CII LM2 study plan
CII LM2 · Give each week a clear focus.
8 weeks · About 7 hours per week
London Market Insurance Specialisation
Map the LM2 syllabus structure into the three functional areas of Lloyd's (market, managing agent, broker) and note where the exam weights sit
Define the core Lloyd's terminology (syndicate, managing agent, member, Names, chain of security) in your own words
Explain how Lloyd's differs from a conventional insurance company in structure and capital provision
Identify the regulatory bodies touching the London market (PRA, FCA, Lloyd's itself) and state each one's role in one sentence
Your checkpoint
A one-page glossary of 25 Lloyd's terms with own-word definitions, self-marked against the study text
London Market Insurance Specialisation
Describe the subscription market process from slip presentation to final line
Explain the roles of the lead underwriter and following underwriters and why the lead's terms carry weight
Outline how a broker places a risk, including the role of the placing broker and the London broker
Distinguish open market placement from binding authorities and lineslips
Your checkpoint
A written 400-word walkthrough of a single open-market placement from client to binder, checked for accuracy against the study text
London Market Insurance Specialisation
Explain the Lloyd's chain of security in order from premiums trust funds through to the Central Fund
Describe the purpose and structure of the Central Fund and when it can be called upon
Outline the role of members' agents and the distinction from managing agents
Summarise how syndicate capital is provided and the meaning of limited liability membership
Your checkpoint
A labelled diagram of the chain of security drawn from memory, then corrected against source material
London Market Insurance Specialisation
Explain the roles of the Council of Lloyd's and the Franchise Board
Describe how Lloyd's performance management and oversight of syndicates operates at a high level
Outline the market's approach to conduct regulation and treating customers fairly in the Lloyd's context
Identify the main market associations and bodies (LMA, LIIBA, IUA) and their functions
Your checkpoint
A 20-question self-written quiz on governance and regulation, answered closed-book with a score recorded
London Market Insurance Specialisation
Explain delegated authority and binding authorities, including coverholder appointment and the role of the managing general agent
Describe how claims are handled in the London market, including the role of the claims lead and claims agreement clauses
Outline premium payment, signing down and endorsements in the subscription market
Explain the purpose of the Market Reform Contract and its key sections
Your checkpoint
A completed one-page comparison table of MRC sections against their purpose, produced without notes
London Market Insurance Specialisation
Explain the main classes of London market business and how each is typically placed
Describe the role of reinsurance in the London market and the difference between facultative and treaty placement
Outline how international and cross-border risks reach London and the regulatory implications
Identify the main Lloyd's and company market distribution channels
Your checkpoint
A 500-word briefing note on how one chosen class of business moves through the London market, with sources cited
London Market Insurance Specialisation
Work through timed practice questions across all syllabus areas and log every wrong answer with a reason
Revisit the two weakest syllabus areas identified by practice performance
Recall the chain of security, governance bodies and placement process without reference material
Practise structuring short exam answers with a definition, explanation and example
Your checkpoint
A log of at least 60 practice questions with accuracy percentage per syllabus area and a prioritised revision list
London Market Insurance Specialisation
Complete at least two full timed mock papers under exam conditions
Close remaining knowledge gaps flagged by mock results
Rehearse concise definitions of the 30 highest-frequency terms
Plan exam timing and question-order strategy
Your checkpoint
Two completed mock papers with scores, plus a final one-page revision sheet of weak points
Milestones
Week 2: Can explain the full placement process and subscription market roles aloud in under five minutes without notes
Week 4: Scores at least 70% on the self-written governance and regulation quiz, closed-book
Week 6: Can reproduce the chain of security and the MRC structure from memory with no more than two errors
Week 7: Practice accuracy of at least 65% overall, with no syllabus area below 50%
Week 8: Both mock papers completed within time and at or above the pass mark, with a written list of remaining weak areas