:
Evaluasi didasarkan pemberian tugas individu dan kelompok, aktivitas selama diskusi, evaluasi melalui ujian mid semester dan evaluasi melalui ujian semester.
1.      Komponen evaluasi:
1. Jenis Tes = Tes tertulis dan Test Lisan
2. Prosedur = Penilain Proses dan Hasil Pembelajaran
3. Penilaian diambil dari nilai rata-rata =
    Kehadiran                      :  20%
    Tugas terstruktur          :  20%
    Ujian Mid Semester      :  20%
    Ujian Akhir Semester    :  40%
2.      Konversi Nilai Angka ke Huruf:
80 – 100                            : A
68 – 79                              : B
56 – 67                              : C
45 – 55                              : D
0 – 44                                : E

Jadwal Materi

No.
Pertemuan Ke :
Thema/Judul Materi Pertemuan :
1
I
Structure and Presentation
2
II
Content and Style
3
III
Inquires
4
IV
Replies and Quotations
5
V
Orders
6
VI
Payment
7
VII
Mid Semester Exam
8
VIII
Credits
9
IX
Banking
10
X
Agents and Agencies
11
XI
Agents and Agencies
12
XII
Transportation and Shipping
13
XIII
Transportation and Shipping
14
XIV
Insurance
16
XVI
Final Exam


Referensi :
1. A. Askley, A Handbook of Commercial Correspondence, Oxford University Press, London, 1993
2. M. Stewart, Marrie, English for Business Mc. Graw Hill, New York, 1968













A.    Content and Style
A business letter is more formal than a personal letter. It should have a margin of at least one inch on all four edges. It is always written on 8½"x11" (or metric equivalent) unlined stationery. There are six parts to a business letter:
1. The Heading. This contains the return address (usually two or three lines) with the date on the last line.
Sometimes it may be necessary to include a line after the address and before the date for a phone number, fax number, E-mail address, or something similar.
Often a line is skipped between the address and date. That should always be done if the heading is next to the left margin.
It is not necessary to type the return address if you are using stationery with the return address already imprinted. Always include the date.
2. The Inside Address. This is the address you are sending your letter to. Make it as complete as possible. Include titles and names if you know them.
This is always on the left margin. If an 8½" x 11" paper is folded in thirds to fit in a standard 9" business envelope, the inside address can appear through the window in the envelope.
An inside address also helps the recipient route the letter properly and can help should the envelope be damaged and the address become unreadable.
Skip a line after the heading before the inside address. Skip another line after the inside address before the greeting.
3. The Greeting. Also called the salutation. The greeting in a business letter is always formal. It normally begins with the word "Dear" and always includes the person's last name.
It normally has a title. Use a first name only if the title is unclear--for example, you are writing to someone named "Leslie," but do not know whether the person is male or female. For more on the form of titles, see Titles with Names.
The greeting in a business letter always ends in a colon. (You know you are in trouble if you get a letter from a boyfriend or girlfriend and the greeting ends in a colon--it is not going to be friendly.)
4. The Body. The body is written as text. A business letter is never hand written. Depending on the letter style you choose, paragraphs may be indented. Regardless of format, skip a line between paragraphs.
Skip a line between the greeting and the body. Skip a line between the body and the close.
5. The Complimentary Close. This short, polite closing ends with a comma. It is either at the left margin or its left edge is in the center, depending on the Business Letter Style that you use. It begins at the same column the heading does.
The block style is becoming more widely used because there is no indenting to bother with in the whole letter.
6. The Signature Line. Skip two lines (unless you have unusually wide or narrow lines) and type out the name to be signed. This customarily includes a middle initial, but does not have to. Women may indicate how they wish to be addressed by placing Miss, Mrs., Ms. or similar title in parentheses before their name.
The signature line may include a second line for a title, if appropriate. The term "By direction" in the second line means that a superior is authorizing the signer.
The signature should start directly above the first letter of the signature line in the space between the close and the signature line. Use blue or black ink.
Business letters should not contain postscripts.










Business Letter Styles
The following pictures show what a one-page business letter should look like. There are three accepted styles. The horizontal lines represent lines of type. Click your mouse pointer on any part of the picture for a description and example of that part.

                        Modified Block Style                Block Style
 Picture of Modified Block Style Letters
    
      Semiblock Style
Semiblock Style Letter



The example of the letter(block style):
Your Name
Your Address
Your City, State, Zip Code
Your Phone Number
Your Email
Contact Name
Title
Company Name
Address
City, State, Zip Code
Dear Contact Person:
I'm writing to express my interest in the Web Content Specialist position listed on Monster.com. I have experience building large, consumer-focused health-based content sites. While much of my experience has been in the business world, I understand the social value of the non-profit sector and my business experience will be an asset to your organization.
My responsibilities included the development and management of the site's editorial voice and style, the editorial calendar, and the daily content programming and production of the web site. I worked closely with health care professionals and medical editors to help them provide the best possible information to a consumer audience of patients. In addition, I helped physicians learn to utilize their medical content to write user-friendly, readily comprehensible text.
Experience has taught me how to build strong relationships with all departments at an organization. I have the ability to work within a team as well as cross-team. I can work with web engineers to resolve technical issues and implement technical enhancements, work with the development department to implement design and functional enhancements, and monitor site statistics and conduct search engine optimization.
Thank you for your consideration.
Signature
FirstName LastName
The expressions for cover letter salutation and closing:
Cover Letter Salutation Examples
·         Dear Mr. Jones
·         Dear Ms. Jones
·         Dear Jane Doe
·         Dear Dr. Haven
Follow the salutation with a colon or comma, a space, and then start the first paragraph of your letter. For example:
Dear Mr. Smith:
Cover Letter Closing Examples
·         Sincerely
·         Sincerely yours
·         Regards
·         Best regards
·         Kind regards
·         Yours truly
·         Most sincerely
·         Respectfully
·         Respectfully yours
·         Thank you
·         Thank you for your consideration
Follow the closing with a comma, a space, and then your name and your contact information, if you're sending an email message. For example:
Best regards,
Your Name
Your LinkedIn Profile URL
Your Email Address
Your Phone Number


