What is the compensation policy if any issues arise while paying life insurance?
Clause 1 Article 32, Article 33 of the 2000 Insurance Business Law stipulates:
The sum insured or the method of determining the sum insured is agreed upon by the policyholder and the insurer in the insurance contract.
Therefore, in the unfortunate event of an issue occurring while paying the insurance, the compensation for the beneficiary will depend on the contents of the insurance contract. You need to understand that only when the conditions in the contract are satisfied will the beneficiary receive compensation.
Additionally, please note the basis for payment of accident insurance and human health insurance as follows (Article 33):
- In personal accident insurance, the insurer must pay the insured sum to the beneficiary within the insured amount, based on the actual injury of the insured person and the agreement in the insurance contract.
- In human health insurance, the insurer must pay the insured sum to the insured person within the insured amount, based on the medical examination, treatment, and health recovery expenses of the insured person due to illness or accident and the agreement in the insurance contract.
Sincerely!
