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Commercial Act — Article 731 (Third-Party Life Insurance)

상법 제731조

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) An insurance contract which covers the death of a third party as a peril insured shall require a consent in written form (including electronic documents ensuring reliability in terms of personal identification or prevention of forgery or falsification, as prescribed by Presidential Decree, by a digital signature or certified digital signature prescribed in subparagraph 2 or 3 of Article 2 of the Digital Signature Act) of the third party at the time of conclusion of the insurance contract. <Amended by Act No. 4470, Dec. 31, 1991; Act No. 14969, Oct. 31, 2017>

(2) The provisions of paragraph (1) shall apply if the rights arising from an insurance contract are transferred to a person other than the insured. <Amended by Act No. 4470, Dec. 31, 1991>

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