Glossary
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.
Partners
