The judgment below is reversed, and the case is remanded to the Gwangju High Court.

The grounds of appeal are examined.

1. Where a policyholder concludes an insurance contract for the purpose of unjust acquisition of insurance money through a large number of insurance contracts, the payment of insurance money under an insurance contract concluded for such purpose would be in deviation from social reasonableness by encouraging speculative spirit to gain unjust profits by abusing the insurance contract, and thereby impairing the purpose of the insurance system, such as reasonable diversification of risks, destroying the contingentness of risks, and causing the sacrifice of the large number of subscribers, thereby impairing the foundation of the insurance system. Thus, such an insurance contract shall be null and void against good morals and other social order under Article 103 of the Civil Act.

In addition, as to whether a policyholder has concluded multiple insurance contracts for the purpose of unjust acquisition of insurance proceeds, such purpose may be ratified based on all the circumstances, including occupation and financial status of the policyholder, the timing and circumstances of the conclusion of multiple insurance contracts, the scale and nature of the insurance contracts, and the circumstances after the conclusion of the insurance contracts, even

(See Supreme Court Decision 2009Da12115 Decided May 28, 2009, etc.). In particular, the fact that a policyholder concluded an excessive insurance contract to pay a large amount of insurance premium on a regular basis to the extent that it is difficult for him/her to assume in light of his/her economic circumstances, such as his/her own revenue, etc., is that he/she bought a large number of insurance policies on a short-term basis without reasonable grounds, and that he/she actively concluded an excessive insurance contract by himself/herself, unlike the ordinary insurance contract formation process, such as subscription by solicitation by an insurance solicitor, was different from the ordinary insurance contract formation process, the fact that he/she actively subscribed to an insurance contract with a strong nature of