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| Section | Weight | Objectives |
|---|---|---|
| Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Licensing
- Definitions
|
| Life Provisions, Riders, Options, and Exclusions | 15% | - Policy exclusions
|
| Retirement and Other Life Insurance Concepts | 8% | - Group life insurance
- Life settlements - Life insurance needs analysis and suitability
- Third-party ownership |
| Types of Policies | 15% | - Interest/market-sensitive/adjustable life products
|
| Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Participation in surplus - Credit life - Variable contracts - Policy clauses and provisions
|
| Completing the Application, Underwriting, and Delivering the Policies | 12% | - Completing the application
|
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NEW QUESTION # 116
Mr. and Mrs. X have a one-month-old infant. They would like a $250,000 life insurance policy on Mr. X with the lowest premium for the next 20 years. The suitable policy recommendation would be a:
Answer: D
Explanation:
D). 20-year Level Term best satisfies the stated objective: $250,000 of life insurance for twenty years at the lowest appropriate premium . Term insurance is specifically designed to provide substantial death-benefit protection for a defined period without the cash-value component associated with permanent insurance.
Eliminating the permanent-policy savings element generally makes term insurance significantly less expensive during the period of temporary protection.
A 20-year level term policy also matches the required duration precisely. The death benefit remains
$250,000 during the selected twenty-year term, while a level-premium design provides predictable premium payments during the guaranteed level period. This is well suited to a family with a newborn when the major insurance need may be income replacement during the child's dependent years.
20-Pay Life is permanent whole life insurance and builds cash value; its premiums therefore are substantially higher for the same face amount. Variable life is also permanent insurance and includes an investment component. Increasing term provides progressively greater death protection, which is unnecessary because the question specifies a $250,000 requirement and prioritizes the lowest premium .
Official regulatory consumer guidance describes term insurance as lower-cost coverage intended for a specified period.
Reference topics: Term Life - Level Term; Traditional Whole Life; Variable Life; Product Suitability.
NEW QUESTION # 117
After an owner executes a Hawaii life settlement contract, the life settlement provider must generally notify the insurer that issued the policy within:
Answer: C
Explanation:
C). 20 days is correct. HRS 431C-33 provides that within twenty days after the owner executes the life settlement contract , the settlement provider must give written notice to the insurer that issued the policy informing it that the policy has become subject to a life settlement transaction. The notice must be accompanied by the documentation required by Hawai#i's life settlement laws.
This notice serves an important administrative and regulatory function because the settlement normally results in a change of ownership, beneficiary designation, or both. The issuing insurer needs sufficient information to process the transfer accurately and to recognize the appropriate party as the policyowner after the transaction is completed.
The provision also works alongside another Hawai#i requirement stating that an insurer must not unreasonably delay a lawful change of ownership or beneficiary arising from a valid life settlement contract.
The twenty-day requirement should not be confused with the three-business-day periods governing movement of settlement proceeds through escrow after transfer documents and insurer acknowledgment are received.
These are separate statutory deadlines governing different stages of the transaction.
Therefore, 5, 10, and 30 days do not represent the applicable insurer-notification period.
Reference topics: HRS 431C-33(g); Life Settlement Procedures; Issuing Insurer Notification; Ownership Transfer.
NEW QUESTION # 118
If the insured's age was misstated on a Hawaii life insurance policy, the amount payable under the policy will generally be adjusted to:
Answer: C
Explanation:
C is correct. The misstatement of age provision prevents either the insurer or policyowner from receiving an unintended financial advantage when an incorrect age was used to calculate the premium. Hawai#i's life- insurance statutory provisions provide that when the insured's age, or another age considered in determining the premium, has been misstated, the benefit is adjusted to the amount that the actual premium paid would have purchased at the correct age .
For example, if an insured understated age and therefore paid a premium appropriate for a younger person, the insurer does not normally void the policy merely because the age was incorrect. Instead, the death benefit is recalculated using the premium actually paid and the insured's correct age. Conversely, where the misstatement caused an excessive premium relative to the correct age, the contractual adjustment operates according to the policy and applicable law.
This provision must be distinguished from incontestability. An age misstatement remains subject to contractual adjustment even though the general contestability period may have expired.
Options A, B, and D do not apply the actuarial correction required by the age-misstatement provision.
Reference topics: Misstatement of Age; Policy Provisions; Premium Calculation; HRS Article 10D Standard Life Provisions.
NEW QUESTION # 119
Which of the following is NOT considered insurance as defined by insurance law?
Answer: B
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 # 120
A method of providing life insurance on the husband of a person covered by a life insurance policy is by:
Answer: D
Explanation:
B is correct. A Spouse Term rider is specifically designed to add term life insurance coverage on the insured's spouse under the primary insured's life insurance contract. Instead of issuing a completely separate permanent policy on the husband, the insurer can attach term coverage for the spouse to the primary policy, subject to the rider's underwriting requirements, face-amount limits, termination provisions, and other contractual conditions.
The other riders serve fundamentally different purposes. A Guaranteed Insurability Option rider permits additional insurance to be purchased at specified times or events without new evidence of insurability; it does not itself constitute the standard mechanism for covering the spouse. A Return of Premium rider concerns repayment of qualifying premiums under specified conditions. An AD & D rider pays an additional benefit when death or qualifying dismemberment results from a covered accident; it does not establish ordinary life coverage on another family member.
The current Hawai#i Life-General Knowledge examination outline expressly places "Term riders" and
"Other insureds" within the Policy Riders portion of the life exam. These classifications directly support the spouse-term concept tested here.
Reference topics: Life Provisions, Riders, Options and Exclusions - Term Riders; Other Insureds; Guaranteed Insurability; Return of Premium; Accidental Death.
NEW QUESTION # 121
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