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The Pledging of Life Policy - Focused on the Contract of Life Insurance for third Parties -

  • DONG-A LAW REVIEW
  • 2014, (63), pp.91-120
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law

JinHee Hong 1,  Kim, Pan-gi 1

1충북대학교

Accredited

ABSTRACT

Life insurance claims are conditional monetary claim if an insurance accident occurs in the future, so are pledgeable. In life insurance policyholder and the insurer of blood is the same person, beneficiary, who is often a third party. Both beneficiary and policyholder in the contract of life insurance for others may contract of pledge even before insure accident. Policyholders should dominate the disposition of insurance claims before insure accident or the use contract of life insurance as property, third party designated as insurance beneficiary is not to be led. Thus, the policyholder can set up pledge on the life contract without the consent of the beneficiary, the pledgee can receive reimbursement the bond from its insurance claim. On the other hand, the insurer will be able to be held the risk of double burden or complicated paperwork. Pledge creditor of the pledge can not be sure of the rankings. However, practical problems do not have reasonable grounds to deny policyholder's right to set pledge on the life insurance. Of course, the unnecessary disputes should be avoided. To do so, it is important to its maintenance procedures in insurance practice. The insurer would be better to prepare in advance in order to control the policyholder to some extent. And the policyholder should follow the type prepared in advance by insurer.

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