LIC AAO: Reasoning Quiz

LIC AAO: Reasoning Quiz

Directions: Read the following information carefully and answer the given questions :

Eight people A, B, C, D, E, F, G and H are sitting around a circular table facing the centre of the table but not necessarily in the same order. Each of them has a different profession, viz Teacher, Singer, Doctor, Accountant, Lawyer, Banker, Businessman and Actor. A sits third to the right of the Actor. Only two people sit between the Actor and H. Doctor and Businessman are immediate neighbours. Neither A nor H is either Businessman or a Doctor. The Businessman is not an immediate neighbour of the Actor. The teacher sits second to the left of E. E is not an immediate neighbour of H. The Teacher is an immediate neighbour of both the Accountant and Lawyer. The Lawyer sits third to the right of B. B is not Businessman. C sits on the immediate right of the singer. A is not a Singer. F is not an immediate neighbour of A. G is not an immediate neighbour of the Teacher. 

1.Who among the following sits third to the left of E ?

1) Teacher 

2) Lawyer 

3) Singer 

4) Banker 

5) None of these

2.Who among the following is a Banker ?

1) A 

2) C 

3) H 

4) G 

5) D

3.What is the profession of B ?

1) Teacher 

2) Banker 

3) Doctor 

4) Businessman 

5) None of these

4.Who among the following is an Accountant ?

1) C 

2) F 

3) G 

4) H 

5) A

5. Which of the following pair is true ?

1) F – Lawyer 

2) A – Businessman 

3) B – Doctor 

4) E – Actor 

5) None of these

Directions: Each of the questions below consists of a question and two statements numbered I and II given below it. You have to decide whether the data in the statements are sufficient to answer the questions. Read both the statements and give answer :

1) If the data in statement I alone are sufficient to answer the question, while the data in statement II alone are not sufficient to answer the question.

2) If the data in statement II alone are sufficient to answer the question, while the data in statement I alone are not sufficient to answer the question.

3) If the data either in statement I alone or statement II alone are sufficient to answer the question.

4) If the data in statement I and II together are not sufficient to answer the question.

5) If the data in both statement I and II together are necessary to answer the question.

6. Among P, Q, R, S and T each is of a different weight, who is the lightest ?

I) R is lighter than only Q and T.

II) P is lighter than R and heavier than S .

7. How is Rekha related to Nidhi ?

I) Rekha's father is brother of Nidhi's mother.

II) Nidhi's is daughter of Sachin and she is grandfather's only grand–daughter.

8. Who among M, N, O, P, and R got the least marks ?

I) P got more marks than N and O and R got more marks than M and P.

II) M got less marks than R and O but more than N and P. O didn't get the highest marks and N did not get the least marks.

9. A is in which direction with respect to B ?

I) D is to the east of T, which is to the south of B. A is to the north of D.

II) C is to the north of A and to the east of B.

10. A, B, C, D and E are sitting around a circular table facing the centre of the table, who is sitting immediate left of D ?

I) Only B is sitting between C and E. D is sitting between C and A.

II) Neither E nor C can sit on the left of D.

Answers:

1. 2

2. 1

3. 3

4. 2

5. 3;

6. 5; From – I : R is lighter than only Q and T. Thus I alone is not sufficient to answer.

From – II : P is lighter than R and heavier than S. But nothing is given about Q and T. So II alone is not sufficient.

From I and II : Q and T - R - P - S

So, S is the lightest. Thus, I and II both are necessary to answer.

7. 1; From – I :

It is clear that Rekha’s is sister of Nidhi. So, I alone is sufficient.

From – II : Nothing is mentioned about Rekha. So we can’t find the relationship. Thus, II alone is not sufficient.

8. 2; From – I : P - N & O and R - M & P. So, I alone is not sufficient.

Form – II : R & O - M - N & P , also O didn’t got highest marks and N didn’t got the least marks. Then, R - O - M - N - P

So, P got the least marks, thus, II alone is sufficient to

answer.

9. 2

So, I alone is not sufficient.

Thus, A is to the south– east of B. So, II alone is sufficient.

10.

So, I alone is not sufficient.

From – II : Neither E nor C can sit on the left of D. Thus, II alone is not sufficient.

From I and II :

Thus, I and II both are necessary to answer.

Insurance Study Notes For LIC AAO 2016 Exam

Dear Aspirants,
LIC AAO Exam is scheduled to take place in the month of March. For which the preparation has to be done at appropriate time. Considering this, for the upcoming LIC AAO exam, we are providing Study notes for Insurance. We hope that will help you.

What is Mortality Charge?

