LM2 Past Papers — CII London Market practice questions

CII LM2 · London Market insurance principles and practices

Practice questions built for the LM2 exam — learning outcome by learning outcome

LM2-style multiple choice questions across all 11 syllabus learning outcomes. Scenario-based questions on placing, underwriting, brokers, and London Market practice — with instant feedback and progress tracking so you revise the way the exam actually tests you.

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Why I built this

When I prepared for the CII London Market insurance principles and practices (LM2) exam, I found the official study material useful — but I also found that good-quality extra practice questions were hard to find.

LM2 covers the London Market end to end — principal parties, placing documentation, underwriting, reinsurance, delegated authority, and claims. It is not just about remembering definitions; it is about understanding how market practice works in real commercial situations.

I wanted practice questions that felt closer to the real exam: clear multiple-choice questions, realistic scenarios, four plausible answers, and coverage across the main areas of the LM2 syllabus.

So I built LM2 Past Papers for anyone else preparing for the same exam. It’s free to use, designed to support your revision, and created to complement your official CII materials — not replace them.

Built for LM2 candidates

Whether you are new to the London Market, returning to study, or consolidating placing and underwriting knowledge, this resource helps you practise the way LM2 is assessed.

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Free learning outcome 1 sample test — 10 generated questions with explanations, no account required.

Exam-format questions

Standard multiple choice with four options (a–d) — the same core format as the LM2 paper.

Syllabus aligned

All 11 learning outcomes from the CII LM2 specification — from market structure and reinsurance to placing, claims, and regulation.

Learn from every answer

See whether you were right or wrong immediately, with a short explanation after each question.

Full syllabus coverage

Every LM2 learning outcome is available as its own practice test. Work through topics as you study, or sit the full 55-question exam when you are ready. Browse all learning outcomes to see which are free or locked.

Full LM2 practice exam

55 questions across all learning outcomes — the same length as the real exam

  • All 11 learning outcomes
  • Weighted to the syllabus
  • Exam conditions
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LO 1 — Principal parties

Syllabus outcome 1.1

  • Lloyd's & syndicates
  • Brokers & underwriters
  • Subscription market

LO 2 — London Market importance

Syllabus outcomes 2.1–2.3

  • Global market role
  • Classes of business
  • Portfolio diversification

LO 3 — Reinsurance

Syllabus outcomes 3.1–3.2

  • Facultative & treaty
  • Proportional structures
  • Ceded & recoverable

LO 4 — Financial strength

Syllabus outcomes 4.1–4.3

  • Solvency & reserving
  • Lloyd's chain of security
  • Rating agencies

LO 5 — Legal & regulatory

Syllabus outcomes 5.1–5.5 · ~7 exam questions

  • Compulsory insurance
  • CRA 2015 & TP(RA) 2010
  • Solvency II & IPT

LO 6 — Intermediaries

Syllabus outcomes 6.1–6.6 · ~6 exam questions

  • Broker roles & TOBAs
  • Remuneration & agency
  • IDD & UK conduct

LO 7 — Underwriting

Syllabus outcomes 7.1–7.7 · ~7 exam questions

  • Lead & follow
  • Market cycle
  • Reserving & RITC

LO 8 — Placing risks

Syllabus outcomes 8.1–8.14 · ~13 exam questions

  • Fair presentation
  • MRC & GUA
  • Premiums & warranties

LO 9 — Delegated authority

Syllabus outcomes 9.1–9.3

  • Binding authorities
  • Lloyd's controls
  • Lineslips

LO 10 — Claims

Syllabus outcomes 10.1–10.3

  • Claims roles
  • Subscription claims
  • Settlement practice

LO 11 — Regulation & redress

Syllabus outcomes 11.1–11.4

  • FCA & PRA conduct
  • FOS & FSCS
  • Complaints handling

How it works

Three steps — no complicated setup.

Step 1

Create your account

Register with your email. Your progress is saved so you can pick up where you left off.
Step 2

Choose a topic

Select a learning outcome, sub-topic, or the full 55-question exam.
Step 3

Practise and review

Answer LM2-style questions, read explanations, and track your scores over time.

What other LM2 candidates say

Early feedback from people using the site to prepare for their exam.

“LO 8 is the heaviest part of the MCQ paper. Being able to drill placing, fair presentation, and warranties separately — then sit a full 55-question exam — has made my revision much more focused.”
James T. LM2 candidate, Lloyd's broker technician
“The scenario questions feel closer to the real paper than generic insurance quizzes I tried elsewhere. I use the progress screen to see which learning outcomes I keep getting wrong.”
Priya S. LM2 candidate, underwriting assistant
“Brokers, underwriters, and subscription lines used to blur together for me. The learning-outcome tests helped me learn the syllabus structure, and the explanations after each answer are what make it useful — not just a score.”
Daniel M. LM2 candidate, career changer into the London Market

Ready to start revising?

Join LM2 Past Papers and practise across every learning outcome — from principal parties and reinsurance to placing documentation, underwriting, claims, and market regulation.

Start practising — it's free