Insurance Exams

1. What is Insurance Exams?

Insurance exams in India are conducted for various posts in the insurance sector. The insurance sector in India has been one of the most significant employment sectors and has managed to gain the maximum benefit over the past two decades.

IRDA-Insurance Regulatory and Development Authority of India is the main body responsible for maintaining the growth and promoting the insurance industry in India. Insurance exams are conducted at regular intervals in India and candidates across the country wait for the recruitment to be performed each year.

In this article, we shall discuss the insurance exams conducted by various insurance companies in India.

The Insurance Institute of India was formed for the purpose of promoting insurance education and training in India. It conducts the very important INSURANCE AGENTS, LICENTIATE, ASSOCIATESHIP and FELLOWSHIP exams which are the benchmark for expertise in insurance knowledge.

insurance exams

2. How to prepare?

1. Understand the syllabus and exam pattern well: The syllabus of the exam must be understood in detail. Only then will you be able to decide which portions to focus more on. Similarly, knowing the exam pattern is of utmost importance. You need to be well versed with the kind of questions that can be asked in the exam. Hence, a lot of rigorous preparation is required.

2. Practice online mock tests: Most exams are conducted online these days. Hence, if you do not acquaint yourself with this mode of examination, then it would get really difficult for you to crack the exam. Practicing online mock exams is of utmost importance. It not only helps you to get acquainted with the exam pattern but also improves your speed and accuracy.

3. Prepare well for the GK & English sections: Most students tend to not focus too much on these two sections. This could cost them big time during the exam. Preparing well for these sections could prove to become a game changer for you. So, make sure you keep yourself abreast with all the current affairs and other general knowledge aspects, and also read good English newspapers every day, as this will help in improving your English language as well. You can also expect a few questions that test your computer knowledge.

4. Research and find out the repeated question types: In every exam, there are a few question types that are repeated every year. You need to solve question papers from the past 10 years at least to understand what these repeated questions are. Focus more on such questions.

5. Prepare for the descriptive section: Insurance exams for certain posts like the AO (Administrative Officer) have a descriptive test section as well. You will be asked to write an essay, letter, precis or the like in this section, within a time limit of 30 minutes. Hence, good writing skills as well typing speed is required here.

 

3. Important materials:

Syllabus:

LIC AE/LIC AAO Syllabus for Reasoning Ability

This section tests your logical reasoning abilities. So, the most important and frequently asked topics for this section are as under:

LIC AAO/LIC AE Syllabus For Reasoning Ability
1.       Syllogism
2.       Mathematical Reasoning
3.       Puzzles
4.       Linear and Circular Sitting Arrangements
5.       Distance and Direction
6.       Coding-Decoding
7.       Statements and Conclusions
8.       Statements and Arguments
9.       Alphabet Series
10.   Blood Relations
11.   Number Series
12.   Clocks and Calendars
13.   Mirror Images
14.   Decision Making
15.   Data Interpretation

LIC AAO/LIC AE Syllabus for Quantitative Aptitude

This section tests your basic calculation and mathematical skills. So, the important topics that come under LIC Syllabus for Quantitative Aptitude are as under:

LIC AE/LIC AAO Syllabus For Quantitative Aptitude
1.       Number System
2.       Simplification
3.       Simple and Compound Interest
4.       Profit and Loss
5.       Time and Distance
6.       Boats and Streams
7.       Cistern and Pipe
8.       Percentage
9.       Average
10.   Ratio and Proportions
11.   Mixture and Allegation
12.   Time, Distance, Work
13.   Mensuration
14.   Problems on Ages
15.   Data Interpretation

LIC AE/LIC AAO Syllabus for English Language

The English Language Test, basically, tests your knowledge of Basic English grammar, vocabulary, and comprehension.

