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1、Financial EnglishFinancial EnglishTopic FiveTopic FiveInternational Settlement and International Settlement and InsuranceInsuranceChapter 14 Chapter 14 Instruments Used in Instruments Used in International SettlementInternational Settlement【Learning Objectives】 After learning this chapter, you shoul
2、d be able to understand the following:Definition of a billOrigin of bills of exchangeThe promissory note ChequeChapter 14 Chapter 14 Instruments Used in International SettlementInstruments Used in International Settlement14.1 Bills of Exchange Definition of a bill of exchange A bill of exchange is a
3、n unconditional order in writing，addressed by one person to another，signed by the person giving it ，requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person or to bearer. 汇票是由一人开至另一人的书面无条件命
4、令，由发出命令的人签名，要求接受命令的人立即、或在固定时间、或在一个可以确定的将来时间，把一定金额的货币支付给一个特定的人，或是他的指定人，或者来人。Chapter 14 Instruments Used in International SettlementChapter 14 Instruments Used in International SettlementOrigin of bills of exchange The bill of exchange has been used as a method of payment in Britain for six centuries
5、or more. Internationally the Bill on London has always been regarded as a sound means of paymentDefinition of a bill Firstly, a bill must be unconditional. The bill must be in writing. A bill of exchange must be signed by the drawerChapter 14 Chapter 14 Instruments Used in International SettlementIn
6、struments Used in International SettlementUsance BillIf it is payable in the future it is a usance or term billFor example，a 90-day bill dated 17th July would be payable on 15tb October calculated on the following basis：14 days left in July31 days in August30 days in September15 days in 0ctober=90 A
7、 bill may be made payable to, or to the order of, a specified person or to the bearer.Chapter 14 Chapter 14 Instruments Used in International SettlementInstruments Used in International Settlement 14.2 Promissory Notes The definition of the promissory note The Bills of Exchange Act 1882 defines a pr
8、omissory note as “an unconditional promise in writing made by one person (the maker) to another (the payee or the holder) signed by the maker engaging to pay on demand or at a fixed or determined future time a sum certain in money to or to the order of a specified person or to the bearer.” 本票是一项书面的无
9、条件的支付承诺，由一人作成，并交给另一人，经制票人签名承诺即期或定期或在可以确定的将来时间，支付一定数目的金钱给一个特定的人或其指定人或来人。Chapter 14 Chapter 14 Instruments Used in International SettlementInstruments Used in International Settlement 1.This is in effect an IOU in that it is a promise to pay a sum of money, but an IOU is not a negotiable instrument wh
10、ereas a promissory note is, nor does an IOU state the date on which payment is to be made. 2.A promissory note is a promise, and a bill is an order. There is no need to protest a dishonored note. As the maker of a promissory note is the person primarily liable on it, there can be no acceptance.Chapt
11、er 14 Chapter 14 Instruments Used in International SettlementInstruments Used in International Settlement 14.3 Cheques The definition of cheque A cheque is an unconditional order in writing, addressed by a person (the drawer) to a bank(the drawee), signed by the person making it, requiring the bank
12、to pay on demand a sum certain in money to or to the order of a specified person or to the bearer (the payee). 支票是银行存款客户向他开立账户的银行签发的，授权该银行即期支付一定数目的货币给一个特定人或其指定人或来人的无条件书面支付命令。Chapter 14 Chapter 14 Instruments Used in International SettlementInstruments Used in International SettlementChapter 15 Chapt
13、er 15 Remittance and Remittance and CollectionCollection【Learning Objectives】 After learning this chapter, you should be able to understand the following:The definition of remittanceThe definition of collection Parties in documentary collectionsMethod of collect ion billsChapter 15 Remittance and Co
14、llectionChapter 15 Remittance and Collection15.1 Remittance The definition of remittance Remittance refers to the transfer of funds from one party to another among different countries. That is, a bank (the remitting bank), at the request of its customer (the remitter),transfers a certain sum of mone
15、y to its overseas branch or correspondent bank (the paying bank)instructing them to pay to a named person or corporation (the payee or beneficiary) domiciled in the country. 银行应汇款人的要求，以一定的方式将一定的金额，通过其海外联行或者代理行作为付款银行，付给收款人的一种结算方式。Chapter 15 Chapter 15 Remittance and CollectionRemittance and Collectio
16、n The types of remittance M/T, mail transfer 信汇 On receipt of the customers instructions, the book keeping will be applied. The customers bank will advise the overseas bank of the transaction by airmail, and the payment instruction must be signed by authorized signatures. This is so-called M/T, mail
