The Exception of Non-Payment of Compensation under Life-Insurance

Abstract

       At the present time, life- insurance business increases dramatically. There were roughly 19 millions of life insurance policies in 2014 since there were varieties of channels to communicate with a broker, a banker and people in general. An example of accessible venues includes doing transaction via post or TV. This leads to several advantages namely the enhancement of stability of life. However, an office of Insurance Commission which is the organization to control the business of life insurance in Thailand receives many complaints regarding a non-payment of compensation under the insurance policies’ terms to the insured or the beneficiary. The affected parties mention that the insurers always take advantage of the gap of laws or favorable facts to abuse the terms of insurance policies. This causes a tremendous negative impact on a life-insurance business as a whole. This article aims at analysizing the law exceptions for non-payment of compensation under life insurance policy. I hope that this paper will be useful for a reader as it provides some background knowledge before making a decision to sign a life-insurance contract.