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| Section | Weight | Objectives |
|---|---|---|
| Completing the Application, Underwriting, and Delivering the Policies | 12% | - Delivering the policy
|
| Types of Policies | 15% | - Combination plans and variations
|
| Life Provisions, Riders, Options, and Exclusions | 15% | - Policy riders
|
| Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Licensing
- Marketing practices
|
| Retirement and Other Life Insurance Concepts | 8% | - Tax treatment of insurance premiums, proceeds, and dividends - Group life insurance
- Third-party ownership - Retirement plans
- Life insurance needs analysis and suitability
|
| Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Policy clauses and provisions
- Variable contracts - Group life
|
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NEW QUESTION # 16
A Hawaii producer deposits insurance premium funds into a properly designated premium trustee account that earns interest. The producer may retain the interest for personal use only if:
Answer: D
NEW QUESTION # 17
Persons insured under a group life insurance policy may make all of the following individuals the beneficiaries of their certificate EXCEPT:
Answer: C
Explanation:
D). a policyholder is the intended and legally supported answer. Under Hawai#i group life insurance law, the individual insured designates the beneficiary to receive the amount payable because of the insured's death.
HRS 431:10D-213 requires group life policies to provide that death proceeds are payable to the beneficiary designated by the individual insured , subject to the policy's provisions. A spouse, child, or properly established trust can therefore be designated where legally permissible.
The critical distinction concerns the group policyholder , particularly an employer. HRS 431:10D-202 states that an employer group life policy generally insures employees for the benefit of persons other than the employer . Accordingly, the employer/policyholder ordinarily cannot be designated to receive an employee's group life death benefit.
Hawai#i law contains a narrow statutory exception when the employer bears the entire insurance cost and uses benefits for purchasing employer securities distributed through a qualifying retirement arrangement. That specialized exception does not change the general rule tested in this question.
The certificate holder therefore normally selects a beneficiary who is distinct from the group policyholder.
This separation prevents employer-sponsored group life insurance from becoming primarily insurance for the employer's own benefit.
Reference topics: HRS 431:10D-202 and 431:10D-213; Group Life Beneficiary Designation; Policyholder versus Insured.
NEW QUESTION # 18
An insurance company formed under the laws of Canada would be known in Hawaii as:
Answer: A
Explanation:
B). an alien company is correct. Hawai#i classifies insurers according to the jurisdiction under whose laws they are organized. HRS 431:3-101 defines an alien insurer as an insurer formed under the laws of a nation other than the United States. Canada is a separate sovereign nation; consequently, an insurer organized under Canadian law is classified as an alien insurer when operating in Hawai#i. The statutory definition appears directly in Hawai#i's Insurance Code.
A domestic insurer is organized under Hawai#i law. A foreign insurer is generally an insurer organized under the laws of another U.S. state rather than Hawai#i. Consequently, an insurer organized in California, for example, would be foreign in Hawai#i, whereas an insurer organized in Canada, Japan, or another country outside the United States would be alien.
Option D is not a geographic classification at all. "Mutual" identifies an insurer's ownership structure- generally an insurer owned by its policyholders-and a mutual insurer could itself be domestic, foreign, or alien depending on where it was organized.
This domestic/foreign/alien distinction is a core Hawai#i producer licensing concept because regulatory requirements differ according to an insurer's domicile.
Reference topics: HRS 431:3-101, 431:3-104 and 431:3-105; Insurer Classification; Domestic, Foreign and Alien Insurers.
NEW QUESTION # 19
An individual purchases a life insurance policy delivered in Hawaii. After reviewing the contract, the purchaser decides that the coverage does not meet their needs. Under Hawaii law, within how many days after receiving the policy may the purchaser return it for a refund of premium?
Answer: D
Explanation:
B). 10 days is correct. Hawai#i requires an individual life insurance policy delivered in the State to contain a notice informing the purchaser of the right to examine and return the policy if dissatisfied. Under HRS 431:
10-214, the purchaser may return the policy within ten days after receipt and obtain a refund of the premium, subject to the applicable statutory provisions. When properly returned during this period, the policy is treated essentially as though it had not been issued. Hawai#i legislative text expressly requires this right-to- return notice to appear on or be attached to an individual life policy.
The Hawai#i Insurance Division provides the same consumer guidance: after purchasing life insurance, consumers should read the contract carefully and may return the policy within ten days of receiving it if they change their minds.
This ordinary free-look period should not be confused with special periods applicable to certain transactions.
For example, replacement transactions carry a longer thirty-day return period. Likewise, particular annuity disclosure rules may provide separate protections.
Reference topics: HRS 431:10-214; Free Look; Policy Delivery; Consumer Rights; Hawai#i Life-General Knowledge Content Outline.
NEW QUESTION # 20
The number of continuing education credit hours that a Life and/or Accident and Health Producer must complete to have their license renewed is:
Answer: C
Explanation:
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.
NEW QUESTION # 21
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