BEST Spotting Error Rules with Examples

1. Some nouns always take a singular verb.
Scenery, advice, information, machinery, stationery, furniture, abuse, fuel, rice, gram, issue, bedding, repair, news, mischief, poetry, business, economics, physics, mathematics, classic, ethics, athletics, innings, gallows.
(A) The scenery of Kashmir
are enchanting. (Incorrect)
(B) The scenery of Kashmir is enchanting. (Correct)
(A) He has given advices. (Incorrect)
(B) He has given advice. (Correct)
(A) The Indian team defeated the English by innings. (Incorrect)
(B) The Indian team defeated the English by an innings. (Correct)
(A) Mathematics are a difficult subject. (Incorrect)
(B) Mathematics is a good / difficult subject. (Correct)
Note if you have to indicate that the number of news, advice, information or furniture is more than one, the examples listed below can be followed:
(A) I have a lot of news to tell you. (Incorrect)
(B) He has sold many pieces of his furniture. (Correct)

2. Some nouns are singular in form, but they are used as plural nouns and always take a plural verb.
Cattle, gentry, vermin, peasantry, artillery, people, clergy, company, police.
(A) The cattle is grazing in the ground. (Incorrect)
(B) The cattle are grazing in the ground. (Correct)
(A) The clergy is in the church. (Incorrect)
(B) The clergy are in the church. (Correct)

3. Some nouns are always used in a plural form and always take a plural verb.
Trousers, scissors, spectacles, stockings, shorts, measles, goods, alms, premises, thanks, tidings, annals, chattels, etc.
(A) Where is my trousers? Incorrect
(B) Where are my trousers? Correct
(A) Spectacles is now a costly item. Incorrect
(B) Spectacles are now a costly item. Correct

Tips to score well for English Section for Exams

Time Management

While writing the exam, it’s better to attempt General Awareness section first and then the English section. Aim to finish both the sections within 20-25 minutes.

Reading Comprehension

• You may skip the Reading Comprehension question if you are unable to manage time and finish the section within first 25 minutes.
• However, never skip the comprehension as a whole. Read the questions and try to locate the question sentence in the passage. Some questions will be easy to answer.
• Synonyms and Antonyms can be answered easily if you are familiar with many English words. Try to study as many English words as possible.
• Read English newspaper daily. That will improve reading and comprehending capability.
• While reading newspapers, English novels, note down the unfamiliar words you come across and study the meanings for the same.
• Comprehend the question before attempting to answer. The answers will not be in a format of copy-paste from the passage. Read carefully and understand. Then only you will be able to answer accurately.

Error Spotting

For solving the error spotting questions, be thorough with the English Grammar. Check for Subject-Verb agreement first. For 80% of questions, error will be in subject-verb agreement. If there is no error there, check for preposition. Subject – Tense agreement is the other common error in questions.

Para Jumbles     

Identify the first and last sentences first. That is the key to solving Para Jumbles (Sentence rearrangement question).

Cloze Test      

Study as many English words as you can. Your power of vocabulary helps a lot in answering the cloze test accurately.

Grammatical Correction of Sentences

Check for subject- verb and subject-tense agreement.

Improving Vocabulary

Study 10 new English words daily. Meaning and example sentences for the words should be noted. Read English newspaper daily. Read English novels and magazines. Note down the unfamiliar words you come across and study their meanings.

Insurance questions PART-4

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.
• 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.
• Insurance brokers can be best described as a kind of super-independent agent.

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. 

What are Insurable and Uninsurable Risks?

• A risk that conforms to the norms and specifications of the insurance policy in such a way that the criterion for insurance is fulfilled is called insurable risk.
• In case of a scenario where the loss is too huge that no insurer would want to pay for it, the risk is said to be uninsurable.

What is AD&D in Insurance?

• AD&D in Insurance refers to Accidental Death and Dismemberment Insurance. 
• It is a policy that pays benefits to the beneficiary if the cause of death is an accident. This is a limited form of life insurance which is generally less expensive.

Insurance questions PART-3

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. 

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, policyholders 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. 

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.

What is Maturity Date?

• The date on which the principal amount of a note, draft, acceptance bond or other debt instrument becomes due and is repaid to the investor and interest payments stop.
• The maturity date tells you when you will get your principal back and for how long you will receive interest payments.

Insurance questions PART-2

What is Void & Voidable contract?

