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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Insurance Commissioner
- Definitions
|
| Topic 2: Life Provisions, Riders, Options, and Exclusions | 15% | - Policy exclusions
|
| Topic 3: Completing the Application, Underwriting, and Delivering the Policies | 12% | - Delivering the policy
|
| Topic 4: Retirement and Other Life Insurance Concepts | 8% | - Social Security benefits - Group life insurance
- Life settlements - Retirement plans
|
| Topic 5: Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Participation in surplus - Group life
- Variable contracts - Policy clauses and provisions
|
| Topic 6: Types of Policies | 15% | - Interest/market-sensitive/adjustable life products
|
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NEW QUESTION # 78
A Hawaii insurance producer is the subject of an administrative action in another state. The matter reaches final disposition on March 1. The producer must generally report the action to the Hawaii Insurance Commissioner within:
Answer: C
Explanation:
C). 30 days is correct. Hawai#i producer law requires licensed producers to disclose specified regulatory and legal actions to the Insurance Commissioner. HRS 431:9A-117 provides that a producer must report a civil or administrative action taken against the producer in any jurisdiction or by a governmental agency within thirty days of the final disposition of the matter . The report must include relevant legal documentation.
The statute separately addresses criminal proceedings. A producer who is criminally prosecuted must report that prosecution within thirty days of arraignment , rather than waiting for final disposition. The distinction between these triggers is important for examination purposes.
The question states that the administrative matter reached final disposition on March 1, so the producer's thirty-day reporting period begins from that event. The producer cannot postpone disclosure until license renewal or wait until requested by the Commissioner.
Ten or fifteen days are not the statutory periods specified for these actions, and sixty days is too long.
The reporting obligation enables the Hawai#i Insurance Division to determine whether conduct occurring in another jurisdiction affects the producer's continued fitness or eligibility to transact insurance in Hawai#i.
Reference topics: HRS 431:9A-117; Reporting of Actions; Producer Licensing; Administrative and Criminal Proceedings.
NEW QUESTION # 79
An individual annuity contract delivered in Hawaii that requires continuing stipulated payments must generally provide a grace period of at least:
Answer: C
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 # 80
A convicted felon may receive a life or health license only if a felony waiver is approved by:
Answer: D
NEW QUESTION # 81
A replacement of life insurance is defined as any transaction in which:
Answer: B
Explanation:
C is correct. Hawai#i defines a life insurance replacement as a transaction in which a new life insurance policy or annuity is purchased and, because of that transaction, an existing policy or contract is or will be materially affected. HRS 431:10D-502 specifically includes situations in which the existing contract is lapsed, forfeited, surrendered, partially surrendered, assigned to the replacing insurer, or otherwise terminated .
The statutory definition also encompasses conversion to reduced paid-up insurance or extended term insurance, reductions in existing benefits or coverage periods, reissuance involving reduced cash value, and use of existing policy values in a financed purchase. These circumstances matter because replacement may cause the policyowner to lose valuable guarantees, incur surrender charges, or begin new contestability and suicide periods.
Receiving a replacement copy of a lost physical policy is merely an administrative matter and is not a statutory replacement. Changing a beneficiary likewise modifies ownership instructions without substituting new coverage. Simply adding another policy also does not automatically constitute replacement unless the existing contract is affected in one of the ways specified by law.
Accordingly, the facts in option C directly match Hawai#i's statutory replacement definition.
Reference topics: HRS 431:10D-502; Life Insurance and Annuity Replacement; Existing Policy; Replacement Transactions.
NEW QUESTION # 82
Any person who violates a cease and desist order of the Hawaii Insurance Commissioner is subject to suspension or revocation of license or a MAXIMUM fine for each violation of:
Answer: B
Explanation:
C). $10,000 is correct. HRS 431:13-202 governs penalties for violations of cease-and-desist orders issued by the Hawai#i Insurance Commissioner under the unfair insurance practices provisions. After notice and hearing, a person who violates such an order may, at the Commissioner's discretion, be subjected to either or both of two sanctions: a fine of not more than $10,000 for each and every act violating the cease-and- desist order , and suspension or revocation of the person's insurance license.
The penalty therefore applies per act in violation rather than establishing a single $10,000 aggregate ceiling for all misconduct. The statute also makes clear that imposition of this administrative sanction does not necessarily relieve the person from any other liability, penalty, or forfeiture that may apply under law.
Options A and B materially understate the maximum fine authorized by the relevant Hawai#i Insurance Code provision. Option D exceeds the statutory maximum identified in 431:13-202.
For producer-examination purposes, the key association is straightforward: violation of a Commissioner's cease-and-desist order = maximum $10,000 fine for each violation, plus possible suspension or revocation of license .
Reference topics: HRS 431:13-201 and 431:13-202; Cease-and-Desist Orders; Administrative Penalties; License Suspension and Revocation.
NEW QUESTION # 83
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