MSE’s Academy of Money
MSE’s Academy of Money

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MSE’s Academy of Money

Glossary

Actuaries
Professionals specialising in insurance analysis.
Chargeback protection
A transaction reversal to refund a consumer for a fraudulent or disputed purchase of goods or services.
Conspicuous consumption
The ostentatious consumption of goods or display of wealth intended to generate attraction and gain prestige from others.
GDPR
The General Data Protection Regulation. A European Union regulation covering data protection for the public.
Heuristics
Mental shortcuts to help make decisions and solve problems.
Inconspicuous consumption
Lifestyle related consumption intended to reflect a person’s cultural standing.
Life insurance
Insurance that provides a payout on the death of the insured person. Level term (or, simply, term) insurance provides cover for a defined term – say, 10 years. Whole life insurance, by contrast, provides cover for the entire remaining life of the insured person.
NHS
The UK’s National Health Service.
Social classes
Informal rankings of people in society based on income, education, occupation and other factors.
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