• Void contract cannot be enforced by law. It is also considered as void agreement and is not a contract et al. Any agreement which is illegal is considered as void contract.
• An agreement between two parties that can be unenforceable for a number of legal reasons like failure or mistake by a party to disclose a fact leading to breach of contract. Then the other party terms it as voidable contract. He may also continue the contract making it a valid contract, as it is decided by both parties.

What is Paid up value?

• The right to change the normal policy into paid up value is given to the insured by the insurance company, if the insured have paid premiums for minimum of three years.
• The paid policy means, after the period if the insured cannot pay premium then the policy is not cancelled but the sum assured is reduced in proportion to the number of premiums paid by the insured.

What is Terminal bonus?

• Terminal bonus is the loyalty bonus paid by the insurance company to the insured for maintaining the policy till the maturity date.
• It is the bonus paid during the time of maturity and the value is not guaranteed by disclosed during the time of policy maturity only.

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.”

What is Banccasurance?

• Banccasurance 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 Banccassurance. 

Insurance questions PART-1

What is Maturity claim?

• Maturity claim is a type of claim, wherein the insured fills a maturity claim form. It is sent along with the original policy document to the insurance company before the maturity date to get the timely settlement from the insurance company as post dated cheque or ECS (Electronic Clearance Service) payment on the maturity date.

What is Death claim?

• Death claim is a type of claim made by the nominee of the insured to the insurance company due to death of the insured, abiding by the policy terms and conditions.

What is Valid claim & Fraudulent claim?

• An insurance company validates the authenticity and amount claimed by the insured in-order to prevent the insurer from exaggerating the claim amount  & the claim fraudulently.
• If it is a valid reason it is classified as a valid claim or else it is classified as a fraudulent claim, thereby if insurance suspects of fraudulence in the claim.

What do you mean by Policy, not in force?

• If the policy lapses i.e., the insured has not paid the policy amount before the grace period expires, then it is termed as the policy, not in force. The insured is not covered by the policy when it is termed as the policy, not in force.

What is Gratuity?

• Gratuity is a part of the salary that is received by an employee from his/her employer in gratitude for the services offered by the employee in the company.
• According to Payments of Gratuity Act, 1972 with the minimum of 5 years service during exit is eligible to a minimum of 15 days from the last drawn salary for each completed service year.

GIC – General Insurance Corporation of India

General Insurance Corporation (GIC) of India is the sole reinsurance company in the Indian insurance market with over four decades of experience.

The entire general insurance business in India was nationalized by General Insurance Business (Nationalization) Act, 1972 (GIBNA). General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA.

It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares.

GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance. As soon as GIC was formed, GOI transferred all the shares it held of the general insurance companies to GIC. Simultaneously, the nationalized undertakings were transferred to Indian insurance companies.

After a process of mergers among Indian insurance companies, four companies were left as fully owned subsidiary companies of GIC

• National Insurance Company Limited
• The New India Assurance Company Limited
• The Oriental Insurance Company Limited
• United India Insurance Company Limited.

In November 2000, GIC was renotified as India’s Reinsurer, but its supervisory role over its subsidiaries was ended. This was followed by the General Insurance Business (Nationalisation) Amendment Act of 2002. Coming into effect from 21 March 2003, this amendment ended GIC’s role as a holding company of its subsidiaries. The ownership of the subsidiaries was transferred to the Government of India.

As a result of these reforms, GIC became the sole Re-Insurer in India, and is now called GIC Re.

The Chairman and Managing Director of GIC Re is Mr. Ashok K Roy. The Headquarters of GIC Re is at Mumbai. 

As of 2012 GIC Re ranked 15th largest Reinsurer and 5th largest Aviation Reinsurer in the world (S&P Ratings).

Types of Pre-paid Wallet Instruments

All people carry wallets, which they use to keep their cash while travelling. But advances in technology have allowed us to create virtual wallets in which the cash we load is virtual and not real. We can carry these wallets in our smartphones and use them anywhere anytime to pay while travelling, shopping online, etc.

Since the money is already paid for these instruments, these are called Pre-paid Wallet Instruments. They facilitate purchase of goods and services, including funds transfer, against the value stored on such instruments. The pre-paid instruments can be issued as smart cards, magnetic stripe cards, internet accounts, internet wallets, mobile accounts, mobile wallets, paper vouchers and any such instrument which can be used to access the pre-paid amount.

Different types of pre-paid payment instruments used in the country are:

Closed System Payment Instruments: When a person/organization issues pre-paid cards to facilitate the purchase of goods and services from him/it are called Closed System Payment Instruments.

