Motor Insurance

Course details

Vehicle insurance (also known as auto insurance, GAP insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom. The specific terms of vehicle insurance vary with legal regulations in each region. To a lesser degree vehicle insurance may additionally offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from things other than traffic collisions.

This course serves as an inroduction to Motor Insurance.

Objectives

Upon the completion of this course, the participant will be able to:

• Describe the nature and main factors impacting motor insurance
• Discuss the scope of cover for motor cars, commercial vehicles and other motor risks
• Examine risk perception and the process of evaluation and underwriting motor insurance
• Describe the practice of motor insurance, including documentation and processing
• Evaluate the claims considerations and procedures of motor insurance
• Analyse the interrelation between underwriting and claim departments

Target Audience:

• Insurance employees, Brokers, Agents, Loss Adjusters, Employees who manage insurance in non-insurance companies

Course Structure

• The course is conducted via a combination of lectures; case studies; role plays; and videos, where applicable.

Program Contents:

• Introduction and history of motor insurance
• Contract law and basic principles as applied to:
• Motor insurance
• Road traffic
• Legal system
• Motor insurance documentation
• Application of insurance principles to motor insurance
• Underwriting and rating principles
• Fleet rating and schemes
• The motor market
• Policy covers for all classes of motor insurance
• Motor claims, motor department administration and motor reinsurance