The Balanced Protection of Creditors and Beneficiaries in the Insolvency of Life Insurance Policyholders
Studies on the enforcement of policy cash value provide a basis for analyzing whether the policy cash value consti-tutes the bankruptcy estate of the policyholder.A few opinions in the judicial practice which advocate that the cash value of the policy is attributed to the insurer are not persuasive;the court's interpretation of the policyholder's exercise of the right to rescind as a condition attached to the insurer's payment of the cash value of the policy is not reasonable.However,if the policy-holder waives the right of disposition to change the beneficiary,the cash value of the policy belongs to the beneficiary.The prop-erty contract nature of the life insurance contract does not prevent it from being classified as part of the bankruptcy estate due to the limitation of personal exclusivity.After the policyholder is declared bankrupt,the insolvency administrator may exercise the right of discharge of the insurance contract to include the cash value of the policy in the insolvency estate.The Chinese fea-ture of the right of intervention system aiming at balanced protection of the interests of the beneficiaries is that it is based on the third party performance system of the Civil Code.The right of intervention system,which aims at balanced protection of the interests of beneficiaries,is characterized by the third-party performance system of the Civil Code,and on the basis of practical experience,it is still necessary to draw on the provisions of the German law in respect of the subject of the right of intervention and the period of intervention.
cash value of insurance policyinsolvency estateinsolvency administratorright to terminate insurance contractbeneficiary's intervention right
万方数据
维普