• One cannot withdraw cash from it and also they are not reloadable with cash.
• Since these can only be used to purchase goods and services from the issuer, they do not facilitate payments and settlement for third party services like no bill payments, etc.
• There is some maximum validity of card and also maximum amount that the card can hold.
• Example – Gift vouchers issued by banks and NBFCs, many online stores like Flipkart offer their cards which can only be used to purchase on their site. Various cab companies like Ola offer Ola money which can only be used to take rides in Ola cabs. Etc.

Semi-Closed System Payment Instruments: When a person/organization issues pre-paid cards to facilitate the purchase of goods and services from clearly identified merchants (third-party) which have a specific contract with the issuer to accept the payment instruments along with him/it are called Semi-Closed System Payment Instruments.

• One cannot withdraw cash from it
• But can be used to send money to other accounts.
• They can be reloaded.
• The money stored in the wallet is actually stored in the account of company.
• Banks and NBFCs can also issue semi-closed e-wallets.
• Examples – Paytm wallet, MobiKwik, PayU, Airtel Money, etc.

Open System Payment Instruments: These are payment instruments which can be used for purchase of goods and services, including financial services like funds transfer at any card accepting merchant locations (point of sale terminals) and also permit cash withdrawal at ATMs / Business Correspondents.

• These can be reloadable or non-reloadable.
• They permit cash withdrawals.
• They can only be issued by banks.
• Example – Visa, MasterCard or Rupay card issued in India, Vodafone’s M-Pesa which is in alliance with ICICI Bank, etc.

Eligibility to issue Prepaid Payment Instruments (PPI)

• Banks who comply with the eligibility criteria would be permitted to issue all categories of pre-paid payment instruments.
• However, only those banks which have been permitted to provide Mobile Banking Transactions by the Reserve Bank of India shall be permitted to launch mobile based pre-paid payment instruments (mobile wallets & mobile accounts).
• Non-Banking Financial Companies (NBFCs) and other persons would be permitted to issue only closed and semi-closed system payment instruments, including mobile phone based pre-paid payment instruments.

Current affairs quiz: Jan 2017

1.Donald John Trump has been sworn in as the _________ President of United States of America.
A.42
B.47
C.45
D.49

2.CCI has approved the merger of MakeMyTrip with which other online travel firms on January 20, 2017?
A.Ezeego.com
B.Cleartrip.com
C.Yatra.com
D.Ibibo Group.

3.Where was the Workshop on MSME Cooperation among Indian Ocean Rim Association (IORA) Member countries organized by the Ministry of MSME on January 19, 2017?
A.New Delhi
B.Indore
C.Chennai
D.Bengaluru

4.Who is the winner of the 2017 Malaysia Masters Grand Prix Gold women’s single title?
A.Saina Nehwal
B.PV Sindhu
C.Jwala Gutta
D.Ashwini Ponnappa

5.As per the Civil Aviation Ministry, the first flight under the UDAN scheme is set to take off in February 2017. What does UDAN stands for?
A.Universal Desh Aviation Nirman
B.Under Developed Area Network
C.Urban Development in Air flight Network
D.Ude Desh Ke Aam Naagrik

Computer quiz

1.Which of the following is used to choose a presentation display mode?
A. Windows Logo Key + P
B. Windows Logo Key + G
C. Windows Logo Key + U
D. Windows Logo Key + X
E. None of these

2.Which of the following is used to select the address bar?
A. Alt + D
B. Alt + E
C. Ctrl + E
D. Ctrl + F
E. None of these

3.Which of the following is used to display all folders above the selected folder?
A. Alt + Shift + D
B. Alt + Shift + E
C. Ctrl + Shift + E
D. Ctrl + Shift + F
E. None of these

4.Which of the following is used to display the preview pane?
A. Alt + D
B. Alt + P
C. Ctrl + E
D. Ctrl + F
E. None of these

5.Which of the following is used to Open the Properties dialog box for the selected item?
A. Alt + Shift
B. Alt + Enter
C. Ctrl + Shift
D. Ctrl + Alt
E. None of these

Banking Related Acts PART-5

1. Banking Companies (Legal Practitioners’ Clients’ Account) Act, 1949
2. Banking Regulation (Companies) Rules, 1949
3. Banking Companies (Acquisition and Transfer of Undertaking) Act, 1969
4. Debts Recovery Appellate Tribunal (Procedure) Rules,1994
5. Foreign Contribution (Regulation) Act, 1976
6. Foreign Exchange Management Act, 1999
7. Indian Partnership Act, 1932
8. Indian Stamp Act, 1899
9. Indian Trusts Act, 1882
10. Limitation Act, 1963
11. Recovery of Debts due to Banks and Financial Institutions Act,1993
12. Reserve Bank of India Act — 1934

