Award in London Market Insurance (ALMI) LM1 (2 Day Workshop) - Searchlight Insurance Training

Award in London Market Insurance (ALMI) LM1 (2 Day Workshop)

LM1: LONDON MARKET INSURANCE ESSENTIALS

LM1 provides an essential grounding in the operation of the London insurance market and is ideal for anyone starting out in the market. It is a valuable standalone learning programme for those employed in support functions such as HR or finance, or as the first stage of a more in-depth learning pathway for those employed in a more technical role

This 2 day workshop will comprise a mixture of presentations and practical exercises wherever possible. As the course progresses delegates will undertake multiple choice questions/answers to check their understanding of the topics covered. The course will conclude with a 50 multi-choice question mock exam.

Level: Introduction

Duration: 2 day(s) CII CPD Hours: 12
     

WORKSHOP CONTENT: DAY 1

1. Fundamental principles of insurance
Concept of risk and risk transfer
Risk Management
Components of risk
Categories of risk
Types of risk that can be insured
Pooling of risk
Peril and hazard
Reasons for buying insurance
Primary and secondary functions of insurance
Compulsory insurance
Insurance as a service industry

2. Basic insurance legal principles and terminology
Contract law
Consideration
Insurable interest
Utmost Good Faith
Cancellation of insurance contracts
Proximate cause
Indemnity
Contribution
Subrogation

3. Main classes of business written in the London Market
Marine insurance
Non-marine insurance
Aviation insurance
Reinsurance

WORKSHOP CONTENT: DAY 2

4. The insurance cycle
Supply and demand in the insurance market
Reasons why the insurance cycle might vary

5. Structure of the London Market
Lloyd’s
Company Market
Brokers
International aspects of the London Market
Market Associations
Flow of business in the London Market

6. Legal and regulatory environment
Overview of the Financial Services Authority (FSA)
Operation of the FSA
Overseas regulation
Lloyd’s Market governance
Authorisation of new insurers
Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS)

7. Regulatory processes, systems and controls
Impact of UK, EU and US regulation
Sanctions
Data protection
Anti-money laundering
Bribery

8. Role of the broker
Legal basis of the broker’s role
Regulation
Services provided by intermediaries
Broker’s role in the placing process
Broker’s role in the claims process

9. Underwriters
Role of an underwriter
Functions of an underwriter
Subscription market