B.    Inquires
An inquiry letter, also known as a prospecting letter or letter of interest, is sent to companies that may be hiring, but, haven't advertised job openings.
Inquiry letters can be send via mail or email. However, sometimes a mailed written letter can make more of an impression than an email message which may not be opened.
Inquiry letters should contain information on why the company interests you and why your skills and experience would be an asset to the company. Also provide information on how you will follow-up and your contact information
Sample Cover Letter - Inquiry Letter Asking About Possible Job Openings at a Company
Your Name 
Your Address 
Your City, State, Zip Code 
Your Phone Number 
Your Email Address
Date
Contact Name 
Title 
Company
Address 
City, State, Zip Code
Dear Mr./Ms. Contact,
For the past ten years I have followed your career through news events, interviews and web research. Your dedication to the Fourth Estate and your understanding of the important role journalists play in today's fast-paced information highway, coupled with your belief in the power of the press is exemplary.
I have had the privilege of honing my journalistic abilities on three widely different publications. When I left college, I immediately went to work for the typical small town newspaper and learned all aspects of getting the paper to the people in a timely manner. I then moved to regional manager for a media corporation composed of small to mid-size newspapers in the Midwest. In my current position, I am Chief Correspondent for one of the largest newspapers in the southwest.
I would like an opportunity to visit with you to get your insight and suggestions on where my skills and abilities would be of the greatest value to the ABD Company, and to inquire about possible job openings with the company.
I will call your office to set a convenient time. I do look forward to meeting you.
Sincerely,
Your Name
=======
C.     Replies and Quotations
Reply Letters

A reply letter is usually a response to the communication that you have received from a person or business. When replying to a letter or inquiry from clients, associates, customers or colleagues, it is important that it is in a formal format. Written communication may very well be the first and possibly only correspondence between you and the original sender and this makes a good impression crucial.

A reply letter should begin by making reference to the original letter received. It should utilize an opening line, such as "In reference to your letter of (date)" or "Thank you for your letter/email of (date)." It should then mention key points discussed in letter received. This helps to remind the recipient you understood his or her message and understand his or her position. Never use first names unless you are friends or colleagues and your first name was used in the original letter. Then address the question, inquiry or complaint that was in the received letter. If you are unable to answer the question, then direct the person to someone who does have the answers. Offer your assistance to get the situation resolved as quickly as possible. 


Acknowledging receipt of an enquiry/request
- Thank you for your letter of … regarding / concerning / in connection with …
- I refer to your enquiry about / relating to …
- I have received your letter of … requesting information about …

Explaining action taken as a consequence of the enquiry
- I have (reviewed our available stock) …
- We held a meeting on 21 January to discuss possible solutions.
- I have checked/looked into/investigated (the possible approaches) …

Making suggestions / justifying recommendations / pointing out pros and cons / hedging 
- The best choice would be … since …
- I highly recommend … as / due to the fact that …
- … would probably be more suitable because …
- … seems to suit you better although …
- Perhaps you should choose … even though …
- I suggest that you (should) choose …
- I recommend this item since …
- In view of the fact that …, I would strongly recommend … as …

Apologising and rejecting proposals
- While I appreciate your firm’s need for this information, I regret that …
- It will not be possible to … for legal reasons. We are bound to …
- Your proposal is of interest to us, and we have had consultations about it.
- However, we feel that it will not be in our interests to … for reasons of (privacy).
- We are concerned that …

Stipulating action requested or to be taken
- We shall arrange for … by …at the latest.
- I shall see to it that …
- Our company will arrange for …

Establishing goodwill and suggesting contact
- I hope this suggestion/information will be useful to you.
- I hope this information will prove useful to you.
- I hope that this information will help you to make decisions on your order.
- I look forward to hearing from you.
- I look forward to receiving your confirmation of …
- I look forward to doing business with your company in the future …
- Please feel free to contact me again if you have any further queries on …
- Do contact me on 27615432 if you need further information.
- Please do not hesitate to contact me on 27615432 if I can be of further assistance.
 








NOVELTY SAFETY EQUIPMENT LTD
14th Floor Shun Koo Building
Aberdeen Hong Kong
12 Mar 2012
Attn: Mr Tim Lee
Manager
Sun Lee Consultancy Ltd
198 Fa Yuen Street
Mongkok
Kowloon
Dear Mr Lee
Enquiry regarding fire extinguishers
Thank you for your enquiry regarding our newly released range of fire extinguishers.
You will see from the enclosed catalogue that the range has been extended to include some highly efficient portable extinguishers for use on construction sites.
We are offering to our existing customers a 15% discount on orders of extinguishers from this new range.
We look forward to your increased order at this discount rate.
Yours sincerely
Silvia Choi
Silvia Choi
Merchandising Manager
Enc. 1



 Everlong Batteries ]
171, Choi Hung Road
Hung Hom, Hong Kong
Tel/Fax 2235 2449

12 Mar 2012

Mr J Wong
Purchasing Officer
Fortune Goods
317 Orchard Road
Singapore

Dear Mr Wong
Enquiry about Batteries
Thank you for your letter of Thursday, 8 March 2012 regarding making copies of the sample battery you sent us.
I have investigated the situation and found that your specifications are exactly the same as the design of a proprietary camera battery manufactured by a large Japanese electronics company.
We feel that it would not be in our interests to supply this type of battery.
However, I would like to thank you for considering our company as your supplier.
I look forward to doing business with your company in the future
Yours sincerely
   David Choi
David Choi
Distributions Manager
Letter of Quotation











A letter of quotation is a letter requesting a price quote on a specific product or service. For example, if you wanted to get your air conditioning system replaced, you would write a letter of quotation to a ventilation company explaining your situation and requesting a quote to complete the job.
Tips for writing a letter of quotation
Be specific: include as many details as possible; the more information included; the more accurate a quote you will receive
Sample letter of quotation
Kay Ventilation
4496 Lochmere Lane
Groton, CT 06340

Dear Kay Ventilation,
I am writing this letter for a price quote on replacing my central air conditioning system in my home.
My house is 4500 square feet, and used two individual central air conditioning units. There is about 6000 feet of ventilation piping that needs to be replaced, as well as two compressor units and 6 control panels. I wish to source my own compressor units, but you will be responsible for all the ventilation and control panels.
Please provide me with pricing information and how long it would take to complete this job for me. I am looking for someone to complete this in less than a week, so please account for that in your price quote.
Kindest Regards
Bob Grenier
D.      Orders

Order Letter

 

