If, during the period of coverage, the risk of the occurrence of a peril insured against has been substantially changed or increased due to bad faith or gross negligence of the policyholder, of the insured, or of the beneficiary, the insurer may request an increase in the premiums or terminate a contract within one month after it becomes aware of such fact. <Amended by Act No. 4470, Dec. 31, 1991>
Laws › Commercial Act › CHAPTER I COMMON PROVISIONS
Commercial Act — Article 653 (Increases in Risks Due to Bad Faith or Gross Negligence of Policyholders, etc. and Termination of Contracts)
상법 제653조
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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