Glossary
Term Life Insurance
An insurance product that provides financial protection in case of certain life- and health-related risk events concerning the insured person, usually death or permanent disability, during the term of the policy. These policies do not accumulate savings value and do not provide a payout upon survival if the covered risk does not occur. They are entirely intended to provide compensation to heirs or another designated beneficiary in the event of the insured’s death or permanent loss of working capacity.
Testate Succession (Inheritance by Will)
A method of distributing property after the owner’s death, in which the deceased’s will, made either handwritten or notarized, determines the heirs and the allocation of the estate. The will must be executed by a person who is at least 18 years old, not under full legal incapacity, and capable of acting reasonably. The testator may dispose only of the property outside the reserved portion for the closest heirs – descendants, parents, and spouse. A will may be general (universal), covering all or part of the testator’s estate, granting the beneficiary the status of heir. A will concerning a specific item or asset is a specific bequest (legacy) and confers the status of legatee on the person for whom it is made.
Testator
A person who makes a will and thereby determines how their estate will be distributed after death. The testator has the right to dispose of their property in favour of chosen persons (legatees), while not infringing on the statutory rights of heirs (e.g., reserved portion).
Tokenization of a Payment Card
Adding a payment card to a digital wallet on a smartphone and/or smartwatch. Subsequently, contactless payments can be made if the device is equipped with an NFC chip (Near Field Communication chip for short-range wireless communication). Identification is done through biometric data (fingerprint or facial recognition), with no card details or PIN entered at any point.
Tourist Tax
A local tax paid by guests staying in hotels, guest houses, hostels, or other lodging facilities. Collected on behalf of the municipality to fund tourism-related activities, it is regulated by the Local Taxes and Fees Act. The amount is set by the municipal council. The tax is charged to the guest but remitted by the accommodation provider.
Trader
A participant in financial markets who trades financial instruments to profit from price fluctuations, typically focusing on short-term market movements and seeking to gain from small but rapid changes in asset prices.
Travel and Tourism Insurance
An insurance product that provides protection for travellers against unforeseen events during their trips, either domestically or abroad. It may cover expenses for medical assistance in case of accident or illness, emergency medical evacuation or repatriation, loss of luggage, trip cancellation or delay, third-party liability, and other risks specified in the insurance policy. The insurance is taken out for a specified period and is suitable for both leisure and business travel.
Travel Assistance Insurance
An insurance product that provides coverage for health, accident, and logistical risks arising during travel, regardless of the means of transportation used (car, airplane, bus, etc.). The coverage typically includes medical assistance and hospital expenses abroad, emergency medical evacuation or transport in case of an accident, repatriation, assistance in case of lost or stolen documents, as well as other services designed to support the insured person in emergency situations.
Two-Factor Authentication (2FA)
A method to increase security in digital environments (such as payment services, account access, etc.), where two independent factors are used to verify the user's identity—for example, a combination of a static password and a dynamic one-time password received via SMS or generated by an m-token, as well as biometric recognition in a mobile app.
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