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 Mandatory
Option Coverage Benefit Discription Coverage Option Notes

Comulsory
Auto
Liability
Insurance
(CALI)

Compulsory
Insurance
Compensation will be made within the
limits of the provisions of Auto Damage
Indemnification Act if the insured makes
other person(s) die due to a covered
accident.
BI 100MIL/20MIL/100MIL Mandatory coverage
under Automobile
Compulsory Liability
Act.
PD $ 20,000 Mandatory Up to
10 million won under
Automobile Compulsory
Liability Act.

Voluntary
Insurance
(VOL)

Bodily Injury
Liability
If the insured makes other person(s) die
or injured due to a covered accident,
compensation will be made for any loss
exceeding the amount covered by Bodily
Injury Liability I.
$ 300,000 Recommend Unlimited
Option
Unlimited
Property
Damage
Liability
If the insured makes other person's
property disappear or damaged,
compensation will be made.
$ 50,000 Recommend at least
$50,000 Option
$ 100,000
Own Bodily
Injury
If the insured dies or gets injured due to
a covered accident caused by his/her
own vehicle, compensation will be made
15MIL/15MIL/15MIL Recommend at least
30MIL Option
30MIL/15MIL/30MIL
50MIL/15MIL/50MIL
100MIL/15MIL/100MIL
Comprehensive If the insured's automobile is damaged
due to fire, theft, earthquake, flood or
vandalism, compensation will be made
Vehicle Value Compensation will be
made within the limits of
the actual value of the
vehicle.
Collision If the insured's automobile is damaged
due to a collision accident caused by
his/her own vehicle, compensation will be
made.
Vehicle Value Compensation will be
made within the limits of
the actual value of the
vehicle
Uninsured
Automobile
If the insured dies or gets injured by other
person's uninsured vehicle, compensation
will be made.
200MIL  
Emergency
Service
If, while the insured owns, uses, and
manages his/her insured vehicle,
emergency service is necessary, the
service will be provided.
Towing 10 Kilo Meter /
Gas Suppy/ Battery /
Tier replacement/
Unlocking
The number of times
using this service during
the term of insurance will
be limited depending on
products.

Note on Payment of Compensation (applicable to Foreign Auto)
 
In the event that the insured lets other person drive on behalf of him/her, during which an auto accident occurs, the owner
of the vehicle that may cause the accident may have a claim liability. In such case, a compensation for Bodily Injury Liability
I will be paid from the vehicle owner’s auto insurance. However, it may give an impact on additional premium.
In the coverage of Damage to the Insured’s Own Vehicle, the deductible means the amount of money listed on the policy
which is excluded from the amount of a claim paid by the insurer in the case except that the insured vehicle is broken in
its entirety. However, in the case that total loss occurs or the amount of money to be paid by the insurer exceeds the insured
value, such deductible does not apply.
In the event that a covered accident arises and the coverage of Damage to the Insured’ Own Vehicle is involved, for a loss
that may be caused if the driver drives the insured vehicle without license or drunken, no compensation will be paid
In the event that WE (insurer) is to pay for a loss that may be caused by a covered accident while the insured drives drunken
or without license, the deductible will be 2 million won against Bodily Injury Liability I and/or II, and 500,000 won for Property
Damage Liability, per accident in the case of driving drunken, and 2 million won against Bodily Injury Liability I and 500,000
won Property Damage Liability per accident in the case of driving without license.
IThe term of insurance of auto insurance (coverage under this Policy) will begin on the effective date of this Policy, at 24:00
and end on the date when this Policy terminates, at 24:00. However, in the case of an automobile that is insured for the first
time and a mandatory coverage, coverage under this Policy will begin when WE receive the appropriate insurance premium
and end on the date when this Policy terminates, at 24:00.
YOU may cancel this Policy at your option. However, for insurance contract related to mandatory coverage
(Bodily Injury Liability I and II and Property Damage Liability), it is possible to cancel the relative kinds of coverage
restrictively only when YOU transfer YOUR automobile to other person or cancel the registration of YOUR automobile, or
when YOU want to cancel the double insurance contract. Please see the relative Clauses for more details.
In the event that YOUR auto insurance is terminated due to a cause not attributable to YOU or the insured, WE will refund the
premium calculated in a lump sum for the period of time that has not elapsed and if YOUR auto insurance is terminated due
to a cause attributable to YOU or the insured (you have bought OUR auto insurance in double in addition to other insurer’s
auto insurance or other reasons), WE will refund the premium paid less the premium calculated at the short-term rate
prescribed on the Auto Insurance Premium Rate Table for the period of time that has already elapsed. - However, in the
event that a covered auto insurance occurs before the termination of this Policy, WE will not refund the premium to YOU.
Please be careful that YOU will not have disadvantage such as a fine for default due to unintentional uninsured automobile
by notifying US of any change of YOUR address without delay as the advance notice on the expiry of YOUR auto insurance
and an advice notice are sent to the address on YOUR application form.
YOU are to pay additional insurance premium depending on the details of the accident if YOU are involved in an auto accident
For other cases of What Causes of Loss Are Not Covered, please see the appropriate Clauses
 


