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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Types of Policies | 15% | - Combination plans and variations
|
| Topic 2: Completing the Application, Underwriting, and Delivering the Policies | 12% | - Contract law
|
| Topic 3: Life Provisions, Riders, Options, and Exclusions | 15% | - Policy provisions and options
|
| Topic 4: Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Participation in surplus - Credit life - Marketing methods and practices
|
| Topic 5: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Licensing
- Marketing practices
|
| Topic 6: Retirement and Other Life Insurance Concepts | 8% | - Life settlements - Tax treatment of insurance premiums, proceeds, and dividends - Group life insurance
- Life insurance needs analysis and suitability
- Retirement plans
|
>> New Insurance Licensing Hawaii-Life-Producer Exam Objectives <<
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NEW QUESTION # 81
An individual life insurance policy delivered in Hawaii must generally provide a grace period of:
Answer: A
Explanation:
C). 30 days is correct. Hawai#i requires an individual life insurance policy to contain a statutory grace-period provision . Under HRS 431:10D-102, the policy must allow a grace period of thirty days , during which the life insurance remains in full force despite the fact that a premium has become due and has not yet been paid.
The current Hawai#i Life Producer examination outline specifically identifies the grace period among the required individual life policy provisions.
If the insured dies during the grace period before paying the overdue premium, the insurer does not simply deny the death claim for nonpayment. Instead, the insurer may deduct the overdue premium from the amount otherwise payable under the policy.
The grace period must be distinguished from the free-look period . A free look applies after delivery of a newly issued policy and permits the owner to return it within the statutory review period. A grace period applies after an existing policy premium becomes overdue and prevents immediate lapse.
Ten and twenty days are below Hawai#i's required period. Sixty days is not required by the individual life standard provision.
Reference topics: HRS 431:10D-102(a)(1); Grace Period; Premium Payment; Policy Lapse; Standard Life Policy Provisions.
NEW QUESTION # 82
A producer may have placed excessive controlled business when insurance written on the producer and the producer's family during a two-year period exceeds:
Answer: C
Explanation:
A is correct. Hawai#i's controlled-business provisions are intended to prevent a person from obtaining and maintaining an insurance producer license primarily for the purpose of writing insurance on the producer, the producer's family, or other closely controlled interests rather than conducting genuine insurance business with the public.
Under Hawai#i law, excessive controlled business exists for licensing purposes when, during the applicable statutory measurement period, the aggregate premiums on controlled business exceed the aggregate premiums on all other insurance business written by the producer. Official Hawai#i legislative text preserves this controlled-business standard.
If controlled-business premiums exceed premiums from all other risks, controlled business necessarily represents more than one-half of total premiums written . That mathematical relationship makes option A the correct choice.
The statute evaluates the relevant premium relationship within the prescribed calendar-year framework associated with the producer's licensing history; the practice question summarizes that concept as business written during a two-year period. Candidates should focus on the controlling threshold: controlled premiums cannot become the majority of the producer's overall premium production.
Options C and D use incorrect measures or percentages. The test concerns premium volume , not the aggregate face amount of insurance issued.
Reference topics: Controlled Business; Producer Licensing Eligibility; Premium Volume; Hawai#i Insurance Producer Requirements.
NEW QUESTION # 83
In order to issue Variable contracts, an insurance company MUST be licensed to sell which of the following types of policies?
Answer: C
Explanation:
D). Life is correct. Variable contracts, including variable life insurance and variable annuity contracts, fall within the regulatory structure applicable to life insurers and annuity business. Hawai#i's variable-contract statute, HRS 431:10D-118, provides the regulatory framework for separate accounts and variable benefits.
Official Hawai#i legislative materials explain that insurers may not issue variable contracts unless they are licensed to conduct life insurance or annuity business in the State.
Among the answer choices, Life is therefore the only applicable insurance classification. Property and casualty authority does not authorize an insurer to issue variable life or annuity contracts, and an accident, health, or sickness license likewise does not independently provide the required authority.
Variable products differ from traditional fixed insurance because contract values can reflect investment performance in separate accounts. That investment component also results in additional securities-law considerations for persons selling variable contracts, but it does not change their underlying classification as life insurance or annuity products.
The current Hawai#i Life examination content outline specifically identifies Variable Contracts - HRS
431:10D-118 as a state-law testing area, making this distinction directly relevant to the producer examination.
Reference topics: HRS 431:10D-118; Variable Contracts; Separate Accounts; Life Insurer Authority; Variable Life and Annuities.
NEW QUESTION # 84
If a father intends to purchase and retain ownership of a life policy on his eighteen-year-old son, which of the following signatures would be required on the application?
Answer: B
Explanation:
C is correct. The father is applying for and will own the policy, so his signature is required in his capacity as the applicant/policyowner. Because the insured is the father's eighteen-year-old son , the son is no longer being treated as a minor for purposes of the exception described in Hawai#i's consent statute. The insured therefore must also consent in writing to insurance being effectuated on his life.
Hawai#i Revised Statutes 431:10-206 provides that a life insurance contract on an individual generally cannot be effectuated unless the individual insured, when legally competent to contract, applies for or consents to the insurance in writing . The statute contains exceptions for insurance on a spouse and for a person having an insurable interest in a minor, but neither eliminates the adult son's consent requirement in this scenario.
The current Hawai#i Life-General Knowledge examination outline specifically identifies "Required signatures" under completing the application, confirming that this is an examinable producer competency.
The mother's signature is irrelevant because she is neither the applicant nor the policyowner in the facts presented.
Reference topics: Hawai#i Revised Statutes 431:10-206; Completing the Application - Required Signatures; Insurable Interest and Consent.
NEW QUESTION # 85
An annuity annual report is REQUIRED for which of the following?
Answer: D
Explanation:
D). Deferred annuities is the correct examination answer. Hawai#i law specifically requires an insurer to provide an annuity contract owner with a status report at least annually during the accumulation period of a deferred annuity . HRS 431:10D-604 also requires an annual report for certain annuities in the payout period when non-guaranteed elements can change. The required report includes the reporting-period dates, applicable accumulation and cash-surrender values, amounts credited or charged, payments made during the period, and outstanding loans.
The important term in the question is deferred . A deferred annuity has an accumulation period before income payments begin, making periodic reporting particularly important because the owner needs updated information about contract values and transactions.
Option C is too broad because merely being an immediate annuity does not itself trigger this particular accumulation-period reporting requirement. Likewise, "fixed annuities once annuitized" does not accurately state the statutory condition. Option B is not the best answer because variable annuities are subject to their own regulatory and securities-related reporting structures and are treated separately in Hawai#i's annuity- disclosure rules.
The 2026 Hawai#i examination outline specifically tests immediate versus deferred annuities, fixed versus variable annuities, and accumulation versus annuity periods.
Reference topics: HRS 431:10D-604; Annuity Disclosure; Deferred Annuities; Accumulation Period.
NEW QUESTION # 86
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