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| Section | Weight | Objectives |
|---|---|---|
| Life-General Knowledge | ~59% | - Types of Policies
|
| Hawaii Insurance Laws, Rules, and Regulations | ~41% | - Hawaii Common Insurance Law
|
>> Hawaii-Life-Producer Actual Braindumps <<
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NEW QUESTION # 109
A convicted felon may receive a life or health license only if a felony waiver is approved by:
Answer: A
NEW QUESTION # 110
Which of the following is NOT considered insurance as defined by insurance law?
Answer: D
Explanation:
A). A legal service plan contract is correct. Hawai#i's Insurance Code defines insurance broadly as a contract under which one party undertakes to indemnify another or pay a specified amount upon determinable contingencies. However, HRS 431:1-201 then identifies particular arrangements that are not considered insurance for purposes of the Insurance Code . One of the expressly listed exclusions is a legal service plan defined under Chapter 488, except where the person or entity offering or administering the plan is otherwise subject to the Insurance Code.
This is therefore not simply a conceptual distinction; the answer follows directly from Hawai#i's statutory definition.
A surety contract is a recognized insurance class when it falls within regulated surety insurance. Certain exceptional bonds-such as a bond for which no premium is charged-may fall outside the statutory definition, but the question simply states "a Surety Bond," making B inappropriate as the general answer.
Aircraft insurance is a recognized form of insurance covering aviation-related risks, while ocean marine insurance is also an established regulated insurance class.
The question tests the candidate's ability to distinguish arrangements expressly removed from the statutory definition of insurance from ordinary regulated insurance products.
Reference topics: HRS 431:1-201; Insurance Defined; Legal Service Plans; Surety and Marine Insurance.
NEW QUESTION # 111
Which of the following statements is CORRECT about group life insurance policies?
Answer: D
Explanation:
A is correct under current Hawai#i law. HRS 431:10D-212 permits qualifying group life insurance policies to extend coverage to the spouses and dependent children of insured employees or members. Hawai#i amended this provision so that a spouse or dependent may be covered in an amount equivalent to the amount of coverage of the insured individual . Act 155 of 2008 removed the former statutory limitation that had restricted certain dependent coverage to 50% of the insured individual's coverage or $5,000.
This point is particularly important because older insurance-study materials may still reproduce the former
50% limitation. That older rule is not the controlling Hawai#i provision for the current examination.
Option B is therefore incorrect for two reasons: it says coverage must be provided and incorporates the obsolete 50% ceiling. The statute states that dependent coverage may be extended and permits an amount equivalent to the insured individual's coverage.
Options C and D are also incorrect. Hawai#i group-life provisions recognize conversion rights under applicable circumstances; they do not establish a blanket prohibition on conversion privileges for spouses or dependent children.
Reference topics: HRS 431:10D-212; Act 155, SLH 2008; Group Life Insurance; Spouse and Dependent Coverage; Conversion Rights.
NEW QUESTION # 112
Records supporting an annuity recommendation, including consumer information and disclosures, must generally be maintained or made available to the Hawaii Insurance Commissioner for how long after the insurance transaction is completed?
Answer: D
Explanation:
C). 5 years is correct. Hawai#i's annuity best-interest framework contains a specific recordkeeping requirement. Under HRS 431:10D-625, insurers, managing general agents, independent agencies, and producers must maintain-or make available to the Insurance Commissioner-records relating to the consumer information gathered, disclosures provided, summaries of oral disclosures, and other information forming the basis for an annuity recommendation. These records must be available for five years after the insurance transaction has been completed by the insurer .
The insurer may maintain documentation on the producer's behalf, but that does not eliminate the underlying compliance obligation. Documentation is critical because Hawai#i's annuity rules require producers to make recommendations based on the consumer's financial situation, insurance needs, objectives, liquidity requirements, risk tolerance, and other relevant profile information.
Options A and B are too short to satisfy the statutory annuity recordkeeping period. Ten years exceeds the required period.
This rule should also be distinguished from other Hawai#i insurance record-retention requirements, since different records-such as general producer transactions, illustrations, or replacement documentation-may be governed by different provisions.
Reference topics: HRS 431:10D-625; Annuity Recordkeeping; Best-Interest Standard; Consumer Profile Information.
NEW QUESTION # 113
The Hawaii Insurance Commissioner MUST hold a hearing within how many days after receipt of the proper application for a hearing?
Answer: C
Explanation:
A). Thirty days is the correct examination answer. HRS 431:2-308 governs administrative hearings under the Hawai#i Insurance Code. The statute provides that when the Commissioner has exercised specified authority to suspend, revoke, or refuse to extend an insurance license , the affected licensee retains a right to request a hearing. If the license has been suspended pending that hearing, the Commissioner must hold the hearing within thirty days after receiving the written application , unless the hearing is postponed by mutual consent.
The application itself must be in writing and must identify how the applicant has been aggrieved and the grounds upon which relief is sought. This ensures that the administrative proceeding has a defined factual and legal basis.
An important precision point is that the current statute's thirty-day mandate applies in the stated licensing- enforcement circumstances; the practice question compresses that rule into the broader wording "proper application for a hearing." For the producer examination, however, 30 days is the statutory period the question is testing.
Thirty-one, forty-five, and sixty days do not match the period specified in HRS 431:2-308 for the applicable license hearing.
Reference topics: HRS 431:2-308; Administrative Hearings; Insurance Commissioner; License Suspension and Revocation.
NEW QUESTION # 114
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