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| TITLE | Supreme Court Decision 2011Da101520 Decided November 14, 2013【Confirmation of the Non-existence of Insured Person Status】 [full Text] |
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| Summary | |
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[1] In a case where, after a policyholder, with the insured’s written consent, entered into an insurance contract of which the covered accident was another person’s death, a there was a significant change in the underlying circumstances on which the insured’s consent was based, whether the insured may withdraw the agreement (affirmative); and the standard for determining whether there is a significant change in the underlying circumstances on which the insured consent was based [2] In a case where Gap corporation entered into insurance contracts with Eul, et al., its officers and staff, as the insured in anticipation of having to raise funds for future compensations, etc., to the prospective bereaved families in case Eul, et al., suffer the covered accident during their employment with Gap, a case upholding the judgment below holding that Eul, et al.’s retirement from Gap corporation constituted a significant change in the underlying circumstances as the premise of the insurance contract |
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