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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Life-General Knowledge | ~59% | - Life Insurance Concepts and Application
|
| Topic 2: Hawaii Insurance Laws, Rules, and Regulations | ~41% | - Hawaii Common Insurance Law
|
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NEW QUESTION # 36
A lapsed Hawaii individual life insurance policy is being reinstated. Interest charged on overdue premiums and qualifying policy indebtedness under the statutory reinstatement provision may NOT exceed:
Answer: B
Explanation:
B is correct. Hawai#i's individual life insurance reinstatement provision allows qualifying lapsed coverage to be restored within the statutory reinstatement period when the required conditions are satisfied. HRS 431:
10D-102 provides that reinstatement generally requires a written application , satisfactory evidence of insurability, payment of premiums in arrears, and payment or reinstatement of other indebtedness on the policy. Interest on those amounts may be charged at a rate not exceeding 6% per year compounded annually under the standard provision.
Reinstatement is generally available within three years after premium default , unless the policy has already been surrendered for its cash surrender value or applicable paid-up term insurance has expired.
The provision should not be confused with Hawai#i's rules governing policy loans issued after June 22, 1982
, which may permit a fixed maximum policy-loan rate of 8% or an adjustable rate satisfying statutory requirements. A policy-loan interest rate and the statutory reinstatement interest ceiling are separate concepts.
Options C and D therefore improperly import higher rates into the reinstatement provision. Option A is below the maximum but does not state the statutory ceiling.
Reference topics: HRS 431:10D-102(a)(5); Reinstatement; Evidence of Insurability; Overdue Premiums; Policy Indebtedness.
NEW QUESTION # 37
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 # 38
Unless its cash surrender value has already been paid, an individual annuity subject to Hawaii's standard provisions may generally be reinstated within how long after default in stipulated payments?
Answer: C
Explanation:
B). 1 year is correct. Hawai#i's standard provisions for annuity and pure endowment contracts provide a reinstatement right that differs from the corresponding reinstatement period for an individual life insurance policy. Under HRS 431:10D-105, an eligible annuity contract may generally be reinstated within one year from the date of default in making stipulated payments , provided its cash surrender value has not already been paid.
To reinstate, overdue stipulated payments and applicable contract indebtedness must be paid or reinstated.
Interest may be charged at the rate specified in the contract, subject to a statutory ceiling of 6% per year compounded annually . When appropriate to the type of contract, the insurer may also require satisfactory evidence of insurability.
The key examination distinction is between the one-year annuity reinstatement period and the three-year reinstatement period applicable to an individual life insurance policy under HRS 431:10D-102. Treating these periods as interchangeable would produce an incorrect answer.
Six months is shorter than the statutory period. Two and three years exceed the standard annuity reinstatement period described in 431:10D-105.
Reference topics: HRS 431:10D-105; Annuity Reinstatement; Default; Cash Surrender Value; Life versus Annuity Provisions.
NEW QUESTION # 39
Which of the following is NOT considered insurance as defined by insurance law?
Answer: C
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 # 40
Which of the following Annuities has benefits that reflect the investment experience of a separate account?
Answer: B
Explanation:
A variable annuity is specifically structured so that contract values and benefits may fluctuate according to the investment performance of assets held in one or more separate accounts . Therefore, A is correct .
Hawai#i's statutory framework expressly authorizes life insurers to establish separate accounts and allocate assets to them for life insurance or annuity benefits payable in fixed or variable amounts. Critically, HRS
431:10D-118 provides that income, gains, and losses attributable to assets allocated to a separate account are credited to or charged against that account independently of the insurer's other investment results.
This differentiates variable annuities from traditional fixed annuities , under which the insurer assumes the investment risk and provides contractual guarantees based on the general account. "Immediate" describes when annuity income begins, not how investment results are determined. An immediate annuity itself can be fixed or variable. "Retirement" is a descriptive use or planning objective rather than a technical annuity classification defined by separate-account performance.
The Hawai#i examination content also identifies fixed and variable annuities, accumulation/annuity periods, and annuity investment concepts as tested Life Producer knowledge.
Reference topics: HRS 431:10D-118 - Variable Contracts; Variable Annuities; Separate Accounts; Fixed versus Variable Annuities.
NEW QUESTION # 41
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