Reported 9 months ago
Starting on July 1, the Full Payment Insurance will adopt the Actual Payment policy instead of the Previous Payment policy. Modifications to the policy terms and accompanying documents will come into effect on October 1. The Financial Supervisory Commission announced that from July, new Full Payment medical and injury insurances purchased by the public will only allow Actual Payment for claims. While most current Full Payment life insurances already use the Actual Payment method, there will be a transition period for adjustments to terms and conditions before the full implementation in October. Two major types of insurances, medical and injury medical insurances, need to be reformed in July, with most companies having already shifted to Actual Payment, affecting only a few policies. There are still a couple of life insurance companies accepting Previous Payment for certain Full Payment medical insurances, but these policies will all switch to Actual Payment in July. Several insurance companies have already communicated the cessation of sales for policies with Previous Payment components by June 30 and will introduce new Actual Payment policies from July onwards.
Source: YAHOO