The most important topics under the LIC AE/AAO Syllabus for the English Language are as below:

LIC AE/AAO Syllabus For English Language
1.       Antonyms and Synonyms
2.       Parts of Speech
3.       Active and Passive Voice
4.       Direct and Indirect Speech
5.       Phrases and Idioms
6.       Singular-Plural
7.       Subject-Verb Agreement
8.       Fill in the Blanks
9.       Par Jumbles
10.   Spotting Errors
11.   Sentence Improvement
12.   Error Corrections
13.   Passage Completion
14.   Cloze Tests
15.   Comprehension Reading

LIC AAO/AE Syllabus for General Awareness & Current Affairs

The following are the important topics for the General Awareness and Current Affairs section of LIC AAO/AE exam:

LIC AAO/AE Syllabus For General Knowledge & Current Affairs
1.       History of India
2.       Indian Economics
3.       Geography
4.       Indian Constitution
5.       Important Days
6.       Books and Authors
7.       Countries, Capitals, and Currencies
8.       Awards, Honors and Recognition
9.       Science and Technology
10.   Inventions and Discoveries
11.   Financial Institutions – National and International
12.   National and International Organizations
13.   Current Affairs – National and International
14.   Indian Politics
15.   Finance, Budget, and Five Year Plans, etc.

Insurance exams – LIC AAO/LIC AE Syllabus for Professional Knowledge

The LIC AE/LIC AAO Professional Knowledge syllabus varies from post to post.

This means the LIC AAO Syllabus for Professional Knowledge will be different for candidates applying for IT, Chartered Accountant, Actuarial, Legal and Rajbhasha posts.

Likewise, LIC AE Syllabus for Professional Knowledge will be different for Civil, Electrical, Structural, Architect, and Electrical/Mechanical – MEP Engineers posts.

The syllabus will be the same as the syllabus of the qualifying course for the particular post.

LIC AE/LIC AAO Syllabus for Insurance & Financial Market Awareness

There is no specific syllabus for this section. Therefore, candidates need to be aware of the latest policies, development, news, and events related to insurance and the financial market.

Regular reading of newspapers and magazines is a must to prepare for this section. Focus more on the business, finance, and economy pages. Also, read about the history of banking, insurance, and other financial institutes, various laws and policies related to them, etc.

Insurance exams/LIC Syllabus for Descriptive Test

The Descriptive Test will include two questions – Letter Writing and Essay.

So, now you know everything about the important topics under LIC AAO syllabus and LIC AE Syllabus. Plan your preparation accordingly and make the best use of the remaining days.

a. E-books for Insurance exams:

LIC AAO Books for Reasoning Ability

The best books for the Reasoning Ability section LIC AAO exam are tabulated below:

Best LIC AAO Books For Reasoning Ability
1.       Verbal and Non-Verbal Reasoning – RS Aggarwal
2.       Logical and Analytical Reasoning (English) 1st Edition – AK Gupta
3.       A New Approach to Reasoning Verbal and Non-Verbal (English) 1st Edition – BS Sijwali and Indu Sijwal

LIC AAO Books for Quantitative Aptitude

The best books for the Quantitative Aptitude section of LIC AAO exam are as under:

Best LIC AAO Books For Quantitative Aptitude
1.       Quantitative Aptitude – RS Agarwal
2.       Quantitative Aptitude – Arun Sharma
3.       Quicker Mathematics – M Tyra

LIC AAO Books for English Language

The best books for the English Language section of LIC AAO exam are as under:

Best LIC AAO Books For English Language
1.       English Grammar – Wren & Martin
2.       Word Power Made Easy – Norman Lewis
3.       Objective General English – SP Bakshi

LIC AAO Books For General Awareness & Current Affairs

The best books for the General Awareness & Current Affairs section are tabulated below:

Best LIC AAO Books For General Awareness & Current Affairs
1.       NCERT History, Geography, Political Science Books
2.       Year Book by any Publication
3.       Lucent’s General Knowledge

b. Videos:

Insurance Exam preparation:

https://youtu.be/Hbu0ZTJmSuc

How to crack Insurance Exam:

https://youtu.be/UzRPu4jEZCg

Insurance Exam tips:

https://youtu.be/Es99WkZ64Ws

How to prepare for Insurance exams:

https://youtu.be/UXZoJ2yHqXY

Insurance exam preparation strategy:

https://youtu.be/qCTtFiAZUMs

Introduction to Insurance exam:

https://youtu.be/q4zZu7FEAZk

Detailed syllabus of Insurance Exams:

https://youtu.be/WvGQrGrHglU

 