An order letter, also known as a PO or purchase order letter, begins the paper trail of a specific purchase. The objective of an order letter is to provide the vendor with detailed instructions for fulfilling an order. With our all-in-one business writing software you get a variety of order letters to help you find the perfect words to say, plus practical writing guidelines and tips provided. Order letters are very important in any business. Writing order letters are both a Science and an Art. There are obviously many different ways to write order letters, but the ideal approach for your case depends on condition and situation.
Selecting the best words is very important in writing an effective order letter. With our business writing tool Treasures Dictionary you can easily find best words for enriching your writings and make your order letter effective.
Using our business writing tool advanced grammar and spelling check help you to eliminate grammar and spelling errors in your order letters.
Always remember order letter is not the place to try out fancy fonts or experimental writing styles. As when writing order letters make sure double check your order letter for finding and correcting grammar and spelling mistakes. So remember to proofread your Order letter 

Mr. Joey Yasuke
#415 Greenhills Street
San Fernando, Pampanga
Dear Mr. Yasuke:
Will you kindly send me two of the portable lunch boxes – order number 2b36 – as advertised in Daily Inquirer of yesterday, August 5.  Please charge this purchase to my account.
I shall especially appreciate your usual prompt delivery, as I plan to give one of the lunch boxes to my daughter, who is leaving on a vacation within three days.  One is to be delivered to me at my address, above, and the other to 124 Meadow Street, San Juan, Pampanga.
Very truly yours,
Abelina dela Cruz



July 28, 2008
Jade Diamond Company
Roxas Boulevard
Pasay City
Madam:
A newcomer to the hobby of gem making, I was attracted to your advertisement, in the current issue of the Magazine of Jewelry Making, of a trim saw, especially in view of the reasonable price given.  Specifically, I would like to know.
1.    How thick a rock will the saw cut?
2.    How long can one expect a diamond blade to last?
3.    What kinds of coolants do you recommend?
I would be most appreciative if you could find the time to answer my questions. I expect that I shall be sending you an order soon.
Sincerely yours,
Carla Estrada




E.       Payments
Letter of Payment





A letter of payment is a letter that accompanies a payment for a product or service previously acquired. For example, if your business bought 30 new computers, and the payment was due on November 30th, you would send a check or other form of payment, along with a formal letter of payment, to the business or individual you bought them from. The letter of payment specifies whom the payment is from and what the payment is for.
Tips for writing a letter of payment
-          Make sure you state explicitly what the payment is for
-          Make sure you include the transaction information in your letter to make it easier for the recipient to process.
Sample letter of payment
Garrison Computers
1998 Hill Haven Drive
Fort Hood, TX 76541

Dear Garrison Computers,
Enclosed you will find a check for the sum of $15,000. This payment is for the 30 computer workstations Home Computing Inc. received on November 1st, 2009, transaction #456533. This amount should be enough to pay all outstanding accounts Home Computing Inc. has with Garrison Computers
We thank you for your great service, and if we ever need any more computers, Garrison Computers is the first place we will order from.
Sincerely,
Home Computing Inc.



MID Semester :
1.      Make a presentation in group of three. The presentation in power point form. The theme “ introducing a new product”
2.      Make an application letter and an order to a company, send the files to my email: nie_lieliez@yahoo.com




















F.    Credits
Credit is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately (thereby generating a debt), but instead arranges either to repay or return those resources (or other materials of equal value) at a later date. The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services (e.g. consumer credit). Credit encompasses any form of deferred payment.[1] Credit is extended by a creditor, also known as a lender, to a debtor, also known as aborrower.
Credit does not necessarily require money. The credit concept can be applied in barter economies as well, based on the direct exchange of goods and services (Ingham 2004 p.12-19). However, in modern societies credit is usually denominated by a unit of account. Unlike money, credit itself cannot act as a unit of account.
Movements of financial capital are normally dependent on either credit or equity transfers. Credit is in turn dependent on the reputation orcreditworthiness of the entity which takes responsibility for the funds. Credit is also traded in financial markets. The purest form is the credit default swap market, which is essentially a traded market in credit insurance. A credit default swap represents the price at which two parties exchange this risk – the protection "seller" takes the risk of default of the credit in return for a payment, commonly denoted in basis points (one basis point is 1/100 of a percent) of the notional amount to be referenced, while the protection "buyer" pays this premium and in the case of default of the underlying (a loan, bond or other receivable), delivers this receivable to the protection seller and receives from the seller the par amount (that is, is made whole).
Credit, in commerce and finance, term used to denote transactions involving the transfer of money or other property on promise of repayment, usually at a fixed future date. The transferor thereby becomes a creditor, and the transfer, a debtor; hence credit and debt are simply terms describing the same operation viewed from opposite standpoints.

Types of credit


Consumer credit

Consumer debt can be defined as ‘money, goods or services provided to an individual in lieu of payment.’ Common forms of consumer credit include credit cards, store cards, motor (auto) finance, personal loans (installment loans), consumer lines of credit, retail loans (retail installment loans) and mortgages. This is a broad definition of consumer credit and corresponds with the Bank of England's definition of "Lending to individuals". Given the size and nature of the mortgage market, many observers classify mortgage lending as a separate category of personal borrowing, and consequently residential mortgages are excluded from some definitions of consumer credit - such as the one adopted by the Federal Reserve in the US.
The cost of credit is the additional amount, over and above the amount borrowed, that the borrower has to pay. It includes interest, arrangement fees and any other charges. Some costs are mandatory, required by the lender as an integral part of the credit agreement. Other costs, such as those for credit insurance, may be optional. The borrower chooses whether or not they are included as part of the agreement.
Interest and other charges are presented in a variety of different ways, but under many legislative regimes lenders are required to quote all mandatory charges in the form of an annual percentage rate(APR). The goal of the APR calculation is to promote ‘truth in lending’, to give potential borrowers a clear measure of the true cost of borrowing and to allow a comparison to be made between competing products. The APR is derived from the pattern of advances and repayments made during the agreement. Optional charges are not included in the APR calculation. So if there is a tick box on an application form asking if the consumer would like to take out payment insurance, then insurance costs will not be included in the APR calculation (Finlay 2009)
G.      Banking
A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or throughcapital markets. A bank connects customers that have capital deficits to customers with capital surpluses.
Due to their critical status within the financial system and the economy generally, banks are highly regulated in most countries. Most banks operate under a system known as fractional reserve banking where they hold only a small reserve of the funds deposited and lend out the rest for profit. They are generally subject to minimum capital requirements which are based on an international set of capital standards, known as the Basel Accords.
The oldest bank still in existence is Monte dei Paschi di Siena, headquartered in Siena, Italy, which has been operating continuously since 1472.[1]
Banks act as payment agents by conducting checking or current accounts for customers, paying checks drawn by customers on the bank, and collecting checks deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH), Wire transfers or telegraphic transfer, EFTPOS, and automated teller machine (ATM).
Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits, and by issuing debt securities such as banknotesand bonds. Banks lend money by making advances to customers on current accounts, by making installment loans, and by investing in marketable debt securities and other forms of money lending.
Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and governments. Non-banks that provide payment services such as remittance companies are not normally considered an adequate substitute for having a bank account.
Banks borrow most funds from households and non-financial businesses, and lend most funds to households and non-financial businesses, but non-bank lenders provide a significant and in many cases adequate substitute for bank loans, and money market funds, cash management trusts and othernon-bank financial institutions in many cases provide an adequate substitute to banks for lending savings too.
Banks offer many different channels to access their banking and other services:
§  A branch is a retail location
§  Mail: most banks accept cheque deposits via mail and use mail to communicate to their customers, e.g. by sending out statements
§  Mobile banking is a method of using one's mobile phone to conduct banking transactions
§  Online banking is a term used for performing transactions, payments etc. over the Internet
§  Relationship Managers, mostly for private banking or business banking, often visiting customers at their homes or businesses
§  Telephone banking is a service which allows its customers to perform transactions over the telephone with automated attendant or when requested with telephone operator
§  Video banking is a term used for performing banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a video conference enabled bank branch. Clarification

