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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Variable contracts - Credit life - Group life
- Marketing methods and practices
|
| Topic 2: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Licensing
- Definitions
|
| Topic 3: Completing the Application, Underwriting, and Delivering the Policies | 12% | - Contract law
|
| Topic 4: Types of Policies | 15% | - Term life
|
| Topic 5: Retirement and Other Life Insurance Concepts | 8% | - Social Security benefits - Tax treatment of insurance premiums, proceeds, and dividends - Life insurance needs analysis and suitability
- Life settlements |
| Topic 6: Life Provisions, Riders, Options, and Exclusions | 15% | - Policy provisions and options
|
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NEW QUESTION # 21
A producer who reimburses a portion of the premium as an inducement to purchase insurance is guilty of:
Answer: C
Explanation:
B). rebating is correct. Hawai#i expressly regulates inducements offered in connection with the purchase of insurance. HRS 431:13-103 prohibits paying, allowing, giving, or offering-directly or indirectly-as an inducement to insurance, a rebate of premiums , special advantage in policy benefits, or other valuable consideration not specified in the insurance contract, except where a statutory exception applies.
The conduct in the question fits that definition precisely. The producer is returning part of the customer's premium personally to encourage the customer to purchase the policy. Such an arrangement creates an advantage that is not contained in the insurance contract and can result in unequal treatment among otherwise comparable policyholders.
Experience rating is different. It is an authorized rating mechanism under which premium can reflect the loss or expense experience of a qualifying group. Hawai#i law specifically recognizes properly administered group-policy experience adjustments as distinct from prohibited rebates. Premium discounting or deviation cannot be used merely as alternative terminology to legitimize an unauthorized producer-funded inducement.
For examination purposes, a producer offering cash, refunding commission, paying part of a customer's premium, or providing another unauthorized benefit to induce a sale should trigger the concept of rebating .
Reference topics: HRS 431:13-103 - Rebates and Inducements; Unfair Trade Practices; Producer Ethics; Marketing Practices.
NEW QUESTION # 22
How often may the Insurance Commissioner examine the insurance account records, and transactions of an insurance producer?
Answer: D
Explanation:
C is correct. Hawai#i law gives the Insurance Commissioner broad examination authority over persons participating in the insurance business. HRS 431:2-303 provides that the Commissioner may, as often as the Commissioner deems advisable , examine the insurance accounts, records, documents, and transactions of insurance producers and other persons subject to the Commissioner's regulatory authority.
This authority is intentionally flexible. Insurance regulation requires the Commissioner to investigate financial practices, premium handling, licensing compliance, market conduct, and other insurance transactions whenever circumstances warrant review. Restricting examinations to a fixed annual schedule or requiring the producer's permission would substantially impair regulatory oversight.
Option A is therefore incorrect because the law does not establish a maximum frequency of once per year.
Option B incorrectly suggests that the producer controls when an examination occurs. Option D similarly contradicts the Commissioner's statutory authority by implying that the parties must mutually agree on examination frequency.
The operative examination phrase is "as often as the Commissioner deems advisable." Producers must consequently maintain required records in a manner that permits inspection when the Insurance Division exercises its statutory examination authority.
Reference topics: HRS 431:2-303; Commissioner Examination Authority; Producer Records; Insurance Regulatory Oversight.
NEW QUESTION # 23
In Hawaii, an applicant for a resident producer's license MUST meet which of the following requirements?
Answer: C
Explanation:
D). Be at least eighteen years of age is correct. HRS 431:9A-106 establishes the principal statutory qualifications for a person applying for an insurance producer license in Hawai#i. Before approving the application, the Commissioner must determine that the applicant is at least eighteen years old , has not committed an act constituting grounds for licensing sanctions, has paid the required fees, and has passed the applicable licensing examination within the two years immediately preceding issuance of the license. The applicant must also submit fingerprints for the required state and federal criminal-history checks.
Hawai#i does not require an applicant to be twenty-one. Accordingly, option C imposes an age threshold higher than the statute requires. Neither a minimum year of college education nor a professional designation such as Chartered Life Underwriter (CLU) or Chartered Property Casualty Underwriter (CPCU) is a universal prerequisite for obtaining a resident producer license.
Professional designations can demonstrate advanced insurance education and may have relevance to continuing education treatment, but they do not replace the basic statutory licensing criteria stated in 431:9A-
106.
The current Hawai#i producer examination therefore expects candidates to know the minimum licensing age precisely: 18 years .
Reference topics: HRS 431:9A-106; Resident Producer Licensing; Minimum Age; Examination and Application Requirements.
NEW QUESTION # 24
A method of providing life insurance on the husband of a person covered by a life insurance policy is by:
Answer: C
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 # 25
The purpose of regulating Credit Life insurance is to:
Answer: C
Explanation:
C). protect consumer interest is correct. Hawai#i's regulation of credit life and credit disability insurance is fundamentally consumer-protection oriented. The Hawai#i Administrative Rules governing credit insurance state that the purpose of the regulatory framework is to protect the interests of debtors and the public by establishing standards governing rates, forms, and insurer practices involving credit life and related coverage.
The statutory framework similarly states that regulation of credit life and credit disability insurance serves the public welfare. It also expressly clarifies that the law is not intended to prohibit or discourage reasonable competition. Therefore, option A contradicts the purpose of the law rather than describing it.
Option B is incorrect because the statutory provisions are intended to be administered to accomplish their protective purpose, not to artificially restrict interpretation. Option D is also too narrow and inaccurate. Credit life insurance may be associated with lending transactions, but its regulatory objective is not to increase access to credit from Hawai#i banks. Rather, the law controls insurance practices surrounding debtor coverage so consumers are treated fairly.
The central examination principle is that credit insurance regulation exists to protect debtors/consumers and the public .
Reference topics: Credit Life Insurance; HRS Article 10B; Hawai#i Administrative Rules Chapter 16-6; Consumer Protection.
NEW QUESTION # 26
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