UIIC AO flashcards

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

Subject-verb agreement

A verb agrees in number with its subject, not with a phrase between them; the phrase 'of items' in 'the list of items is' does not make the verb plural.

Dangling modifier

An introductory participial phrase must describe the subject of the main clause; otherwise the modifier dangles and the sentence becomes illogical.

Collocation

The habitual pairing of words in a language, such as 'commit a crime', 'make a decision', or 'take measures'; fill-in-the-blank items often test it.

Para-jumble strategy

Identify the opening sentence with no backward-pointing pronoun, then link sentences using pronouns, connectors, and repeated nouns to fix the order.

Reading comprehension evidence

The correct option must be directly supported by the passage; extreme qualifiers like 'always', 'never', and 'only' usually mark an incorrect choice.

Neither/nor agreement

With neither/nor or either/or, the verb agrees with the subject nearer to it; 'Neither the manager nor the clerks were informed' takes a plural verb.

Preposition after verb

Some verbs and adjectives take fixed prepositions: 'comprise' takes none, while 'superior to', 'prefer to', and 'composed of' are standard.

Cloze test method

Read the whole passage first, predict the missing word from context, then check grammar and collocation of each option before selecting one.

Simple interest formula

Simple interest equals principal multiplied by rate multiplied by time, divided by 100; interest is calculated only on the original principal each period.

Compound interest formula

Compound interest equals P times the quantity (1 + R/100) raised to T, minus P; interest is added to principal and earns interest in later periods.

CI minus SI

For two years, the difference between compound and simple interest equals P times (R/100) squared; for three years it is P(R/100) squared times (3 + R/100).

Successive discounts formula

Two successive discounts of a percent and b percent equal a single discount of a + b minus ab/100 percent; the result is always less than the simple sum.

Speed conversion

One kilometre per hour equals five-eighteenths of a metre per second; to convert km/h to m/s multiply by 5/18, and to convert back multiply by 18/5.

Relative speed of trains

For two trains, relative speed is the sum of their speeds when moving in opposite directions and the difference when moving in the same direction.

Work and time formula

If A alone finishes a job in x days and B in y days, working together they finish it in xy divided by (x + y) days.

Combination formula

The number of ways to choose r items from n is n factorial divided by r factorial times (n minus r) factorial; order of selection does not matter.

Syllogism conversion rules

'All A are B' converts to 'Some B are A'; 'No A is B' converts to 'No B is A'; 'Some A are B' converts to 'Some B are A'.

Direction sense turns

A left or right turn changes the facing direction by ninety degrees, a U-turn by one hundred eighty degrees; drawing a compass diagram prevents errors.

Coding-decoding letter positions

Letters have fixed positions from A equal to 1 to Z equal to 26; the reverse alphabet pairs A with Z and B with Y, giving a sum of 27.

IRDAI

The Insurance Regulatory and Development Authority of India, headquartered at Hyderabad, is the statutory regulator of the insurance sector, constituted under the IRDA Act, 1999.

Life insurance nationalisation

Life insurance in India was nationalised in 1956 with the formation of the Life Insurance Corporation of India, which took over private insurers operating at that time.

General insurance nationalisation

General insurance was nationalised in 1972 with the General Insurance Corporation and four subsidiaries: National, New India Assurance, Oriental, and United India.

Repo rate

The rate at which commercial banks borrow short-term funds from the Reserve Bank of India against government securities; it is a key monetary policy instrument.

Reverse repo rate

The rate at which the Reserve Bank of India absorbs liquidity from banks by borrowing against securities; it is lower than the repo rate under the current framework.

Insurance penetration

Total insurance premium expressed as a percentage of a country's gross domestic product; insurance density, by contrast, is premium per capita.

Non-performing asset

A loan or advance on which principal or interest has been overdue for more than ninety days; such assets are classified as substandard, doubtful, or loss.

PMJJBY

Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed life insurance scheme offering a death cover of two lakh rupees at a low annual premium.

PMSBY

Pradhan Mantri Suraksha Bima Yojana is an accident insurance scheme providing cover of two lakh rupees for accidental death or total disability at a nominal premium.

Insurable interest

A financial relationship in which the insured gains from the subject's continued existence and loses from its destruction; it is required for a valid insurance contract.

Utmost good faith

The principle that both insurer and insured must disclose all material facts truthfully; breach by the insured can make the policy voidable by the insurer.

Principle of indemnity

The insured is restored to the pre-loss financial position without profit; the principle applies to general insurance but not to life insurance, which is a benefit policy.

Subrogation

After paying a claim, the insurer acquires the insured's right to recover the loss from a negligent third party; the doctrine does not apply to life insurance.

Proximate cause

The dominant and effective cause of a loss, without which the loss would not have occurred; the insurer pays only if this cause is an insured peril.

Endowment policy

A life insurance policy that pays the sum assured on death during the term or on survival to maturity, combining protection with a savings element.