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| Section | Weight | Objectives |
|---|---|---|
| Life-General Knowledge | ~59% | - Types of Policies
|
| Hawaii Insurance Laws, Rules, and Regulations | ~41% | - Hawaii-Specific Life Insurance Rules
|
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NEW QUESTION # 105
Which of the following statements is CORRECT about group life insurance policies?
Answer: B
Explanation:
A is correct under current Hawai#i law. HRS 431:10D-212 permits qualifying group life insurance policies to extend coverage to the spouses and dependent children of insured employees or members. Hawai#i amended this provision so that a spouse or dependent may be covered in an amount equivalent to the amount of coverage of the insured individual . Act 155 of 2008 removed the former statutory limitation that had restricted certain dependent coverage to 50% of the insured individual's coverage or $5,000.
This point is particularly important because older insurance-study materials may still reproduce the former
50% limitation. That older rule is not the controlling Hawai#i provision for the current examination.
Option B is therefore incorrect for two reasons: it says coverage must be provided and incorporates the obsolete 50% ceiling. The statute states that dependent coverage may be extended and permits an amount equivalent to the insured individual's coverage.
Options C and D are also incorrect. Hawai#i group-life provisions recognize conversion rights under applicable circumstances; they do not establish a blanket prohibition on conversion privileges for spouses or dependent children.
Reference topics: HRS 431:10D-212; Act 155, SLH 2008; Group Life Insurance; Spouse and Dependent Coverage; Conversion Rights.
NEW QUESTION # 106
Life insurance proceeds payable to all of the following beneficiaries are free from attachment by the insured's creditors EXCEPT those payable to the insured's:
Answer: C
Explanation:
C). estate is correct. Hawai#i provides specific creditor protection for life insurance proceeds payable to designated family members and qualifying dependents. HRS 431:10-232 states that proceeds payable because of an insured's death, together with qualifying life-policy cash values and annuity values, are generally exempt from execution, attachment, garnishment, or other creditor process when payable to the insured's spouse, child, parent, or another person dependent upon the insured , subject to the statutory exception for premiums paid in fraud of creditors.
The insured's estate , however, is fundamentally different. When death proceeds are made payable to the estate, they become estate property and ordinarily enter the estate-administration process. Estate assets are potentially available for satisfying legitimate debts and obligations of the deceased before the remaining property is distributed to heirs or beneficiaries.
Accordingly, options A, B, and D fall expressly within the family-member categories protected by the Hawai#i statute. Option C does not receive the same statutory creditor exemption.
For examination purposes, this distinction is important: naming an individual beneficiary ordinarily allows life proceeds to pass directly according to the beneficiary designation, whereas naming the estate subjects the proceeds to estate administration and potentially the insured's creditors.
Reference topics: HRS 431:10-232 - Exemption of Proceeds; Beneficiaries; Creditor Rights; Life Insurance Proceeds.
NEW QUESTION # 107
If an applicant for a Life policy does not pay the premium when the application is submitted and the insurance company subsequently approves the application and issues the contract, coverage becomes effective at which of the following times?
Answer: C
Explanation:
D is correct. When no initial premium accompanies the application, there is ordinarily no premium receipt creating potential temporary or conditional coverage. Consequently, insurer approval alone does not complete all elements necessary for the insurance contract to take effect. The policy normally becomes effective when it is delivered and the required initial premium is paid , subject to any delivery requirements concerning continued insurability.
The 2026 Hawai#i Life-General Knowledge outline specifically tests both collection of the initial premium and issuance of the receipt and when coverage begins , demonstrating the importance of distinguishing prepaid applications from applications submitted without premium.
Option A is incorrect because simply completing an application does not create coverage where no premium has been collected. Option B is incorrect because underwriting approval represents the insurer's willingness to issue the contract, but it does not by itself satisfy an unpaid premium requirement. Option C is also incorrect:
mailing the policy to the producer is administrative delivery to the insurer's representative, not necessarily legal delivery to the applicant.
For examination purposes, where the application was submitted without the initial premium , actual policy delivery plus premium payment is the controlling event described by the facts.
Reference topics: Initial Premium Payment and Receipt; Policy Delivery; When Coverage Begins; Offer and Acceptance.
NEW QUESTION # 108
Except when a statutory exception applies, Hawaii generally prohibits entering into a life settlement contract during what period following issuance of the life insurance policy?
Answer: C
Explanation:
C). 2 years is correct. Hawai#i law contains an important restriction intended to combat stranger-originated life insurance and similar arrangements . HRS 431C-33 generally prohibits a person from entering into a life settlement contract at the time of application or issuance of a life insurance policy or during the two-year period commencing with the policy's date of issuance , unless a statutory exception applies.
The restriction helps distinguish a legitimate later decision by a policyowner to sell existing coverage from a policy originally obtained primarily for immediate transfer to an outside investor. Life insurance is intended to protect legitimate insurable interests, not to operate simply as a wagering instrument on an individual's life.
Hawai#i recognizes defined exceptions to the two-year prohibition. For example, qualifying converted coverage may satisfy the requirement when the conversion policy and prior continuous coverage together equal at least two years. Other statutory circumstances can also permit an earlier settlement when the required conditions and certifications are met.
A producer should therefore avoid treating the two-year restriction as absolute in every factual situation, but it is the controlling general rule .
Six months and one year are insufficient, while five years exceeds the statutory prohibition period.
Reference topics: HRS 431C-33(m); Life Settlements; Stranger-Originated Life Insurance; Two-Year Restriction.
NEW QUESTION # 109
Which of the following policies accumulates the greatest amount of cash value per $1,000 of face amount?
Answer: C
Explanation:
B). Whole Life is correct. Whole life insurance is permanent insurance designed to remain in force throughout the insured's lifetime, provided contractual premium requirements are satisfied. An important structural feature is the accumulation of a policy reserve and corresponding cash value . For the choices presented, ordinary whole life therefore produces the greatest cash value per $1,000 of basic face amount.
Yearly Renewable Term and Decreasing Term are forms of term insurance . Term insurance primarily transfers mortality risk for a specified period and ordinarily does not accumulate cash surrender values.
Hawai#i's Insurance Division specifically describes whole life as lifetime coverage that may contain a cash- value savings element, whereas its description of term insurance focuses on temporary death protection.
A Family Income policy traditionally combines permanent life insurance with a decreasing term component designed to provide income during a designated family-protection period. Because part of the total death protection is supplied by temporary term insurance, it is not the appropriate answer when the question asks specifically which listed policy has the greatest cash value per $1,000 of face amount .
Reference topics: Traditional Whole Life; Term Life - Annually Renewable and Decreasing; Combination Plans and Variations.
NEW QUESTION # 110
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