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| Section | Objectives |
|---|---|
| Topic 1: Life - Hawaii Specific | - Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance
|
| Topic 2: Life - General Knowledge | - Types of Policies
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>> Minimum Hawaii-Life-Producer Pass Score <<
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NEW QUESTION # 58
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 # 59
An insurance company whose governing body is elected by its policyholders is a:
Answer: A
Explanation:
C). mutual company is correct. The defining ownership characteristic of a mutual insurer is that it is owned by its members or policyholders rather than outside shareholders. Hawai#i law states expressly that a domestic mutual insurer is owned by and operated in the interest of its members . Each member is generally entitled to one vote in elections of directors and on matters presented at corporate meetings, subject to permissible requirements in the insurer's bylaws.
That statutory structure directly matches the question: when policyholders elect the governing body, the insurer is operating as a mutual insurance company .
A stock insurer is different because ownership is represented by shares held by stockholders, and the stockholders elect the board. A reciprocal insurer is an unincorporated arrangement in which subscribers exchange insurance contracts through an attorney-in-fact. A fraternal benefit society is a member-based organization operating under a lodge or fraternal framework and is governed by separate statutory requirements; it is not simply another name for a mutual insurer.
The producer must therefore distinguish insurer classifications by ownership and governance. The current Hawai#i state-law examination component includes insurer definitions and classifications among the concepts a candidate is expected to understand.
Reference topics: HRS 431:4-309; Mutual Insurer; Member Rights; Insurer Ownership and Governance.
NEW QUESTION # 60
A homeowner wants life insurance specifically designed so that the death benefit declines as the outstanding balance on a 20-year mortgage declines. Which product is MOST appropriate?
Answer: B
Explanation:
B). Decreasing Term Life is correct. Decreasing term insurance provides temporary life insurance in which the death benefit declines according to a predetermined schedule while the policy remains in force. That design makes it particularly suitable for obligations that diminish over time, such as a repayment mortgage.
The NAIC's current official life-insurance guidance specifically identifies decreasing term insurance as coverage whose death benefit reduces over time and notes that it is commonly used to protect debts that decline, including a mortgage .
Increasing term would move in the opposite direction because its death benefit increases rather than decreases. Ordinary whole life provides permanent coverage and cash-value accumulation; it does not automatically align the death benefit with a declining mortgage balance. Variable universal life combines flexible permanent insurance with separate-account investment exposure and would introduce features and risk unnecessary for the stated temporary debt-protection objective.
The producer should always align the product to the customer's stated need. Where the objective is simply to provide a death benefit corresponding to a liability that steadily decreases, decreasing term offers the closest structural match.
Reference topics: Term Life Insurance; Decreasing Term; Mortgage Protection; Needs Analysis; Life Insurance Products.
NEW QUESTION # 61
In order to issue Variable contracts, an insurance company MUST be licensed to sell which of the following types of policies?
Answer: B
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 # 62
In Hawaii, an applicant for a resident producer's license MUST meet which of the following requirements?
Answer: B
Explanation:
D). Be at least eighteen years of age is correct. HRS 431:9A-106 establishes the principal statutory qualifications for a person applying for an insurance producer license in Hawai#i. Before approving the application, the Commissioner must determine that the applicant is at least eighteen years old , has not committed an act constituting grounds for licensing sanctions, has paid the required fees, and has passed the applicable licensing examination within the two years immediately preceding issuance of the license. The applicant must also submit fingerprints for the required state and federal criminal-history checks.
Hawai#i does not require an applicant to be twenty-one. Accordingly, option C imposes an age threshold higher than the statute requires. Neither a minimum year of college education nor a professional designation such as Chartered Life Underwriter (CLU) or Chartered Property Casualty Underwriter (CPCU) is a universal prerequisite for obtaining a resident producer license.
Professional designations can demonstrate advanced insurance education and may have relevance to continuing education treatment, but they do not replace the basic statutory licensing criteria stated in 431:9A-
106.
The current Hawai#i producer examination therefore expects candidates to know the minimum licensing age precisely: 18 years .
Reference topics: HRS 431:9A-106; Resident Producer Licensing; Minimum Age; Examination and Application Requirements.
NEW QUESTION # 63
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