5. Previous year question paper with answers:

Insurance Exam 2016 question paper:

https://gradeup.co/liveData/f/2019/4/lic-aao-previous-year-question-paper.pdf-99.pdf

Insurance exam sample paper1:

https://www.mockbank.com/bulletin/wp-content/uploads/2016/02/IRDA-1.pdf

Insurance exam sample paper2:

https://www.insuranceinstituteofindia.com/downloads/Forms/III/Professional%20Exams/Question%20paper/Model%20Question%20paper%20for%20Licentiate%20Examination-(ENGLISH)/ic01.pdf

Insurance exam sample paper3:

https://www.insuranceinstituteofindia.com/downloads/Forms/III/Professional%20Exams/Question%20paper/Nov%202006%20Licentiate%20Question%20Paper/lmay05.pdf

 

6. Important tips:

Understand the job requirements:

First of all, it is important to understand what the interviewers are expecting from an applicant. Having an understanding of the insurance job profiles will help you give your preparation the right direction. The panel evaluates your attitude, confidence, communication skills, sincerity and commitment. Further, they are looking for candidates with clarity of thought and who are aware of the important events and news from India and around the World.

Lead the interview:

The key to success in the Insurance company interviews is to justify to the panel that you are the best fit for the job! To do this, one effective tactic is to drive the interview. In this, you will try to steer the interview towards topics/ subjects that you are most comfortable in. For instance, if you are strong in Economics, make sure you bring this in the conversation at every chance you get e.g. in your introduction, strengths, etc.

Taking the Test

Pre-test questions

Your state licensing exam is composed of both scored and unscored questions. Scored questions are those which are covered in your pre-licensing course and are graded towards or against your overall exam score. Unscored questions, referred to as ‘pre-test’ questions, do not count towards or against your overall exam score, nor are they covered in your pre-licensing course.

Pre-test questions are included by the testing provider with the sole purpose of evaluating the quality of these questions to determine whether the testing provider should include these questions on future exams.

Read each question fully and carefully

Sometimes a test taker feels pressed for time or perhaps is over-confident while taking the exam, and as a result, might not read the question in its entirety or carefully enough to truly understand what the question is asking. In order to be successful on the state exam, you must take your time to understand exactly what a question is asking before choosing your answer. By rushing through a question, you may be missing important details or qualifiers mixed within with the question.

Choose an answer only on the basis of the information provided within the question

In understanding a question, realize that everything you need to know is found within the question. Do not make additional assumptions based on what you may think is common sense or is based from personal experience. The context of the question can vary depending on how the question is asked, so think only about the information in the question and relate that to the four multiple-choice questions provided. The best answer of the four questions is the correct answer.

Read all answer choices before choosing the best answer

When you view the available answer choices, you will most likely notice that two of the answer options are far from relevant in regards to the question. The two remaining answers may be similar in definition or wording, and you must determine which one best fits the question being asked. Also, you may think you know the correct answer and choose it without reviewing the other options. As mentioned before, read each question carefully then review each answer option.

Focus on the main points in a question

In reading a question, sometimes you will find unnecessary details that attempt to mask what is truly being asked. When you come across these questions, you must separate vital information from verbiage that is simply there to distract.

Be mindful of qualifiers

Qualifiers are words that qualify or intensify a question being asked, and are helpful in determining a correct answer. Keep an eye out for certain words that strengthen the specificity of a question, such as “never” or “always”, compared to those that soften them, such as “unlikely” or “often”.  For example, compare the difference in meaning between the following statements: It is always warm in Florida.  It is often warm in Florida.  The second statement is a true statement, while the use of the word “always” in the first statement requires Florida to constantly be warm in order for the statement to remain true.

Look out for double negatives

Sometimes a question may start with the word “All” or “None” and end with the word “Except”. When this occurs, you will likely want to find the answer that is an inverse to what the question appears to be asking. In other words, if a question starts with the word “ALL”, you automatically search for any answer that pertain to that concept.

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