Banking Related Acts PART-4

1. The Special Court (trial of Offences relating to Transactions in Securities) Act–1992
2. The Industrial Finance Corporation (Transfer of Undertakings and Repeal) Act–1993
3. Industrial Reconstruction Bank (Transfer of Undertaking & Appeal) Act–1997
4. SIDBI General Regulations, 1990
5. Banking Regulation (Companies) Rules 1949
6. The Nationalised Banks (Management and Misc. Provisions)Scheme,1970
7. NABARD General Regulations 1982
8. Banking Companies (Period of Preservation of Records) Rules, 1985
9. Banking Companies (Regulation)Rules,1985
10. NABARD Bonds Regulations — 1988
11. The Banking Ombudsman Scheme, 2006
12. Factoring Act Rules, 2011
13. SARFAESI (Central registry) Rules,2011
14. Banker’s Books Evidence Act, 1891
15. Banking Regulation Act, 1949

Banking Related Acts PART-3

1. The Industrial Finance Corporation of India Act–1948
2. The Banking Companies (Legal Practitioner Clients’ Accounts) Act–1949
3. The Industrial Disputes (Banking and Insurance Companies) Act–1949
4. The State Financial Corporations Act–1951
5. The Reserve Bank of India (Amendment and Misc. Provisions) Act–1953
6. The Industrial Disputes (Banking Companies) Decision Act–1955
7. The State Bank of India Act–1955
8. The State Bank of India (Subsidiary Banks) Act-1959
9. The Subsidiary Banks General Regulation–1959
10. The Deposit Insurance and Credit Guarantee Corporation Act–1961
11. The National Bank for Agriculture and Rural Development Act–1981
12. Chit Fund Act–1982
13. Shipping Development Fund Committee (Abolition)Act–1985
14. Sick Industrial Companies (Special Provisions)Act–1985
15. The National Housing Bank Act–1987

Banking Related Acts PART-2

1. The Banking Companies (Acquisition and Transfer of Undertakings) Act–1970
2. The Regional Rural Banks Act–1976
3. The Banking Companies (Acquisition and Transfer of Undertakings) Act–1980
4. The Export-Import Bank of India Act–1981
5. The National Bank for Agriculture and Rural Development Act–1981
6. Chit Fund Act–1982
7. Sick Industrial Companies (Special Provisions)Act–1985
8. The National Housing Bank Act–1987
9. SIDBI Act–1989
10. The Special Court (trial of Offences relating to Transactions in Securities) Act–1992
11. The Industrial Finance Corporation (Transfer of Undertakings and Repeal) Act–1993
12. Industrial Reconstruction Bank (Transfer of Undertaking & Appeal) Act–1997
13. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act–(SARFASI-2002)
14. Industrial Development Bank (Transfer of Undertaking & Repeal) Act–2003
15. Credit Information Companies (Rules & Regulation) Act–2005

Banking Related Acts PART-1

1. Negotiable Instrument Act–1881
2. The Bankers’Books Evidence Act–1891
3. The ReserveBank of India Act–1934
4. The Industrial Finance Corporation of India Act–1948
5. The Banking Companies (Legal Practitioner Clients’ Accounts) Act–1949
6. The Industrial Disputes (Banking and Insurance Companies) Act–1949
7. The Banking Regulation(Companies) Rules–1949
8. The Banking Regulation Act–1949
9. The State Financial Corporations Act–1951
10. The Reserve Bank of India (Amendment and Misc. Provisions) Act–1953
11. The Industrial Disputes (Banking Companies) Decision Act–1955
12. The State Bank of India Act–1955
13. The State Bank of India (Subsidiary Banks) Act-1959
14. The Subsidiary Banks General Regulation–1959
15. The Deposit Insurance and Credit Guarantee Corporation Act–1961(DICGC)

Gold Monetisation Scheme

The Gold Monetisation Scheme enables individuals (households) and institutions to deposit their gold holdings with the banks by earning interest. The deposit is treated as a term deposit in the form of gold. So one can deposit his gold lying idle in bank lockers by earning interest at the same time.
The scheme allows the depositors of gold to earn interest in their metal accounts and the jewelers to obtain loans in their metal account.

