BIZCHINA / Finance
Insurance Law of the People's Republic of China
Updated: 2006-04-18 09:11
Article 40. The Applicant of overlapping insurance shall notify each
Insurer of the relevant information about such overlapping insurance.
If the aggregate insured amount of the overlapping insurance exceeds the
insurable value, the total amount of indemnification shall not exceed the
insurable value. Unless it is otherwise stipulated in the Contract, the
liability of each Insurer shall be in proportion to that which insured
amount by each Insurer bears to the aggregate insured amount by all
Insurers.
"Overlapping insurance" means insurance under which the Applicant signs
insurance contract with two or more Insurers for the same subject matter
insured, the same insurable interest or the same insured event.
Article 41. Upon the occurrence of an insured event, the Insured shall be
obligated to adopt all necessary measures to prevent or minimize losses.
After the occurrence of an insured event, the Insurer shall bear all
necessary and reasonable expenses incurred to the Insured for preventing
or minimizing losses to the subject matter insured; the amount of such
expenses the Insurer bears shall be separately calculated in addition to
the compensation for the subject matter insured and shall not exceed the
insured amount.
Article 42. Upon the occurrence of partial loss to the subject matter
insured, the Applicant may terminate the Contract within 30 days after
the Insurer makes compensation. Unless the Contract provides otherwise,
the Insurer may also terminate the contract. Where the Insurer terminates
the Contract, he shall serve notice to the Applicant fifteen (15) days
prior to such termination and refund to the Applicant the premium for the
unharmed portion of the subject matter insured, less the portion of
premium payable during the period from the commencement of insurance
liability to the day the Contract is terminated.
Article 43. If the Insurer pays the full insured amount, after losses are
incurred to the subject matter insured, and such is equivalent to the
insurable value, the Insurer shall acquire the full right to the subject
matter insured; in case of under-insurance, the insurer shall obtain
partial right to the subject matter insured in the proportion that the
insured amount bears to the insurable value.
Article 44. Where the occurrence of an insured event is caused by damages
by a third party to the subject matter insured, the Insurer shall obtain
from the Insured the right of subrogation to demand compensation from the
third party within the extent of the Insurer's compensation amount, from
the day such compensation is made to the Insured.
Where the Insured has already obtained compensation from the third party
after the occurrence of an event described in the preceding paragraph,
the Insurer may reduce the compensation in an amount equal to the amount
of compensation received by the Insured from the third party.
The right of subrogation of the Insurer to request compensation from the
third party shall not affect the right of the Insured to seek
compensation from the third party for the uncompensated portion.
Article 45. Where the Insured waives his right of claim against the third
party after the occurrence of an insured event but before the Insurer
makes compensation, the Insurer shall not be liable for compensation.
Where the Insured waives his right of claim against the third party
without the consent of the Insurer after the Insurer has made
compensation to the Insured, such waiver shall be null and void.
Where the Insurer is unable to exercise the right of subrogation against
the third party due to the fault of the Insured, the Insurer may make a
corresponding reduction from the amount of compensation.
Article 46. Unless the occurrence of an insured event as described in the
first paragraph of Article 44 hereof is intentionally provoked by the
family members or other persons comprising such family of the Insured,
the Insurer shall not exercise the right of subrogation for compensation
against the family members or other persons comprising such family of the
Insured.
Article 47. When Insurer exercises his right of subrogation against a
third party, the Insured shall furnish the Insurer with necessary
documents and relevant information that comes to his knowledge.
Article 48. The Insurer shall bear all necessary and reasonable expenses
incurred by the Insurer and the Insured in investigating and ascertaining
the nature and causes of the event and the extent of losses to the
subject matter insured.
Article 49. With respect to damages caused by the Insured to a third
party in case of a liability insurance, the Insurer may, in accordance
with the law or stipulations of the Contract, make compensation directly
to the third party.
Liability insurance means insurance under which the liability of the
Insured to compensate a third party in accordance with the law is the
subject matter insured.
Article 50. Where the Insured of liability insurance involves any
arbitration or lawsuit due to the occurrence of an insured event which
causes damages to a third party, the Insurer shall bear arbitration and
litigation costs and other necessary and reasonable expenses paid by the
Insured.
Section 3 Personal Insurance Contract
Article 51. A personal insurance contract is a contract in which human
life and human body are made the subject matter insured.
Unless specifically stated otherwise, the life insurance contract is
hereafter referred to as the "Contract" in this section.
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