Basically, an Insurance Policy is a standard form of contract between the insurer and the insured. In the societies, there are different types of insurance policies and contracts which are designed to meet the...

There is no difference between the terms ‘consignor’ and ‘shipper’ as both the terms mean the same; a consignor is a person who is usually the owner and the shipper of the commodities supplied, whereas a ‘...

Authority and Responsibility are two sides of the same coin. The term ‘authority’ stands for power or rights assigned to an individual to make decisions, whereas ‘responsibility’ is a duty to maintain and...

The terms ‘authority’ and ‘power’ complement each-other. Authority is a legal ability and authorization to exercise power, while ‘Power’ is the ability to control over the authority.

In business functions, Authority and Accountability are the roles, which work hand-in-hand. The ‘authority’ is the right or power assigned to an individual, whereas ‘accountability’ is the ability to handle...