Dispute Over Late Premium Payments And Insurance Contract Validity

Late-Premium-Payments-and-Insurance-Contract-ValidityDownload

Case Name: Dispute between Insured Party and Insurer over Late Premium Payments and Insurance Contract Validity

Resouce: https://www.viac.vn/thu-tuc-trong-tai/114-%7C-hop-dong-bao-hiem-khong-cham-dut-khi-cham-thanh-toan-phi-a257.html

Facts:
The insurance contract stipulated that the premium would be paid in three installments. The insured party was late in making payments for all three installments. When an insured event occurred, the insurer refused to pay the claim, arguing that the insurance contract had been terminated due to the late payments. The Arbitration Council, however, ruled in favor of the insured party.