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| Section | Objectives |
|---|---|
| Life - Hawaii Specific | - Hawaii Laws and Rules Pertinent to Life Insurance Only
|
| Life - General Knowledge | - Completing the Application, Underwriting, and Delivering the Policies
|
>> Hawaii-Life-Producer Exam Objectives <<
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NEW QUESTION # 110
An individual annuity contract delivered in Hawaii that requires continuing stipulated payments must generally provide a grace period of at least:
Answer: B
Explanation:
C). 30 days is correct. Hawai#i's statutory provisions for individual annuity and pure endowment contracts require a grace period of not fewer than thirty days for stipulated payments falling due after the first payment. During the grace period, the annuity contract remains in force.
The insurer may impose an interest charge on the overdue payment if the contract provides for it, but Hawai#i law limits that interest rate to not more than 6% per year for the number of days the payment remains overdue within the statutory framework. If death occurs before expiration of the grace period and before the overdue amount has been paid, qualifying overdue payments and applicable interest may be deducted from the contractual amount payable.
This requirement concerns annuities involving stipulated periodic payments and should not be confused with the free-look protections applicable when an annuity buyer's guide or disclosure document is delivered late.
That disclosure circumstance can produce an additional fifteen-day review period.
Ten and fifteen days therefore do not satisfy the standard statutory annuity grace period, while forty-five days exceeds the minimum required.
Reference topics: HRS 431:10D-105; Annuity Standard Provisions; Grace Period; Stipulated Payments; Annuity Contracts.
NEW QUESTION # 111
Which of the following items requires an insurance company to advise an applicant that the company intends to secure a report which includes details about his income and general reputation?
Answer: D
Explanation:
A). Fair Credit Reporting Act is correct. The Fair Credit Reporting Act regulates consumer reports and imposes specific disclosure requirements when an insurer or another authorized user obtains certain consumer- report information for insurance underwriting.
The question's reference to information concerning an applicant's general reputation is particularly significant. Under FCRA 606, 15 U.S.C. 1681d, a person generally may not procure an investigative consumer report unless the consumer is clearly informed that such a report may include information relating to the person's character, general reputation, personal characteristics, and mode of living . The disclosure must also explain specified consumer rights. The FTC separately confirms that insurers using consumer reports for underwriting must comply with the FCRA.
The official Hawai#i Life-General Knowledge outline expressly identifies medical information and consumer reports and the Fair Credit Reporting Act within underwriting.
The Freedom of Information Act concerns access to federal government records. The Uniform Provisions Law is unrelated to investigative consumer-report disclosure, and the USA PATRIOT Act primarily addresses matters such as anti-money-laundering requirements rather than this consumer-report notice.
Reference topics: Fair Credit Reporting Act; Consumer Reports; Underwriting Information; Applicant Disclosure and Privacy.
NEW QUESTION # 112
Which of the following statements about an individual life policy premium is CORRECT?
Answer: C
Explanation:
A). It must contain all charges is correct and follows directly from HRS 431:10-218, titled "Stated premium must include all charges." Hawai#i law requires the premium stated in an insurance policy to be inclusive of all fees, charges, premiums, or other consideration charged for the insurance or for procuring it.
The statute further provides that an insurer, producer, officer, employee, or other representative may not separately charge or receive compensation or other consideration for insurance if that amount is not included in the premium specified in the policy.
The statute contains an exception for surety and group insurance contracts, but the question specifically asks about an individual life policy , so that exception does not alter the answer.
Options B and D are incorrect because expenses, loads, or issuance-related charges cannot simply be excluded from the stated premium when they constitute consideration charged for the insurance or its procurement.
Option C is also too broad; Hawai#i law does not establish a general rule that all taxes must be excluded from the premium.
The regulatory purpose is transparency. The policyholder should be able to identify the actual premium consideration required for the contract rather than discovering additional undisclosed insurance charges afterward.
Reference topics: HRS 431:10-218; Premium Requirements; Policy Charges; Consumer Disclosure.
NEW QUESTION # 113
A producer tells a prospective client, "You should buy this policy because the Hawaii Life and Disability Insurance Guaranty Association will protect you if the insurer fails." Using the Guaranty Association in this manner is:
Answer: C
Explanation:
C). prohibited as a sales inducement is correct. The Hawai#i Life and Disability Insurance Guaranty Association provides statutory protection within defined limits when a member insurer becomes impaired or insolvent. However, Hawai#i law expressly prohibits insurers, producers, and affiliates from using the existence of the Guaranty Association in advertising, sales presentations, solicitation, or other communications for the purpose of inducing a person to purchase insurance .
This restriction exists because guaranty-association protection is intended as a safety mechanism, not a marketing guarantee. Coverage is subject to statutory eligibility requirements, exclusions, and benefit limitations. Allowing producers to use the Association as a sales tool could cause consumers to disregard an insurer's financial condition or misunderstand the scope of protection.
Option A is therefore incorrect even when a statement concerning the Association is technically accurate. The problem is the sales-inducement use itself. Participating-policy status has no bearing on the prohibition, making B incorrect. D reverses the rule; producers are not required to promote guaranty-association protection during life insurance sales.
The Guaranty Association itself and entities that do not sell or solicit insurance are treated differently under the statute.
Reference topics: HRS 431:16-218; Guaranty Association; Prohibited Advertising; Marketing Practices and Ethics.
NEW QUESTION # 114
Except for nonpayment of premiums and certain excluded supplemental benefits, a Hawaii individual life insurance policy becomes incontestable after it has been in force during the insured's lifetime for:
Answer: C
Explanation:
B). 2 years is correct. Hawai#i's standard individual life insurance provisions require an incontestability clause . Under HRS 431:10D-102, the basic life policy becomes incontestable after it has been in force during the lifetime of the insured for two years from its date of issue , except for nonpayment of premiums.
Incontestability limits the insurer's ability to rescind or contest the basic life policy based on statements in the application once the statutory period has expired. This gives the policyowner and beneficiaries increased contractual certainty after the insurer has had a reasonable opportunity to investigate underwriting information.
The statutory wording excludes certain provisions relating to disability benefits and additional accidental- death benefits from the basic incontestability mandate. Candidates must therefore avoid interpreting the clause as eliminating every possible contractual defense associated with every supplemental benefit.
The incontestability provision is also distinct from the suicide limitation , although both commonly involve a two-year period in Hawai#i life insurance. They operate for different purposes: incontestability concerns challenges to policy validity, while the suicide provision concerns liability for a specified cause of death.
One, three, and five years do not represent Hawai#i's standard individual life incontestability period.
Reference topics: HRS 431:10D-102(a)(3); Incontestability; Application Representations; Standard Policy Provisions.
NEW QUESTION # 115
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