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Introduction to motor insurance 2021 Learning Outcome Assessment Criteria Indicative Content 1 . 1 Understand the need and benefit of motor insurance. 1.1 . Explain why motor insurance is needed. 1.1.1 . What can happen when owning a vehicle or driving: accident, injury, theft, liability to third parties. 4 questions 1.1.2
- Introduction to motor insurance
Introduction to motor insurance. Objective. To provide a...
- Introduction to motor insurance
Know the meaning of Motor insurance. Buy the Motor insurance. Settle the claim under Motor insurance/Third Party. Know what is not covered under Motor insurance. For purpose of insurance, motor vehicles are classified into three broad categories: Private cars. Motor cycles and motor scooters.
Motor insurance provides liability coverage for injuries to third parties and damage to their property, as well as optional coverage for damage to the insured vehicle. It is regulated in India and compulsory for all motor vehicles.
Auto insurance doesn’t cover paying off your loan if your car is damaged and its market value is less than what you owe. Auto dealers and lenders may offer guaranteed auto protection (GAP) insurance for this purpose.
Auto insurance protects against financial loss in the event of an accident. It is a contract between the policyholder and the insurance company. The policyhold-er agrees to pay the premium and the insurance company agrees to pay losses as defined in the policy. Auto insurance provides property, liability and medical coverage:
Introduction to motor insurance. Objective. To provide a broad knowledge and understanding of motor insurance, including: the need for cover and its benefits; insurance legal principles and duties; product features; how cover is arranged and provided; the principles of delivering good customer service.
While motor insurance has expanded rapidly in emerging markets, premium growth in the more mature advanced markets has stagnated. The outlook for advanced economies, however, is improving, and is expected to pick up in line with economic growth over the forecast horizon.
