BIZCHINA / Finance
Insurance Law of the People's Republic of China
Updated: 2006-04-18 09:11
Article 18. An insurance contract shall principally include:
(1) Name and address of the Insurer;
(2) Name and address of the Applicant and the Insured, and name and
address of the Beneficiary in the case of life insurance;
(3) Subject matter insured;
(4) Insured liabilities and liabilities exempted;
(5) Duration of insurance coverage and the commencement time of insurance
liabilities;
(6) Insured value;
(7) Insured amount;
(8) Insurance premium and method of payment;
(9) Methods of insurance compensation or payment;
(10) Liabilities for breach of contract and settlement of dispute;
(11) Execution of contract on ____(month) ____(date) ____(year).
Article 19. Besides the matters of an insurance contract as set forth in
the preceding article, the Applicant and the Insurer may agree on other
matters in connection with insurance.
Article 20. During the term of the insurance contract, the contents
thereof may be altered subject to agreement between the Applicant and the
Insurer.
Upon alteration of the insurance contract, the Insurer shall endorse the
original policy or other insurance certificates or affix an endorsement
thereto, or the Applicant and the Insurer shall sign a written agreement
over such alteration.
Article 21. Upon learning the occurrence of an insured event, the
Applicant, the Insured or the Beneficiary shall promptly notify the
Insurer.
"Insured" shall mean a person whose properties or life is insured by the
insurance contract and who is entitled to make a claim for insurance
payment. The Applicant may be the Insured;
"Beneficiary" shall mean a person, designated by the Insured or the
Applicant in the life insurance contract, who is entitled to make a claim
for payment. The Applicant or the Insured may be the Beneficiary.
Article 22. Upon occurrence of an insured event and upon making a claim
to the Insurer to make compensation or payment of insurance money in
accordance with the insurance contract, the Applicant, the Insured or the
Beneficiary shall provide the Insurer with as much evidence and
information as possible relevant to the ascertainment of the nature and
causes of such event and to the extent of the loss thereby incurred.
If, in accordance with the provisions of the insurance contract, the
Insurer finds the relevant evidence and information to be incomplete or
insufficient, the Insurer shall notify the Insured or the Beneficiary to
provide additional relevant evidence and information.
Article 23. Upon receipt of a claim from the Insured or the Beneficiary
for compensation or payment of insurance money, the Insurer shall make
prompt verification. Where the claim is an insured liability, the Insurer
shall perform its obligation to make compensation or payment within ten
days after reaching agreement with the Insured or the Beneficiary
concerning insurance compensation or payment amount. Where the insured
amount, compensation, and a time limit for payment are defined in the
insurance contract, the Insurer shall compensate or make payment in
accordance with the stipulations therein.
If the Insurer fails to perform his obligations set forth in the
preceding paragraph, he shall indemnify the losses arising therefrom to
the Insured or the Beneficiary, in addition to making insurance payment.
No unit or individual shall interfere with the Insurer in performing his
obligation of indemnification or payment, nor restrict the right of the
Insured or the Beneficiary to obtain insurance money.
Article 24. Upon receipt of a claim from the Insured or the Beneficiary
for compensation or payment, if such claim is not covered by its
insurance liability, the Insurer shall issue a letter of advice to the
Insured or the Beneficiary declaring its refusal to make compensation or
payment.
Article 25. If the Insurer is not able to determine the amount of
compensation or payment within sixty (60) days after receipt of relevant
evidence and information stipulated in Article 25 and Article 27 hereof,
he shall first make payment in accordance with a minimum amount
determinable based on the available evidence and information; upon
eventual determination of the amount of compensation or payment by the
Insurer, the insurer shall pay the corresponding outstanding amounts.
Article 26. The right to demand compensation or payment of insurance
money from the Insurer by the Insured or Beneficiary of any insurance
other than life insurance shall perish if the Insured or the Beneficiary
fails to exercise such right within two years after his knowledge of the
occurrence of an insured event.
The right to demand payment of insurance money from the Insurer by the
Insured or the Beneficiary of life insurance shall perish if the Insured
or the Beneficiary fails to exercise such right within five year after
his knowledge of the occurrence of an insured event.
Article 27. In the event the Insured or the Beneficiary, where no insured
event has occurred, falsely claims that an insured event has occurred and
demands compensation or payment of insurance money from the Insurer, the
Insurer shall have the right to terminate the insurance contract without
refunding the insurance premium.
Where the Applicant, the Insured or the Beneficiary intentionally
provokes an insured event, the Insurer shall have the right to terminate
the contract, shall not be liable for indemnification or payment of
insurance money, and shall not refund the insurance premium unless as
otherwise stipulated in Paragraph 1 of Article 64 hereof.
After the occurrence of an insured event, if the Applicant, the Insured
or the Beneficiary provides false causes or exaggerate the extent of
losses by means of forging or altering relevant certificates, materials
or other evidence, the Insurer shall not be liable for compensation or
payment of insurance money over the fraudulent portion of such claim.
Where the Applicant, the Insured or the Beneficiary commits any of the
actions described in the preceding three paragraphs, resulting in the
payment of insurance money or other expenses, they shall make refunds or
compensation.
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