If a premium remains unpaid, an insurer which is to compensate for losses may deduct the unpaid premium from the amount of compensation even if the due date has yet to arrived.
Laws › Commercial Act › SECTION 1 Common Provisions
Commercial Act — Article 677 (Deduction of Unpaid Premiums from Compensation Amount)
상법 제677조
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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