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.
Supreme Court Judgment 2004Da56677 Delivered on September 22, 2006[Insurance Proceeds] [Main Issues] [1] The method of a third person's written consent which is a requirement for validity of life insurance contract which covers the death of a third person as an insured event [2] Whether the insured's approval of the life insurance contract which covers the death of a third person as an insured event renders the insurance contract valid, where the insurance contract had been concluded without written consent of the insured (negative) [3] The case holding that it does not violate the principle of trust and good faith for the insurer to argue the nullity of the life insurance contract which covers the death of a third person as an insured event where there was no written consent of the insured, even in the case where the insurer has been receiving the premium for years or has paid the hospitalization payment following the life insurance contract [Summary of Decision] [1...
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
Article 650 (Effects of Payment and Delay in Payment of Premiums) (1) A policyholder shall pay the whole premium or its first installment without delay after the conclusion of a contract, and if the policyholder fails to pay it, the contract shall be deemed to have been rescinded when two months have lapsed after the contract is made, unless otherwise agreed. (2) If premium installments are not paid at an agreed time, the insurer may require the policyholder to pay them within a reasonable period specified, and if he/she fails to do so, the insurer may rescind the contract. (3) In cases of a policy effected on behalf of a specified third party, if the policyholder delays the payment of the premiums, the insurer shall not rescind or terminate the contract without requiring the third party to pay it within a reasonable time specified. THE High-quality & Good Contents
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