1.(a)

Article 246(1)7 of the Civil Execution Act provides that "no claims shall be seized on the insurance proceeds (including refunds for termination or maturity) of a guaranteed insurance that a debtor receives due to life, injury, disease, accident, etc., and the scope of prohibition of seizure is prescribed by Presidential Decree in consideration of the expenses that are anticipated to be incurred in maintaining livelihood, providing medical treatment, and recovering from disability."

Article 6(1)3(a) of the Enforcement Decree of the Civil Execution Act provides that “A refund for cancellation arising from the creditor’s exercise of the debtor’s right to terminate an insurance contract, or the creditor’s exercise of the right to terminate a collection order or the right to terminate a guarantee insurance shall not be seized.”

As such, the Civil Execution Act sets the insurance claim of a guaranteed insurance as a claim for prohibition of seizure is to secure the minimum means to guarantee the basic life of policyholders, such as maintenance of livelihood, medical treatment, and recovery of disability.

(b) (1) Security insurance is an insurance with the primary purpose of paying agreed insurance proceeds when an insured incident has occurred in preparation for an economic risk that may arise in relation to the life or body of the insured, such as life, injury, disease, and accident, and generally refers to an insurance with the amount paid by an insurance company when maturity does not exceed the total amount of the paid insurance premium;

On the other hand, savings insurance is an insurance with the main purpose of raising money or old age funds, and it is an insurance with a certain interest rate added to the paid-in insurance premium when the maturity comes.

(2) Of the insurance contracts, both the nature of the guaranteed insurance and the savings insurance are also the same. Two independent insurance contracts are the guaranteed insurance and the savings insurance.