what is the difference between voluntary and compulsory excess?
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Compulsory excess is set by your insurance provider and can't be changed. Voluntary excess is how much you choose to pay on top of the compulsory excess. ... For example, if you're a driver under 25, you could have an additional young driver excess because insurance providers consider you a higher risk.
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Excess capacity is a condition that occurs when demand for a product is less than the amount of product that a business could potentially supply to the market. When a firm is producing at a lower scale of output than it has been designed for, it creates excess capacity.
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As adjectives the difference between mandatory and optional is that mandatory is obligatory; required or commanded by authority while optional is not compulsory; left to personal choice; elective.
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Definition: Voluntary retirement scheme is a method used by companies to reduce surplus staff. This mode has come about in India as labour laws do not permit direct retrenchment of unionized employees. ... The retiring employee shall not be employed in another company or concern belonging to the same management.
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CSR (as well as all kind of responsibility) is per definition voluntary. Whether you are responsible or not, it's the consequence of a choice you are taking.
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The main difference between the two is that voluntary manslaughter requires an intent to kill or cause serious bodily harm while involuntary manslaughter does not.
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3) What is the difference between an "increase in demand" and an "increase in quantity demanded"? ... An "increase in demand" is represented by a rightward shift of the demand curve while an "increase in quantity demanded" is represented by a movement along a given demand curve.
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An "increase in demand" is represented by a rightward shift of the demand curve while an "increase in quantity demanded" is represented by a movement along a given demand curve. You just studied 19 terms!
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Excess supply is the situation where the price is above its equilibrium price. ... Excess demand is the situation where the price is below its equilibrium price. The quantity supplied is lower than the quantity demanded by the consumers. The following chart illustrates the excess demand and excess supply.
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What's the difference between basic life insurance and voluntary life insurance? Voluntary life insurance is a low-cost type of term life insurance offered through employers. ... Basic life insurance is offered to some employees as part of their employment package. This type of insurance is offered at a low cost or free.
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Voluntary action are under control of ones will, whereas reflex action are spontaneous involuntary, nerve-mediated activity produced at the unconscious level by stimulating specific receptors. The former is under control of brain, whereas in the latter spinal cord is involved.
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As adjectives the difference between compulsory and compulsive. is that compulsory is required; obligatory; mandatory while compulsive is uncontrolled or reactive and unconscious.
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A surplus occurs when the quantity supplied of a good exceeds the quantity demanded at a specific price. If a market is not in equilibrium a situation of a surplus or a shortage may exist. ... A surplus, also called excess supply, occurs when the supply of a good exceeds demand for that good at a specific price.
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When used as nouns, compulsory means something that is compulsory or required, whereas voluntary means a short piece of music, often having improvisation, played on a solo instrument. When used as adjectives, compulsory means required, whereas voluntary means done, given, or acting of one's own free will.
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Involuntary migration is when someone is forced to move out of the country they are living in because of push facts. ... The difference is basically that involuntary means you don't get to choose and voluntary migration means its your choice.
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Surpluses are the same thing as excess: Supply caused by price floors. ... Greater than the equilibrium quantity, and price will be greater than the equilibrium price. Less than the equilibrium quantity and price will be less than the equilibrium price.
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Strictly speaking, there is some difference between the two words. The word 'mandatory' is generally used in the sense of 'binding'. On the other hand, the word 'compulsory' is generally used in the sense of 'essential'. This is the main difference between the two words.