There is often insurance money sitting in your name that nobody ever claimed — an old policy, a matured savings-type contract, something a late parent set up. Searching for it is the easy part. The real issue is the clock: Korea’s Commercial Act fixes the claim at three years, and separately forbids shortening that period by contract.
1. How long have I got. An insurance claim runs three years (Commercial Act art. 662). So does the right to a refund of premiums or reserves — while the insurer's own right to collect a premium runs only two. Your window is not longer; theirs is shorter.
2. Can the policy shorten it. No. Article 663 states that any variation contrary to these provisions to the disadvantage of the policyholder is without effect. “But the terms say two years” has no force of its own.
3. Once I claim, when does it arrive. The statute sets a deadline: the insurer must pay within 10 days of fixing the amount (art. 658). Start the search at Korea's “Find My Insurance” service.
How long do I actually have
Commercial Act, Article 662 (Extinctive Prescription) A claim for insurance money shall be extinguished by prescription if not exercised for three years, a claim for the refund of a premium or reserve, for three years, and a claim for a premium, for two years.
| Right | Whose | Period |
|---|---|---|
| Claim for insurance money | Policyholder / beneficiary | 3 years |
| Refund of a premium or reserve | Policyholder | 3 years |
| Claim for a premium | The insurer | 2 years |
The third line is the striking one — the insurer’s right to collect a premium runs two years, shorter than your three-year right to claim. One sentence sets three rights pointing in different directions and gives each its own period.
Note the separate “refund of a premium or reserve.” Maturity and surrender values on savings-type policies read as falling here — meaning money can be owed to you even with no claim event at all.
That said, the provision does not say when the three years start. This time we found the general rule in the Civil Act — see §starting point below.
What if the policy says less
Commercial Act, Article 663 (Prohibition on Unfavourable Modification) The provisions of this Part shall not be modified by special agreement between the parties to the disadvantage of the policyholder, the insured or the beneficiary. Provided, that this shall not apply to reinsurance, marine insurance and other similar insurance.
- This provision is what protects Article 662. The insurance Part cannot be varied by agreement to the policyholder’s disadvantage — which reads as meaning a clause saying “claims lapse in two years” cannot move it that way.
- The other direction is not blocked. Terms more generous than three years can stand.
- The proviso carves out reinsurance, marine insurance and similar lines. Ordinary personal policies read as outside that carve-out.
- Which specific clause counts as “unfavourable” is not something the provision decides. We did not check case law.
Once I claim, when does it arrive
Commercial Act, Article 658 (Payment of Insurance Money) An insurer shall pay the insurance money to the insured or the beneficiary within the agreed period, where one has been agreed, or, where none has been agreed, shall without delay determine the amount payable after receiving the notice under Article 657(1) and pay it within 10 days from the date so determined.
| Stage | What the provision fixes | Basis |
|---|---|---|
| 1. Notify the event | Article 658 uses “the notice under Article 657(1)” as its starting point | Commercial Act art. 658 |
| 2. Insurer determines the amount | Without delay after the notice | Same art. |
| 3. Payment | Within 10 days of the date determined | Same art. |
| If the terms set a period | That period governs | Same art. — subject to art. 663 |
The 10 days are not the whole timeline — they run from the date the amount is determined. The provision covers the earlier stage with “without delay determine.” How many days “without delay” means is not stated.
Starting point, interruption, inheritance — the Civil Act had the rest
The previous edition left three things open: when the three years start, how interruption and suspension work, and what happens to a deceased parent's policy. All three sit in the Civil Act, not the Commercial Act.
Starting point — “when the right can be exercised”
Civil Act art. 166 (commencement of prescription) (1) Prescription runs from the time the right can be exercised.
Art. 167 (retroactivity) Prescription takes effect retroactively from the day it began to run.
Commercial Act art. 662 fixing only the length is not an omission — the general Civil Act rule carries it. What the provisions do not settle is when that moment arrives in an insurance case. The usual phrase “from the date the event giving rise to payment occurred” looks like that general rule applied to insurance, but we did not open the case law this time either — so the article still does not assert it.
Interruption — three causes, and six months for a demand
Civil Act art. 168 (causes of interruption) Prescription is interrupted by: 1. a claim 2. seizure, provisional seizure or provisional disposition 3. acknowledgement.
Art. 174 (demand) A demand has no interrupting effect unless, within 6 months, it is followed by a court claim, participation in bankruptcy proceedings, a summons for settlement, voluntary appearance, seizure, provisional seizure or provisional disposition.
Art. 178(1) Where prescription is interrupted, the time elapsed is not counted, and it runs afresh from the end of the interrupting cause.
Article 174 is the most practical provision in this article. A phone call or a registered letter to the insurer reads as a “demand” within the “claim” of art. 168(1) — and on its own that buys six months. If nothing follows, the interruption is treated as never having happened.
“Suspension” is a separate story. Civil Act arts. 179 to 182 cover persons of limited capacity, marriage, inherited estates and natural disasters — we confirmed only that those provisions exist and did not carry their contents across.
Inheritance — the claim passes too
Civil Act art. 1005 (universal succession) An heir succeeds, from the commencement of inheritance, to the comprehensive rights and duties of the deceased in respect of property, except those exclusively personal to the deceased.
Commercial Act art. 662 saying nothing about succession has the same shape — the Civil Act moves property rights across wholesale. What it does not settle is how far “exclusively personal” reaches, or what happens where a separate beneficiary is named. The paperwork is still a question for the insurer.
