Quoted
Article 567.- Insurance contracts
An insurance contract is an agreement between parties, whereby the insurance buyer must pay the insurance premium and the insurer must pay a sum of insurance indemnity to the insured upon the occurence of an insured event.
Article 568.- Types of insurance contract
The insurance contracts include contracts for human insurance, contracts for property insurance and contracts for civil liability insurance.
Article 569.- Objects of insurance
Objects of insurance include humans, property, civil liability and others as specified by law.
Article 570.- Forms of insurance contract
Insurance contracts must be made in writing. The written insurance requests signed by insurance buyers constitute inseparable parts of insurance contracts. The insurance certificates or applications shall be the evidence of the entry into insurance contracts.
Article 571.- Insured events
An insured event is an objective event agreed upon by the parties or specified by law, upon the occurrence of which the insurer must pay an insurance indemnity to the insured, except for the cases specified in Clause 2, Article 346 of this Code.
Article 572.- Insurance premium
1. The insurance premium is a sum of money paid by the insurance buyer to the insurer.
The time limit for payment of insurance premium shall be agreed upon or prescribed by law. The insurance premium may be paid in lump sum or periodically.
2. In cases where the insurance buyer delays in periodic payment of insurance premium, the insurer may set a time limit for the insurance buyer to pay such premium; if upon the expiration of such time limit the insurance buyer still fails to pay the insurance premium, the contract shall terminate.