NICL AO cheat sheet

Syllogism conversions: 'All A are B' converts to 'Some B are A'; 'Some A are B' converts to 'Some B are A'; 'No A is B' converts to 'No B is A'; 'Some A are not B' has no valid conversion.

In a categorical chain, 'All A are B' plus 'All B are C' yields 'All A are C'; 'All A are B' plus 'No B is C' yields 'No A is C'.

Inequality chain: A > B ≥ C = D gives A > C, A > D and B ≥ D; if the chain is reversed, every sign flips, so D = C ≤ B < A.

Blood relations: draw vertical lines for parent-child and horizontal lines for siblings or spouses; label gender explicitly and work from the most specific relation.

Direction sense: right turn is 90° clockwise and left turn is 90° counterclockwise; net straight-line displacement is the square root of the sum of squares of north-south and east-west components.

Linear arrangement facing north: left is west and right is east; facing south reverses this, so left is east and right is west.

Letter coding: A=1 to Z=26; opposite-letter pairs sum to 27 (A-Z, B-Y); in alphabet-series questions check gaps and direction before applying a pattern.

Data sufficiency: decide whether each statement alone or together gives a unique answer; do not spend time solving when two or more values remain possible.

Subject-verb agreement: each, every, either, neither and 'one of the' take a singular verb; 'one of the boys is' is correct, not 'are'.

Articles: use 'a' before consonant sounds and 'an' before vowel sounds; use 'the' for a unique object, a superlative, or a previously specified noun.

Tense choice: present perfect (has/have + past participle) links a past action to the present and takes 'since' for a point of time or 'for' for a duration.

Prepositions: 'between' for two entities and 'among' for three or more; 'since' with a starting point, 'for' with a length of time.

Parallelism: words joined by and, or, but, or a list must share the same form, such as all infinitives, all gerunds, or all noun phrases.

Para jumbles: locate the opening sentence that introduces a noun without a backward pronoun; then follow pronoun links, connectors such as however/therefore, and chronological order.

Reading comprehension: treat only explicitly supported statements as correct; reject options with extreme words such as always, never, only, or must unless the passage states them.

Error spotting: check comparisons ('than' with comparative, 'to' after prefer), modifier placement, and pronoun agreement before choosing the error.

Percentage change = ((new value − old value) / old value) × 100; percentage point change is the simple difference between two percentages.

Profit% = ((SP − CP) / CP) × 100; loss% = ((CP − SP) / CP) × 100; discount% = ((MP − SP) / MP) × 100.

Simple interest = P × R × T / 100; compound interest = P[(1 + R/100)^T − 1], with T in years and R as annual percentage rate.

Time and work: if A takes a days and B takes b days, combined one-day work = 1/a + 1/b and time together = ab/(a+b).

Speed = distance / time; relative speed is the sum for opposite directions and the positive difference for the same direction.

Average = sum of values / number of values; weighted average = Σ(value × weight) / Σweights.

Partnership profit shares are proportional to capital × time; if capitals are in ratio a:b and times in ratio x:y, profit ratio is ax:by.

Probability = favourable outcomes / total equally likely outcomes; combinations nCr = n!/[r!(n−r)!], permutations nPr = n!/(n−r)!.

Data interpretation: calculate percentage of total and ratio between categories; verify units and whether the question asks for absolute value or share.

IRDAI was established in 1999 under the IRDA Act, 1999; its headquarters is in Hyderabad, and it regulates the Indian insurance industry.

The Insurance Act, 1938 is the principal legislation for insurance business in India; the IRDA Act, 1999 created the regulator.

Life Insurance Corporation of India was established in 1956 after the nationalisation of life insurance; it remains the largest life insurer.

General Insurance Corporation of India was formed in 1972; its four former subsidiaries were National Insurance, New India Assurance, Oriental Insurance and United India Insurance.

National Insurance Company Limited was founded in 1906, nationalised in 1972, and is headquartered in Kolkata.

Insurance penetration = total insurance premium / GDP × 100; insurance density = total insurance premium / population.

RBI uses the repo rate for short-term lending to banks; SEBI regulates securities markets, PFRDA regulates pensions, and IBBI handles insolvency.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides accidental death and disability cover; Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life cover.

Atal Pension Yojana (APY) is a government pension scheme focused on the unorganised sector, with guaranteed minimum pension after age 60.

Indemnity restores the insured to the pre-loss financial position; it applies to general insurance, while life insurance pays the sum assured and is not a contract of indemnity.

Insurable interest must exist at proposal in life insurance and at the time of loss in general insurance; without it, the contract is not enforceable.

Utmost good faith requires disclosure of all material facts; concealment or misrepresentation can make a policy voidable.

Subrogation gives the insurer the insured's right to recover from a third party after paying an indemnity claim, preventing double recovery.

Contribution applies when two or more policies cover the same risk; the insured cannot recover more than the actual loss, and insurers share proportionately.

Reinsurance: quota share and surplus are proportional; excess of loss and stop loss are non-proportional. The ceding insurer retains part of the risk.

Solvency margin under IRDAI rules is 150%: available solvency assets must be at least 1.5 times the required solvency margin.

Life insurance premium components include mortality charge, savings component and expenses; paid-up value and surrender value arise after premiums are paid for a required period.

Underinsurance triggers the average clause in property insurance: claim = (sum insured / actual value) × loss, so the insured bears the shortfall.