When we talk about life insurance, we often hear the terms nomination and assignment. The former refers to the appointment of a person, to receive the proceeds upon the demise of the policyholder, whereas the latter implies the legal transfer of rights to the benefits of the policy to another person, i.e. assignee. In the nomination, the property or amount secured by the policy remains at the disposal of the assured, till the time he/she is alive and the person appointed as the nominee is … [Read more...]
Difference Between e-Government and e-Governance
e-Government implies the implementation of information and communication technology like internet, to improve government activities and process, with the aim of increasing efficiency, transparency, and citizen involvement. On the other hand, e-Governance means governing or administering a country/state or organization, with the help of information and communication technology. Many think that these two are related to delivering government services through the internet, but the fact is they … [Read more...]
Difference Between Insurance and Reinsurance
In simple terms, insurance is the act of indemnifying the risk, caused to another person. Conversely, reinsurance is when the insurance company takes up insurance to guard itself against the risk of loss. The two concepts are very similar to each other but may differ in they way; they are applied. Insurance is a very common form of financial protection which is used to provide protection against the risk of losses. On the other hand, reinsurance is used by the insurance company, when it does … [Read more...]
Difference Between Internal and External Communication
When the members of the organization, communicate with each other, it is called as internal communication. However, when there is a communication between members of the organization, with the outside party, it is said to be external communication. These are two types of communication, which can be seen in the corporate world. This article excerpt will provide you all the important differences between internal and external communication. In the process of management, communication plays a … [Read more...]
Difference Between General Lien and Particular Lien
'Lien,' a right to keep in possession, the movable goods belonging to another person, till the time the debt owed by that person is realized. It can be classified as the general lien and particular lien. When one party is entitled to retain the goods belonging to another party, until all the dues are discharged, is called general lien. In contrast, particular lien implies the right of retention of specific goods, until the claims related to those goods are realized. Lien is tied with … [Read more...]
Difference Between Internal Control and Internal Audit
Internal control is a system that comprises of control environment and procedure, which help the organization in achieving business objectives. On the other hand, internal audit is an activity performed by professionals to ensure that internal control system implemented in the organization are effective. Control is one of most prominent human need, that is present in almost every human activity. So, in business too, control have a great role to play in ensuring best possible use of resources … [Read more...]
Difference Between MRTP Act and Competition Act
Monopolies and Restrictive Trade Practices (MRTP) Act, 1969 was revoked and replaced by Competition Act, 2002. MRTP Act was enacted to deal with monopolistic, restrictive and unfair trade practices, but due to certain limitations, Competition Act was introduced, which changed the focus from curbing monopolies to promoting competition. Both the acts apply to whole India, except the state of Jammu and Kashmir. While the old act belongs to pre-liberalisation period, the new Act, came into force … [Read more...]
Difference Between Job Costing and Batch Costing
Job costing method is mainly applied when the goods are produced, or services are rendered as per customer's order. On the other hand, batch costing is a type of job costing, in which goods are produced in a lot of similar units, called as batches. Whether we talk about business or industry, costing system is required everywhere to fix the price of products, to ascertain cost associated with the product and so on. However, a single costing system is not capable enough to fulfill requirements … [Read more...]
Difference Between BCG and GE Matrices
BCG matrix is a matrix used by large corporations to decide the ratio in which resources are allocated among various business segments. Similar to this, GE matrix also helps firms decide their strategy with respect to different product lines, i.e. the product they should add in the range of products offered by them and in which opportunity the firm should invest. Both BCG matrix and GE matrix are two-dimensional models, that are used by big business houses, having several product lines and … [Read more...]
Difference Between Dissolution of Partnership and Dissolution of Firm
Dissolution of Partnership is not equal to the dissolution of partnership firm. It is due to the fact that when the jural relation present between all partners, comes to an end, it is known as dissolution of firm, however, when any one of the partners become incapacitated, then the partnership between the concerned partner and other partners of the firm, comes to an end, but the firm may continue to operate, if other partners desire so. The fundamental difference between the dissolution of … [Read more...]
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