Article 934. The contract of personal insurance.
1. Under a personal insurance contract, one party (the insurer) undertakes to pay a contractual payment (insurance premium) paid by another party (the insured) to pay a lump sum or pay a periodically determined amount (insurance sum) in the event of damage to the life or health of the policyholder or another citizen (insured person) named in the contract, attaining a certain age or the onset of another event (insured event) in his life. The right to receive the insurance amount belongs to the person in whose favor the contract is concluded. 2. A personal insurance contract shall be deemed concluded for the benefit of the insured person, unless another person is named as the beneficiary in the contract. In the event of the death of a person insured under a contract in which no other beneficiary is named, the heirs of the insured person are recognized as beneficiaries. A contract of personal insurance in favor of a person who is not an insured person, including in favor of a policyholder who is not an insured person, can be concluded only with the written consent of the insured person. In the absence of such consent, the contract may be invalidated at the suit of the insured person, and in the event of the death of that person at the suit of his heirs.
References to other articles of chapter 48. Insurance: