2002, Vol.13, No.1

Journal of Insurance and Finance 2023 KCI Impact Factor : 0.59

pISSN : 2384-3209
https://journal.kci.go.kr/kiri

If the insured person of the Accident Insurance were to die, the insurer pays the sum payable at death. The case of injury resulting in death, is it the Accident Insurance or the life(death) insurance on the Commercial Code? It is an important thing to judge that problem because the Commercial Code draws a sharp line between the Accident Insurance and the life(death) insurance. Injury means the place in the body that is hurt or wounded, and the Accident Insurance on the Commercial Code is one of the insurance which is payed when the insured is injured. But it is confused commonly in the insurance practical business or the legal practice because the injury resulting in death is covered in most of the Accident Insurance policies. This study shows the different interpretation that can occur and the reason why 'injury' and 'injury resulting in death' must be distinguished on the Accident Insurance. So the purpose of this article is to prevent confusion on the application of the Commercial Code.

The variable life insurance products as more recent advance on the fixed-benefit life insurance products was introduced to Korea insurance market in 2001. Variable life insurance differ from fixed insurance in that contract owners received their sum from their segement accounts rather than that of the insurance company. Variable insurance are more risky to the policy holder than the fixed insurance, but there is a possibility of greater returns. The person who sells the variable insurance should have a license to sell variable products, and inthe case of U.S.A., a licensed securities dealer, which are considered to be securities. But the consumer who buy variable insurance not recognize of the high risk of the products. It means thay the variable insurance seller must provide a prospectus describing the variable investment profits and the risk. And have to explain that the death benefit and cash value benefits vary in relations to the value of the investments underlying the policy. But Japanese experience which arises over 600 suits against variable insurer thought us the important of disclosure. The writer reviewed some japanese cases and concluded that Japanese court hold the insurers responsibility ground for torts. And emphasize that the seller's duty of disclosure in variable insurance contract.

With limited level of competition, Korean auto insurance market has grown rapidly. During the last decade, price increase and rapid growth of car ownership led the auto insurance market to maintain annual growth of 20% except in 1997 and 1998. However, a sense of crisis such as price deregulation, increasing claim rate, and direct channel entry has heightened the saturated domestic auto insurance market. Especially full price deregulation of auto insurance is likely to lead an insurance price war starting last August and eventually it will be one of the critical factors for insurers' survival. Based on this understanding this paper proposes a key strategic initiative to be implemented on channel and product. In order to build competitiveness of an insurer in the rapidly changing Korean auto insurance market, differentiate between high efficiency and low efficiency channels through benefits and commission. The traditional channel must be radically upgraded and restructured to provide differentiated value for the relationship, brand, and quality segment while at the same time increasing the channel's competitiveness against price competition and alternative channels. Product innovation and the state of art underwriting know-how and tools become paramount, especially in the large volume auto business where the risk differentiating underwriting will be main success factor in the future.