Retail banking

§  Mortgage

Business (or commercial/investment) banking

§  Term loan
Cash Management Services (Lock box, Remote Deposit Capture, Merchant Processing)

Currently commercial banks are regulated in most jurisdictions by government entities and require a special bank license to operate.
Usually the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to the customer's order—although money lending, by itself, is generally not included in the definition.
Unlike most other regulated industries, the regulator is typically also a participant in the market, being either a publicly or privately governed central bank. Central banks also typically have a monopoly on the business of issuing banknotes. However, in some countries this is not the case. In the UK, for example, the Financial Services Authority licenses banks, and some commercial banks (such as the Bank of Scotland) issue their own banknotes in addition to those issued by the Bank of England, the UK government's central bank.
Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer—defined as any entity for which the bank agrees to conduct an account.
The law implies rights and obligations into this relationship as follows:
1.     The bank account balance is the financial position between the bank and the customer: when the account is in credit, the bank owes the balance to the customer; when the account is overdrawn, the customer owes the balance to the bank.
2.     The bank agrees to pay the customer's checks up to the amount standing to the credit of the customer's account, plus any agreed overdraft limit.
3.     The bank may not pay from the customer's account without a mandate from the customer, e.g. a check drawn by the customer.
4.     The bank agrees to promptly collect the checks deposited to the customer's account as the customer's agent, and to credit the proceeds to the customer's account.
5.     The bank has a right to combine the customer's accounts, since each account is just an aspect of the same credit relationship.
6.     The bank has a lien on checks deposited to the customer's account, to the extent that the customer is indebted to the bank.
7.     The bank must not disclose details of transactions through the customer's account—unless the customer consents, there is a public duty to disclose, the bank's interests require it, or the law demands it.
8.     The bank must not close a customer's account without reasonable notice, since checks are outstanding in the ordinary course of business for several days.
These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms and/or create new rights, obligations or limitations relevant to the bank-customer relationship.
Some types of financial institution, such as building societies and credit unions, may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules.
The requirements for the issue of a bank license vary between jurisdictions but typically include:
1.     Minimum capital
2.     Minimum capital ratio
3.     'Fit and Proper' requirements for the bank's controllers, owners, directors, or senior officers
4.     Approval of the bank's business plan as being sufficiently prudent and plausible.

 

Types of banks

Banks' activities can be divided into retail banking, dealing directly with individuals and small businesses; business banking, providing services to mid-market business; corporate banking, directed at large business entities; private banking, providing wealth management services to high net worth individuals and families; and investment banking, relating to activities on the financial markets. Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profit organizations.

 

 

 

 

 

Types of retail banks

§  Commercial bank: the term used for a normal bank to distinguish it from an investment bank. After the Great Depression, the U.S. Congress required that banks only engage in banking activities, whereas investment banks were limited to capital market activities. Since the two no longer have to be under separate ownership, some use the term "commercial bank" to refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses.
§  Community banks: locally operated financial institutions that empower employees to make local decisions to serve their customers and the partners.
§  Community development banks: regulated banks that provide financial services and credit to under-served markets or populations.
§  Credit unions: not-for-profit cooperatives owned by the depositors and often offering rates more favorable than for-profit banks. Typically, membership is restricted to employees of a particular company, residents of a defined neighborhood, members of a certain labor union or religious organizations, and their immediate families.
§  Postal savings banks: savings banks associated with national postal systems.
§  Private banks: banks that manage the assets of high net worth individuals. Historically a minimum of USD 1 million was required to open an account, however, over the last years many private banks have lowered their entry hurdles to USD 250,000 for private investors.[citation needed]
§  Offshore banks: banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks.
§  Savings bank: in Europe, savings banks took their roots in the 19th or sometimes even in the 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative; in others, socially committed individuals created foundations to put in place the necessary infrastructure. Nowadays, European savings banks have kept their focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized enterprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralized distribution network, providing local and regional outreach—and by their socially responsible approach to business and society.
§  Building societies and Landesbanks: institutions that conduct retail banking.
§  Ethical banks: banks that prioritize the transparency of all operations and make only what they consider to be socially-responsible investments.
§  A Direct or Internet-Only bank is a banking operation without any physical bank branches, conceived and implemented wholly with networked computers.


 

Types of investment banks

§  Investment banks "underwrite" (guarantee the sale of) stock and bond issues, trade for their own accounts, make markets, and advise corporations oncapital market activities such as mergers and acquisitions.
§  Merchant banks were traditionally banks which engaged in trade finance. The modern definition, however, refers to banks which provide capital to firms in the form of shares rather than loans. Unlike venture capital firms, they tend not to invest in new companies.

 

Both combined

§  Universal banks, more commonly known as financial services companies, engage in several of these activities. These big banks are very diversified groups that, among other services, also distribute insurance— hence the term bancassurance, a portmanteau word combining "banque or bank" and "assurance", signifying that both banking and insurance are provided by the same corporate entity.

