"Parents' Insurance Claims Also Handled Remotely" FSC Revises Standard Terms

From now on, insurance claims for family members such as parents can also be made remotely. In addition, if a worker dies after work hours for reasons unrelated to work, the beneficiary of the group death insurance will be the bereaved family, not the company.

According to the Financial Supervisory Service on the 30th, the standard insurance policy and standard business manual will be revised to allow electronic authentication methods to be added to the documents submitted for proxy insurance claims. When claiming insurance benefits on behalf of others, electronic authentication such as mobile phone verification can replace seal certificates and other documents.

The current standard policy requires children to submit their parents' seal certificate or a certificate of signature verification in writing when claiming insurance benefits on behalf of their parents. As a result, even if the insurance claim is made through the insurance company's application (app), there was inconvenience in having to visit the community service center or insurance company in person.

The standard policy revision will also improve the designation method of beneficiaries for group death insurance. When a company contracts group death insurance, the 'death benefit due to non-work-related reasons' will designate the worker as the beneficiary. This is because in group insurance contracts where the company is the beneficiary, disputes over insurance benefits often arise between the bereaved family and the company when a worker dies due to a non-work-related accident, as the company receives the full death benefit.

Furthermore, when an insurance policyholder changes to a high-risk occupation, the settlement amount for accident insurance reserve funds payable to the insurance company can be paid in installments. Previously, lump-sum payment was mandatory, but from now on, it can be paid in installments over the longer period between the 'remaining premium payment period' or '5 years.' In addition, when an insurance company terminates a contract due to violation of disclosure obligations (ex officio termination), a new method for calculating delayed interest on surrender refunds will be introduced, and clear explanations regarding the pre-contract disclosure period for insurance subscribers will be added.