If the aggregate insured amount of the overlapping insurance exceeds the insurable value, the total amount of indemnification shall not exceed the insurable value. Unless it is otherwise stipulated in the Contract, the liability of each Insurer shall be in proportion to that which insured amount by each Insurer bears to the aggregate insured amount by all Insurers.

"Overlapping insurance" means insurance under which the Applicant signs insurance contract with two or more Insurers for the same subject matter insured, the same insurable interest or the same insured event.

Article 41. Upon the occurrence of an insured event, the Insured shall be obligated to adopt all necessary measures to prevent or minimize losses.

After the occurrence of an insured event, the Insurer shall bear all necessary and reasonable expenses incurred to the Insured for preventing or minimizing losses to the subject matter insured; the amount of such expenses the Insurer bears shall be separately calculated in addition to the compensation for the subject matter insured and shall not exceed the insured amount.

Article 42. Upon the occurrence of partial loss to the subject matter insured, the Applicant may terminate the Contract within 30 days after the Insurer makes compensation. Unless the Contract provides otherwise, the Insurer may also terminate the contract. Where the Insurer terminates the Contract, he shall serve notice to the Applicant fifteen (15) days prior to such termination and refund to the Applicant the premium for the unharmed portion of the subject matter insured, less the portion of premium payable during the period from the commencement of insurance liability to the day the Contract is terminated.

Article 43. If the Insurer pays the full insured amount, after losses are incurred to the subject matter insured, and such is equivalent to the insurable value, the Insurer shall acquire the full right to the subject matter insured; in case of under-insurance, the insurer shall obtain partial right to the subject matter insured in the proportion that the insured amount bears to the insurable value.

Article 44. Where the occurrence of an insured event is caused by damages by a third party to the subject matter insured, the Insurer shall obtain from the Insured the right of subrogation to demand compensation from the third party within the extent of the Insurer's compensation amount, from the day such compensation is made to the Insured.

Where the Insured has already obtained compensation from the third party after the occurrence of an event described in the preceding paragraph, the Insurer may reduce the compensation in an amount equal to the amount of compensation received by the Insured from the third party.

The right of subrogation of the Insurer to request compensation from the third party shall not affect the right of the Insured to seek compensation from the third party for the uncompensated portion.

Article 45. Where the Insured waives his right of claim against the third party after the occurrence of an insured event but before the Insurer makes compensation, the Insurer shall not be liable for compensation.

Where the Insured waives his right of claim against the third party without the consent of the Insurer after the Insurer has made compensation to the Insured, such waiver shall be null and void.

Where the Insurer is unable to exercise the right of subrogation against the third party due to the fault of the Insured, the Insurer may make a corresponding reduction from the amount of compensation.

Article 46. Unless the occurrence of an insured event as described in the first paragraph of Article 44 hereof is intentionally provoked by the family members or other persons comprising such family of the Insured, the Insurer shall not exercise the right of subrogation for compensation against the family members or other persons comprising such family of the Insured.

Article 47. When Insurer exercises his right of subrogation against a third party, the Insured shall furnish the Insurer with necessary documents and relevant information that comes to his knowledge.

Article 48. The Insurer shall bear all necessary and reasonable expenses incurred by the Insurer and the Insured in investigating and ascertaining the nature and causes of the event and the extent of losses to the subject matter insured.

Article 49. With respect to damages caused by the Insured to a third party in case of a liability insurance, the Insurer may, in accordance with the law or stipulations of the Contract, make compensation directly to the third party.

Liability insurance means insurance under which the liability of the Insured to compensate a third party in accordance with the law is the subject matter insured.

Article 50. Where the Insured of liability insurance involves any arbitration or lawsuit due to the occurrence of an insured event which causes damages to a third party, the Insurer shall bear arbitration and litigation costs and other necessary and reasonable expenses paid by the Insured.

Section 3 Personal Insurance Contract

Article 51. A personal insurance contract is a contract in which human life and human body are made the subject matter insured.

Unless specifically stated otherwise, the life insurance contract is hereafter referred to as the "Contract" in this section.

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