 

Other types of banks

§  Central banks are normally government-owned and charged with quasi-regulatory responsibilities, such as supervising commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as the lender of last resort in event of a crisis.
§  Islamic Bank  adhere to the concepts of Islamic law. This form of banking revolves around several well-established principles based on Islamic canons. All banking activities must avoid interest, a concept that is forbidden in Islam. Instead, the bank earns profit (markup) and fees on the financing facilities that it extends to customers








H.      Agents and Agencies
An Agent is one who acts for, or in the place of, another, by authority from him; one entrusted with the business of another.
The field of agents:


1 In philosophy
2 In sociology
3 In law enforcement
4 In law
5 In economics
6 In medicine
7 In chemistry and warfare
8 In linguistics
9 In computer science and artificial intelligence
10 In culture and entertainment



1.  In philosophy
An entity which is capable of Action (philosophy)
Agency (philosophy)
2.  In sociology
A social 'agent'; See structure and agency
3.       In law enforcement
Special agent, title for a detective or investigator for a state, county, municipal, federal or tribal government. Secret agent, spy involved in espionage. See agents in espionage.
4.       In law
Agent (law), in commercial law, is a person who is authorized to act on behalf of another (called the principal) to create a legal relationship with a third party C & F Agent abbreviated from Clearing and Forwarding Agent (IN).
Election agent, person legally responsible for the conduct of a candidate's political campaign (UK).
Free agent, sports player whose contract with a team has expired.
Literary agent, person who represents writers and their written works to publishers, theatrical producers and film producers
Press agent, professional publicist who acts on behalf of his or her client on all matters involving public relations
Sports agent, person who procures and negotiates employment and endorsement deals for a player
Talent agent or booking agent, person who finds jobs for actors, musicians and models, etc., in various entertainment businesses
Foreign agent, person representing the interests of foreign powers, mandated by the Foreign Agents Registration Act to be identified to the American public
Patent agent or patent attorney, person who has the specialized qualifications necessary for representing clients in obtaining patents and acting in all matters and procedures relating to patent law and practice
Real estate agent or real estate broker, person who acts as an intermediary between sellers and buyers of real estate
Travel agent, person who works on behalf of a travel agency
Tuition agent, person who works on behalf of a tuition agency, specializing in introducing tutors to students requiring help in the academic area
Yacht agent or yacht broker, specialist who acts as a representative for the sale of a yacht or boat
5.       In economics
Agent (economics), actor and decision maker in a model.
Homo economicus, concept in some economic theories of humans as rational and broadly self-interested actors
As discussed by economists as the principal–agent problem, agent means anyone supposed to act in the interests of the principal, especially insofar as the actions of the agent cannot be completely monitored by the principal. In this sense agent includes such diverse and common roles as auto mechanic, a doctor, a lawyer, an investment advisor, any fiduciary, a contractor, any employee (from the point of view of the employer), and a political representative in a democracy.
Agent-based computational economics, computational study of economic processes modeled as dynamic systems of interacting agents
Rational agent, entity which has clear preferences, models uncertainty via expected values, and always chooses to perform the action that results in the optimal outcome for itself from among all feasible actions
Representative agent, refers to the typical decision-maker of a certain type
6.       In medicine
A pharmacological agent is a chemical substance with pharmacological or biological activity, i.e., a pharmaceutical drug
7.       In chemistry and warfare
Agent Orange, code name for an herbicide and defoliant
Biological agent, infectious disease or toxin that can be used in bioterrorism or biological warfare
Chemical warfare, involves using the toxic properties of chemical substances as weapons to kill, injure, or incapacitate an enemy
Blister agent or vesicant, chemical compound that causes severe skin, eye and mucosal pain and irritation
Blood agent or cyanogen agent, chemical compound carried by the blood for distribution throughout the body
Incapacitating agent, agent that produces temporary physiological or mental effects, or both, which will render individuals incapable of concerted effort in the performance of their assigned duties
Nerve agent or nerve gases, class of phosphorus-containing organic chemicals (organophosphates) that disrupt the mechanism by which nerves transfer messages to organs
Pulmonary agent or choking agent, chemical weapon agent designed to impede a victim's ability to breathe
Riot control agent, less-lethal lachrymatory agents used for riot control.


8.       In linguistics
Agent (grammar), the participant of a situation that carries out the action in this situation; also the name of the thematic role (also known as the thematic relation)
Agent noun (or nomen agentis), word that is derived from another word denoting an action, and that identifies an entity that does that action
9.      In computer science and artificial intelligence
Agent architecture, blueprint for software agents and intelligent control systems, depicting the arrangement of components
Agent-based model, computational model for simulating the actions and interactions of autonomous individuals with a view to assessing their effects on the system as a whole
Intelligent agent, autonomous entity which observes and acts upon an environment and directs its activity towards achieving goals
Software agent, piece of software that acts for a user or other program in a relationship of agency
Forté Agent, email and Usenet news client used on the Windows operating system
User agent, the client application used with a particular network protocol

Agency
Agency may refer to:
Ø  Agency (country subdivision)
Ø  Agency (law), refers to a person who acts on behalf of another person.
Ø  Agency (LDS Church)
Ø  Agency (sociology), the ability of social actors to make independent choices.
Ø  Agency (philosophy), relating to action theory (philosophy).
Ø  Advertising agency, a service business dedicated to creating, planning and handling advertising for its clients.
Ø  Employment agency, a business that serves as a representative, acting on behalf of another.
Ø  Free agency, the availability status of a rostered player on a team or franchise who is a free agent.
Ø  Government agency, a department of a local or national government responsible for the oversight and administration of a specific function.
Ø  International agency, an inter-governmental body.
Ø  News agency.
Ø  Moral agency, capacity for making moral judgments.
Ø  Structure and agency, ability of an actor to organize future situations and resource distribution.
Ø  Agency (film), a 1980 film starring Lee Majors.
Ø  bond (finance), a debt security, in which the authorized issuer owes the holders a debt.
Ø  Organizations
Ø  Central Intelligence Agency (CIA), colloquially called "the Agency"
Ø  Food and Drug Administration (FDA), colloquially called "the Agency"
Ø  International Atomic Energy Agency (IAEA) (when context allows this abbreviation without ambiguity; official term for internal use)

