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On the Establishment of the Irrevocable Beneficiary System
Pages: 38-42
Year: Issue:  5
Journal: Journal of Guangzhou Universty(Social Scinece Edition)

Keyword:  irrevocabilitybeneficiarieslimitation of rightsbelonging of the premium;
Abstract: In accordance with the Insurance Law of China,the insured has the absolute right to change the beneficiary.However,where the insured has a commitment to the beneficiary,such a change may impair the inter-ests of the primitive beneficiary.There are three remedies for the damages of this kind of benefits,ie liability of contractual breach assumed by the insured,obligation and responsibility of notification born by the insurer,and es-tablishment of the irrevocable beneficiary system.The third remedy is the most advantageous way.China should a-dopt the principle of“declaring to give up”and establish an irrevocable beneficiary system.The beneficial rights of the beneficiary will constitute limitation on the policy loan of the insured,on cancellation of the insurance contract, and on assignment of the insurance contract interests.
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