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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Life-General Knowledge | ~59% | - Life Provisions, Riders, Options, and Exclusions
|
| Topic 2: Hawaii Insurance Laws, Rules, and Regulations | ~41% | - Hawaii Common Insurance Law
|
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NEW QUESTION # 110
A beneficiary receives a $300,000 lump-sum life insurance death benefit from a policy that was not transferred for value. Under the general federal income-tax rule, the $300,000 death benefit is:
Answer: D
Explanation:
B is correct. Under the general federal income-tax rule, life insurance proceeds received by a beneficiary because of the death of the insured are ordinarily excluded from gross income . The IRS specifically states that beneficiaries generally do not report such death proceeds as taxable income.
The beneficiary's relationship to the insured does not determine this basic exclusion. A family member, unrelated individual, corporation, or other qualifying beneficiary may generally receive death proceeds under the same core rule. The scenario also states that the policy was not transferred for value , avoiding an important exception that can limit the tax exclusion when a life policy has been transferred for valuable consideration.
A separate tax issue can arise when an insurer retains the death proceeds and pays interest. The IRS states that interest received in addition to the death benefit is taxable interest income , even though the underlying death benefit itself remains excluded under the general rule.
Therefore, neither ordinary-income taxation of the entire benefit nor capital-gains treatment applies to the straightforward lump-sum death benefit described.
Reference topics: Federal Tax Treatment of Life Insurance; Death Benefits; IRC 101; Transfer-for-Value Rule.
NEW QUESTION # 111
R is insured under a $25,000 Whole Life policy with an Accidental Death Benefit rider. If R dies as the result of a heart attack while driving to work, R's beneficiary will receive a maximum of which of the following amounts?
Answer: C
Explanation:
B). $25,000 is correct. The Whole Life policy provides a basic death benefit of $25,000 . The Accidental Death Benefit rider can provide an additional amount only when the insured's death satisfies the rider's contractual definition of death resulting from a covered accident .
Here, R dies from a heart attack . The fact that the heart attack occurs while R is driving does not transform the medical event into an accidental death. No automobile collision, external accidental injury, or other qualifying accidental cause is identified. Therefore, the Accidental Death Benefit rider does not add an additional payment. The beneficiary remains entitled to the underlying $25,000 whole life death benefit, assuming the policy is in force and no other contractual adjustment applies.
Option C would generally correspond to the $25,000 basic death benefit plus an equal accidental-death amount if the rider provided "double indemnity" and a qualifying accident occurred. Option D would imply an additional double amount beyond the face value, which the facts do not establish. Option A is incorrect because death from illness does not eliminate the ordinary whole-life benefit.
The Hawai#i examination outline expressly tests Accidental Death and/or AD & D riders .
Reference topics: Policy Riders - Accidental Death and Accidental Death & Dismemberment; Whole Life Death Benefits.
NEW QUESTION # 112
An insurance company whose governing body is elected by its policyholders is a:
Answer: B
Explanation:
C). mutual company is correct. The defining ownership characteristic of a mutual insurer is that it is owned by its members or policyholders rather than outside shareholders. Hawai#i law states expressly that a domestic mutual insurer is owned by and operated in the interest of its members . Each member is generally entitled to one vote in elections of directors and on matters presented at corporate meetings, subject to permissible requirements in the insurer's bylaws.
That statutory structure directly matches the question: when policyholders elect the governing body, the insurer is operating as a mutual insurance company .
A stock insurer is different because ownership is represented by shares held by stockholders, and the stockholders elect the board. A reciprocal insurer is an unincorporated arrangement in which subscribers exchange insurance contracts through an attorney-in-fact. A fraternal benefit society is a member-based organization operating under a lodge or fraternal framework and is governed by separate statutory requirements; it is not simply another name for a mutual insurer.
The producer must therefore distinguish insurer classifications by ownership and governance. The current Hawai#i state-law examination component includes insurer definitions and classifications among the concepts a candidate is expected to understand.
Reference topics: HRS 431:4-309; Mutual Insurer; Member Rights; Insurer Ownership and Governance.
NEW QUESTION # 113
S works for a domestic insurance company as vice president of marketing. S is paid a salary, earns no money from commissions, and spends the majority of all working time in the home office. In this situation, which of the following statements about S is CORRECT?
Answer: C
Explanation:
A is correct. Hawai#i provides specific exemptions from insurance producer licensing for certain officers, directors, and employees of insurers. Under HRS 431:9A-104, an officer, director, or employee does not need a producer license when the individual receives no commission or other remuneration based on policies written or sold and the person's activities are executive, administrative, managerial, clerical, or a combination of those activities that are only indirectly related to selling, soliciting, or negotiating insurance.
The facts fit that exemption closely. S is a salaried vice president, earns no commission, and spends the majority of working time in the insurer's home office. Nothing in the scenario indicates that S personally sells, solicits, or negotiates insurance with prospective customers. Holding a senior marketing title does not, standing alone, create a producer-licensing obligation.
A limited license is intended for narrowly defined insurance activities or lines and does not apply merely because someone works in an insurer's marketing department. A temporary license is issued only under specific statutory circumstances and is not relevant here. A full producer license would become necessary if S personally performed activities constituting the sale, solicitation, or negotiation of insurance beyond the statutory exemption.
Reference topics: HRS 431:9A-104; Exceptions to Licensing; Insurer Officers and Employees; Producer Licensing Requirements.
NEW QUESTION # 114
If the insured commits suicide during the first policy year, the insurer will:
Answer: B
Explanation:
C is the correct producer-examination answer. A standard life insurance suicide provision permits the insurer to exclude payment of the policy's death benefit when the insured dies by suicide during the specified initial exclusion period. Instead of paying the face amount, the insurer generally refunds the premiums paid under the policy.
This is directly relevant under Hawai#i law. HRS 431:10D-108 permits a life insurance policy delivered in Hawai#i to restrict coverage for death occurring within two years from the policy's date of issue as a result of suicide , whether the insured was sane or insane, subject to Hawai#i's statutory treatment of qualifying medical aid in dying. The official 2026 Hawai#i Life-General Knowledge outline also specifically lists
"Suicide" among tested life-policy provisions.
Because the question specifies suicide during the first policy year , the death falls within the permissible two- year exclusion period. Option A incorrectly assumes the ordinary face amount remains payable. Option B has no basis in the standard suicide provision. Option D is also incorrect because the standard examination treatment is a return of premiums rather than a refund reduced by the insurer's operating expenses.
Reference topics: Suicide Provision; Limitations of Liability; HRS 431:10D-108; Policy Exclusions.
NEW QUESTION # 115
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