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Chartered Insurance Institute
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London market underwriting principles

LM3 (15 Certificate credits)

This unit develops knowledge and understanding of the underwriting disciplines within the London Market, key elements of the cycle, and explores the opportunities and challenges posed by using different distribution channels such as delegated underwriting. Building on previous knowledge and understanding gained from completion of units LM1 and LM2, unit LM3 also considers the implications of policy wording in practice, and the importance of business planning and capital setting in the London Market.

Completion of this unit provides 15 credits in the CII qualifications framework.

Please note: If you hold IF3 and subsequently gain LM3 you will gain no additional credits.

Download a free specimen exam guide for examinations from 01 May 2017 to 30 Apr 2018 »

Study material testing period

Please note that the 2017 edition of the LM3 study text is applicable to exams sat from 01 May 2017 to 31 December 2018. Study text enrolments are, therefore, valid until 31 December 2018.

 

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Study package

Members
£215.00
Non-members
£290.00
Study text (printed and ebook) with updates, RevisionMate, exam guide and exam entry

This is a self-study course consisting of the printed study text and ebook (available on RevisionMate) with electronic updates. Updates will be made available for the examination period to which the study text relates (further details are included on the title page of the study text). Developed to assist you in understanding and learning the exam syllabus, the text breaks down the syllabus into concise sections, with each chapter containing clearly defined learning outcomes and a series of self-test questions.

RevisionMate
You will have access to an unrivalled suite of online services to support your studies through our RevisionMate study tool. Please note: Access is granted until 31 Dec 2018 when this study text enrolment expires.

Support typically includes a study planner, a knowledge check (multiple choice test) facility covering each chapter, student discussion forum, the latest examination guide and hints and tips on how to pass the exam. Full details will be provided with your study text.

Exam entry
Exams can be booked at the point of enrolment, or at a later date by calling Customer Service. Re-sits can be booked by calling Customer Service.

ebooks
ebooks are compatible with most portable electronic devices including Android tablets/smart phones, Kindles and iPads/iPhones. They can also be viewed on desktop and laptop computers using appropriate EPUB/Kindle reader software (required).

Please note:

  • ebooks are not pdf files and cannot be printed.
  • the reading experience will depend on the portable device used or the reading software installed, if viewed on a computer.

Sample chapter download
To check that the file formats are compatible with your device/chosen e-reader software, click on the link below to download a sample.

• Free sample chapters

Examination guide

Multiple choice question Examination guides consist of a specimen examination, answers and useful hints on how to prepare for the examination.

Multiple choice question Examination guides are updated annually to take into account syllabus and legislative changes.


Study text (printed and ebook) with updates, RevisionMate, exam guide and exam entry

This is a self-study course consisting of the printed study text and ebook (available on RevisionMate) with electronic updates. Updates will be made available for the examination period to which the study text relates (further details are included on the title page of the study text). Developed to assist you in understanding and learning the exam syllabus, the text breaks down the syllabus into concise sections, with each chapter containing clearly defined learning outcomes and a series of self-test questions.

RevisionMate
You will have access to an unrivalled suite of online services to support your studies through our RevisionMate study tool. Please note: Access is granted until 31 Dec 2018 when this study text enrolment expires.

Support typically includes a study planner, a knowledge check (multiple choice test) facility covering each chapter, student discussion forum, the latest examination guide and hints and tips on how to pass the exam. Full details will be provided with your study text.

Exam entry
Exams can be booked at the point of enrolment, or at a later date by calling Customer Service. Re-sits can be booked by calling Customer Service.

ebooks
ebooks are compatible with most portable electronic devices including Android tablets/smart phones, Kindles and iPads/iPhones. They can also be viewed on desktop and laptop computers using appropriate EPUB/Kindle reader software (required).

Please note:

  • ebooks are not pdf files and cannot be printed.
  • the reading experience will depend on the portable device used or the reading software installed, if viewed on a computer.

Sample chapter download
To check that the file formats are compatible with your device/chosen e-reader software, click on the link below to download a sample.

• Free sample chapters

Examination guide

Multiple choice question Examination guides consist of a specimen examination, answers and useful hints on how to prepare for the examination.

Multiple choice question Examination guides are updated annually to take into account syllabus and legislative changes.

Revision aids - 2018 edition (applicable to exams sat 01 Jan 18 to 31 Dec 18)

Members
£27.00
Non-members
£32.00
Key fact booklet (printed and ebook) – 2018 edition

Comprehensive pocket-sized booklets summarising the key information contained in the coursebook. These are perfect for studying when travelling to and from work or in situations when reading a coursebook is impractical.