I.       Transportation and Shipping

A.      Transportation
Transport or transportation is the movement of people, animals and goods from one location to another. Modes of transport include air, rail, road, water, cable, pipeline, and space. The field can be divided into infrastructure, vehicles, and operations. Transport is important since it enables trade between peoples, which in turn establishes civilizations.
Transport infrastructure consists of the fixed installations necessary for transport, and may be roads, railways, airways, waterways, canals and pipelines, and terminals such as airports, railway stations, bus stations, warehouses, trucking terminals, refueling depots (including fueling docks and fuel stations), and seaports. Terminals may be used both for interchange of passengers and cargo and for maintenance.
Vehicles traveling on these networks may include automobiles, bicycles, buses, trains, trucks, people, helicopters, and aircraft. Operations deal with the way the vehicles are operated, and the procedures set for this purpose including financing, legalities and policies. In the transport industry, operations and ownership of infrastructure can be either public or private, depending on the country and mode.
Passenger transport may be public, where operators provide scheduled services, or private. Freight transport has become focused on containerization, although bulk transport is used for large volumes of durable items. Transport plays an important part in economic growth and globalization, but most types cause air pollution and use large amounts of land. While it is heavily subsidized by governments, good planning of transport is essential to make traffic flow, and restrain urban sprawl.

B.  Shipping
Shipping has multiple meanings. It can be a physical process of transporting commodities and merchandise goods and cargo, by land, air, and sea. It also can describe the movement of objects by ship.
Land or "ground" shipping can be by train or by truck. In air and sea shipments, ground transportation is required to take the cargo from its place of origin to the airport or seaport and then to its destination because it is not always possible to establish a production facility near ports due to limited coastlines of countries. Ground transportation is typically more affordable than air shipments, but more expensive than shipping by sea especially in developing countries like India, where Inland infrastructure is not efficient.
Shipment of cargo by trucks, directly from the shipper's place to the destination, is known as a door to door shipment and more commonly multimodal transport system. Trucks and trains make deliveries to sea ports and air ports where cargo is moved in bulk.
Much shipping is done aboard actual ships. An individual nation's fleet and the people that crew it are referred to as its merchant navy or merchant marine. Merchant shipping is lifeblood to the world economy, carrying 90% of international trade with 102,194 commercial ships worldwide. The term shipping in this context originated from the shipping trade of wind power ships, and has come to refer to the delivery of cargo and parcels of any size above the common mail of letters and postcards.

J.         Insurance
Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.
Insurance involves pooling funds from many insured entities (known as exposures) to pay for the losses that some may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be insurable, the risk insured against must meet certain characteristics in order to be an insurable risk. Insurance is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses.
Insurability
Risk which can be insured by private companies typically share seven common characteristics:
Large number of similar exposure units: Since insurance operates through pooling resources, the majority of insurance policies are provided for individual members of large classes, allowing insurers to benefit from the law of large numbers in which predicted losses are similar to the actual losses. Exceptions include Lloyd's of London, which is famous for insuring the life or health of actors, sports figures and other famous individuals. However, all exposures will have particular differences, which may lead to different premium rates.
Legal
When a company insures an individual entity, there are basic legal requirements. Several commonly cited legal principles of insurance include:
Indemnity – the insurance company indemnifies, or compensates, the insured in the case of certain losses only up to the insured's interest.
Insurable interest – the insured typically must directly suffer from the loss. Insurable interest must exist whether property insurance or insurance on a person is involved. The concept requires that the insured have a "stake" in the loss or damage to the life or property insured. What that "stake" is will be determined by the kind of insurance involved and the nature of the property ownership or relationship between the persons.
Utmost good faith – the insured and the insurer are bound by a good faith bond of honesty and fairness. Material facts must be disclosed.
Contribution – insurers which have similar obligations to the insured contribute in the indemnification, according to some method.
Subrogation – the insurance company acquires legal rights to pursue recoveries on behalf of the insured; for example, the insurer may sue those liable for insured's loss.
Causa proxima, or proximate cause – the cause of loss (the peril) must be covered under the insuring agreement of the policy, and the dominant cause must not be excluded
Mitigation - In case of any loss or casualty, the asset owner must attempt to keep the loss to a minimum, as if the asset was not insured.

Indemnification
To "indemnify" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather "contingent" insurance (i.e., a claim arises on the occurrence of a specified event). There are generally two types of insurance contracts that seek to indemnify an insured:
an "indemnity" policy, and
a "pay on behalf" or "on behalf of" policy.
The difference is significant on paper, but rarely material in practice.
An "indemnity" policy will never pay claims until the insured has paid out of pocket to some third party; for example, a visitor to your home slips on a floor that you left wet and sues you for $10,000 and wins. Under an "indemnity" policy the homeowner would have to come up with the $10,000 to pay for the visitor's fall and then would be "indemnified" by the insurance carrier for the out of pocket costs (the $10,000).
Under the same situation, a "pay on behalf" policy, the insurance carrier would pay the claim and the insured (the homeowner in the above example) would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language.

Effects

Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud, on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies.
Insurance can influence the probability of losses through moral hazard, insurance fraud, and preventive steps by the insurance company. Insurance scholars have typically used morale hazard to refer to the increased loss due to unintentional carelessness and moral hazard to refer to increased risk due to intentional carelessness or indifference.[6] Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures - particularly to prevent disaster losses such as hurricanes - because of concerns over rate reductions and legal battles. However, since about 1996 insurers began to take a more active role in loss mitigation, such as through building codes.

Insurers' business model

Underwriting and investing
The business model is to collect more in premium and investment income than is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Profit = earned premium + investment income - incurred loss - underwriting expenses.
Insurers make money in two ways:
Ø Through underwriting, the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks;
Ø By investing the premiums they collect from insured parties.




 Claims

Claims and loss handling is the materialized utility of insurance; it is the actual "product" paid for. Claims may be filed by insured directly with the insurer or through brokers or agents. The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD.
Insurance company claims departments employ a large number of claims adjusters supported by a staff of records management and data entry clerks. Incoming claims are classified based on severity and are assigned to adjusters whose settlement authority varies with their knowledge and experience. The adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract, and if so, the reasonable monetary value of the claim, and authorizes payment.
Marketing
Insurers will often use insurance agents to initially market or underwrite their customers. Agents can be captive, meaning they write only for one company, or independent, meaning that they can issue policies from several companies. The existence and success of companies using insurance agents is likely due to improved and personalized service.

