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| Section | Weight | Objectives |
|---|---|---|
| Life-General Knowledge | ~59% | - Life Provisions, Riders, Options, and Exclusions
|
| Hawaii Insurance Laws, Rules, and Regulations | ~41% | - Hawaii-Specific Life Insurance Rules
|
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NEW QUESTION # 88
The replacing producer MUST submit the replacement notice to which of the following?
Answer: A
Explanation:
C). The replacing producer's company is correct. Under Hawai#i's life insurance and annuity replacement requirements, the producer who initiates the replacement transaction has specific disclosure and documentation duties. HRS 431:10D-503 requires the producer to determine whether existing coverage is involved and, where appropriate, present the approved replacement notice to the applicant. In connection with a replacement, the producer must then submit the required documents to the insurer to which the new application is presented . In examination terminology, that is the replacing producer's insurer or company.
The replacing insurer , not the individual producer, then has the statutory responsibility to notify any existing insurer that may be affected by the replacement within the prescribed period.
This distinction eliminates A. The replacing producer does not submit the statutory replacement notice to the customer's existing producer. B is incorrect because the notice is not routinely submitted to the Insurance Commissioner as part of each transaction. D is unrelated because beneficiaries have no administrative role in processing replacement disclosures.
The 2026 Hawai#i Life Producer outline expressly tests replacement and the separate duties of producers, replacing insurers, and existing insurers.
Reference topics: HRS 431:10D-503 through 431:10D-506; Replacement; Duties of Producers; Duties of Replacing Insurers.
NEW QUESTION # 89
A person wants to purchase a life insurance policy on an unrelated competent adult. Under Hawaii law, which of the following is generally required at the time the contract is made?
Answer: C
Explanation:
A is correct. HRS 431:10-206 establishes Hawai#i's general consent requirement for individual life insurance. A life insurance contract on a competent individual generally cannot be made or effectuated unless the individual to be insured applies for the insurance or consents to it in writing at the time the contract is made.
The requirement protects individuals from having insurance placed secretly on their lives and operates alongside the separate doctrine of insurable interest . A person seeking insurance on another's life cannot ordinarily rely solely on a beneficiary's desire for the coverage.
Hawai#i law contains specific exceptions. A spouse may effectuate insurance on the other spouse, and a person having an insurable interest in the life of a minor-or a person upon whom the minor depends for support-may obtain qualifying insurance on that minor. The consent provision also does not apply in the same way to statutory group life insurance contracts.
Neither the Insurance Commissioner nor a physician substitutes for the adult insured's statutory consent in the ordinary situation described.
Reference topics: HRS 431:10-206; Consent of Insured; Insurable Interest; Individual versus Group Life.
The current outline expressly tests insurable interest and required application signatures.
NEW QUESTION # 90
A Hawaii producer applies for authority to sell Variable Life and Variable Annuity products. In addition to the appropriate insurance licensing requirements, the producer application requires evidence that the producer:
Answer: B
Explanation:
A is correct. Hawai#i treats Variable Life and Variable Annuity Products as a distinct line of insurance authority because these contracts combine insurance protection with securities-related investment features.
The Hawai#i Insurance Division's official individual licensing application specifies that an applicant seeking the Variable Life and Variable Annuity line must attach a Central Registration Depository (CRD) report showing securities registration in Hawai#i with FINRA .
This additional requirement exists because variable life policies and variable annuities allocate values to separate accounts whose performance may depend on securities such as equity, bond, or money-market investments. Consequently, persons selling these contracts are subject to both relevant insurance licensing requirements and applicable securities regulation.
A producer does not need five years of Life experience merely to obtain variable authority, making B incorrect. A Property insurance line has no relationship to qualification for variable life or variable annuity products. D is plainly incorrect; producers are private licensees regulated by the Insurance Division rather than employees of the Division.
HRS 431:10D-118 also gives the Insurance Commissioner authority to regulate issuance and sale of variable contracts and licensing of persons who sell them.
Reference topics: Variable Life and Variable Annuity Licensing; FINRA/CRD Registration; HRS 431:10D-
118; Separate Accounts.
NEW QUESTION # 91
Who retains the right to name a beneficiary of a life insurance contract?
Answer: B
Explanation:
A). The policyowner is correct. The policyowner possesses the contractual ownership rights associated with a life insurance policy. Among those rights is the authority to designate the beneficiary and, when the beneficiary designation is revocable, to change that beneficiary in accordance with the policy's procedures.
The distinction between the policyowner and the insured is fundamental. They may be the same individual, but they do not have to be. In third-party ownership, one person owns the policy while another person's life is insured. In that arrangement, beneficiary-designation rights remain with the policyowner rather than automatically belonging to the insured.
The official Hawai#i Life-General Knowledge outline explicitly lists "Owner's rights" immediately alongside "Beneficiary designations," including primary, contingent, revocable, irrevocable, common- disaster, minor, and class designations. Hawai#i law also recognizes beneficiary-designation information as a formal component of life-insurance records and directs insurers to pay applicable benefits to designated beneficiaries.
The producer has no independent authority to select a beneficiary, and neither does the insurer. The insured has that authority only when the insured also possesses the relevant ownership rights.
Reference topics: Owner's Rights; Beneficiary Designations; Third-Party Ownership; Revocable and Irrevocable Beneficiaries.
NEW QUESTION # 92
A convicted felon may receive a life or health license only if a felony waiver is approved by:
Answer: D
Explanation:
B). the Insurance Commissioner is correct. Hawai#i law restricts a person convicted of a felony from engaging in the business of insurance unless the required written consent of the Insurance Commissioner has been obtained. Official Hawai#i legislative materials addressing HRS 431:2-201.3 confirm that a convicted felon may not participate in the insurance business without the Commissioner's written consent.
The Hawai#i Insurance Division's producer-licensing materials also address the federal requirements of 18 U.
S).C. 1033 for applicants with felony convictions involving dishonesty or breach of trust and require disclosure of whether the necessary written consent has been requested and granted.
The practice question uses the common examination expression "felony waiver." Technically, the controlling regulatory mechanism is written consent to engage in the insurance business. That authority rests with the Insurance Commissioner, not a court, police department, or appointing general agent.
A general agent cannot override statutory licensing restrictions merely by appointing or sponsoring an applicant. Similarly, criminal justice authorities do not issue an insurance regulatory waiver. Licensing eligibility remains under the jurisdiction of the Hawai#i Insurance Commissioner.
Reference topics: HRS 431:2-201.3; 18 U.S.C. 1033; Felony Written Consent; Producer Licensing and Eligibility.
NEW QUESTION # 93
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