List
of Practice English Questions (Reading Comprehension, Synonyms, Antonyms) for Upcoming SSC Exam Set-1:
The list of practice English Questions for
Upcoming SSC Exam was given here, candidates those who are preparing for
the examination can use this practice questions.
Directions (01-05): Read the passage
carefully and answer the questions given below it. Certain words/ phrases are
given in bold to help you locate them while answering some of the questions:
The
government directive to public sector banks (PSBs) to mandatorily offer broking
services and sell products of more than one insurance company to customers from
January 2014 is controversial, without properly appreciating the issues and
ground realities of cross-selling at PSBs.
No
one disputes the fact that PSBs can play a huge role in enhancing insurance
penetration in the country. With over 400 million customer accounts, PSBs have
barely achieved 1% insurance penetration. They sell mostly saving- oriented policies,
turning a blind eye to low-premium, low- commission term insurance, which is a
vital social security tool for vulnerable
segments. Insurance selling is confined to urban and city branches,
with little awareness in the rural network.
On
the non-life side, banks are simply unaware of the nuances of various insurance products and their risk- mitigation benefits,
especially for the millions of SME clients.
The
bulk of bancassurance business is currently sourced by insurers with help from
their sales staff deployed at bank branches. The number of bank personnel
trained to sell insurance with the knowledge of what is good for customers and
what is not is minuscule. Despite
insurers’ efforts, the persistency rate of bancassurance – a measure of insured
customers paying renewal premium- is poor, at about 50% in some PSBs a poor
reflection of their post- sale followup.
The
key reason for the state of affairs is lack of cross-selling culture in
PSBs.With years of social banking orientation, bank managements find it tough
to create a new business culture that aims to look at the customer’s wallet in
an integrated manner. In PSBs, the internal reporting and performance
evaluation are not geared to encourage cross-selling. As a result, they earn
less than 1% of profits from distributing third- party products.
PSBs
attribute the reason to shortage of staff at various levels. True, there is a
vacuum in most banks following large-scale retirements, and there are daunting issues of training many new
recruits on banking aspects. It is, therefore, unrealistic to expect the
frontline staff to become experts at suggesting insurance solutions for
multiple insurers in the near future.
While
our extensive banking network should aid greater insurance penetration, this
cannot be achieved by compelling all PSBs to become insurance rokers overnight.
It has to be a nuanced exexcise, with a supportive policy framework.
First,
make a distinction between banks that have consciously entered the insurance
business through equity JVs,and others that have remained plain
distributors.RBI has allowed only large banks the equity route, relying on
their risk management and other capabilities. These banks should set an example
by offering advice –based insurance solutions to customers for more than
insurer life- non-life and health – through their network. This category should
include both PSBs and private banks that have set up insurance ventures.
Second,
encourage such banks to recruit staff that would be only involved in cross –selling
insurance, mutual funds and pension products. It is difficult to change the
mindset of banking trained staff to be broking – oriented, including on claim settlements.
New recruits governed by different service conditions and intensively trained
is the answer, and they should be allowed to switch to mainstream banking upon
a successful track record in broking.PSBs had recruited such specialist staff
in the 1980s for rural banking operations, and many of them became capable
generalist bankers.
1).What is the purpose behind making the
selling of insurance products of more than one insurance company mandatory for
public sector banks?
a)
To enhance the profits of public
sector banks
b)
To maximize the use of extra
manpower at banks
c)
To enhance insurance penetration
in the country
d)
To make purchase of insurance
products mandatory for each customer
e)
All the above
2).What problem do the banks face while
selling non-life insurance products?
(A) Banks are unaware of the nuances of various
insurance products.
(B) They
feel it difficult to deal with millions of small and medium enterprises
clients.
(C) Very few bank personnel are trained enough to
sell appropriate insurance products to appropriate
a) Only (A) and (B)
b) Only (B) and (C)
c) Only (A) and (C)
d) Only (B)
e) All (A), (B)
and (C)
3).Which of the following is not correct in
the context of the given passage?
a)
The number of account holders in
public sector banks is over 400 million.
b)
PSBs have hardly achieved one per
cent insurance penetration.
c)
There is little awareness about
insurance in the rural areas
d)
PSBs give as much importance to
selling saving- oriented policies as to low-premium term insurance.
e)
Low- premium policy is a vital
social security tool for vulnerable segments.
4).Why do PSBs earn very little profit from
distributing third- party products?
a)
Because bank personnel are not
good at selling insurance products.
b)
Because there is a lack of
cross-selling culture in PSBs.
c)
Because PSBs are not geared to
encourage cross- selling.
d)
Bank management finds it difficult
to create a new business culture that aims to look at the customer’s wallet.
e)
All the above
5). What is the reason for poor performance of
bancassurance business in India?
a) Shortage of staff at various levels
b) Lack of proper training to bank personnel for
selling insurance products
c) People do not prefer to purchase insurance
products from banks.
d) Only 1) and 2)
e) Only 2) and 3)
Direction
(Questions.06-08): Choose the word/ group of words
which is MOST SIMILAR in meaning to
the word/ group of words printed in bold as used in the passage.
6).Daunting
a)
inciting
b)
encouraging
c)
pleasing
d)
heartening
e)
appalling
7).Vulnerable
a)
Susceptible
b)
careful
c)
watchful
d)
beautiful
e)
irresponsible
8).Nuances
a)
upshot
b)
distinction
c)
effects
d)
problems
e)
consequences
Directions
(Questions.09-10): Choose the word/group of words
which is MOST OPPOSITE in meaning of
the word/ group of words printed in bold as used in the passage.
9).Confined
a)
Open
b)
restrained
c)
restricted
d)
held back
e)
hindered
10).Minuscule
a)
microscopic
b)
diminutive
c)
minute
d)
enormous
e)
small
Answers:
1). c) 2).
e) 3). d) 4). e) 5). d) 6). e) 7).
a) 8). b) 9). a) 10). d)
People Also Visited:
