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| Section | Weight | Objectives |
|---|---|---|
| Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Group life
- Participation in surplus - Policy clauses and provisions
|
| Types of Policies | 15% | - Term life
|
| Retirement and Other Life Insurance Concepts | 8% | - Third-party ownership - Life settlements - Social Security benefits - Retirement plans
- Life insurance needs analysis and suitability
|
| Completing the Application, Underwriting, and Delivering the Policies | 12% | - Delivering the policy
|
| Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Insurance Commissioner
- Licensing
|
| Life Provisions, Riders, Options, and Exclusions | 15% | - Policy provisions and options
|
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NEW QUESTION # 118
An insured replaces a life insurance policy with another policy issued by the SAME insurer. With respect to the new policy's incontestability and suicide periods, the replacing insurer must generally:
Answer: B
Explanation:
C is correct. Hawai#i provides an important consumer protection when replacement occurs between policies issued by the same insurer or insurers under common ownership or control . In such a transaction, the replacing insurer must give credit for the time that has already elapsed under the existing contract's incontestability and suicide periods , up to the face amount of the existing policy or contract.
This prevents an insured who has already satisfied part or all of these protective periods from unnecessarily starting over solely because coverage is replaced within the same insurer or affiliated insurance group. If the new policy provides a larger face amount, however, the statutory credit applies only up to the existing policy's amount; incremental coverage can remain subject to the provisions governing the newly issued insurance.
Option A ignores this Hawai#i-specific replacement safeguard. Option B has no relationship to incontestability or suicide provisions. Option D incorrectly makes beneficiary continuity a condition; the statutory rule concerns the insurer relationship, replacement transaction, elapsed period, and existing face amount.
Replacement questions are particularly important because new contestability, surrender-charge, and suicide provisions can materially affect a policyowner.
Reference topics: HRS 431:10D-505; Replacement; Incontestability; Suicide Provision; Replacing Insurer Duties.
NEW QUESTION # 119
When an applicant has existing life insurance or annuity contracts, a replacing insurer must generally retain completed and signed replacement notices and related required sales documentation for at least:
Answer: B
Explanation:
C is correct. Hawai#i's replacement framework imposes substantial documentation duties because a replacement can materially affect the consumer's existing insurance position. When the applicant has existing policies or contracts, the replacing insurer must retain completed and signed replacement notices and specified sales material, illustrations, and related statements in its home or regional office for at least five years after termination or expiration of the proposed policy or contract .
The replacement rules also require records of notices sent to existing insurers. Those records are generally retained for at least five years or until the insurer's next regular examination by the insurance department of its state of domicile, whichever applicable requirement extends longer.
These retention rules allow regulators to reconstruct the sales transaction and determine whether appropriate replacement disclosures, comparisons, and consumer protections were provided. They also discourage incomplete or misleading sales presentations.
One year and three years are shorter than the replacement-specific retention period. A blanket ten-year period is not the statutory requirement described here.
Reference topics: HRS Article 10D Replacement Requirements; Replacing Insurer Responsibilities; Replacement Notices; Sales Material and Illustration Retention.
NEW QUESTION # 120
The replacing producer MUST submit the replacement notice to which of the following?
Answer: D
Explanation:
C). The replacing producer's company is correct. Under Hawai#i's life insurance and annuity replacement requirements, the producer who initiates the replacement transaction has specific disclosure and documentation duties. HRS 431:10D-503 requires the producer to determine whether existing coverage is involved and, where appropriate, present the approved replacement notice to the applicant. In connection with a replacement, the producer must then submit the required documents to the insurer to which the new application is presented . In examination terminology, that is the replacing producer's insurer or company.
The replacing insurer , not the individual producer, then has the statutory responsibility to notify any existing insurer that may be affected by the replacement within the prescribed period.
This distinction eliminates A. The replacing producer does not submit the statutory replacement notice to the customer's existing producer. B is incorrect because the notice is not routinely submitted to the Insurance Commissioner as part of each transaction. D is unrelated because beneficiaries have no administrative role in processing replacement disclosures.
The 2026 Hawai#i Life Producer outline expressly tests replacement and the separate duties of producers, replacing insurers, and existing insurers.
Reference topics: HRS 431:10D-503 through 431:10D-506; Replacement; Duties of Producers; Duties of Replacing Insurers.
NEW QUESTION # 121
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 # 122
A Life insurance policy is issued with an exclusion rider for a past health condition. Which of the following actions MUST a producer take when the policy is delivered?
Answer: A
Explanation:
A is the intended policy-delivery answer. When an insurer issues a policy on terms that differ materially from the coverage originally applied for-such as through a rider, limitation, or other modification-the producer must clearly explain the issued coverage and ensure that the applicant understands any restrictions before accepting the policy. Hawai#i's Insurance Division specifically instructs consumers to read the policy carefully after receipt and ask the insurance agent to explain any points that are not understood . The producer examination outline likewise tests policy delivery, explaining the policy, and policy exclusions.
Options B, C, and D do not satisfy this responsibility. A producer cannot independently alter inaccurate application statements after underwriting; changes must be handled under the insurer's established application procedures. A return receipt is not the core requirement, nor does delivery without an applicant signature resolve a modified-coverage issue.
There is, however, an important Hawai#i-specific legal qualification to the wording of this question. HRS
431:10D-108 restricts the death exclusions that an individual life policy may contain to specified categories such as war, aviation, hazardous occupations, certain foreign residence, and suicide. A generic exclusion of death arising from a past health condition is therefore not a sound Hawai#i-specific example of a permissible individual-life exclusion. The tested delivery principle remains A .
Reference topics: Policy Delivery; Policy Exclusions; Producer Responsibilities; HRS 431:10D-108.
NEW QUESTION # 123
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