Podcast
Questions and Answers
What online resource does RevisionMate offer to support students?
What online resource does RevisionMate offer to support students?
- A virtual reality simulation of the London insurance market.
- A social media platform to connect with industry professionals.
- Online services to support studies and improve chances of exam success. (correct)
- A job board listing opportunities in the London insurance market.
Until what date is access to RevisionMate available?
Until what date is access to RevisionMate available?
- 31 March 2025
- 30 November 2024
- 31 December 2024 (correct)
- 30 June 2024
Where can course updates and amendments be found after being notified via email?
Where can course updates and amendments be found after being notified via email?
- In a separate email containing all updates.
- Within the study text itself, highlighted in red.
- On the CII website under the qualifications section. (correct)
- In a printed booklet sent via post.
Who is the author of the London Market Insurance Essentials LM1 study text?
Who is the author of the London Market Insurance Essentials LM1 study text?
What should you consult for specific advice before undertaking any investments?
What should you consult for specific advice before undertaking any investments?
Which feature introduces key concepts and specialist terms covered in each chapter?
Which feature introduces key concepts and specialist terms covered in each chapter?
What feature found in the study text reinforces learning through practical exercises?
What feature found in the study text reinforces learning through practical exercises?
Which feature is designed to stimulate thought around points made in the text without necessarily having a definitive answer?
Which feature is designed to stimulate thought around points made in the text without necessarily having a definitive answer?
What is the suggested study approach when using the CII LM1 study text?
What is the suggested study approach when using the CII LM1 study text?
According to the study text, what is the primary objective of the London insurance market?
According to the study text, what is the primary objective of the London insurance market?
How is the test specification designed to be used?
How is the test specification designed to be used?
From when to when does this syllabus apply?
From when to when does this syllabus apply?
What should candidates refer to for the latest information regarding changes to law and practice affecting the exam?
What should candidates refer to for the latest information regarding changes to law and practice affecting the exam?
How is the amount of questions per summary of learning outcomes?
How is the amount of questions per summary of learning outcomes?
What does the study text say about insurance products?
What does the study text say about insurance products?
What is a key reason to consider risks that has been transferred to the insurer?
What is a key reason to consider risks that has been transferred to the insurer?
A company decides that spraying items themselves carries too high a risk, what is the most effective step and may be costly or impractical?
A company decides that spraying items themselves carries too high a risk, what is the most effective step and may be costly or impractical?
When assessing flood risk, what factors determine the overall level of risk?
When assessing flood risk, what factors determine the overall level of risk?
Flashcards
Uncertainty
Uncertainty
Doubt about the future due to an incomplete ability to predict outcomes.
Frequency
Frequency
How often an event is likely to occur.
Severity
Severity
How serious or costly the outcome of an event is.
Peril
Peril
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Hazard
Hazard
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Physical hazard
Physical hazard
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Moral hazard
Moral hazard
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Financial risks
Financial risks
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Non-financial risks
Non-financial risks
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Pure risks
Pure risks
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Speculative risks
Speculative risks
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Particular risks
Particular risks
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Fundamental risks
Fundamental risks
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Fortuitous event
Fortuitous event
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Insurable interest
Insurable interest
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Public policy
Public policy
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Homogeneous exposures
Homogeneous exposures
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Pooling of risk
Pooling of risk
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Admitted basis
Admitted basis
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Surplus lines basis
Surplus lines basis
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Rate regulation
Rate regulation
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Principle of good faith
Principle of good faith
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Clientverification
Clientverification
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Financial Sanctions
Financial Sanctions
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Trade Sanctions
Trade Sanctions
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Personaldata
Personaldata
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Data protection principles
Data protection principles
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Study Notes
Course Overview
- The study text supports the LM1 syllabus for London Market Insurance Essentials.
- Access to RevisionMate gives online support until 31 December 2024.
- This document was published in October 2023 and is effective for exams from 1 January 2024 to 31 December 2024.
Study Text: Objectives and Key Features
- An essential grounding in the operation of the London insurance market is provided.
- Learning outcomes are at the start of each chapter.
- Key features include activities, real life case studies, key points, and self-test questions.
- Extracts from other CII study texts and industry sources, as well as web links, are included.
- It is designed to support the LM1 syllabus.
Syllabus Learning Outcomes
- Understand terminology, fundamental principles, common classes, reinsurance, and systems/controls used in the London Market.
- Know the roles of brokers and underwriters in the way business is conducted.
- Grasp the regulatory and legal environment of the London Market.
Introduction to London Market Insurance
- This text starts a learning journey within the London Market
- It covers the principles of insurance, risk, buying/selling reasons, challenges/opportunities in the marketplace, the wider economy's function, and legal principles/terminology.
- It also includes the theory of the insurance business cycle with national/international regulation plus the role of brokers/underwriters.
Chapter Topics
- The fundamental principles of insurance include risk pooling, indemnity, insurable interest, subrogation, and utmost good faith. These principles form the foundation for how insurance operates, determining how risks are shared among policyholders and how compensation is provided in the event of loss or damage. Understanding these concepts is crucial for navigating the complexities of the insurance industry and ensuring that policies are structured fairly and effectively.
- Basic insurance legal principles and terminology
- Main classes of business written in the London Market
- The insurance cycle
- Structure of the London Market
- Legal and regulatory environment
- Regulatory processes, systems and controls
- Role of a broker
- Underwriters
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