Types of insurance

Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance policy will set out in detail which perils are covered by the policy and which are not. Below are non-exhaustive lists of the many different types of insurance that exist. A single policy may cover risks in one or more of the categories set out below. For example, vehicle insurance would typically cover both the property risk (theft or damage to the vehicle) and the liability risk (legal claims arising from an accident). A home insurance policy in the US typically includes coverage for damage to the home and the owner's belongings, certain legal claims against the owner, and even a small amount of coverage for medical expenses of guests who are injured on the owner's property.
Ø Business insurance can take a number of different forms, such as the various kinds of professional liability insurance, also called professional indemnity (PI), which are discussed below under that name; and the business owner's policy (BOP), which packages into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners' insurance packages the coverages that a homeowner needs.

Ø Vehicle insurance

Auto insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision.
Coverage typically includes:
Property coverage, for damage to or theft of the car;
Liability coverage, for the legal responsibility to others for bodily injury or property damage;
Medical coverage, for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
Most countries, such as the United Kingdom, require drivers to buy some, but not all, of these coverages. When a car is used as collateral for a loan the lender usually requires specific coverage.

Ø Home insurance
Home insurance provides coverage for damage or destruction of the policyholder's home. In some geographical areas, the policy may exclude certain types of risks, such as flood or earthquake, that require additional coverage. Maintenance-related issues are typically the homeowner's responsibility. The policy may include inventory, or this can be bought as a separate policy, especially for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage caused by members of the household, including pets.

Ø Health insurance

Health insurance policies cover the cost of medical treatments. Dental insurance, like medical insurance protects policyholders for dental costs. In the US and Canada, dental insurance is often part of an employer's benefits package, along with health insurance.

Ø Accident, sickness and unemployment insurance

Workers' compensation, or employers' liability insurance, is compulsory in some countries
Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgage loans and credit cards. Short-term and long-term disability policies are available to individuals, but considering the expense, long-term policies are generally obtained only by those with at least six-figure incomes, such as doctors, lawyers, etc. Short-term disability insurance covers a person for a period typically up to six months, paying a stipend each month to cover medical bills and other necessities.

Ø Casualty
Casualty insurance insures against accidents, not necessarily tied to any specific property. It is a broad spectrum of insurance that a number of other types of insurance could be classified, such as auto, workers compensation, and some liability insurances.
Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.
Political risk insurance is a form of casualty insurance that can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions could result in a loss.

Ø Life insurance
Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.

Ø Property insurance

Property insurance provides protection against risks to property, such as fire, theft or weather damage. This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance. The term property insurance may, like casualty insurance, be used as a broad category of various subtypes of insurance, some of which are listed below:


Ø  Aviation insurance protects aircraft hulls and spares, and associated liability risks, such as passenger and third-party liability. Airports may also appear under this subcategory, including air traffic control and refuelling operations for international airports through to smaller domestic exposures.
Ø  Boiler insurance (also known as boiler and machinery insurance, or equipment breakdown insurance) insures against accidental physical damage to boilers, equipment or machinery.
Ø  Builder's risk insurance insures against the risk of physical loss or damage to property during construction. Builder's risk insurance is typically written on an "all risk" basis covering damage arising from any cause (including the negligence of the insured) not otherwise expressly excluded. Builder's risk insurance is coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from an insured peril.
Ø  Crop insurance may be purchased by farmers to reduce or manage various risks associated with growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost damage, insects, or disease.
Ø  Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary home insurance policies do not cover earthquake damage. Earthquake insurance policies generally feature a high deductible. Rates depend on location and hence the likelihood of an earthquake, as well as the construction of the home.
Ø  Fidelity bond is a form of casualty insurance that covers policyholders for losses incurred as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
Ø  Hurricane Katrina caused over $80 billion of storm and flood damage
Ø  Flood insurance protects against property loss due to flooding. Many insurers in the US do not provide flood insurance in some parts of the country. In response to this, the federal government created the National Flood Insurance Program which serves as the insurer of last resort.
Ø  Home insurance, also commonly called hazard insurance, or homeowners insurance (often abbreviated in the real estate industry as HOI), is the type of property insurance that covers private homes, as outlined above.
Ø  Landlord insurance covers residential and commercial properties which are rented to others. Most homeowners' insurance covers only owner-occupied homes.
Ø  Marine insurance and marine cargo insurance cover the loss or damage of vessels at sea or on inland waterways, and of cargo in transit, regardless of the method of transit. When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier or the carrier's insurance. Many marine insurance underwriters will include "time element" coverage in such policies, which extends the indemnity to cover loss of profit and other business expenses attributable to the delay caused by a covered loss.
Ø  Supplemental natural disaster insurance covers specified expenses after a natural disaster renders the policyholder's home uninhabitable. Periodic payments are made directly to the insured until the home is rebuilt or a specified time period has elapsed.
Ø  Surety bond insurance is a three-party insurance guaranteeing the performance of the principal.
Ø  Terrorism insurance provides protection against any loss or damage caused by terrorist activities. In the US in the wake of 9/11, the Terrorism Risk Insurance Act 2002 (TRIA) set up a federal Program providing a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism. The program was extended until the end of 2014 by the Terrorism Risk Insurance Program Reauthorization Act 2007 (TRIPRA).
Ø  Volcano insurance is a specialized insurance protecting against damage arising specifically from volcanic eruptions.
Ø  Windstorm insurance is an insurance covering the damage that can be caused by wind events such as hurricanes.

Ø  Credit insurance

Credit insurance repays some or all of a loan when certain circumstances arise to the borrower such as unemployment, disability, or death.
Mortgage insurance insures the lender against default by the borrower. Mortgage insurance is a form of credit insurance, although the name "credit insurance" more often is used to refer to policies that cover other kinds of debt.
Many credit cards offer payment protection plans which are a form of credit insurance.
Accounts receivable insurance, also known as credit or trade credit insurance is business insurance over the accounts receivables of the insured. The policy pays the policy holder for covered accounts receivable if the debtor defaults on payment.

