ABSTRACT : This project is a comprehensive frame work in the topic, Motor Insurance Rating in Nigeria, (Problems and Prospects) it entails the meaning, rating motor insurance in Nigeria motor insurance rating is aimed at stipulating what covers certain motor insurance coverage aught to attract. It is equally examines how motor policy will be indemnified if he suffers loss, damage, injuries as the case may be. This work is aimed at studying how motor insurance rating can affect the insuring public as well as the generability of the public. To achieve this aim, the researcher reviewed related literatures written by reputable professionals, approved authorities, institutions and organization from the research question and analysis the researcher discovered that motor insurance rating is yet to be made uniform in the country. Remedies were recommended on how this issue can be addressed to be in the interest of the insuring public as well as the country at large. Conclusions were finally made on the findings.
TABLE OF CONTENTS
CHAPTER ONE
CHAPTER TWO
2.1 LITERATURE REVIEW 8
2.2 TYPES OF COVER AVAILABLE 10
THE EXTRACTS, UNDERWRITING
OF MOTOR INSURANCE 15
2.3 MOTOR TARIFF IN NIGERIA 26
2.4 MOTOR INSURANCE CLAIMS PROCEDURE 28
2.5 DEFINITION OF TERMS 38
REFERENCE 41
CHAPTER THREE
3.1 RESEARCH DESIGN AND METHODOLOGY 42
3.2 SOURCE OF DATA 42
3.3 LOCATION OF DATA 43
3.4 METHOD OF INVESTIGATION 44
CHAPTER FOUR
RESEARCH FINDINGS 45
CHAPTER FIVE
RECOMMENDATION/CONCLUSION 48
5.1 RECOMMENDATION 48
5.2 CONCLUSION 49
QUESTIONNAIRE 51
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
In retrospect, motorist was at liberty to drive his car on the highway without any form of insurance protection. But as the number of motor vehicle playing the road increases. So did the accident rate and the subsequent death and injuries.
In many cases, the victims of these motor accidents even when the court might as the motorist to pay a certain sum as compensation, they were unable to receive such award because the motorists were without adequate funds. The lead to public out cry and a solution has to be found. The only sensible solution was to make it compulsory for every motorists to be insured so as to ensure that the victims of motor accident obtained adequate compensation in appropriate cases.
An European trading company that established post in Nigeria and appointed their companies as agents for insurance business introduced motor insurance rating in Nigeria. During that time Nigeria traders were given power to secure insurance business, issue cover notes mostly for cargos and also giving helping hand in claim settlements.
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