Glossary
General Insurance
Includes insurance policies that cover property, liability, and other non-life risks (for example, motor comprehensive insurance, property insurance, health insurance, accident insurance, etc.). General insurance also encompasses liability coverage for property or non-property damages caused by the insured to third parties – for example, motor third-party liability insurance – as well as other policies covering risks arising from the performance of certain professional or business activities.
General Terms and Conditions
Structured sections containing comprehensive information about the rights and obligations of the parties to a contract and various aspects of their contractual relationship.
Gift Tax
A local direct tax payable on the gratuitous transfer of property (money, goods, real estate, etc.) between individuals, where such transfer does not constitute inheritance. This tax is administered by the municipalities where the property is located or where the recipient has permanent residence. It is regulated under the Local Taxes and Fees Act. The tax is payable by the recipient of the gift (the donee). Taxable items include real estate (apartments, houses, land), high-value movable property (e.g. cars), money, shares, membership interests, and other gratuitous acquisitions not exempted. Gifts are exempt from tax when made between spouses, direct relatives (e.g. parent and child), siblings, and their children (in some municipalities with zero or reduced rates). The tax rate is determined by the respective municipality and varies depending on the value of the gift, the relationship between the parties, and the municipal council’s regulations.
Goal - glossary for children
Something a person wants to achieve, for example, to buy a bicycle, go on a trip, or complete higher education. Often, achieving a goal requires time and money.
Gold Standard
A monetary system in which the unit of currency is directly linked to a fixed quantity of gold, and banknotes could be exchanged for that amount. Under the silver standard, the currency was analogously tied to silver. The gold standard was widely used in the 19th and the first half of the 20th century but is no longer applied today, having been replaced by fiat currency systems.
Goods
Items that can be bought or sold, such as clothes, food, toys, and more.
Goods - glossary for children
Items that can be bought or sold, such as clothes, food, toys, and more.
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.
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