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you are here: > Korean Civil Code
> Article 221
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7. Obligation
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| 7.4 Standards of financial products | ||
| Article 221-Annuity | ||
| 221.1 | Annuity | |
A contract for the constitution of an annuity is a contract by which a person, the debtor, undertakes, gratuitously or in exchange for the alienation of capital for their benefit, to make periodical payments to another person, the annuitant, for a certain time. |
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| 221.2 | Standards of structure and information | |
| The standard structure of an annuity shall be as follows: | ||
| (i) All the key and pertinent information that is unique to the contracts is provided in form design including signature and approval at the front; | ||
| (ii) Any modified clauses, new clauses (including new technical word definitions), list of deleted clauses and/or other special considerations that are different from the standard form of general contract immediately after the summary of key information; | ||
| (iii) The standard clauses (including definitions) of the primary form as the last attachment with any deleted clauses crossed out using a clear "x" through the body of the clause . | ||
| This structure shall allow the easiest method of contract interpretation, validation that it complies to the primary form and conversion to an electronic record. | ||
| 221.3 | General application of annuity | |
| The following are the general application and requirements of an annuity: | ||
| (i) only persons over the age of 55 may have an annuity; | ||
| (ii) a person over the age of 65 may have more than one annuity; | ||
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