17、 transfer.Chapter 15 Chapter 15 Remittance and CollectionRemittance and Collection T/T, a telegraphic transfer 电汇 The same procedure as for mail is adopted. However,the instructions to the overseas bank are sent by telex or SWIFT, and in case of telex, the overseas bank will require a special authen
18、ticating code word, which is called test key, before it will act.Chapter 15 Chapter 15 Remittance and CollectionRemittance and Collection D/D, a demand draft 票汇 D/D, a demand draft, is in effect a bill of exchange drawn by one bank on another payable on demand. The customer will forward the draft to
19、 the beneficiary who will pay it into his bank for credit to his account. Ultimately, the draft will be debited to either the appropriate nostro7 or vostro account.Chapter 15 Chapter 15 Remittance and CollectionRemittance and Collection 15.2 Documentary Collections Parties in documentary collections
20、： The URC522 sets out the procedures to be followed by all parties,including the liabilities and responsibilities of banks and customers involved in collection transactions.They endeavour to eliminate the difficulties created by differences in banking phraseology and procedures in various countries，
21、by setting out standard practices which banks can applyChapter 15 Chapter 15 Remittance and CollectionRemittance and Collection Parties in documentary collections：a)The principal(usually the drawer)b)The remitting banknormally the exporters bankc)The collecting bankany bank(other than the remitting
22、bank)d)The presenting banknormally the importers bank e)The draweethe importer to whom the documents are presented for payment Chapter 15 Chapter 15 Remittance and CollectionRemittance and CollectionMethod of collection billsD/P at sight 即期付款交单D/P after sight 远期付款交单D/A 凭着承兑交单Chapter 15 Chapter 15 Re
23、mittance and CollectionRemittance and Collection If the exporter draws a“sight”or “on demand”bill,the instructions would be for documents to be released only against payment(DP). For a term bill, the instructions would usually be for documents to be released against acceptance of the bill(DA), with
24、subsequent presentment for payment on the due dateChapter 15 Chapter 15 Remittance and CollectionRemittance and CollectionChapter 16 Chapter 16 Documentary Letter of Documentary Letter of CreditCredit【Learning Objectives】 After learning this chapter, you should be able to understand the following:Th
25、e Definition of Documentary CreditsThe Procedures of the Documentary CreditTypes of Documentary CreditKey Factors Determining the Payment MethodChapter 16 Documentary Letter of CreditChapter 16 Documentary Letter of Credit16.1 The Definition of Documentary CreditsLetter of credit （L/C）：）： Letter of
26、credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation. UCP600信用证意指一项约定，无论其如何命名或描述，该约定不信用证意指一项约定，无论其如何命名或描述，该约定不可撤销并因此构成开证行对于相符提示予以可撤销并因此构成开证行对于相符提示予以承承付的确定承付的确定承诺。诺。 Chapter
27、16 Chapter 16 Documentary Letter of CreditDocumentary Letter of Credit Preparation of documents Preparation of documents by the exporter must conform to all the terms and conditions specified in the letter of credit. Chapter 16 Chapter 16 Documentary Letter of CreditDocumentary Letter of Credit The
28、main advantages and disadvantages of documentary credit The documentary credit system is much more secure so far as the exporter is concerned and this is a great advantageIts chief disadvantage is costBecause at least two,and sometimes three,banks are involved charges are quite high.Chapter 16 Chapt
29、er 16 Documentary Letter of CreditDocumentary Letter of Credit 16.2 The Procedures of the Documentary Credit1.The importer asks their banker (issuing bank) to issue an irrevocable credit and to request confirmation by another bank (confirming bank). And their banker agrees.2.The issuing bank request
30、s a bank (advising bank) to advise the beneficiary, the exporter,of the details. Meanwhile the advising bank is asked to confirm the credit. The advising bank agrees to this.3.The advising bank, now writes to or notifies by other means the beneficiary the details of the credit. Chapter 16 Chapter 16
31、 Documentary Letter of CreditDocumentary Letter of Credit4.After consignment, the beneficiary obtains the shipping documents and presents the documents to the confirming bank through their banker (presenting bank). Confirming bank pays the beneficiary provided that the documents are in full complian
32、ce with the terms and conditions of the credit.5.The confirming bank sends the documents to the issuing bank and gets reimbursement from the bank.6.The issuing bank settles the payment with the importer, and then the importer is given the documents for taken delivery of the goods.Chapter 16 Chapter
33、16 Documentary Letter of CreditDocumentary Letter of Credit16.3 Types of Documentary CreditPayment CreditNegotiation CreditAcceptance CreditDeferred Payment CreditChapter 16 Chapter 16 Documentary Letter of CreditDocumentary Letter of Credit Key Factors Determining the Payment MethodThe business rel
