OICL AO flashcards
OICL AO · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Syllogism possibility case
- A conclusion is valid only if it holds in every possible Venn diagram. Statements like "some A are B" leave open arrangements where all, some, or none of A lie inside B.
- Circular seating direction rule
- When people face the centre, the left neighbour sits clockwise and the right neighbour anticlockwise. When all face outward, swap the two directions.
- Blood relation net generation
- Assign plus one for each generation upward and minus one for each downward step. The net value gives the generation gap, and the gender word fixes the relation.
- Coded inequality certainty
- Only relations fixed by the chain count. In A > B ≥ C < D, A > C is certain, while A versus D and B versus D remain undetermined.
- Data sufficiency decision rule
- Test each statement alone first, then together. Stop as soon as the question is answerable; extra solving wastes time and invites errors.
- Affect versus effect
- Affect is usually a verb meaning to influence. Effect is usually a noun meaning a result. Mixing them is a common error in error-spotting questions.
- Conditional inversion in English
- Had I known replaces If I had known; Were he present replaces If he were present; Should you need replaces If you should need. No if appears in the inverted form.
- Para jumble opener test
- The first sentence usually has no pronoun or definite reference pointing backwards. Pronouns such as he, this, or the former signal a later position.
- Reading comprehension option trap
- Extreme words such as always, never, and only often mark wrong options. The correct answer is directly supported by the passage, not by outside knowledge.
- One of plural agreement
- The phrase one of the plus a plural noun takes a singular verb, because one is the subject. Example: One of the officers is absent.
- CI minus SI two years
- For two years, compound interest exceeds simple interest by P times the square of R divided by 100. Use it to find the principal when the gap is given.
- Successive discount formula
- Two successive discounts of a and b percent equal one discount of a plus b minus ab divided by 100 percent, always less than the simple sum.
- Average speed equal distances
- When equal distances are covered at speeds x and y, average speed is twice xy divided by x plus y, which is the harmonic mean, not the arithmetic mean.
- Alligation ratio rule
- The ratio of quantities mixed equals the difference between the mean and the cheaper value, divided by the difference between the dearer value and the mean.
- Work done together
- If A finishes in x days and B in y days, together they take xy divided by x plus y days. Taking the LCM of days as total work simplifies fractions.
- Boat upstream downstream speeds
- Downstream speed equals boat speed plus stream speed, upstream equals boat minus stream. Boat speed is the average of the two, stream speed half their difference.
- Train crossing a platform
- Time to cross a platform equals the sum of train and platform lengths divided by speed. Passing a pole uses train length alone.
- IRDAI establishment facts
- The Insurance Regulatory and Development Authority of India was set up in 1999 under the IRDA Act and renamed IRDAI in 2015, with headquarters at Hyderabad.
- Repo rate and MPC
- Repo is the rate at which RBI lends short-term funds to banks against securities. The six-member Monetary Policy Committee, created in 2016, sets it.
- CRR versus SLR
- CRR is the share of net demand and time liabilities held as cash with RBI and earns no interest. SLR is held in approved securities such as government bonds.
- NPCI payment products
- The National Payments Corporation of India operates UPI, IMPS, RuPay cards, NACH, and FASTag. RTGS and NEFT are operated by RBI instead.
- Insurance ombudsman limit
- The insurance ombudsman hears policyholder complaints involving claims up to thirty lakh rupees. Bima Bharosa is IRDAI's online grievance redressal portal.
- Priority sector lending targets
- Commercial banks must lend forty percent of adjusted net bank credit to priority sectors, including eighteen percent to agriculture and seven and a half percent to micro enterprises.
- Insurable interest timing
- In life insurance, insurable interest must exist when the proposal is made. In general insurance, it must exist at the time of the loss.
- Utmost good faith duty
- Both parties must disclose all material facts. Non-disclosure or misrepresentation by the proposer lets the insurer avoid the policy within the contestability period.
- Indemnity and life insurance
- Indemnity restores the insured to the pre-loss financial position and applies to general insurance. Life insurance pays the agreed sum assured and is a benefit policy.
- Subrogation and contribution
- After paying an indemnity, the insurer acquires the insured's right to recover from the liable third party. Contribution shares a loss among insurers covering the same interest.
- Deductible versus franchise
- A deductible is a fixed amount the insured bears on every loss. A franchise pays nothing below the threshold but pays the full loss once it is exceeded.
- Treaty versus facultative reinsurance
- Treaty reinsurance obliges the reinsurer to accept all risks within a defined class. Facultative reinsurance is offered and accepted risk by risk.
- Free-look period rule
- IRDAI allows thirty days to return a policy bought through distance marketing or digitally, and fifteen days otherwise, with a refund of premium less charges.
- Essay body paragraph pattern
- Each body paragraph states one argument, supports it with a concrete example or figure, and links back to the thesis. Three such paragraphs suit a 250-word essay.
- Formal letter essentials
- A formal letter carries sender address, date, receiver designation, subject line, salutation, body, and complimentary close. Contractions and slang are avoided throughout.