Glossary
Insured Length of Service
The period during which a person has been mandatorily or voluntarily insured, and for which social security contributions have been paid or are due in accordance with the applicable legislation.
Insured Person
A person whose life, health, property, or liability is the subject of insurance coverage under an insurance contract. This person may be the same as the policyholder (the person who concludes the contract) or a third party specified in the policy. The insured person is the party whose risk the insurer undertakes to cover, and in case of an insured event, they or another entitled beneficiary may receive compensation or other agreed assistance.
Insurer
A duly licensed company or cooperative that carries out insurance activities in accordance with the applicable legislation. This includes domestic insurance undertakings (joint-stock companies and mutual insurance cooperatives), as well as foreign insurers operating in the country through a branch or under the conditions of the freedoms established within the EU.
Interest
The cost of using borrowed money or financial resources, usually expressed as a percentage of the principal over a specified period. It represents income for the lender and an expense for the borrower, and may apply to loans, deposits, bonds, or other financial instruments.
Interest - glossary for children
An extra amount of money that is earned or paid for using money for a certain period of time.
Interest Rate
The price paid for borrowing money or the fee charged for lending it over a specified period of time, expressed as a percentage —for example, how much is paid when receiving a loan or how much is earned on a deposit. The interest rate can be fixed/constant for the entire term of the agreement or variable/floating, depending on certain market indices, interbank rates, or other agreed-upon conditions.
Interest Rate Risk
The risk of financial losses arising from adverse changes in market interest rates, which can affect the value of a financial institution’s assets and liabilities, the return on investments, or the cost of borrowings.
Intestate succession (Inheritance by Law)
A type of succession in which the estate of a deceased person (decedent) passes to the persons designated by law (heirs by law) when there is no will, the will is void or invalid, does not cover the entire estate, or the heirs under a will have renounced, predeceased the decedent, or have been disinherited. Legal heirs are determined by the Inheritance Act and include the surviving spouse as well as relatives of the decedent according to a specified hierarchy (degrees) of kinship – children, parents, siblings, and other relatives, with closer relatives excluding more distant ones. The estate is acquired through acceptance – expressly (by written declaration) or tacitly (through actions indicating intent to inherit, such as using or managing the property). The inheritance may be renounced by submitting a written renunciation before a notary.
Investing
The process of acquiring, managing, and utilizing various assets with the goal of generating income, capital gains, or other financial benefits. Investments can include stocks, bonds, real estate, mutual funds, derivatives, startups, and other financial or tangible assets. The process involves assessing risk, expected returns, and strategic allocation of resources.
Partners
