Legal basis: People's Republic of China (PRC) Insurance Law.
Article 13 An insurance contract is formed when the applicant requests insurance and the insurer agrees to underwrite it. The insurer shall issue an insurance policy or other insurance certificate to the applicant in time.
An insurance policy or other insurance certificate shall specify the contents of the contract agreed by both parties. The parties may also agree to clarify the contents of the contract in other written forms.
An insurance contract established according to law shall take effect upon its establishment. The applicant and the insurer may agree on additional terms or time limit for the contract to take effect.
Article 14 After an insurance contract is concluded, the applicant pays the insurance premium as agreed, and the insurer begins to assume the insurance liability at the agreed time.