Glossary
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.
Health Insurance Contributions - glossary for children
Money paid regularly so people can receive medical care when needed.
Health (Medical) Insurance
An insurance product that provides financial protection and/or access to healthcare services in case of illness, accident, or the need for medical treatment. Coverage may be full or partial, depending on the terms of the insurance policy.
Heir
A person who, by law or by will, acquires the property rights and obligations of a deceased person (the decedent), either in full or in part.
Hidden Terms (in a contract)
Clauses in a service contract that may violate consumer rights and be entirely in favour of the merchant but are not clearly stated or are omitted from the contract text.
Higher Education - glossary for children
Studying at a university or college after school to learn more and have better job options.
Highly Liquid Asset
An asset that can be quickly and easily converted into cash with minimal loss of value.
High‑Risk Asset
A financial investment with a high probability of either losing money or making a substantial profit. Such assets are typically highly sensitive to market changes and are more volatile. Examples of high-risk assets include shares of small companies, cryptocurrencies, startup businesses, and certain types of bonds. Investors often take on this risk in the hope of higher returns but must also be prepared for possible losses.
High‑Risk Fund
An investment fund that invests mainly in more volatile and risky assets with high return potential but also a high probability of losses, especially in the short term. Suitable for investors with a higher risk tolerance and a long-term investment horizon.
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