Article 640 of the Commercial Act: Delivery of Insurance Policy

Article 640 (Delivery of Insurance Policy)

(1) When an insurance contract has been formed, the insurer shall, without delay, prepare an insurance policy and deliver it to a policyholder, except where the policyholder fails to pay the whole premium or its initial premium.

(2) Where an existing insurance contract is extended or altered, the insurer may be exonerated from the delivery of an insurance policy by writing down the extension or alteration on the existing insurance policy.

THE High-quality & good contents


제640조(보험증권의 교부)

① 보험자는 보험계약이 성립한 때에는 지체없이 보험증권을 작성하여 보험계약자에게 교부하여야 한다. 그러나 보험계약자가 보험료의 전부 또는 최초의 보험료를 지급하지 아니한 때에는 그러하지 아니하다.

② 기존의 보험계약을 연장하거나 변경한 경우에는 보험자는 그 보험증권에 그 사실을 기재함으로써 보험증권의 교부에 갈음할 수 있다.  

THE 수준 높고 좋은 글

[Attorney's Notes] You must distinguish between issuance and delivery. Once you have been approved, insurance policy will be issued by the insurance company. Insurance policy will be delivered at the same time as or after issuancebut the coverage is not effective until the initial premium has been paid.


Popular posts from this blog

An insurance contract conclusion as explained by the insurance planner, and judgment of death benefit

People extinguished by Thanos receive death insurance benefits?

Preface to the 3rd Edition of the Insurance Law