Award in London Market Insurance (LM1 & LM2)

Description

The Award in London Market Insurance is a CII qualification which gives an essential grounding in the make-up, processes and practices of the London Insurance Market. The Award is made up of two units; London Market Essentials (LM1) and London Market Insurance Principles and Practices (LM2). Both units are worth a combined 25 credits at Certificate in Insurance level in the CII qualification framework. The Award is promoted by Lloyd's as their qualification of choice for Lloyd's Market Specialists.

Our lunch-time revision sessions have a proven record of substantially improving student's prospects of passing their LM1 and LM2 exams

What you will learn

• Fundamental Principles of Insurance
• Basic Insurance Legal Principles and Terminology
• Outlining the main classes of insurance written in the London Market; the extent of cover, significant exclusions and rating factors.
• The nature of the insurance cycle; what it is, what prompts to change and where we are in this cycle at present
• The structure of the London Market – key types of organisation, representative bodies, the international perspective
• Regulation‐ the impact of the PRA and FCA upon the provision of insurance cover, Lloyd’s – aspects of market governance
• Other legal aspects including Government sanctions, anti‐bribery legislation, DPA, Systems and Controls etc.
• Broking in the London Market‐ the legal status of the broker, the broker’s role in the placement and claims process
• Underwriting – reprise of fundamental aspects of risk from the first session, the role and activities of the underwriter within the subscription market.
• Delegates’ choice of subject – pre‐examination testing
• Business Nature of the London Insurance Market
• Risks Written in the London Market
• Reinsurance‐How reinsurance works and fits into the marketplace
• Market Security
• Solvency
• The role of the FCA and PRA
• Lloyd’s Chain of Security
• Legal and Regulatory Requirements
• Compulsory insurances
• Unfair Contract Terms in Consumer Contract
• Regulations 1999
• Contracts (Rights of Third Parties) Act 1999
• IPT
• Key regulatory roles
• Insurance Broking
• Fundamentals of the law of agency
• Different types of intermediary
• The brokers role in the placement and claims processes
• TOBAs
• Underwriting
• How underwriters and brokers interrelate
• Market cycles
• Premium calculation
• Reinsurance to close
• Business Process
• Formation and termination of the insurance contract.
• London Market documentation
• Key policy terms and conditions
• Contract Certainty
• Delegated Underwriting
• Why delegate underwriting?
• Binding Authority agreements
• Outsourcing other activities
• Delegated Underwriting
• Purpose and types of delegated underwriting
• Operation of delegated underwriting contracts
• Controls over delegated underwriting
• Outsourcing of other activities by insurers
• Claims Handling
• The parties involved in the claims process
• Xchanging Claims Services at Lloyd’s
• The claims process
• Regulation of claims
• Complaint resolution
• Delegates’ choice of subject – pre‐examination testing