*Things to note
01. Travel Insurance Contract Review and Important Notices
‧ When applying for an insurance contract, please make sure to check the insurance product name, insurance period, premium, premium payment period, and the policyholder.
‧ The insurance policyholder has the right to receive a thorough explanation of the product, and it is recommended to read the product description and terms and conditions carefully before signing the contract, making sure to understand the explanations provided.
‧ Applications may be rejected if the insured policyholder is diagnosed with a pre-existing disease or is engaged in certain high-risk occupations, due to limitations on eligibility based on occupation, job duties, and other factors.
02. The Importance of a Handwritten Signature on the Application Form
‧ If the insurance policyholder and the insured person do not provide a handwritten signature, they may not receive coverage.
‧ However, a handwritten signature can be omitted if certain conditions are met when applying by phone, and electronic signatures can be used as a substitute when applying through an online platform.
03. Right to Cancel the Application
According to Article 46 of the Financial Consumer Protection Act, Article 37 of the Enforcement Decree, and Articlee 30 of the Supervisory Regulations, a general financial consumer who is an insurance policyholder may cancel the application within 15 days from the date of receiving the insurance policy. In this case, the paid insurance premium will be refunded within 3 business days from the date of cancelation. However, diagnostic contracts, contracts with an insurance period of 90 days or less, or contracts made by professional insurance policyholders cannot be canceled.
04. Obligations and Consequences of Violations of Terms & Conditions Before and After the Contract
‧ Obligations to be aware of before signing the contract
- The insurance policyholder and the insured person must provide truthful answers to the questions on the application form and sign it by hand (or with electronic signatures).
- If the information provided on the application form is not truthful, the payment of insurance benefits may be denied, and the contract may be terminated.
‧ Obligations to be aware of after signing the contract
- The insurance policyholder and the insured person must promptly inform the company and have their insurance policy confirmed if any post-contract obligation arises, as stated in the insurance contract. Failure to do so may result in the denial of insurance benefits and termination of the contract.
‧ Invalidity of insurance contract
The contract will be considered void and the paid insurance premium will be refunded if any of the following conditions apply:
- In a contract that covers the death of another person as the basis for payment, if the insured person's written consent (including electronic documents with a reliable electronic signature according to the Electronic Signature Act and the Commercial Code Enforcement Decree) was not obtained by the time the contract was signed (however, this does not apply to group insurance contracts that cover all or part of the group members as insured persons according to their regulations).
- If the insured person is under 15 years old or has any serious mental or emotional disabilities (however, this does not apply if a person with emotional disabilities has the capacity to sign the contract or becomes an insured person within group insurance according to the group's regulations).
- If the insured person's age at the time of signing the contract is below or above the age specified in the contract.
- If an accident has already occurred to the subject of the insurance when entering a contract that covers property damage as an insured accident.
05. Guaranteed Insurance Quality System
‧ If you did not receive the policy terms and the policyholder's copy of the application form when signing the insurance contract, important contents of the terms were not explained, or if you did not sign the application form (including electronic signatures according to Article 2, Paragraph 2 of the Electronic Signature Act), you may cancel the contract within 3 months from the date of when the contract was established. In this case, the company will refund the premiums already paid by the policyholder, and for the period during which the premiums were received, the company will also pay an additional amount calculated at the insurance contract loan interest rate announced by the Korean Insurance Development Institute, compounded annually.
‧ When the policyholder or their representative receives the terms and conditions and copy of the application form, it is considered that the documents have been provided.
‧ In the case of telemarketing contracts, the company provides the terms and conditions that only include the special agreements the policyholder has joined, and with the policyholder's consent, the company can explain the important contents of the terms and conditions using one of the following methods:
1) If the policyholder reads or downloads the terms and conditions (a document explaining the importance of the terms and conditions) on the internet homepage, it is considered that the conditions and terms have been provided and the important content has been explained.
2) If the policyholder uses the phone to ask questions or explain the necessary matters to sign the contract, such as application content, premium payment, insurance period, pre-contract obligations, and terms and conditions, it is considered that the terms and conditions have been explained through the audio recording of the policyholder's answers and confirmation.
