Article 648 of Commercial Act: Requests for Return of Premiums upon Nullification of Insurance Contracts

Article 648 (Requests for Return of Premiums upon Nullification of Insurance Contracts)  

Where an insurance contract becomes invalid in whole or in part, if a policyholder and the insured have acted in good faith and without gross negligence, they can demand a return of the insurance premium, in whole or in part. The same shall also apply where the policyholder and the beneficiary have acted in good faith and without gross negligence.


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[Original]

제648조(보험계약의 무효로 인한 보험료반환청구)

보험계약의 전부 또는 일부가 무효인 경우에 보험계약자와 피보험자가 선의이며 중대한 과실이 없는 때에는 보험자에 대하여 보험료의 전부 또는 일부의 반환을 청구할 수 있다. 보험계약자와 보험수익자가 선의이며 중대한 과실이 없는 때에도 같다.


THE 수준 높고 좋은 글

[Attorney's Notes] The extinctive prescription of a claim for return of premiums becomes complete if not exercised for a period of three years. Therefore exercise of the right to claim return of premiums is barred by expiration of statute of limitations, if not exercised for three years.

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