NIASoM, one of the most prominent B-School: TOI

The ultimate test in MANAGEMENT


The Common Admission Test (CAT) is an all-India test conducted by the Indian Institutes of Management (IIMs) as an entrance test for the management programmes of its six business schools. It is also the entrance test for few other top B-Schools.
Around 180,000 students compete for less than 1200 general seats in the IIMs which makes it an extremely tough competition. In fact, the CAT is one of the world's most demanding entrance examinations for any graduate institute. Even with a top 1% score, a candidate must also cross the equally stringent hurdles of a group discussion and an individual interview.
The test taker is expected to excel in arithmetical problem solving, geometry, statistics, data interpretation, logical reasoning in solving complex puzzles, and English language skills.
It is neither expected, nor possible, that all the questions be answered, so the CAT also tests the candidates' ability to prioritise under pressure: a quality necessary in the competitive environment of IIMs' courses.
The test tests your skills in five broad areas viz.
Verbal ability and reasoning
Reading comprehension
Quantitative skills
Data interpretation
Analytical and logical reasoning.
CAT has evolved from a speed-based simple test into a test which demands more proficiency in concepts and fundamentals rather than just speed. Typically this test can be expected to comprise between 75 to 150 objective type questions and is usually divided into three to four sections. Each question has a question statement followed by four alternate answer choices and the candidate has to choose the best answer for each of the questions and mark it on a special Optical Reader answer sheet.
Over the years, the number of questions being asked in CAT has been decreasing steadily. While the early 90s witnessed 180 to 200 questions, the late 90s, specifically CAT 1999 and CAT 2000 had 165 questions each. CAT 2001, CAT 2002 and CAT 2003 had only 150 questions each and these 150 questions were divided into three sections of 50 questions each. There were 123 questions in CAT 2004 and only 90 in CAT 2005. CAT 2004 and CAT 2005 both had differential marks to questions. There were 0.5 marks, 1 mark and 2 marks questions.
The duration of the test is of 120 minutes. This literally translates to answering a CAT question in 48 seconds. Most successful aspirants do not attempt anything more than 120 plus questions. And quite a lot of them attempt between 70 and 90 marks worth of questions.
CAT 2006, which was conducted on November 19, was a 2.5-hour exam instead of the traditional 2-hour exam. It is speculated that this change was made by the CAT exam committee to decrease the level of predictability of the exam and to relieve the stress caused to students in a two-hour time limit.
CAT 2006 had 75 questions, 25 questions per section and 4 marks per question, making it a 300-mark paper. There was a penalty of 1 mark for a wrong answer. The paper also proved to be a break from the previous pattern in that it had 5 answer options instead of the usual 4. The English section was generally perceived as very difficult, whereas the quantitative aptitude section was relatively much easier than previous CATs as also in comparison to the other two sections.

The key to success, therefore, lies in two important parameters:



The accuracy or strike rate

While each correct answer carries 0.5 or 1 or 2 positive mark, each incorrect question carries 1/3rd of the marks allocated to it as negative marks. Hence, it is important to get a strike rate of over 85% - that is reduce the number of negatives.

Smart selection

As it is clear that you will not be generally able to attempt all 150 marks question, and you skip between 60 to 80 questions, key to success lies in selecting questions properly. Hence, there are no kudos, nobel prizes or awards waiting for attempting the tough questions. Be smart to choose, the easiest of the questions and the ones that you have practised a lot and smash them. Do not venture into unsafe territories or to questions which you only have a vague idea.
CAT and entrance tests of other top B Schools are a unique breed of entrance exams. They focus on testing some of the basic qualities essential for managers - the grit to work hard, smartness
to choose the best alternative, quick thinking and above all perseverance.
Exams like IIT JEE test the depth of your knowledge, while the Civil Services exams test your width of knowledge. CAT evaluates your presence of mind and the ability to perform under pressure. You cannot prepare for CAT during the last 10 days, as one generally does for semester exams. A minimum of 3 to 9 months of regular preparation is essential.
Other colleges accepting CAT scores Many colleges in India, other than the IIMs, also accept the CAT scores for admission.

SOME OF THE MORE PROMINENT ONES ARE:

• National Insurance Academy School of Management (NIASoM), Pune

• S.P.Jain Institute of Management and Research (SPJIMR), Mumbai

• Management Development Institute (MDI), Gurgaon

• Mudra Institute of Communications Ahmedabad (MICA), Ahmedabad

• National Institute of Industrial Engineering (NITIE), Mumbai

• International Management Institute (IMI), New Delhi

• T.A.Pai Management Institute (TAPMI), Manipal.

