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Insurance Broker Assessment Test

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  • Insurance Broker

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Question

Look carefully for the pattern. Which pair of numbers should come next?

32 29 26 23 20 17 14

Answer
    • 11 8

    • 12 8

    • 11 7

    • 32 29

    • 10 9

Question

A rectangular field is to be fenced on three sides leaving a side of 20 feet uncovered. If the area of the field is 680 sq. feet, how many feet of fencing will be required?

Answer
    • 34

    • 40

    • 68

    • 88

Question

A shopkeeper sells one transistor for $ 840 at a gain of 20% and another for $ 960 at a loss of 4%. His total gain or loss percent is:

Answer
    • 51517% loss

    • 51517% gain

    • 623% loss

    • None of the mentioned

Test details:

Test Details: 46 Questions 60 minutes
 

  • Verbal Ability -                 08 Questions 08 minutes

  • Verbal Reasoning -           10 Questions 14 minutes

  • Quantitative Aptitude -      10 Questions 10 minutes

  • Logical Reasoning -          10 Questions 14 minutes

  • Abstract Reasoning -         10 Questions 13 minutes

Test description:

Insurance brokers act as intermediaries between clients, who can be either individuals or commercial businesses and organizations, and insurance companies. Typical employers of insurance brokers include large and small brokerages, financial advice companies, Insurance or reinsurance companies and Insurance risk management departments.
They use their in-depth knowledge of risks and the insurance market to find and arrange suitable insurance policies and arrange cover. They act in the interest of their clients and offer products from more than one insurer to ensure that their clients get the best deal.
Their major tasks include:
Building and maintaining business relationships with clients.
Discussing and assessing clients' current and future insurance needs.
Researching insurance policies and products.
Negotiating policy terms and costs with insurance providers.
Arranging insurance cover for clients with the insurance provider.
Collecting insurance premiums.
Keeping records.
Preparing reports for insurance underwriters.
Advising clients on making claims on their policies.
Renewing or amending existing policies for clients.
Marketing services.

KEY SKILLS REQUIRED:

  • CONFIDENT NEGOTIATION SKILLS - Logical Reasoning

  • DECISION MAKING - Logical Reasoning 

  • ANALYTICAL SKILLS -  Abstract Reasoning and Quantitative Aptitude

  • ACCURACY AND ATTENTION TO DETAIL

  • RESEARCH AND STUDY - Verbal Reasoning

  • VERBAL AND WRITTEN COMMUNICATION SKILLS - Verbal Ability


TEST DESCRIPTION

VERBAL ABILITY 
Verbal ability is essential because grammar and vocabulary is a prerequisite for good spoken and written English.

VERBAL REASONING
Reading comprehension indicates an ability to comprehend and reason with the concepts on a written page.

QUANTITATIVE APTITUDE 
Quantitative ability will indicate analytical thinking and problem-solving ability.

LOGICAL REASONING
Logical Reasoning is assessed through  
•    Statement/Conclusion
•    Cause /Effect and 
•    Statement/Fact questions
These questions will indicate the quality of deductive reasoning and inductive reasoning which contribute to Critical thinking ability.

ABSTRACT REASONING
Abstract reasoning will indicate the ability to think clearly, identify logical patterns, learn new skills and solve complex problems. It is an indicator of fluid intelligence and shows an ability to strategize.

 

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