Rights and Duties of the Policy holder
1. Withdrawal of Insurance Application
You (policyholder) may withdraw your application on the date of the application or within 15 days from the date of payment of the first premium. In such case, we (insurer) will immediately refund the received premium to you. If you want to withdraw your application, you may withdraw it by filling out in the space of “Withdrawal of Application” on the insurance application and then personally submitting it to our branch nearby or mailing it to us. You can report the withdrawal on. After your application for such withdrawal is accepted by us, we will not pay for any loss or damage caused by an accident.
 
2. Cancellation of Contract
You (policyholder) may cancel this policy within one(1) month from the date of the application if we (insurer) did not give you the duplicate of the clauses and application or brief you on the important part of the clauses or you did not affix your signature in your own handwriting (including voice recording or electronic signing) when you made an insurance contract. In such case, we will refund the received premium plus a certain interest to you.
 
3. Duty of Declaration Before Contract
You (policyholder), the insured or their representative must report to us (insurer) only facts for the questions on your application form when an insurance contract is made and then affix your signature in your own handwriting (including voice recording or electronic signing). If you have reported to us any untrue facts with regard to the important items intentionally or by gross mistake, we may cancel the contract in a way separately provided or may not give you any compensation if you suffer a loss or damage caused by an accident.
 
4. Duty of Declaration After Contract
After an insurance contract is made, you (policyholder) or the insured must notify us in writing without delay in case you transfer the covered object(s) to other person or risk increases (ex: you change the structure of the building or remodel or extend it or repair it for 15 days or longer or leave it vacant or suspend your business for 30 days or longer). In addition, if the insured changes his/her occupation or job duties (including the case that the driver of a private car changes to the driver of an automobile for business, etc.) or the insured personally uses a two-wheeler or motorbike, he/she must notify us of such fact without delay. If not, we may not give you any compensation or we may limit the payment of compensation even if you suffer a loss or damage caused by an accident.
 
5. Notice of Change of Address
All of the notices from us will be sent to the address you (policyholder) notified us last and it is considered that such notice sent arrives at such address if the days generally required for a post mail to arrive at a destination have passed.
 
6. Notice of Loss or Damage
You (policyholder), the insured or beneficiary must notify us (insurer) without delay of a covered accident as soon as he/she knows about the occurrence of such accident. If your negligence in notifying has increased the loss or damage caused by such accident, we (insurer) will not pay for such the increased loss or damage.


Special Notes In Connection With the Insurance Contract and Other Matters
You Must Know


 
The premium the policyholder paid to the insurance company is composed of claim money in case of insurance accident and business expense for insurance company
When an insurance contract is made, the clauses of the appropriate insurance are to be given to you and you are to be briefed on the important details of the insurance. If such clauses have not been given to you and you have not been briefed on such important details, you may cancel the insurance contract within one month from the date of the contract. In addition, a copy of the application is to be given to you. When an insurance contract is made, please be sure to receive such copy and keep it.
When you sign up an insurance contract for other person (if the policyholder is different from the insured), the insured must affix his/her signature in his/her own handwriting in the space of the insured’s consent on the insurance application.
We (insurer) will not use the information acquired in connection with this contract for other purpose than what the policyholder has consented on.
Deposit Insurance Guarantee -If you or the payer of your policy is an individual This product is protected by the Korea Deposit Insurance Corporation (KDIC) under the Depositor Protection Act. KDIC guarantees the payment of the cancel refund (or maturity value or loss compensation) plus other amounts payable up to W50 million per person for all the eligible products of yours marketed by the Company. Any amount in excess of W50 million, however, is not protected. -If you or the payer of your policy is a Corpoate or legal body or an organization defined by Article 3-1 Organization (Central, Provincial Government. etc) This product is not protected by the Korean Deposit Insurance Corporation under the Depositor Protection Act
For any questions in connection with this Policy, you may make contact with the appropriate insurance planner (Tel. No. : telephone number of sales agent office) or our company (02-2260-6800) and for any dispute, you may call Financial Supervisory Service (at 1332 without area number) or Consumer Protection Board (02-3460-3000) for help.
If you do not exercise your claim for insurance money or premium or refund for 2 years, its extinctive prescription will be completed.
 




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T_ 1800-2886   l   F_ 02-6442-0200   l   E_ auto@davidautoinsurance.com
202,Sejong Building, Sang-dong 619-7 Susung-gu, Daegu, Korea
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