Glossary
Endowment Life Insurance
An insurance product that combines life and health risk protection with a savings component. Under this type of policy, the insurer commits to pay the agreed sum either upon the occurrence of an insured event (e.g. death or permanent disability) or upon survival to the end of the contract term, regardless of whether a covered risk has occurred.
Entrepreneur - glossary for children
A person who has their own business, taking risks and using time, money, and effort to create products or services that are useful for people.
Entrepreneurial Activity
A business activity carried out by natural or legal persons at their own expense and risk, aimed at generating economic benefit in the form of profit through the creation of a new enterprise or the development of an existing one. Its main characteristics include initiative, risk-taking, independence, and responsibility.
European Standardised Information Sheet (ESIS)
A document provided by the lender that contains key information about the loan, including the loan amount and term, interest rate and type, total amount to be repaid, total cost expressed as an annual percentage rate (APR), number, frequency, and amount of instalments, conditions for early repayment, and other essential information.
Exchange Rate
The value of one currency in relation to another. The rate can be fixed (when a currency’s value is pegged to another currency) or floating (when its value is determined by the market and can change daily depending on supply and demand).
Exchange Rate - glossary for children
It shows how much money from one currency is received when changed into another currency.
Exchange‑Traded Fund (ETF)
A collective investment scheme that tracks the performance of a specific market index, commodity, currency, or other financial asset, and is traded on the stock exchange like shares. Such funds typically have low management fees, making them accessible and cost-effective for a wide range of investors.
Excise Duty
An indirect tax that is levied and paid upon the production, import, or supply within the territory of the country of excise goods such as alcoholic beverages, tobacco products, energy products and fuels, electricity, and passenger cars (in certain cases).
Exclusions from Liability
A clause in the general terms and conditions of an insurance contract specifying the cases in which the insurer is not liable and does not pay compensation. Typical examples include intentional damage caused by the insured, participation in military actions, terrorist acts, natural disasters not covered by the policy, or failure by the insured to fulfil their obligations.
Expense
An amount of money spent on purchasing goods, services, or carrying out a specific activity.
Partners