How long do other schemes run
Unclaimed money does not run on one clock. Three years is not the universal answer.
| Kind of money | Period | Basis |
|---|---|---|
| Private insurance claim | 3 years | Commercial Act art. 662 |
| Health insurance overpayment / benefit | 3 years | NHI Act art. 91(1) |
| Pension benefit / overpayment refund | 5 years | National Pension Act art. 115(1) |
| Pension lump-sum refund | 10 years |
The interruption rules differ too. NHI Act Article 91(2) makes “a claim for benefits” an interrupting event, and National Pension Act Article 115(3) does the same for “a claim for payment or for the return of overpayments.” Commercial Act Article 662 says nothing about interruption — Civil Act arts. 168, 174 and 178 supply it instead (see §interruption above). The full comparison is in our unclaimed government money guide.
What order should I work through
- Search the joint unclaimed-policy service run by the life and general insurance associations. Its scope and process are operational rather than statutory, so this article does not describe its screens.
- If something turns up, claim immediately — because of the three years in Article 662.
- After you claim, Article 658’s timing applies — the agreed period if there is one, otherwise 10 days from the date the amount is determined.
- A text or call demanding a fee is not part of the official process. If identity misuse is a worry, see our identity theft check guide.
- Dormant bank assets work differently — see our deposit protection guide. Card points are in our card points guide.
Questions that keep splitting opinion
When do the three years start?
Article 662 fixes the length; the Civil Act fixes the start — art. 166(1): “prescription runs from the time the right can be exercised.” The usual “from the date the event occurred” looks like that general rule applied to insurance, but when exactly that moment falls is not in the text, and we did not open the case law. For an old policy, claim first and find out.
Is it really gone after three years?
The provision says the right “shall be extinguished by prescription.” But interruption comes first — Civil Act art. 168 gives three causes (a claim; seizure or provisional measures; acknowledgement), and art. 178(1) drops the elapsed time and starts the clock again. Watch art. 174: a bare demand (a letter or a claim form) needs court action within 6 months to have any interrupting effect. Which act falls where depends on the case, so for a large amount check with the insurer and the financial supervisor.
My policy terms state a shorter claim window
Article 663 says the Part may not be modified “to the disadvantage of the policyholder.” That reads as limiting terms that cut against you. The specific judgement lies outside the text, so get advice if it is contested.
What about a deceased parent’s policy?
Civil Act art. 1005 provides that “an heir succeeds, from the commencement of inheritance, to the comprehensive rights and duties of the deceased in respect of property” — Commercial Act art. 662 is silent on succession because the Civil Act already covers it. What it does not answer is the “exclusively personal” proviso or the case of a separately named beneficiary. Inheritance paperwork may be required, so ask the insurer first.
Does the search find everything?
The scope of the search service is not fixed by legislation. What the statutes support is the right and its period; which contracts are captured is something we could not confirm. If you have an old certificate or passbook, contact that insurer directly.
What matters with unclaimed insurance money is not the search screen but the three years. And the Commercial Act separately provides that those three years cannot be cut down by the policy terms.
Sources
- Ministry of Government Legislation, National Law Information Center — statutory text — Commercial Act, Article 662 (Extinctive Prescription). Source of three years for a claim, three for a premium or reserve refund, and two for a premium claim.
- Ministry of Government Legislation, National Law Information Center — statutory text — Same Act, Article 663 (Prohibition on Unfavourable Modification). Source of “shall not be modified … to the disadvantage of the policyholder” and the reinsurance and marine insurance proviso.
- Ministry of Government Legislation, National Law Information Center — statutory text — Same Act, Article 658 (Payment of Insurance Money). Source of “within the agreed period” and “within 10 days from the date so determined.”
- Ministry of Government Legislation, National Law Information Center — statutory text — National Health Insurance Act, Article 91 (Limitation Periods). Basis for the three years and the interruption by a benefit claim.
- Ministry of Government Legislation, National Law Information Center — statutory text — National Pension Act, Article 115 (Limitation Periods). Basis for five years for benefits and overpayments and ten for the lump-sum refund (<amended 26 May 2026>).
- National Law Information Center — statutory text — Civil Act arts. 166, 167, 168, 174 and 178. Source for “when the right can be exercised”, the three interrupting causes, the six months after a demand, and running afresh after interruption.
- National Law Information Center — statutory text — the same Act, art. 1005. Source for universal succession and the “exclusively personal” proviso.
Where to check further
- When “the right can be exercised” falls in an insurance case. The general rule is Civil Act art. 166(1), now confirmed — but whether it runs from the insured event or from knowledge of it belongs to the case law, which this article did not open. The Financial Supervisory Service's FINE portal (1332) and the Korea Legal Aid Corporation (132) advise free of charge.
- Whether insurers ever pay after the period lapses. The provision stops at “extinguished by completion of prescription” — actual practice has to be checked with the insurer's customer line and through an FSS complaint.
- Claiming on a deceased family member's policy, and the documents required. Outside the scope of these provisions — the FSS guide to “Find My Insurance” is the starting point (the lookup itself sits at cont.insure.or.kr), and the heirs' financial transaction lookup is on FINE, the FSS consumer portal. The FSS describes the service as “an integrated lookup system where you can check, 24 hours a day, every life and non-life policy you hold and any benefit still unclaimed” — note that it does not show cover details, and policies more than three years past maturity are excluded.
Written as of August 2026. All quotations are the statutory text as published by the National Law Information Center, and what we could not confirm is listed separately above. Three years goes faster than it sounds — if a policy comes to mind, search today, and if a dispute arises, contact the Financial Supervisory Service (1332) or the insurer. This article is general information, not legal advice.