06. In the Case That the Surrender Value is Less Than the Paid Premium
‧ Unlike bank savings, insurance is a system that includes risk coverage. Some of the premiums paid by the policyholder are paid as insurance money to other subscribers who have suffered accidents, and some are used as expenses for the operation of the insurance company. Therefore, the surrender value paid upon early termination of the contract may be less than the paid premium or nonexistent.
07. Insurance Payment Procedure
‧ When the insurance claim documents are received, a receipt is provided, and the receipt will also be sent via text message or email.
‧ If it is clearly expected that the period required for the company to investigate and verify the cause of the insurance payment will exceed the payment due date specified in Section 1, the company will immediately notify the insured individual or the beneficiary about the specific reason, the expected payment date, and the provisional payment system.
‧ In cases where additional investigation is carried out, the company will pay 50% of the estimated insurance amount as provisional insurance payment upon the claim of the insured individual or the beneficiary.
‧ If the company does not pay the insurance money within the payment due date specified in the regulations, the company will pay the insurance money plus an additional amount. This amount is calculated at the compound interest rate per annum based on the 'interest rate applicable when paying the insurance money' for the period from the next day until the payment date. However, if the payment is delayed due to the responsible reasons of the policyholder, the insured, or the beneficiary, the payment shall not be made by adding interest for the period.
08. Insurance Payment Restrictions
‧The company's coverage begins when the application is accepted and the first insurance premium is received.
‧If another contract covering the same risk as this contract is signed, proportional compensation may be applied according to the relevant insurance terms.
09. Payment Guarantee Under the Depositor Protection Act
This insurance policy is protected by the Korea Deposit Insurance Corporation (KDIC) under the Depositor Protection Act. The protection limit is up to 50 million KRW per person, which includes the total amount of the surrender value, maturity insurance payment, or accident insurance payment of all financial products subject to deposit protection in the insurance company. Any amount exceeding 50 million KRW is not protected. (However, if the policyholder or premium payer is a corporation, it is not protected.) Please note that the content may change depending on amendments to the Depositor Protection Act and related regulations. For more information, please refer to the Depositor Protection Guidebook or contact the Korea Deposit Insurance Corporation (1588-0037, www.kdic.or.kr).
10. Consultation and Insurance Dispute Resolution Guidance
If you have any inquiries or disputes related to the company's business processing, please contact our customer center. If you disagree with the handling results, you can file a complaint or apply for dispute resolution with the Financial Supervisory Service.
‧Lotte Insurance
① Internet: www.lotteins.co.kr
② Phone: 1588-3344 or 1600-3434
‧Financial Supervisory Service Financial Complaint Center
① Internet: www.fcsc.kr
② Landline: 1332 (without area code)
③ Mobile: (02) 1332
‧Consumer Counseling Center
① Internet: www.ccn.go.kr
② Phone: 1372 (without area code)
‧Insurance Solicitation Order Establishment and Reporting Center Guide
- Providing special benefits related to the conclusion of an insurance contract is punishable by the Insurance Business Act.
‧Insurance Solicitation Order Violation Reporting Center
① Internet: www.fss.or.kr
② Phone: 1332 (without area code)
‧Financial Supervisory Service Insurance Fraud Prevention Center Guide
‧Insurance fraud is punishable by up to 10 years of imprisonment or a fine of up to 20 million KRW under Article 347 (Fraud) of the Criminal Code. The same punishment applies if the insurance fraud is instigated.
‧Financial Supervisory Service Insurance Fraud Prevention Center
① Internet: insucop.fss.or.kr
② Phone: 1332 (without area code)
※ Please check the product description and terms and conditions before signing an insurance contract.
※ Lotte Insurance has a duty to provide a sufficient explanation of the product according to Article 19, Paragraph 1 of the Act on Financial Consumer Protection, and subscribers are advised to receive a sufficient explanation before subscribing.
※ This summary of key contents is a summary of the main content of the policy, and other detailed matters are subject to the relevant terms and conditions (general terms, special terms).
