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.