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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Guaranty associations - Licensing
|
| Topic 2: Retirement and Other Life Insurance Concepts | 8% | - Social Security benefits - Tax treatment of insurance premiums, proceeds, and dividends - Life insurance needs analysis and suitability
- Retirement plans
- Group life insurance
|
| Topic 3: Types of Policies | 15% | - Term life
|
| Topic 4: Completing the Application, Underwriting, and Delivering the Policies | 12% | - Contract law
|
| Topic 5: Life Provisions, Riders, Options, and Exclusions | 15% | - Policy riders
|
| Topic 6: Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Variable contracts - Group life
- Participation in surplus - Policy clauses and provisions
|
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질문 # 85
Under the terms of a participating life insurance policy, an insurance company is required to:
정답：C
설명：
A is correct. A participating life insurance policy permits the policyowner to participate in the insurer's divisible surplus through policy dividends when such surplus is available. Hawai#i's standard life-policy provisions expressly address participation in surplus . The statutory provision requires that, beginning not later than the end of the third policy year , the insurer annually ascertain and apportion any divisible surplus accruing on the policy anniversary or other dividend date specified in the contract.
The law also recognizes different dividend options. A dividend may generally be payable in cash or applied to another dividend option provided by the policy. This is why C is incorrect: policyowners are not restricted to receiving dividends only when the entire amount is automatically reinvested.
D is specifically contrary to participating-policy mechanics. One common contractual dividend option is purchasing paid-up additions , which increases life insurance coverage. B does not identify the statutory obligation being tested. While policies disclose applicable dividend options, the central requirement in the question is the annual ascertainment and apportionment of divisible surplus.
Importantly, policy dividends are not guaranteed merely because a policy is participating; dividends depend on divisible surplus determined under the policy and insurer's experience.
Reference topics: Participation in Surplus; Participating Life Insurance; Dividend Options; Paid-Up Additions; Hawai#i Standard Life Policy Provisions.
질문 # 86
A life settlement provider receives all documents necessary from the policyowner to transfer ownership of a life insurance policy. Under Hawaii law, the provider must generally deposit the settlement proceeds into an escrow or trust account within:
정답：B
설명：
B). 3 business days is correct. HRS 431C-33 establishes a controlled escrow procedure for life settlement proceeds. Once the provider receives from the owner the documents needed to effect the policy transfer, the provider must, within three business days , place the settlement proceeds into an escrow or trust account maintained by a trustee or escrow agent at a state- or federally chartered financial institution.
The money remains in escrow while the issuing insurer processes and acknowledges the change of ownership.
Once the insurer confirms the transfer, the trustee or escrow agent must generally transfer the settlement proceeds due to the policyowner within another three business days .
This structure protects both sides of the transaction. The purchaser does not release funds directly before ownership transfer documentation is properly processed, while the policyowner receives assurance that the purchase funds have already been placed with an independent financial intermediary.
The transaction is therefore fundamentally different from merely handing a check to the seller at contract signing. Hawai#i requires documentary transfer, escrow funding, insurer acknowledgment, and timely release of proceeds.
One, five, and ten business days do not match the statutory escrow-funding deadline.
Reference topics: HRS 431C-33(i); Life Settlement Escrow; Policy Transfer; Settlement Proceeds.
질문 # 87
Which of the following items requires an insurance company to advise an applicant that the company intends to secure a report which includes details about his income and general reputation?
정답：B
설명：
A). Fair Credit Reporting Act is correct. The Fair Credit Reporting Act regulates consumer reports and imposes specific disclosure requirements when an insurer or another authorized user obtains certain consumer- report information for insurance underwriting.
The question's reference to information concerning an applicant's general reputation is particularly significant. Under FCRA 606, 15 U.S.C. 1681d, a person generally may not procure an investigative consumer report unless the consumer is clearly informed that such a report may include information relating to the person's character, general reputation, personal characteristics, and mode of living . The disclosure must also explain specified consumer rights. The FTC separately confirms that insurers using consumer reports for underwriting must comply with the FCRA.
The official Hawai#i Life-General Knowledge outline expressly identifies medical information and consumer reports and the Fair Credit Reporting Act within underwriting.
The Freedom of Information Act concerns access to federal government records. The Uniform Provisions Law is unrelated to investigative consumer-report disclosure, and the USA PATRIOT Act primarily addresses matters such as anti-money-laundering requirements rather than this consumer-report notice.
Reference topics: Fair Credit Reporting Act; Consumer Reports; Underwriting Information; Applicant Disclosure and Privacy.
질문 # 88
The number of continuing education credit hours that a Life and/or Accident and Health Producer must complete to have their license renewed is:
정답：C
설명：
D). 24 credit hours is correct under current Hawai#i law. HRS 431:9A-124 establishes the continuing education requirements that must be satisfied before an insurance producer license is renewed. For a licensee authorized in the Life or Accident and Health or Sickness group, the required total is 24 continuing education credit hours during the applicable renewal cycle. Of these, 21 hours must relate to the line of authority for which the producer is licensed, while three hours must concern ethics training or Hawai#i insurance laws and rules.
Hawai#i applies the same overall 24-hour total to a producer licensed in both major line groups, although the allocation changes: ten hours relate to Life/Accident and Health or Sickness, eleven relate to Property
/Casualty-related lines, and three concern ethics or insurance laws and rules.
The statute also specifies that excess hours ordinarily cannot simply be carried over into another two-year renewal cycle. A producer who fails to complete the CE requirement by the renewal date, absent an approved extension, may have the license automatically placed on inactive status.
Therefore, 18, 20, and 22 hours are below Hawai#i's statutory renewal requirement.
Reference topics: HRS 431:9A-124; Continuing Education; License Renewal; Ethics and Insurance Law Training.
질문 # 89
An insurer appoints a licensed producer as its agent in Hawaii. The insurer must generally file the notice of appointment with the Insurance Commissioner within:
정답：A
설명：
C). 15 days is correct. Hawai#i's producer appointment requirements provide that an insurance producer may not act as an agent of an insurer unless the producer has become an appointed agent of that insurer. To establish the appointment, the insurer must file the prescribed notice of appointment with the Insurance Commissioner within fifteen days from the date the agency or business-entity contract is executed or the first insurance application is submitted to the insurer , whichever event establishes the applicable appointment obligation.
The appointment requirement is distinct from the producer's underlying license. A producer can hold a valid Hawai#i producer license and appropriate line of authority but still need an insurer appointment before acting as that insurer's agent. If the appointment notice is not received within the fifteen-day period, Hawai#i law provides that the appointment becomes effective on the date the Commissioner actually receives the appointment filing.
Thirty days is associated with other appointment-related regulatory actions, including the Commissioner's verification of eligibility, but it is not the filing deadline tested here. Five and ten days likewise do not represent the appointment-filing period.
Reference topics: HRS 431:9A-114; Producer Appointments; Insurer-Producer Relationship; Licensing and Appointment Requirements.
질문 # 90
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