Mortality Charge is the amount charged every year by the insurer to provide the life cover to the policyholder on the life of the Life Insured. It is also called as Cost of Insurance.
It is the actual cost of insurance by the life insurance company. It is usually deducted with other charges in the policy, before investing your money. Mortality is dependent on the sum at risk (sum assured minus fund value) and should reduce as the fund value increases in the policy term. It is calculated per thousand of sum at risk. Higher the sum at risk, higher is the charge. Ideally, it should reduce as the fund value increases, but it does not.

What is Maturity Date?

The maturity date is the date when the amount paid towards the life insurance policy is given to the policy holder once the term of the policy ends. The maturity date tells you when you will get your principal back and for how long you will receive interest payments.

Who is an Agent?

An Agent is a person who is licensed by state to sell Insurance. The Agents serve as an intermediary between the insurance company and the insured. The insurance company is responsible for the acts of its agents, and it can be assumed by the insurance applicant that any information or payment of money to the agent will be received by the insurance company.
Agents are only responsible for the timely and accurate processing of forms, premiums, and paperwork.
Captive Agent – Agent sell Insurance of a specific Company.
Independent Agent – Agent who works independently and sells Insurance of many companies.

Who is a Broker?

An insurance broker is a specialist in insurance and risk management. Brokers act on behalf of their clients and provide advice in the interests of their clients. The insurance Company is not responsible for because the broker represents the insurance client, not the company.
Insurance brokers can be best described as a kind of super-independent agent.
Insurance brokers represent the applicant, and help the applicant to find the right insurance company at the best price. Businesses use brokers because they often have special insurance requirements, such as employee benefits. A broker can help them develop an insurance plan and write the policy, then find an insurance company willing to take the risk. Because brokers work in the field every day, they are familiar with many insurance companies, and what kind of risks they are willing to insure.

What is Annuity?

A long-term contract sold by an insurance company designed to provide payments to the holder at specified intervals, usually after retirement.
The goal of annuities is to provide a steady stream of income during retirement.
Many aspects of an annuity can be tailored to the specific needs of the recipient. In addition to choosing between a lump sum payment and a series of payments to the insurer, you can choose when you want to annuitize your contributions – that is, start receiving payments.
An annuity that begins paying out immediately is referred to as an immediate annuity, while those that start at a preset date in the future are called deferred annuities.
Thanks!

 

Insurance Study Notes For LIC AAO 2016 Exam

Dear Aspirants,
LIC AAO exam is scheduled to take place in the month of March. For which the preparation has to be done at appropriate time. Considering this, for the upcoming LIC AAO exam, we are providing Study notes for Insurance. We hope that will help you.

What is Insurance? 

Insurance is defined as a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party called insured a fixed amount of money after happening of a certain event.
According to the Indian Contract Act 1872, “A Contract may be defined as an agreement between two or more parties to do or to abstain from doing an act, with an intention to create a legally binding relationship.”
Benefits of Insurance –
1. It safeguards your money.
2. It ensures growth of money.
Life insurance policies are broadly categorized into 2 types –
1. Traditional Plans and
2. Unit Linked Insurance Plans (ULIPs).

What is Bancassurance?

Bancassurance means selling of insurance products through banks. The insurance companies and the banks come up in a partnership wherein the bank sells the tied insurance company’s insurance products to its clients. Bank Insurance Model is also termed as Bancassurance.
Bancassurance arrangement benefits both the firms. On the one hand, the bank earns fee amount (non-interest income) from the insurance company apart from the interest income whereas on the other hand, the insurance firm increases its market reach and customers. The bank acts as an intermediary, helping insurance firm reach its target customer in order to increase its market share.

Who is an Actuary?

A person with expertise in the fields of economics, statistics and mathematics, who helps in risk assessment and estimation of premiums etc. for an insurance business, is called an actuary.
A professional statistician working in an insurance company is an Actuary.
Actuaries apply financial and statistical theories to assess the likelihood of a particular event occurring and the possible financial costs.
Actuaries are experts in:
1. Evaluating the likelihood of future events—using numbers, not crystal balls.
2. Designing creative ways to reduce the likelihood of undesirable event.
3. Decreasing the impact of undesirable events that do occur
Actuaries may also be involved with the acceptance of proposals for new policies, with legal and taxation matters affecting life assurance, or with the investment of funds.

What is an Actuarial Science?

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions.
Actuarial science includes a number of interrelated subjects, including probability, mathematics, statistics, finance, economics, financial economics, and computer programming.

Who are Third Party Administrators?

Third Party Administrators or TPAs are a vital link between health insurance companies, policy holders and health care providers. 
The TPAs maintain databases of policy holders and issue them identity cards with unique identification numbers and handle all the post policy issues including claim settlements.
Besides this, TPAs administrates group insurance policies for an employer. They work with the employer as well as the insurer to communicate information between the two, as well as processing claims and determining eligibility.