Abstract
Viatical Settlement is part of newly introduced investment businessmodel that has started in US, it can be viewed as secondary market for Viaticalinsurance policies. This article examines the concept and features of "ViaticalSettlement" which derives from Anglo-American legal principles which allowtransfer of life insurance policies. The thesis reviews the institution``s feasibilityin Korea by taking Korea``s legal and social environment into its consideration. The thesis concludes that Viatical Settlement institution is not feasible, and itintroduces an alternative model. As far as the introduction of Viatical Settlementinto Korea is concerned, most have argued against it, but some have viewed itpositively. For instance, in 2009, a motion to introduce Viatical Settlementinstitution was tabled by members of the National Assembly and it even wentinto the deliberation process, though later on, was abrogated. The Korean Commercial Act does not provide for assignment, which isa form of comprehensive transfer of rights and obligations, but Article 731 Clause2 does provide for the limited assignment by the insurance beneficiary. Koreanlegal system requires consent of the insured in life insurance and it deniesinsurable interest in life insurance policies absolutely. Therefore, it can be said that Viatical Settlement institution is not fully accepted in Korea, due to its legalsystem.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
