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| Section | Weight | Objectives |
|---|---|---|
| Life Provisions, Riders, Options, and Exclusions | 15% | - Policy exclusions
|
| Completing the Application, Underwriting, and Delivering the Policies | 12% | - Delivering the policy
|
| Types of Policies | 15% | - Term life
|
| Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Participation in surplus - Group life
- Credit life |
| Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Insurance Commissioner
|
| Retirement and Other Life Insurance Concepts | 8% | - Life insurance needs analysis and suitability
- Social Security benefits - Life settlements - Third-party ownership - Retirement plans
|
>> New Insurance Licensing Hawaii-Life-Producer Exam Pattern <<
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NEW QUESTION # 81
An insurer terminates its appointment and business relationship with a Hawaii insurance producer. The insurer must generally notify the Insurance Commissioner within:
Answer: D
Explanation:
C). 30 days is correct. Hawai#i's producer licensing law establishes a specific notification requirement when the relationship between an insurer and producer ends. Under HRS 431:9A-115, an insurer or its authorized representative that terminates a producer's appointment, employment, contract, or other insurance business relationship must notify the Insurance Commissioner within thirty days following the effective date of termination .
The requirement is especially significant when termination results from misconduct described in HRS 431:
9A-112. In those circumstances, the insurer must use the specific reporting format prescribed by the Commissioner and may be required to supply additional documentation concerning the conduct. The insurer must also promptly report subsequently discovered information that would have been reportable when the original termination notice was filed.
This thirty-day requirement should not be confused with the 15-day appointment-filing period or the Commissioner's separate appointment-eligibility review periods. Those provisions govern establishing an appointment rather than terminating one.
Options A and B therefore provide insufficient time periods, while D exceeds the statutory deadline.
Reference topics: HRS 431:9A-115; Producer Appointments and Terminations; Insurer Reporting Duties; License Administration.
NEW QUESTION # 82
A replacing insurer receives a completed life insurance application indicating that an existing policy will be replaced. Within how many business days must the replacing insurer notify the existing insurer that may be affected?
Answer: A
Explanation:
B). 5 business days is correct. Hawai#i's life insurance and annuity replacement framework imposes specific duties on a replacing insurer once a replacement transaction has been identified. The insurer must verify that required replacement documentation has been received and must notify any existing insurer that may be affected by the replacement within five business days after receiving a completed application indicating replacement, or within five business days after identifying a replacement that was not initially disclosed on the application.
This requirement is designed to give the existing insurer prompt notice so it can provide relevant policy information to the policyowner and ensure that the consumer understands what may be lost by replacing the existing contract. Replacement can affect cash values, surrender charges, guarantees, premiums, and contestability or suicide periods.
Option C is incorrect because ten days is not the statutory notification period between the replacing and existing insurers. Thirty days relates to another important replacement protection-the policyowner's right to return the newly issued replacement contract. Three business days is also unsupported.
The current Hawai#i examination outline specifically tests replacement , including producer and insurer responsibilities.
Reference topics: HRS 431:10D-503 through 431:10D-506; Replacement; Replacing Insurer Duties; Existing Insurer Notification.
NEW QUESTION # 83
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: A
Explanation:
A is correct. Hawai#i treats premiums and other qualifying insurance funds held by a producer as fiduciary funds . HRS 431:9A-123.5 permits a producer to maintain such funds in a properly designated trustee account but imposes strict limitations on personal use or commingling. If the premium trustee account earns interest, the producer may not retain that interest for the producer's own use or benefit without the prior written consent of the insurer or other person entitled to the funds .
The statute also permits only limited additional money to be mixed into the premium account-generally funds reasonably necessary to cover bank, savings-and-loan, or financial-services account charges. The account must be identified in the institution's records as a trustee account established pursuant to HRS 431:
9A-123.5 or words of similar effect.
No exception exists merely because the accumulated interest is small, eliminating B. Length of licensure does not alter the fiduciary obligation, so C is incorrect. Reporting interest for tax purposes likewise does not establish ownership of money that legally belongs to another party, eliminating D.
Improper diversion or appropriation of premium funds may expose the producer to disciplinary and other legal penalties.
Reference topics: HRS 431:9A-123.5; Fiduciary Duties; Premium Trustee Accounts; Commingling; Producer Ethics.
NEW QUESTION # 84
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 # 85
An insured lapsed a Life insurance policy one year ago and now wants to reestablish this coverage. The policy may be placed in force under the:
Answer: D
Explanation:
C). Reinstatement provision is correct. Reinstatement is specifically designed to restore a life insurance policy that has terminated because of premium default, provided the policyowner satisfies the contractual and statutory requirements.
Hawai#i's life insurance law requires individual life policies to contain a reinstatement provision. Under HRS
431:10D-102, a policy can be reinstated within three years from the date of premium default , unless it has been surrendered for its cash value or applicable paid-up term insurance has expired. Reinstatement requires a written application, satisfactory evidence of insurability, payment of premiums in arrears, and settlement or reinstatement of applicable policy indebtedness with interest. The scenario states that the lapse occurred only one year ago , placing it within that reinstatement period. Hawai#i's enacted statutory text establishes this three-year framework.
A grace period operates immediately after a premium becomes overdue and is far shorter than one year.
Renewability concerns continuation or renewal of coverage according to policy terms, particularly term insurance. The consideration clause identifies the contractual consideration-primarily the application and premium-and does not restore lapsed coverage.
The 2026 Hawai#i examination outline also explicitly lists Reinstatement as a tested life-policy provision.
Reference topics: HRS 431:10D-102; Reinstatement; Grace Period; Policy Provisions.
NEW QUESTION # 86
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