An insurance contract shall take effect when one of the parties pays the contractual premiums, and the other party promises to pay a certain amount of insurance coverage or other benefits upon occurrence of an uncertain event against the property, life, or body of the former. <Amended by Act No. 12397, Mar. 11, 2014>
Laws › Commercial Act › CHAPTER I COMMON PROVISIONS
Commercial Act — Article 638 (Effect of Insurance Contracts)
상법 제638조
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.
For AI agents and developers — get this article as JSON, with the English and current Korean effective dates and an outdated-translation flag, from the korea-law API or as an MCP tool:
https://mcp.apify.com?tools=kr-data/korea-law