34、ationship between the seller and the buyerIndustry normsThe nature of the merchandiseThe distance between the seller and the buyerPolitical and economic stability in both the seller and the buyers countryThe potential for currency fluctuationChapter 16 Chapter 16 Documentary Letter of CreditDocument
35、ary Letter of CreditChapter 17 Chapter 17 Life Insurance and Life Insurance and Marine InsuranceMarine Insurance【Learning Objectives】 After learning this chapter, you should be able to understand the following:The meanings of life insurance The meanings of marine insurance Objectives and risks of th
36、e life insurance Scope of Insurance CoverageChapter 17 Life Insurance and Marine InsuranceChapter 17 Life Insurance and Marine Insurance 17.1 Life Insurance life insurance is income protection in the event of your deathThe person you name as your beneficiary will receive proceeds from an insurance c
37、ompany to offset the income lost as a result of your deathChapter 17 Chapter 17 Life Insurance and Marine InsuranceLife Insurance and Marine InsuranceTwo kinds of life insurance1. term life Term life insurance is usually for a relatively short period of time.2. permanent life Permanent life policy i
38、s one that you pay into throughout your entire life.Chapter 17 Chapter 17 Life Insurance and Marine InsuranceLife Insurance and Marine Insurance Objectives and Risks No matter whom you are,one benefit of life insurance is the peace of mind it gives youIf anything happens to you, your beneficiary wil
39、l receive a check in a matter of daysLife insurance can also be used to cover any debts or liabilities you leave behindChapter 17 Chapter 17 Life Insurance and Marine InsuranceLife Insurance and Marine InsuranceHow to Buy or Sell It There are thousands of insurance brokers4 and banks across North Am
40、erica. Keep in mind that you will usually have to pay a commissions for the salespersonChapter 17 Chapter 17 Life Insurance and Marine InsuranceLife Insurance and Marine Insurance 17.2 Marine Insurance Parties to the Insurance The parties to be involved are as simple as only two. One is the insurer
41、the other is the insured. In some cases, there may be all insurance broker in between. Once damages occur, the party who suffers will 10dge a claim against the insurance policyThis party is called the claimant.Chapter 17 Chapter 17 Life Insurance and Marine InsuranceLife Insurance and Marine Insuran
42、ce Applying for Insurance In some countries, the first step the insured party should take is to apply for insurance from a certain insurance company. The applicant should fill in the special form-the proposal form, which gives all the details concerning ownership，value，length of time insurance will
43、be for，risks and coverages, etcChapter 17 Chapter 17 Life Insurance and Marine InsuranceLife Insurance and Marine Insurance Determining the Insurance Value Generally speaking, the value to be insured is based on the value of the commercial invoice. The need for maintaining adequate insurance has alr
44、eady been stressed. Chapter 17 Chapter 17 Life Insurance and Marine InsuranceLife Insurance and Marine Insurance Determining Averages and Overages Determining the right coverage sometimes can be easy,and sometimes difficultThe decision can be made only on the basis of the following factors: the natu
45、re of the products; packing considerations such as sacks or paper boxes, use of the products such as chemicals and tea; the carriers of the transport such as difference of air and sea transport; shipping route and ports considerations such as any transshipment on the way to the final port, etc.Chapt
46、er 17 Chapter 17 Life Insurance and Marine InsuranceLife Insurance and Marine Insurance Averages To a great extend, the protection your insurance gives you is defined by its “average”. The term “average” as used in insurance often causes confusion to the layman. Actually it has nothing to do with th
47、e normally accepted meaning for average.Rather,it means a partial loss,“partial loss”,in turn，can mean the total loss of part of the insured cargo. Different averages can be grouped as the following:Chapter 17 Chapter 17 Life Insurance and Marine InsuranceLife Insurance and Marine Insurance Scope of
48、 Insurance Coverage The extent of possible insurance coverage that may be purchased varies. There is a wide variety of standard types of coverage -three basic perils coverage are as follows：FPA，WA and All RisksChapter 17 Chapter 17 Life Insurance and Marine InsuranceLife Insurance and Marine Insuran
49、ceGeneral additional risk：Theft, pilferage and non-delivery;Fresh water or rain water damage;Risk of short weight;Risk of intermixture and contamination;Risk of leakage;Risk of breakage;Risk of clashing;Risk of odour;Risk of hook damage;Risk of rust;Risk of sweating and heating.Chapter 17 Chapter 17 Life Insurance and Marine InsuranceLife Insurance and Marine Insurance