Simple Life Insurance Act Article 17

Unless otherwise specified, the applicant may, when executing the insurance contract, prior to maturity of the insurance contract or prior to occurrence of event insured against, designate or change the beneficiary. However, in the case that the applicant and the insured are not the same person, consent in writing from the insured must be first obtained.In the event that a beneficiary has not been specified, where the settlement of a claim is based on the death of the insured, the benefit payable shall be deemed as part of the insured’s inheritance; where the settlement of a claim is not based on the death of the insured, the insured shall be the beneficiary. In the event that the insured dies before the benefit is paid, the policy’s endowment or the policy value reserve shall be deemed as belonging to the insured’s inheritance.