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| Section | Weight | Objectives |
|---|---|---|
| Completing the Application, Underwriting, and Delivering the Policies | 12% | - Delivering the policy
|
| Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Variable contracts - Policy clauses and provisions
- Marketing methods and practices
|
| Retirement and Other Life Insurance Concepts | 8% | - Life settlements - Retirement plans
- Third-party ownership - Life insurance needs analysis and suitability
|
| Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Insurance Commissioner
- Marketing practices
|
| Types of Policies | 15% | - Combination plans and variations
|
| Life Provisions, Riders, Options, and Exclusions | 15% | - Policy provisions and options
|
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NEW QUESTION # 70
Which of the following items requires an insurance company to advise an applicant that the company intends to secure a report which includes details about his income and general reputation?
Answer: C
Explanation:
A). Fair Credit Reporting Act is correct. The Fair Credit Reporting Act regulates consumer reports and imposes specific disclosure requirements when an insurer or another authorized user obtains certain consumer- report information for insurance underwriting.
The question's reference to information concerning an applicant's general reputation is particularly significant. Under FCRA 606, 15 U.S.C. 1681d, a person generally may not procure an investigative consumer report unless the consumer is clearly informed that such a report may include information relating to the person's character, general reputation, personal characteristics, and mode of living . The disclosure must also explain specified consumer rights. The FTC separately confirms that insurers using consumer reports for underwriting must comply with the FCRA.
The official Hawai#i Life-General Knowledge outline expressly identifies medical information and consumer reports and the Fair Credit Reporting Act within underwriting.
The Freedom of Information Act concerns access to federal government records. The Uniform Provisions Law is unrelated to investigative consumer-report disclosure, and the USA PATRIOT Act primarily addresses matters such as anti-money-laundering requirements rather than this consumer-report notice.
Reference topics: Fair Credit Reporting Act; Consumer Reports; Underwriting Information; Applicant Disclosure and Privacy.
NEW QUESTION # 71
An insurer terminates its appointment and business relationship with a Hawaii insurance producer. The insurer must generally notify the Insurance Commissioner within:
Answer: B
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 # 72
The Hawaii Insurance Commissioner MUST hold a hearing within how many days after receipt of the proper application for a hearing?
Answer: B
Explanation:
A). Thirty days is the correct examination answer. HRS 431:2-308 governs administrative hearings under the Hawai#i Insurance Code. The statute provides that when the Commissioner has exercised specified authority to suspend, revoke, or refuse to extend an insurance license , the affected licensee retains a right to request a hearing. If the license has been suspended pending that hearing, the Commissioner must hold the hearing within thirty days after receiving the written application , unless the hearing is postponed by mutual consent.
The application itself must be in writing and must identify how the applicant has been aggrieved and the grounds upon which relief is sought. This ensures that the administrative proceeding has a defined factual and legal basis.
An important precision point is that the current statute's thirty-day mandate applies in the stated licensing- enforcement circumstances; the practice question compresses that rule into the broader wording "proper application for a hearing." For the producer examination, however, 30 days is the statutory period the question is testing.
Thirty-one, forty-five, and sixty days do not match the period specified in HRS 431:2-308 for the applicable license hearing.
Reference topics: HRS 431:2-308; Administrative Hearings; Insurance Commissioner; License Suspension and Revocation.
NEW QUESTION # 73
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 # 74
S works for a domestic insurance company as vice president of marketing. S is paid a salary, earns no money from commissions, and spends the majority of all working time in the home office. In this situation, which of the following statements about S is CORRECT?
Answer: A
Explanation:
A is correct. Hawai#i provides specific exemptions from insurance producer licensing for certain officers, directors, and employees of insurers. Under HRS 431:9A-104, an officer, director, or employee does not need a producer license when the individual receives no commission or other remuneration based on policies written or sold and the person's activities are executive, administrative, managerial, clerical, or a combination of those activities that are only indirectly related to selling, soliciting, or negotiating insurance.
The facts fit that exemption closely. S is a salaried vice president, earns no commission, and spends the majority of working time in the insurer's home office. Nothing in the scenario indicates that S personally sells, solicits, or negotiates insurance with prospective customers. Holding a senior marketing title does not, standing alone, create a producer-licensing obligation.
A limited license is intended for narrowly defined insurance activities or lines and does not apply merely because someone works in an insurer's marketing department. A temporary license is issued only under specific statutory circumstances and is not relevant here. A full producer license would become necessary if S personally performed activities constituting the sale, solicitation, or negotiation of insurance beyond the statutory exemption.
Reference topics: HRS 431:9A-104; Exceptions to Licensing; Insurer Officers and Employees; Producer Licensing Requirements.
NEW QUESTION # 75
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