Book1 Division07 Title20
From Thai Codification Draft of 1919
DRAFT: CIVIL AND COMMERCIAL CODE FOR KINGDOM OF SIAM.
- Its detailed information and images of the original sources are available on the Centennial Website.
- The detailed information about the genealogical relations between the Draft 1919, Codes of 1923, Codes of 1925, and Code of 1992 is available at the "French Advisers' Heritage".
BOOK ON OBLIGATIONS.
DIVISION VII. SPECIFIC CONTRACTS.
TITLE XX. Insurance of Life.
Section 939.
- A contract of insurance on life is a contract whereby the underwriter agrees to pay to the beneficiary a sum of money, dependent upon the life or death of a person, and the insurer agrees to pay him a premium therefor.
《Genealogies》
Section 940.
- The beneficiary may be the insurer or any third person.
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- Draft of April 1924: -
- Code of January 1925: -
Section 941.
- The sum payable may be a lump sum or an annuity.
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Section 942.
- The person upon whose life or death the payment of the sum depends may be the insurer, beneficiary or any third person.
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- Draft of April 1924: -
- Code of January 1925: -
Section 943.
- [I] If the insurer is not the beneficiary, he has the right to transfer the benefit of the contract to another person so long as the beneficiary has not notified the underwriter in writing of his intention to take such benefit.
- [II] After the beneficiary has notified in writing the underwriter of his intention to take the benefit of the contract, no transfer is possible unless the beneficiary agrees to it.
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Section 944.
- [I] If at the time of making the contract of insurance on life the person upon whose life or death the payment of the sum payable depends knowingly omits to disclose facts which would have induced the underwriter to raise the premium or to refuse to enter into the contract, or knowingly makes false statements in regard to such facts, the contract is voidable.
- [II] But the underwriter must return to the insurer or to his heirs the redemption value of the policy.
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Section 945.
- If the underwriter knew of the facts mentioned in Section 944 or knew the statements to be false, or would have known of them or of their falsity if he had exercised such care as may be expected from a person of ordinary prudence, the contract shall be valid.
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Section 946.
- If the age of the person upon whose life or death the payment of the sum depends has been incorrectly stated, the contract of insurance shall not be voidable, but the sum payable shall be the sum to which the beneficiary would have been entitled if the age of the person had been correctly stated.
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Section 947.
- When the parties to a contract of insurance on life, in fixing the amount of the premium, took into consideration a particular risk, and such risk ceases to exist, the insurer is entitled to have the premium reduced proportionately.
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Section 948.
- The insurer is entitled at any time to determine the contract of insurance by discontinuing to pay the premium. If the premium had been paid for at least three years he is entitled to receive from the underwriter the surrender value of the policy or a paid up policy.
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Section 949.
- [I] Whenever the sum is to be paid on the death of a person, the underwriter is bound to pay it on such death unless :
- (1) Such person voluntarily committed suicide within one year after the date of the contract, or
- (2) Such person was intentionally killed by the beneficiary.
- [II] In case number 2, the underwriter is bound to pay the insurer or to his heirs the redemption value of the policy.
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Section 950.
- If the death is caused by the fault of a third person, the underwriter cannot claim compensation from that person, but the heirs of the deceased do not lose their right to compensation from the third person, even if the sum payable under the contract of insurance on life reverts to them.
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Section 951.
- [I] If the insurer has made an insurance payable on his death in favour of his heirs, the sum payable shall be part of the assets of his estate available for his creditors.
- [II] If the insurance has been made in favour of a particular person, only the amount of the premiums paid by the insurer shall be part of the assets of his estate available for his creditors.
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