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| Section | Objectives |
|---|---|
| Life - General Knowledge | - Completing the Application, Underwriting, and Delivering the Policies
|
| Life - Hawaii Specific | - Hawaii Laws and Rules Pertinent to Life Insurance Only
|
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NEW QUESTION # 76
Which of the following statements about an individual life policy premium is CORRECT?
Answer: A
Explanation:
A). It must contain all charges is correct and follows directly from HRS 431:10-218, titled "Stated premium must include all charges." Hawai#i law requires the premium stated in an insurance policy to be inclusive of all fees, charges, premiums, or other consideration charged for the insurance or for procuring it.
The statute further provides that an insurer, producer, officer, employee, or other representative may not separately charge or receive compensation or other consideration for insurance if that amount is not included in the premium specified in the policy.
The statute contains an exception for surety and group insurance contracts, but the question specifically asks about an individual life policy , so that exception does not alter the answer.
Options B and D are incorrect because expenses, loads, or issuance-related charges cannot simply be excluded from the stated premium when they constitute consideration charged for the insurance or its procurement.
Option C is also too broad; Hawai#i law does not establish a general rule that all taxes must be excluded from the premium.
The regulatory purpose is transparency. The policyholder should be able to identify the actual premium consideration required for the contract rather than discovering additional undisclosed insurance charges afterward.
Reference topics: HRS 431:10-218; Premium Requirements; Policy Charges; Consumer Disclosure.
NEW QUESTION # 77
A lapsed Hawaii individual life insurance policy is being reinstated. Interest charged on overdue premiums and qualifying policy indebtedness under the statutory reinstatement provision may NOT exceed:
Answer: C
Explanation:
B is correct. Hawai#i's individual life insurance reinstatement provision allows qualifying lapsed coverage to be restored within the statutory reinstatement period when the required conditions are satisfied. HRS 431:
10D-102 provides that reinstatement generally requires a written application , satisfactory evidence of insurability, payment of premiums in arrears, and payment or reinstatement of other indebtedness on the policy. Interest on those amounts may be charged at a rate not exceeding 6% per year compounded annually under the standard provision.
Reinstatement is generally available within three years after premium default , unless the policy has already been surrendered for its cash surrender value or applicable paid-up term insurance has expired.
The provision should not be confused with Hawai#i's rules governing policy loans issued after June 22, 1982
, which may permit a fixed maximum policy-loan rate of 8% or an adjustable rate satisfying statutory requirements. A policy-loan interest rate and the statutory reinstatement interest ceiling are separate concepts.
Options C and D therefore improperly import higher rates into the reinstatement provision. Option A is below the maximum but does not state the statutory ceiling.
Reference topics: HRS 431:10D-102(a)(5); Reinstatement; Evidence of Insurability; Overdue Premiums; Policy Indebtedness.
NEW QUESTION # 78
In a Hawaii variable life insurance contract, investment gains and losses attributable to assets held in a separate account are:
Answer: B
Explanation:
B is correct. HRS 431:10D-118 authorizes domestic life insurers to establish separate accounts to support variable life insurance and variable annuity benefits. The statute provides that income, realized or unrealized gains, and losses attributable to assets allocated to a separate account are credited to or charged against that account without regard to other income, gains, or losses of the insurance company .
This separation is fundamental to variable insurance. Policy values linked to the separate account fluctuate according to the investment performance of the selected assets or investment divisions rather than simply receiving a fixed general-account interest credit.
The Hawai#i Insurance Division likewise explains that variable life contains an investment element and can use separate accounts involving stocks, bonds, money-market instruments, and other funds. Cash values and death benefits may vary according to investment performance.
Option A incorrectly treats separate-account performance as part of the insurer's general investment results.
Option C is incorrect because investment returns are not guaranteed by the Commissioner. Option D is also false because separate-account values are determined throughout the life of the contract, not only upon surrender.
Reference topics: HRS 431:10D-118; Variable Life; Separate Accounts; Investment Risk; Variable Contracts.
NEW QUESTION # 79
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 # 80
If the insured commits suicide during the first policy year, the insurer will:
Answer: D
Explanation:
C is the correct producer-examination answer. A standard life insurance suicide provision permits the insurer to exclude payment of the policy's death benefit when the insured dies by suicide during the specified initial exclusion period. Instead of paying the face amount, the insurer generally refunds the premiums paid under the policy.
This is directly relevant under Hawai#i law. HRS 431:10D-108 permits a life insurance policy delivered in Hawai#i to restrict coverage for death occurring within two years from the policy's date of issue as a result of suicide , whether the insured was sane or insane, subject to Hawai#i's statutory treatment of qualifying medical aid in dying. The official 2026 Hawai#i Life-General Knowledge outline also specifically lists
"Suicide" among tested life-policy provisions.
Because the question specifies suicide during the first policy year , the death falls within the permissible two- year exclusion period. Option A incorrectly assumes the ordinary face amount remains payable. Option B has no basis in the standard suicide provision. Option D is also incorrect because the standard examination treatment is a return of premiums rather than a refund reduced by the insurer's operating expenses.
Reference topics: Suicide Provision; Limitations of Liability; HRS 431:10D-108; Policy Exclusions.
NEW QUESTION # 81
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