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.
This article was rewritten in August 2026 from Articles 658, 662 and 663 of the Commercial Act, Article 91 of the National Health Insurance Act and Article 115 of the National Pension Act, read directly on Korea’s National Law Information Center.
Four lines — (1) an insurance claim runs for three years (Commercial Act art. 662); (2) ⭐⭐ that period cannot be shortened by the policy terms (same Act art. 663); (3) the insurer must pay within 10 days of fixing the amount (art. 658); (4) ⚠ the insurer’s own right to collect a premium runs only two years — shorter than yours.
⭐⭐ Three clocks in a single provision
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. We could not verify the starting point this time, so we do not assert “from the date the event occurred.”
⭐⭐⭐ And that three years cannot be shortened by the terms
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 you 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.
⚠ Periods differ across schemes
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 — the general Civil Act rules appear to apply, but we did not open them. The full comparison is in our unclaimed government money guide.
⭐ The order to 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 but not the starting point. “From the date the event giving rise to payment occurred” is the usual explanation, but it does not come from this provision and we could not verify another basis. So we do not assert it — 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 the general rules on interruption and suspension sit in the Civil Act, which we did not open. We do not assert an answer — 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?
⚠ We did not open the provisions on claims by heirs. Article 662 speaks only of “a claim for insurance money” without addressing succession. 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>).
What we could not confirm
- ⚠⚠ When the three years begin. Article 662 fixes only the length. We do not assert “from the date of the event.”
- ⚠⚠ The general rules on interruption and suspension. The Civil Act was not opened.
- ⚠ Which specific policy clauses count as unfavourable modification. Not decided by the text; case law not checked.
- ⚠ Procedure and documents for a claim by an heir. Article 662 does not address succession.
- ⚠ Which contracts the search service captures. Operational, not statutory.
- The total size of unclaimed insurance money. Statistical; not verified, so no figure is given.
- The content of Article 657 (duty to notify). Referenced by Article 658 but not opened separately.
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.
