1) Invalid contract: The Insurance Law clearly stipulates that life insurance with death as insurance premium must be confirmed and signed by the insured, otherwise the insurance contract is invalid. This situation has been considered invalid since the insurance came into effect. In the event of an insurance accident, the insurance policy has no insurance effect, and the insurance company will refund the premium paid by the customer without interest, and the insurance contract will be terminated (see the provisions on the rights and responsibilities of the insured in the personal insurance of the Insurance Law).
2) The contract is valid. An insurance contract is generally established in two parts: the offer of the customer (insurance) and the promise of the insurance company (the insurance company agrees to bear the responsibility after the customer pays the insurance premium). When the insurance company promises, the insurance contract is established, and the policy contract will take effect at 0: 00 the next day after the customer completes the payment or at 0: 00 the agreed effective date. The effective date of insurance is not the date when the contract text is issued, but the date when the contract is established. In the provisions on the validity of insurance contracts, the rights and obligations of both parties to maintain the validity of the contracts are stipulated. Among them, one of the obligations of the insured is to pay the premiums payable in each period on time, which is the obligation of the insured, and the payment reminder of the insurance company is only an additional assistance or goodwill reminder service, not the obligation of the insurance company. When the insured fails to pay the premium within the payment date and grace period agreed in the contract, the validity of the insurance contract is temporarily suspended, and the insurance company will not bear the insurance liability if the customer has an insurance accident. Until the customer pays the current premium and interest, the insurance effect can be restored with the consent of the insurance company.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.