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2008•Journal of Guangzhou UniversityRequires access

The Legal Effect of Premium on the Third Party

Cheng Fang

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Abstract

The payment of premium is inherently tender of a debt,which should be paid by the policy-holder.Yet,what is the legal effect when a third party pays the premium? Will the insurer be denied the usual rights and benefits? Our Insurance Law fails to offer a corresponding coverage,leading to much controversy in practice.The paper argues that the legal effect should differ according to whether the third party is an interested party or an arbitrary third-party and also according to the different attributes of property insurance and life insurance.

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What this paper is about

The payment of premium is inherently tender of a debt,which should be paid by the policy-holder.Yet,what is the legal effect when a third party pays the premium? Will the insurer be denied the usual rights and benefits? Our Insurance Law fails to offer a corresponding coverage,leading to much controversy in practice.The paper argues that the legal effect should differ according to whether the third party is an interested party or an arbitrary third-party and also according to the different attributes of property insurance and life insurance.

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Available abstract

The payment of premium is inherently tender of a debt,which should be paid by the policy-holder.Yet,what is the legal effect when a third party pays the premium? Will the insurer be denied the usual rights and benefits? Our Insurance Law fails to offer a corresponding coverage,leading to much controversy in practice.The paper argues that the legal effect should differ according to whether the third party is an interested party or an arbitrary third-party and also according to the different attributes of property insurance and life insurance.

Key concepts: Third party, Payment, Debt, Business, Insurance policy, Law and economics, Actuarial science, Liability insurance

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