There are 3 gold deposit schemes as
The scheme would allow an investor to deposit gold in Short Term Bank Deposits (SRBD) and Medium and Long Term Government Deposit (MLTGD). The tenure of a Short Term Bank Deposit is 1-3 years. The Medium and Long Term Government Deposits can be opened for 5 -7 years and 12-15 years respectively. There will be a different rate of interests for different tenures.
The Short Term Bank Deposit would be accepted by individual banks on their own account. But the Medium and Long Term Government Deposits would be accepted by banks on behalf of the Government of India based upon notification issued by the Reserve Bank of India.

How it generally works?
When a customer brings in gold to the counter of specified agency or bank, the purity of gold is determined and the exact quantity of gold is credited in the metal account. The deposited gold will be lent by banks to jewellers at an interest rate little higher than the interest paid to customer, same as money in deposited in accounts and lend.
However at the time of redemption, one will not get the same form of gold deposited because it would be melted.

Important Awards and their Fields PART-3

21. Kalinga Prize – Science
The Kalinga Prize for the Popularization of Science is an award given by UNESCO for exceptional skill in presenting scientific ideas to lay people.

22. Grammy Award – Music
A Grammy Award, or Grammy, is an accolade by the National Academy of Recording Arts and Sciences of the United States to recognize outstanding achievement in the music industry.

23. Abel Prize – Mathematics
The Abel Prize is an international prize awarded annually by the Government of Norway to one or more outstanding mathematicians.

24. International Gandhi Peace Prize – This award is given to individuals and institutions for their contributions towards social, economic and political revolution through non-violence and Gandhian philosophy. The award carries Rs. 10 million in cash.

25. Lal Bahadur Shastri National Award – This is for Excellence in Public Administration, Academics and Management.

26. Green Star Awards – The Green Star Awards recognize those who have made extraordinary efforts to respond to environmental disasters around the world.

27. Magsaysay Award – Public Service, Leadership, Journalism, Literature,creative arts and international understanding.

28. Pulitzer Prize – The Pulitzer Prize is an award for achievements in newspaper and online journalism, literature, and musical composition in the United States.

29. Sahitya Akademi Award – Books in Indian Languages and English.

30. Manthan Award – It is an initiative in India to recognize the best practices in e-Content and Creativity.

Important Awards and their Fields PART-2

11. The Oscar/Academy Awards – Films
This is an annual American awards ceremony honoring cinematic achievements in the film industry.

12. Dadasaheb Phalke Award – Cinema/Films
The Dadasaheb Phalke Award is India’s highest award in cinema. It is presented annually at the National Film Awards ceremony by the Directorate of Film Festivals, an organisation set up by the Ministry of Information and Broadcasting.

13. Arjuna Award – outstanding performance from the sports persons in sports and games.
The Government has modified the format of Arjuna Award very recently and as per the revised schematic guidelines a sports person must have very good consistent performances for the previous 3 years at the international level to be considered as eligible for the Award.

14. Dronacharya Award – Eminent coaches of any particular sport
The award is named after the very famous archery coach, mentioned in the epic of India known as the Mahabharata. This very award is not related with the sports persons who are still playing in the field; instead this is related to those eminent coaches of any particular sport.

15. Dhyan Chand Award – The award that is given to the veteran sports persons of India for their lifetime achievement in their respective field of sport is named as the Dhyan Chand Award for Life Time Achievement in Sports and Games.

16. Rajiv Gandhi Khel Ratna Award – The Rajiv Gandhi Khel Ratna is the highest honour bestowed to a sports person for his/her achievements in India.

17. Stirling Prize – Architecture
The Royal Institute of British Architects Stirling Prize is a British prize for excellence in architecture.

18. Aga Khan Award – Architecture
The Aga Khan Award for Architecture (AKAA) is an architectural prize established by Aga Khan IV in 1977. It aims to identify and reward architectural concepts that successfully address the needs and aspirations of Islamic societies in the fields of contemporary design, social housing, community development and improvement.

19. Pritzker Prize – Architecture
The Pritzker Architecture Prize is awarded annually “to honor a living architect.

20. Shanti Swarup Bhatnagar Prize – Science & Technology
The Shanti Swarup Bhatnagar Prize for Science and Technology (SSB) is a science award in India given annually by the Council of Scientific and Industrial Research (CSIR) for notable and outstanding research, applied or fundamental, in biology, chemistry, environmental science, engineering, mathematics, medicine and Physics.