Reflections On The System Of Personal Insurance Interests In China

According to the existing Insurance Law, the person who holds the insurable interest cannot be insured by the insurance contract. That is, the persons who may suffer an economic or mental loss on account of the casualties of others, cannot shifting the relevant risk through the insurance contract. The status quo not only brings about theoretical query of the value of insurance institution, but also cannot meet the diversified needs of insurance consumers in practice.China’s insurable interest institution of life and health transplants from the common law counties, but there’s great difference in the definition of the insured, the ensured subject of contract, and the assignment of beneficiary under the sight of comparison, which is somewhat relevant to the comprehending deviation of law transplantation. What’s more, the current insurance legal system defines the insurance subject as the physical object, like asset and human body. Therefore, corresponding institutions center on preserving the rights and interests of the life insured, and the insurable interest holder is overlooked to some extent.Based on the legal principals, referenced to the experience of other countries, according to the requirement of practice, it’s necessary to reconstruct the institution of life and health insurable interest in China. In this regard, the insurable interest holder should be defined as the insured, whom is the ensured subject of insurance contract. The person whose life covered by the contract could be called the CQV, in order to distinguish the insured. In regard to the time requirement of life insurable interest, it is essential to make a distinction in line with the species of life insurance contract. In addition, relevant institutions, like the assignment of beneficiary and the rescission right of contract of policy-holder, should ameliorate correspondingly.