OICL AO key terms

A form of reasoning in which a conclusion is drawn from two given or assumed premises, each sharing a common term; validity depends on form, not content.

A puzzle type where relationships among family members are described, often using coded or indirect statements, and the solver must determine how two people are related.

A reasoning problem where symbols replace comparison operators (such as >, <, =) and statements must be decoded to test whether given conclusions logically follow.

A puzzle requiring tracking of a person's movement through turns and distances to find final direction or displacement, often using a diagram.

A reasoning puzzle where people are placed around a circle or in a row according to clues about relative positions, requiring deduction of the complete order.

A reasoning question type presenting a sequence of steps that rearrange or transform a given input according to a hidden rule; the candidate must apply the same rule to a new input.

A question format where a problem is followed by two or more statements; the task is to decide whether the data given is sufficient to answer the question, not to compute the answer.

A quantitative aptitude item presenting two quantities and asking whether one is greater, smaller, equal, or the relationship cannot be determined, without full calculation.

A calculation shortcut where numbers are rounded to convenient values to estimate a result quickly, typically used in quantitative sections with tight time limits.

A proportion expressed as a fraction of 100, used to compare quantities and central to problems on profit, loss, discount, and data interpretation.

Interest calculated only on the original principal for the entire period, using the formula SI = P × R × T / 100, where P is principal, R the annual rate, and T the time in years.

Interest computed on both the initial principal and accumulated interest from previous periods, so the amount grows faster than under simple interest.

A ratio compares two quantities of the same kind; a proportion states that two ratios are equal, enabling scaling and sharing problems.

The sum of a set of values divided by the number of values; used to find a representative middle value and to solve mixture and replacement problems.

A quantitative topic where the rate of completing a task is expressed as work per unit time; problems ask for combined or remaining time when multiple workers or machines operate together.

The relationship distance = speed × time, applied to problems involving trains, boats, streams, and relative motion, often requiring unit conversion.

The skill of reading and extracting information from tables, bar charts, line graphs, and pie charts to answer numerical questions accurately and quickly.

A statement that must be true if the given premises are true; in reasoning tests, a valid conclusion follows necessarily from the supplied information.

A conclusion reached on the basis of evidence and reasoning; in English comprehension, an inference is not stated directly but is strongly implied by the passage.

The attitude or feeling conveyed by a writer toward the subject, such as critical, neutral, optimistic, or sarcastic; identified from word choice and phrasing.

The central point or thesis of a passage, summarizing what the author wants the reader to understand; often asked as the primary purpose of the text.

A passage with blanks, each to be filled by choosing the most appropriate word or phrase from options, testing grammar, vocabulary, and contextual understanding.

A question type where a sentence is divided into parts and the candidate must identify the part containing a grammatical error, or conclude that there is no error.

A set of sentences presented in random order that must be rearranged into a coherent paragraph using logical links, pronouns, and discourse markers.

A question where a phrase in a sentence is underlined and must be replaced by the option that makes the sentence grammatically correct and contextually appropriate.

A contract in which an insurer agrees to compensate the insured for specified losses in exchange for a premium, transferring risk from the individual to a pooled fund.

The amount paid by the policyholder to the insurer for coverage; it is calculated based on risk, sum insured, and policy terms, and may be paid periodically.

The maximum amount the insurer is liable to pay under a policy, representing the value of the subject matter insured or the limit of indemnity.

The principle that insurance restores the insured to the same financial position as before the loss, without profit; it applies to general insurance but not to life insurance.

A financial or legal relationship between the insured and the subject matter of insurance such that the insured benefits from its survival and suffers from its loss.

The principle requiring both insurer and insured to disclose all material facts honestly and completely, as the insurer relies on the insured's information to assess risk.

Any information that would influence an insurer's decision to accept a risk or determine the premium; non-disclosure of such facts can make a policy voidable.

Insurance purchased by an insurance company from another insurer to transfer part of its risk, protecting the primary insurer from large or catastrophic claims.

The primary insurer that transfers a portion of its risk to a reinsurer under a reinsurance arrangement; also called the cedent.

The amount of risk that an insurer keeps for its own account after ceding the remainder to reinsurers; it is a key decision in risk management.

The Insurance Regulatory and Development Authority of India, the statutory body that regulates and develops the insurance industry in India and protects policyholders' interests.

The person or entity that owns an insurance policy and is entitled to its benefits; the policyholder may differ from the insured person or beneficiary.

The rate at which the central bank lends long-term funds to commercial banks; changes in it signal monetary policy direction and influence market interest rates.

The rate at which the central bank lends short-term funds to banks against government securities; a key tool for controlling liquidity and inflation.

The actions of a central bank to manage money supply and interest rates to achieve objectives such as price stability, economic growth, and financial stability.