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Commercial Act — Article 638-3 (Duty to Issue and Explain Terms and Conditions of Insurance Contract)

상법 제638조의3

This English translation is based on the Korean text effective 2018-12-19. The Korean law has since been amended (current version effective 2026-09-10) — check the Korean original.

(1) When an insurer enters into an insurance contract, it shall issue the terms and conditions of the insurance contract to a policyholder, and explain important terms and conditions.

(2) If the insurer violates paragraph (1), the policyholder may cancel the insurance contract within three months from the date the insurance contract takes effect.[This Article Wholly Amended by Act No. 12397, Mar. 11, 2014]

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