• Fore School of Management (FSM), New Delhi

• Institute of Management Technology, Ghaziabad

• Institute of Management, Nirma University, Ahmedabad.

Source: Times of India, 15/07/07

Health is wealth

Some dates hold special importance in our lives. In fact, we mark them in our planner, our office calendar and even on the cellphone. But sometimes, in our busy schedules, we somehow overlook them. And missing your mediclaim renewal deadline can bring more trouble than forgetting your anniversary date or your spouse’s birthday. Here’s why you shouldn’t forget the renewal date of your mediclaim policy. Mediclaim provides cover for expenses in case of hospitalisation. Not only it takes care of costs incurred during hospitalisation but also protects you from pre as well as post-hospitalisation expenses. And if you’ve kept the policy for long, it may serve you even better. For instance, a fresh policy doesn’t cover any pre-existing illness. “Not only that, the insured will lose the no-claim bonus as well. Further, his policy will be treated as fresh policy and the first year exclusions will apply again,” says Mukesh Gupta, director, Wealthcare Securities, a financial advisory firm. This is a very important aspect because if you’ve a mediclaim policy and made no claims on it for four consecutive years, you start getting covered for those pre-existing illnesses. And for every claim-free year, the sum assured will be increased by 5-10% — that too without an increase in premiums. “But most people are unaware of such benefits and that’s why they don’t attach much importance to renewal, little realising that all their hard work may go waste,” observes a senior official from New India Assurance. Thus, if the insured has a health condition existing prior to taking the policy and requiring medical treatment, the same gets automatically excluded in the policy. “To ensure that in subsequent renewals medical conditions incepting since the policy was taken don’t get excluded it becomes a must to renew the policy without any break,” he adds. Renewal of your mediclaim also becomes important since the policy terms have become more stringent. Before April this year, policies covered pre-existing diseases after four claim-free years even if the policy was held with another insurance company. Under the current terms, policyholders need to be covered by the same insurer for at least four years. There are more reasons why you should keep continuing your existing policy. For starters, the premium rates have gone up considerably. Most insurance companies have hiked their premiums by 30% to 50%. “It simply means that not only will you lose out on benefits but also will have to pay a much higher price for being insured,” says Shreeraj Deshpande, head, Health Insurance, Bajaj Allianz General Insurance. The list of diseases that are excluded from the purview of the policy has also been extended. Under the current policy, benign ENT disorders and surgeries such as tonsilectomy, adenoidectomy, mastoidectomy and tympanoplasty come under first-year exclusions. In case you’ve missed the renewal, it will require you to re-do the medical tests. “This leaves no option other than renewing your policy. Otherwise, you’ll start comparing the premium charged by various companies and decide accordingly,” adds Gupta. Apart from this, most medical insurance policies have a moratorium of about six months. This means that any claims made during the first six months of taking a fresh policy will not be reimbursed. So, if you lose out on renewing the old policy, you’ll have to start afresh. An official from National Insurance believes that around 30% of health insurance policies lapse because people forget to renew their policies. “You can’t blame the policy holders only. The insurance companies are partly responsible for that. We’re supposed to send reminders a month in advance but sometimes because of negligence or system flaws it doesn’t happen,” he adds. Most insurance companies, however, give a grace period of seven days, which can be extended to 15 days in case of extreme circumstances, under which a policy can be renewed for keeping it eligible for a no-claim bonus. “We don’t want our customers to suffer, so we make sure that if the fault is on our side, then it should be rectified immediately. If the fault lies with the policy holder, then it can be reviewed on a case-to-case basis,” says the official. So, if you still haven’t marked this important date in your calendar, do it now. For, some dates hold exceptional significance — they not only remind how beautiful life is but they also ensure it remains so as well.
source:Economic Times