Ø  All-risk insurance is an insurance that covers a wide-range of incidents and perils, except those noted in the policy. All-risk insurance is different from peril-specific insurance that cover losses from only those perils listed in the policy. In car insurance, all-risk policy includes also the damages caused by the own driver.
Ø  High-value horses may be insured under a bloodstock policy
Ø  Bloodstock insurance covers individual horses or a number of horses under common ownership. Coverage is typically for mortality as a result of accident, illness or disease but may extend to include infertility, in-transit loss, veterinary fees, and prospective foal.
Ø  Business interruption insurance covers the loss of income, and the expenses incurred, after a covered peril interrupts normal business operations.
Ø  Collateral protection insurance (CPI) insures property (primarily vehicles) held as collateral for loans made by lending institutions.
Ø  Defense Base Act (DBA) insurance provides coverage for civilian workers hired by the government to perform contracts outside the US and Canada. DBA is required for all US citizens, US residents, US Green Card holders, and all employees or subcontractors hired on overseas government contracts. Depending on the country, foreign nationals must also be covered under DBA. This coverage typically includes expenses related to medical treatment and loss of wages, as well as disability and death benefits.
Ø  Expatriate insurance provides individuals and organizations operating outside of their home country with protection for automobiles, property, health, liability and business pursuits.
Ø  Kidnap and ransom insurance is designed to protect individuals and corporations operating in high-risk areas around the world against the perils of kidnap, extortion, wrongful detention and hijacking.
Ø  Legal expenses insurance covers policyholders for the potential costs of legal action against an institution or an individual. When something happens which triggers the need for legal action, it is known as "the event". There are two main types of legal expenses insurance: before the event insurance and after the event insurance.
Ø  Locked funds insurance is a little-known hybrid insurance policy jointly issued by governments and banks. It is used to protect public funds from tamper by unauthorized parties. In special cases, a government may authorize its use in protecting semi-private funds which are liable to tamper. The terms of this type of insurance are usually very strict. Therefore it is used only in extreme cases where maximum security of funds is required.
Ø  Livestock insurance is a specialist policy provided to, for example, commercial or hobby farms, aquariums, fish farms or any other animal holding. Cover is available for mortality or economic slaughter as a result of accident, illness or disease but can extend to include destruction by government order.
Ø  Media liability insurance is designed to cover professionals that engage in film and television production and print, against risks such as defamation.
Ø  Nuclear incident insurance covers damages resulting from an incident involving radioactive materials and is generally arranged at the national level. (See the nuclear exclusion clause and for the US the Price-Anderson Nuclear Industries Indemnity Act.)
Ø  Pet insurance insures pets against accidents and illnesses; some companies cover routine/wellness care and burial, as well.
Ø  Pollution insurance usually takes the form of first-party coverage for contamination of insured property either by external or on-site sources. Coverage is also afforded for liability to third parties arising from contamination of air, water, or land due to the sudden and accidental release of hazardous materials from the insured site. The policy usually covers the costs of cleanup and may include coverage for releases from underground storage tanks. Intentional acts are specifically excluded.
Ø  Purchase insurance is aimed at providing protection on the products people purchase. Purchase insurance can cover individual purchase protection, warranties, guarantees, care plans and even mobile phone insurance. Such insurance is normally very limited in the scope of problems that are covered by the policy.
Ø  Title insurance provides a guarantee that title to real property is vested in the purchaser and/or mortgagee, free and clear of liens or encumbrances. It is usually issued in conjunction with a search of the public records performed at the time of a real estate transaction.
Ø  Travel insurance is an insurance cover taken by those who travel abroad, which covers certain losses such as medical expenses, loss of personal belongings, travel delay, and personal liabilities.
Ø  Tuition insurance insures students against involuntary withdrawal from cost-intensive educational institutions
Ø  Interest rate insurance protects the holder from adverse changes in interest rates, for instance for those with a variable rate loan or mortgage

Ø  Reinsurance is a type of insurance purchased by insurance companies or self-insured employers to protect against unexpected losses. Financial reinsurance is a form of reinsurance that is primarily used for capital management rather than to transfer insurance risk.
Ø  Social insurance can be many things to many people in many countries. But a summary of its essence is that it is a collection of insurance coverages (including components of life insurance, disability income insurance, unemployment insurance, health insurance, and others), plus retirement savings, that requires participation by all citizens.
Ø  Stop-loss insurance provides protection against catastrophic or unpredictable losses. It is purchased by organizations who do not want to assume 100% of the liability for losses arising from the plans. Under a stop-loss policy, the insurance company becomes liable for losses that exceed certain limits called deductibles.
Ø  Closed community self-insurance
Some communities prefer to create virtual insurance amongst themselves by other means than contractual risk transfer, which assigns explicit numerical values to risk. A number of religious groups, including the Amish and some Muslim groups, depend on support provided by their communities when disasters strike. The risk presented by any given person is assumed collectively by the community who all bear the cost of rebuilding lost property and supporting people whose needs are suddenly greater after a loss of some kind. In supportive communities where others can be trusted to follow community leaders, this tacit form of insurance can work. In this manner the community can even out the extreme differences in insurability that exist among its members. Some further justification is also provided by invoking the moral hazard of explicit insurance contracts.

Ø  Insurance companies may be classified into two groups:
Life insurance companies, which sell life insurance, annuities and pensions products.
Non-life, general, or property/casualty insurance companies, which sell other types of insurance.

Ø  Insurance law
In the United States, insurance is regulated by the states under the McCarran-Ferguson Act, with "periodic proposals for federal intervention", and a nonprofit coalition of state insurance agencies called the National Association of Insurance Commissioners works to harmonize the country's different laws and regulations. The National Conference of Insurance Legislators (NCOIL) also works to harmonize the different state laws.
In the European Union, the Third Non-Life Directive and the Third Life Directive, both passed in 1992 and effective 1994, created a single insurance market in Europe and allowed insurance companies to offer insurance anywhere in the EU (subject to permission from authority in the head office) and allowed insurance consumers to purchase insurance from any insurer in the EU.
The insurance industry in China was nationalized in 1949 and thereafter offered by only a single state-owned company, the People's Insurance Company of China, which was eventually suspended as demand declined in a communist environment. In 1978, market reforms led to an increase in the market and by 1995 a comprehensive Insurance Law of the People's Republic of China was passed, followed in 1998 by the formation of China Insurance Regulatory Commission (CIRC), which has broad regulatory authority over the insurance market of China.
In India, IRDA is insurance regulatory authority. As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA), which was constituted by an act of parliament. National Insurance Academy, Pune is apex insurance capacity builder institute promoted with support from Ministry of Finance and by LIC, Life & General Insurance companies.

Reference:
http://en.wikipedia.org/wiki/bank