Book3 Title20 Chapter03
From Thai Codification Draft of 1924
DRAFT: CIVIL AND COMMERCIAL CODE FOR KINGDOM OF SIAM
BOOK III ON SPECIFIC CONTRACTS. (April 1924)
- Reconstructed from the Documents in Vols. 86, 87, 88, and 89 of “The Archives of the History of Thai Codification”.
- For the details, please, refer to the "Introductory Notes" to the "Reconstructed Book III on Specific Contracts".
TITLE XX. Insurance.
Chapter III. Insurance on Life.
Section 1014.
- <
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.> - [In a contract of insurance on life, the payment of the sum of money is dependent upon the life or death of a person.]
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Section 1015.
- The sum payable may be a lump sum or an annuity[, as may be agreed between the parties].
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Section 1016.
- If the <
insurer>[assured] 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>[unless he has delivered the policy to the beneficiary and the beneficiary has notified in writing the insurer his intention to take the benefit of the contract]. - <
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 1017.
- <
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.> - <
But the underwriter must>[In case of cancellation of the contract under Section 988, the insurer has to] return to the insurer or to his heirs the redemption value of the policy.
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Section 1018.
- [I] 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>[in consequence of which a lower premium has been fixed, the sum to be paid by the insurer shall be reduced in the same proportion]. - [II] [However the contract is voidable if it is proved by the insurer that the real age at the time when the contract was made, was out of the age-limit according to his business-practice.]
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Section 1019.
- The <
insurer>[assured] 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>[insurer] the surrender value of the policy or a paid up policy.
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Section 1020.
- [I] Whenever the sum is to be paid on the death of a person, the <
underwriter>[insurer] 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>[insurer] is bound to pay the <insurer>[assured] or to his heirs the redemption value of the policy.
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Section 1021.
- If the death is caused by the fault of a third person, the <
underwriter>[insurer] 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 1022.
- [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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