DIAL inks 5400 crore cover insurance deal

NEW DELHI: Delhi International Airport Private Limited (DIAL) has signed an insurance deal worth Rs 5,400 crore with a consortium comprising three major insurance companies in India. The deal will provide insurance cover for upgradation of the existing terminals, construction of new runway and an integrated passenger terminal (T3). Sources familiar with the deal said, DIAL, a joint venture company comprising of Bangalore-based GMR Group, Airports Authority of India (AAI), Fraport, Malaysian Airport and India Development Fund, is paying Rs 8 crore as premium charges for the insurance cover of its project during the construction period. “The consortium includes the Oriental Insurance Company, the National Insurance Company and ICICI Lombard. Oriental Insurance is a major stakeholder, insuring two-third of the whole project,” the source told SundayET. In the aviation sector, Oriental Insurance already provides insurance cover for Jet Airways, Air Sahara and Kingfisher. When contacted, The Oriental Insurance chairman and managing director, M Ramadoss confirmed the deal. It covers the airport project till its completion in 2010. The cover provided under this is similar to any other construction insurance policy, which provides protection for physical damage, increase cost of working and other losses such as those emanating from terrorist attacks, said Ramadoss. The project is being developed by DIAL under Public Private Partnership and has been given the mandate to finance, design, build, operate and maintain the Delhi Airport for 30 years with an option to extend it by another 30 years. The first phase of the airport is designed to handle 37 million passengers per annum (mppa). This phase is to be completed by March 2010 and will be fully operational before the Commonwealth Games. The project also involves construction of connecting taxiways, satellite fire lighting facilities, cargo terminals, aircraft maintenance facilities, utility services and other primary infrastructure support facilities. We ve got a stronghold in mega insurance. The company has gained a business of Rs 30 crore from Vedanta Group in 2006-07, and renewed contracts with NTPC for Rs 35 crore , added Ramadoss. In the past, The Oriental insurance has insured petrochemical major Reliance Industries Limited for an amount of Rs 16,000 crore, which is considered to be one of the biggest insurance deals in the country. The Construction Insurance business in India has witnessed a boom particularly in the backdrop of various infrastructure development initiatives taken in different sectors. Delhi Airport irrespective of being developed by a private player or government itself is a national asset. The same trend is also visible in the West, where all mega-projects are insured against any threat, be it emanating from natural calamities or terrorist attack, says Kapil Kaul, CEO Indian subcontinent, Centre for Asia Pacific Aviation
source:Economic Times

Now, even insurers care for your heart

CHENNAI, JUL 14: If insurance is the business of underwriting risks, then general insurance firms are more than willing to take that. For, many general insurers may soon launch healthcare policies for people afflicted by diseases such as diabetis and cardiac problems.
“It was unthinkable a few years ago. But now it is becoming a reality. Insurers are seeing a good business potential in covering such patients,” says a senior official with Tata AIG on condition of anonymity.

According to sources, Insurance Regulatory and Development Authority has been informally approached by many private sector general insurers with draft policies that cover known illnesses. “At least three companies are in the process of seeking Irda’s permission for healthcare policies to cover known diseases such as diabetis. These companies hope to get regulatory approval depending on the nature of policies they have prepared,” sources said.

Some industry insiders, however, claimed that some public sector companies had such policies under their belt, but these have not been marketed properly. For instance, United India Insurance is believed to have a policy targeted at people who have the potential to develop cardiac illness.

Source: Financial Express

Road caution: 38 m non-insured vehicles added every year

Insurance council plans to set up Indian Motor Bureau

New Delhi, July 14 Here is an interesting statistic. On an average, around 78 million vehicles are sold every year across the country but the number of motor insurance polices which are renewed the following year drops to around 40 million.

In other words, almost 38 million vehicles join the growing number of non-insured machines on Indian roads every year.

Baulked by this statistic, the General Insurance Council plans to address this problem by creating a nodal agency to monitor the non-insured vehicles in the country. It is planning to set up the Indian Motor Bureau, on the same lines as the one which exists in the United Kingdom.

Motor bureau

“UK has one of the worst records for uninsured driving, with an estimated one in every 20 cars on the road being driven without insurance, and in India we are not far behind. So to help curb this practice we are looking at creating the Indian Motor Bureau. The process is in the developmental stage and by the middle of next month we expect to have something concrete on the issue.

“We need consent of all the RTOs and also need to get permission from the Insurance Regulatory and Development Authority,” insurance industry sources told Business Line.

Stolen vehicle records

Apart from this, the Bureau would also keep a record of all the vehicles which are stolen. “A number of times stolen vehicles are reregistered and sold without the knowledge of the insurance companies or the police. So to make it difficult for this practice to continue, the Bureau, once it receives a complaint regarding a lost vehicle, can alert the concerned RTO so that the vehicle is not registered in someone else’s name.

“For example, in the UK the police is the biggest customer of the Motor Insurance Database, making close to three million enquiries every month,” he said.

The Bureau will also look at making the underwriting related to motor insurance more scientific.

Source: The Hindu Business Line