Research On Reinstatement Provision Of Life Insurance Contract

Reinstatement provision is the remedial measure for the termination of insurance contract caused by the situation that the insurance applicant does not pay the premium on schedule. The termination of contract due to the applicants’ temporary financial difficulties can be avoided thereby, as well as the troubles of concluding contract again. Although Chinese Insurance Law clearly stipulates reinstatement provision in Article 37, it’s too simple to operate. Therefore, This article is trying to discuss the reinstatement provision by the means of explanation of the law items, comparison, and the historic research method. This article mainly researches on five parts: the theoretical basis of the reinstatement of life insurance contract, the application conditions of the reinstatement of life insurance contract, the application procedures of the reinstatement of life insurance contract, the legal effects of the reinstatement of life insurance contract, and the conclusion.The first part of this article is the theoretical basis of the reinstatement of life insurance contract, which defines the relevant concepts in this article and their application of sphere in life insurance contract, and clarifies the Legislation value of reinstatement provision.The second part is one emphasis, discussing the application conditions of the reinstatement of life insurance contract in three dimensions: the exist status of insurance contract, the health conditions of the insured, and the payments of premium in arrears.The third part is about the application procedures of the reinstatement of life insurance contract, which is the other emphasis. This part regards the process of reinstatement application as main line, discussing the subject of reinstatement application, the applicant’s obligation of disclosure, the insurer’s right of consent, and the date of reinstatement.The forth part explains the legal effect of the reinstatement of life insurance contract. It discusses firstly the consequences of success and failure of reinstatement, and then the extension effects of the successful reinstatement, mainly the impact on the suicide clause and incontestable clause.The last part summarizes the main content of the first four parts, and puts forward some suggestions for the completion of the law-making on reinstatement provision of the life insurance contract in China.