CII LM1 study plan

CII LM1 · Give each week a clear focus.

8 weeks · About 6 hours per week

Week 1

London Market Insurance Essentials

Map the London Market's structure by diagramming the roles of Lloyd's, the company market, brokers, and coverholders, and explain how risk flows between them.
Define the core regulatory and market bodies (PRA, FCA, Lloyd's, IUA, LMA) and state each one's principal function in the London Market.
Explain the difference between the subscription market and the open market, and identify which classes of business typically use each.
List the main classes of insurance transacted in the London Market and give a one-line description of the risk each covers.

A one-page market-structure diagram with a 300-word explanatory note covering all four goals, checked against your study text.

Week 2

Describe the roles of the key market participants (brokers, underwriters, managing agents, coverholders, MGAs, loss adjusters) and how their duties interconnect.
Explain the underwriting process from submission to binding, including the information an underwriter needs and why.
Distinguish between facultative and treaty reinsurance and give a London Market example of each.
Summarise how claims are notified, adjusted, and settled in the London Market, naming the parties involved at each stage.

A 400-word process write-up of the underwriting and claims lifecycle, with each party's role labelled.

Week 3

Explain the principle of utmost good faith and the duty of fair presentation under the Insurance Act 2015, including what a broker must disclose.
Define insurable interest and indemnity, and apply each to two London Market scenarios.
Explain subrogation, contribution, and average, and state when each applies.
Describe how warranties, conditions, and representations differ in effect on a policy.

A table of at least eight insurance principles, each with a definition, a London Market example, and the legal source or Act that governs it.

Week 4

Outline the regulatory framework: FCA and PRA objectives, the Senior Managers and Certification Regime, and Lloyd's own requirements.
Explain contract certainty and the role of the Market Reform Contract (MRC) in achieving it.
Describe the main market codes and standards (e.g., Lloyd's Minimum Standards, LMA model clauses) and what each governs.
Explain how complaints, the Financial Ombudsman Service, and the Financial Services Compensation Scheme apply to London Market business.

A 25-question self-test on regulation and contract certainty, scored and reviewed, with a list of weak areas to revisit.

Week 5

Explain the roles of Xchanging/central services, the Bureau, and electronic placing platforms in processing London Market business.
Describe the accounting and settlement cycle from premium to claims payment, including the role of the broker in each step.
Explain how slip wording, endorsements, and lines are recorded and how a subscription risk is bound.
Identify the documents produced at placement and their purpose (slip, MRC, cover note, debit note).

A labelled flow diagram of the placing-to-settlement cycle with a 200-word commentary on where errors most commonly arise.

Week 6

Explain the main Lloyd's-specific concepts: syndicates, members, the Central Fund, and the chain of security.
Describe how a syndicate is managed and how capacity is allocated.
Explain the role of the Lloyd's broker and the rules on broker access to the market.
Summarise the main Lloyd's byelaws and what they require of market participants.

A 350-word summary of Lloyd's governance and the chain of security, with a diagram of the layers of protection for a policyholder.

Week 7

Complete a timed mock exam under exam conditions and record your score by topic area.
Identify your three weakest syllabus areas from the mock and re-read the relevant sections.
Rewrite the definitions of the ten most commonly tested terms from memory.
Practise explaining a market process aloud in under two minutes, as if answering a short-answer question.

A scored mock exam with a written remediation plan listing your three weakest topics and the specific study actions for each.

Week 8

Re-test your three weakest areas from week 7 and confirm improvement.
Complete a second timed mock and compare scores with week 7.
Review all deliverables from weeks 1–6 and correct any inaccuracies.
Consolidate a one-page summary sheet of key definitions, Acts, and market bodies for final revision.

A final revision sheet plus a second mock score showing measurable improvement over week 7, with any remaining gaps flagged.

Week 2: You can explain, without notes, how a risk moves from broker submission to binding and who is involved at each stage.

Week 4: You score at least 70% on the 25-question regulation and contract-certainty self-test.

Week 6: You can describe Lloyd's chain of security and the roles of syndicates, members, and the Central Fund from memory.

Week 8: Your second mock score is higher than your week 7 mock, and no topic area remains below 60%.