Glossary
Government Securities
Debt financial instruments issued by a national government, through its executive authority, to raise funds for public spending, refinance existing debt, or cover temporary budget deficits. These securities are generally considered low-risk because they are backed by the government’s creditworthiness and ability to levy taxes. They can be issued in various forms, primarily: government bonds – long-term debt securities with maturities typically exceeding one year, paying periodic interest (coupons) and returning the principal at maturity; and treasury bills – short-term debt securities with maturities of up to one year, usually issued at a discount and redeemed at face value.
Grace Period
In the case of credit cards, this is a period of time, usually between 45 and 60 days, during which no interest is charged on the outstanding balance if it is paid in full by the specified due date. For loans, it is a period during which the borrower may benefit from reduced monthly instalments. Typically, no principal repayments are made, and only interest is paid.
Green Card (International Motor Insurance Certificate, IMIC)
A document certifying that the holder has a valid motor third-party liability insurance policy issued in their home country, covering the minimum mandatory liability limits required by law in the country being visited. The certificate is mandatory when traveling to countries outside the European Economic Area, the so-called third countries participating in the international Green Card system. It is recommended to check with the insurer whether a Green Card is required and whether it covers all the countries through which travel will take place.
Gross Employment Remuneration (Salary)
The total amount of money accrued to an employee by the employer before deductions for taxes and other contributions. It includes various components in addition to the base salary, such as extra pay for length of service, higher academic qualifications, overtime work, night work, and others, which together form the total value of the employee’s labour.
Gross Income Replacement Ratio
The ratio between the average pension and the average insurable income.
Guarantee/Suretyship
Guarantee/suretyship is a legal arrangement in which a third party, called a guarantor, guarantees the performance of an obligation or repayment of a debt by the principal debtor. If the debtor fails to meet their obligations, the guarantor becomes responsible for fulfilling them.
Guarantor for a Loan
A person designated to repay the borrowed debt if the borrower is unable to do so. Also known as a surety, joint debtor, or co-debtor.
Guardian - glossary for children
An adult who takes care of a child if the parents cannot. The guardian makes important decisions for the child and looks after their safety and needs until they grow up.
Health Insurance
The activity of collecting health insurance contributions and premiums, managing the collected funds, and using them to finance healthcare services, activities, and goods provided for under the Health Insurance Act, national framework agreements, and insurance contracts. Health insurance can be compulsory or voluntary. Compulsory health insurance guarantees insured persons free access to medical care through a package of healthcare services defined by type, scope, and volume, as well as the right to freely choose a provider contracted with the regional health insurance fund. Voluntary health insurance is provided by licensed insurance companies based on a medical insurance contract under the Insurance Code.
Health Insurance Contribution
An amount payable for compulsory health insurance, calculated as a percentage of the insurable income determined under the Health Insurance Act. The contribution is paid by the insured individuals, their employers, or other persons liable under the law.
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