Key fact booklet (printed and ebook) – 2018 edition

Comprehensive pocket-sized booklets summarising the key information contained in the coursebook. These are perfect for studying when travelling to and from work or in situations when reading a coursebook is impractical.

Book exam or redeem exam voucher

Book here if you have not yet booked your exam and have a valid exam voucher. You will not be charged. Prices displayed apply to those with a valid enrolment who wish to re-sit the exam.

Members
£100.00
Non-members
£120.00
Unit LM3 exam
 

Introduction

CII qualifications involve the completion of one or more units, each covering an individually assessed topic. Assessment methods vary and depend on a unit's level and subject matter.


Study and assessment methods include:

  • Multiple-choice question (MCQ) exam - Study is based on a specified enrolment period, from 01 January – 31 December. MCQ exams are available weekly at UK and select non-UK online exam centres, or twice-yearly in April and October at non-UK paper-based exam centres.
  • Written exams - Study is based on a 12 month enrolment period from the date of purchase. Written exams are held twice-yearly in April and October, with the exception of unit R06 which is tested four times-yearly, at UK and non-UK exam centres.
  • Coursework assessment - Study is based on a 12 month enrolment period from the date of purchase. Three written assignments, each typically between 2,000 - 3,000 words, need to be passed.
    Download Coursework assessment guidelines and instructions »
  • Mixed assessment - Study is based on a 18 month enrolment period from the date of purchase. A combination of a single coursework assignment must be passed within the first six months and a MCQ exam passed within 18 months.
    Download Mixed Assessment guidelines and instructions »
  • Dissertation assessment - Study is based on a 18 month enrolment period from the date of purchase. A dissertation, typically between 10,000 - 11,000 words, on an agreed subject must be submitted.
    Download Dissertation guidelines and instructions »

It is essential that candidates familiarise themselves with the guidelines and instructions. Candidates should also familiarise themselves with the coursework and dissertation policies as well as exam policies before the assessment, and notes to results post-assessment.

Certificate in London Market Insurance units

This unit may count towards:

Qualification update

Testing position

  • Examinations are based on the published syllabus. Syllabuses are available free of charge on the CII website www.cii.co.uk or on request.
  • Candidates will be examined on the basis of law and practice in England unless otherwise stated.
  • The LM3 examination consists of 75 multiple choice questions (MCQs). 2 hours are allowed for this examination.
  • The general rule is that legislative and industry changes will not be examined earlier than 3 months after they come into effect.
  • Candidates must keep up to date with legislative and industry changes that occur.

EU referendum

On 23 June 2016, the UK voted to leave the European Union (EU).

The UK Government invoked 'Article 50' of the Lisbon Treaty on 29 March 2017. In doing so, the two-year negotiation period which will result in Britain leaving the EU began. This means that, at the time of publication, the UK's membership of the EU will cease on 29 March 2019.

Until this final 'withdrawal agreement' is entered into, the UK will continue to be a full member of the EU, compliant with all current rules and regulations, and firms must continue to abide by their obligations under UK law, including those derived from the EU, and continue with the implementation of all legislation that is still to come into effect.

The longer term impact of the decision to leave the EU on the UK's overall regulatory framework will depend, in part, on the relationship agreed between the UK Government and the EU to replace the UK's current membership at the end of the 'Article 50' negotiation period.

Please note: The UK decision to leave the European Union will have no impact on the 2017- 2018 CII syllabuses or exams. Changes that may affect future exam syllabuses will be announced as they arise.  

 

General Data Protection Regulation (GDPR) 

The General Data Protection Regulation comes into effect on 25 May 2018 and examinations will be reflective of the regulation from 25 May 2018.

 

Exam guide update

The LM1 Examination Guide for exams from 1 May 2016 to 31 December 2017 was first published in April 2017. Any questions which have been amended since the examination guide was first published will appear below.

 

Question 3 - amended 13.12.17

 

Question 17, 18 and 75 - amended 16.11.17

Learning solutions update

These updates are Learning Solutions updates for study purposes.

2018 edition

Pdf icon small LM3_2017_Web_update_01_16-01-2018

Other information:

Pdf icon small Insurance current editions

 

Assessment information

It is important that candidates entering for a CII assessment familiarise themselves with our service, in particular the rules and procedures that are in place.