(1) Where continuous insurance premiums are payable, the policyholder may terminate the insurance policy at any time as per the end of the current period of insurance.
(2) If an insurance policy covers a risk for which the insurer is certain to be liable, the policyholder’s right to terminate the contract also applies if the premium consists of a single payment.
(3) Subsections (1) and (2) do not apply to a contract of insurance which is to serve as retirement provision
1. if the contracting parties have ruled out, in the case of a basic pension contract certified in accordance with section 5a of the Pension Contracts Certification Act (Altersvorsorgeverträge-Zertifizierungsgesetz), the cashing in of the claims in accordance with section 10 (1) no. 2 sentence 1 (b) of the Income Tax (Einkommensteuergesetz), or
2. insofar as the contracting parties have irrevocably ruled out cashing in, and this exclusion is required in order to provide protection from attachment in accordance with section 851c of the Code of Civil Procedure, or with section 851d of the Code of Civil Procedure.