NICL AO flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Syllogism universal affirmative

In categorical logic, 'All A are B' is a universal affirmative; it distributes A but not B, so it converts only to 'Some B are A'.

Inequality chain rule

In a chain such as A > B ≥ C, the relation between A and C is strict greater; reverse the chain and flip every sign to preserve truth.

Blood relation tree

Draw parents above children and siblings or spouses on the same level; a vertical line shows parent-child, while a horizontal line shows sibling or marital relation.

Direction sense turns

Facing north, a right turn points east and a left turn points west; facing south, right is west and left is east. Net displacement uses Pythagoras.

Linear seating facing north

When all people face north, a person's left is the west side of the row and right is east; reverse this when the row faces south.

Coding: opposite letters

In the English alphabet, opposite-letter pairs sum to 27: A-Z, B-Y, C-X and so on. This rule decodes many letter-substitution questions quickly.

Data sufficiency decision

Stop when the data uniquely determine the answer; do not calculate the value if sufficiency is clear. Mark insufficient when two or more answers remain possible.

Subject-verb: one of

In 'one of the + plural noun + verb', the verb agrees with 'one', so use a singular verb: 'One of the boys is present.'

Since versus for

'Since' marks a starting point in time and pairs with a perfect tense; 'for' marks a duration. Use 'since 2010' but 'for five years'.

Between versus among

'Between' is used for two distinct entities or pairwise relations; 'among' is used for three or more entities considered as a group.

Parallelism in lists

Items joined by 'and', 'or', or a series must share the same grammatical form, such as all gerunds, all infinitives, or all noun phrases.

Idiom: drop of a hat

It means immediately or without hesitation. Example: 'She would help a colleague at the drop of a hat.'

Para jumble opening clue

The first sentence usually introduces a new subject without a pronoun referring backward; later sentences may use 'he', 'this', or 'therefore' to link to earlier ideas.

Percentage change formula

Percentage change equals (new value minus old value) divided by old value, multiplied by 100. A positive result is an increase; a negative result is a decrease.

Profit percent formula

Profit percent equals (selling price minus cost price) divided by cost price, multiplied by 100. Loss percent uses the same denominator with cost price minus selling price.

Simple interest formula

Simple interest equals principal multiplied by annual rate percent multiplied by time in years, divided by 100. It is charged only on the original principal.

Compound interest formula

Compound interest equals principal times (1 plus rate divided by 100) raised to the number of years, minus principal. Interest is added to principal each period.

Combined work rate

If A alone finishes work in a days, A's one-day rate is 1/a. Combined rate for A and B is 1/a + 1/b; time together is the reciprocal.

Relative speed rule

For two bodies moving in opposite directions, relative speed is the sum of speeds; in the same direction, it is the positive difference.

Probability basic formula

Probability of an event equals the number of favourable outcomes divided by the total number of equally likely outcomes. Probability ranges from zero to one.

IRDAI headquarters

The Insurance Regulatory and Development Authority of India is headquartered in Hyderabad. It was established in 1999 under the IRDA Act, 1999.

Insurance penetration

Insurance penetration is total insurance premium expressed as a percentage of a country's gross domestic product. It measures the insurance sector's size relative to the economy.

Insurance density

Insurance density is total insurance premium divided by a country's population, usually expressed in US dollars. It shows average premium spending per person.

National Insurance headquarters

National Insurance Company Limited, a public-sector general insurer, has its headquarters in Kolkata. It was founded in 1906 and nationalised in 1972.

RBI repo rate

The repo rate is the rate at which the Reserve Bank of India lends short-term funds to commercial banks against securities. It is a key monetary policy tool.

PMSBY coverage

Pradhan Mantri Suraksha Bima Yojana offers accidental death and disability cover of two lakh rupees for a small annual premium, with enrolment through banks.

Principle of indemnity

Indemnity restores the insured to the pre-loss financial position without profit. It applies to general insurance; life insurance pays a fixed sum and is not indemnity-based.

Insurable interest timing

In life insurance, insurable interest must exist at the time of proposal; in general insurance, it must exist at the time of loss.

Utmost good faith

Both insurer and insured must disclose all material facts that could influence acceptance or pricing of the risk. Non-disclosure can make a policy voidable.

Subrogation right

After paying an indemnity claim, the insurer acquires the insured's legal right to recover damages from the third party responsible for the loss, preventing double recovery.

Solvency margin requirement

Indian insurers must maintain a solvency margin of 150 percent, meaning available solvency assets are at least 1.5 times the required solvency margin under IRDAI rules.

Reinsurance excess of loss

In excess-of-loss reinsurance, the reinsurer pays losses above an agreed retention up to a limit. It is non-proportional and protects against large individual claims.