Article 638 of the Commercial Act: Definition of insurance contract

Article 638 (Definition of insurance contract)

An insurance contract shall take effect when one of the parties pays the contractual premiums, and the other party promises to pay a certain amount of insurance proceeds or other benefits upon occurrence of an uncertain event against the property, life, or body of the former.


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[Original]

제638조 (보험계약의 의의)

보험계약은 당사자 일방이 약정한 보험료를 지급하고 재산 또는 생명이나 신체에 불확정한 사고가 발생한 경우에 상대방이 일정한 보험금이나 그 밖의 급여를 지급할 것을 약정함으로써 효력이 생긴다.


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[Attorney's Notes] The coverage is not effective until the initial premium has been paid.


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