Where the parties to an insurance contract have agreed on an insurance premium in consideration of certain risks, if such risks have ceased to exist during the period of coverage, a policyholder may request reduction of the premium thereafter.
Laws › Commercial Act › CHAPTER I COMMON PROVISIONS
Commercial Act — Article 647 (Requests for Reduction of Premium upon Cessation of Certain Risks)
상법 제647조
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.
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