Research On Surrendering "Other Life Insurance Contract"

This Article is made up of four chapters, concerning about the relevant legal issues of surrendering an"Other Life Insurance Contract". Applying the methodology of Theoretical Analysis, Comparison Analysis and Case Analysis to probe into the legal issues of missing the concept of"Other Life Insurance Contract", the particularity of surrendering an"Other Life Insurance Contract", who has the right to end an"Other Life Insurance Contract", who should the insurer give cash surrender value back to, and etc. Then try to discuss that Insurance Law should choose which legislation example to regulate"Other Life Insurance Contract"in China.The First Chapter talks about some basic theories. Firstly, on the basis of the characteristic of"Contract for the Third Party", this article discusses the classification of"Other Life Insurance Contract"and figures out that: 1) both of the concepts of"Life Insurance Contract for the Third Party"and"Life Insurance Contract for the Benefits of a Third Party"mean the life insurance contract of which the applicant and the beneficiary are not the same person; 2) introducing the concept of"Other Life Insurance Contract"to define the life insurance contract of which the applicant and the insured are not the same person. Secondly, the existing Insurance Law of PRC does not distinguish"Other Life Insurance Contract"and"Self Life Insurance Contract", and the legal reasons to surrender an insurance contract are set down just for an applicant. This legislation example is not fair and can not well protect the rights and benefits of an insured.The Second Chapter discusses the ownership of the rights to surrender an"Other Life Insurance Contract". It is without any doubt that an applicant of an"Other Life Insurance Contract"has the right to end the contract. If an applicant wants to end an"Other Life Insurance Contract", a notice should be issued to the insured, and the insured shall have the prior right to continue the contract. An insured can cancel the consent he or she made when entering into a life insurance contract. If an insured cancels such consent, the contract will be ended. This article tries to puts forward some more reasonable proposals to legislation of insurance law.The Third Chapter discusses about the ownership of cash surrender value. Cash surrender value equals premiums and the increased value, deducting the cost of insurance and surrendering fee. To decide the ownership of cash surrender value, this article suggests to refer to legislation examples of other countries and to introduce"Policy Owner"to be the owner of cash surrender value into the existing insurance law. An applicant is not always a"Policy Owner". A"Policy Owner"should be designated by the applicant and the insured.The Fourth Chapter further discusses that regulating"Other Life Insurance Contract"should priorly consider to protect the rights and benefits of an insured. To regulate an insurance contract should set up a standard, especially an"Other Life Insurance Contract". Because of the law transplant, the existing system of rights and obligations among applicant, insured and beneficiary is really a mess. Therefore, as the important position of an insured in an"Other Life Insurance Contract"and the prior protection of the rights and benefits of an insured, this Article should set up the"Insured Standard".