Article 651-2 (Effects of Questions in Writing) Any fact about which the insurer asks in writing shall be presumed to be material. THE High-quality & Good Contents
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Article 643 of Commercial Act: Retroactive Insurance
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Article 643 (Retroactive Insurance)
The parties to an insurance contract may agree that the coverage shall commence at a certain time prior to the conclusion of an insurance contract.
THE High-quality & Good Contents
[Original]
제643조(소급보험)
보험계약은 그 계약 전의 어느 시기를 보험기간의 시기로 할 수 있다.
THE 수준 높고 좋은 글
[Attorney's Notes] Retroactive Insurance is purchased to cover a uncertain event after it has occurred.
Article 651-2 (Effects of Questions in Writing) Any fact about which the insurer asks in writing shall be presumed to be material. THE High-quality & Good Contents
Article 651 (Termination of Contracts due to Breach of Duty of Disclosure) If, at the time of making an insurance contract, a policyholder or the insured, due to bad faith or gross negligence, failed to disclose or misrepresented material facts, the insurer may terminate the contract within one month after it becomes aware of the non-disclosure or misrepresentation or within three years after the contract was made: Provided , That this shall not apply where at the time of making the insurance contract the insurer knew the non-disclosure or misrepresentation or failed to do so due to gross negligence. THE High-quality & Good Contents
Article 649 (Voluntary Termination of Contracts Prior to Occurrence of Perils Insured against) (1) A policyholder may terminate a contract in whole or in part at any time before a peril insured against occurs: Provided, That in cases of an insurance contract prescribed in Article 639, the policyholder shall not terminate the contract without obtaining the consent of the third party or carrying the insurance policy with him/her. (2) In cases of an insurance policy under which the insured amount is not reduced notwithstanding that the insurer has covered the peril insured against, the policyholder may terminate the insurance contract even after the occurrence of the peril insured against. (3) In cases falling under paragraph (1), unless otherwise agreed by the parties, the policyholder may demand the return of any unearned premium. THE High-quality & Good Contents
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