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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Types of Policies | 15% | - Interest/market-sensitive/adjustable life products
|
| Topic 2: Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Credit life - Group life
- Marketing methods and practices
|
| Topic 3: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Guaranty associations - Definitions
|
| Topic 4: Completing the Application, Underwriting, and Delivering the Policies | 12% | - Underwriting
|
| Topic 5: Retirement and Other Life Insurance Concepts | 8% | - Tax treatment of insurance premiums, proceeds, and dividends - Life settlements - Retirement plans
- Social Security benefits - Group life insurance
|
| Topic 6: Life Provisions, Riders, Options, and Exclusions | 15% | - Policy riders
|
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NEW QUESTION # 97
Except when a statutory exception applies, Hawaii generally prohibits entering into a life settlement contract during what period following issuance of the life insurance policy?
Answer: A
Explanation:
C). 2 years is correct. Hawai#i law contains an important restriction intended to combat stranger-originated life insurance and similar arrangements . HRS 431C-33 generally prohibits a person from entering into a life settlement contract at the time of application or issuance of a life insurance policy or during the two-year period commencing with the policy's date of issuance , unless a statutory exception applies.
The restriction helps distinguish a legitimate later decision by a policyowner to sell existing coverage from a policy originally obtained primarily for immediate transfer to an outside investor. Life insurance is intended to protect legitimate insurable interests, not to operate simply as a wagering instrument on an individual's life.
Hawai#i recognizes defined exceptions to the two-year prohibition. For example, qualifying converted coverage may satisfy the requirement when the conversion policy and prior continuous coverage together equal at least two years. Other statutory circumstances can also permit an earlier settlement when the required conditions and certifications are met.
A producer should therefore avoid treating the two-year restriction as absolute in every factual situation, but it is the controlling general rule .
Six months and one year are insufficient, while five years exceeds the statutory prohibition period.
Reference topics: HRS 431C-33(m); Life Settlements; Stranger-Originated Life Insurance; Two-Year Restriction.
NEW QUESTION # 98
A producer who reimburses a portion of the premium as an inducement to purchase insurance is guilty of:
Answer: A
Explanation:
B). rebating is correct. Hawai#i expressly regulates inducements offered in connection with the purchase of insurance. HRS 431:13-103 prohibits paying, allowing, giving, or offering-directly or indirectly-as an inducement to insurance, a rebate of premiums , special advantage in policy benefits, or other valuable consideration not specified in the insurance contract, except where a statutory exception applies.
The conduct in the question fits that definition precisely. The producer is returning part of the customer's premium personally to encourage the customer to purchase the policy. Such an arrangement creates an advantage that is not contained in the insurance contract and can result in unequal treatment among otherwise comparable policyholders.
Experience rating is different. It is an authorized rating mechanism under which premium can reflect the loss or expense experience of a qualifying group. Hawai#i law specifically recognizes properly administered group-policy experience adjustments as distinct from prohibited rebates. Premium discounting or deviation cannot be used merely as alternative terminology to legitimize an unauthorized producer-funded inducement.
For examination purposes, a producer offering cash, refunding commission, paying part of a customer's premium, or providing another unauthorized benefit to induce a sale should trigger the concept of rebating .
Reference topics: HRS 431:13-103 - Rebates and Inducements; Unfair Trade Practices; Producer Ethics; Marketing Practices.
NEW QUESTION # 99
A life insurance policy is issued after a basic illustration was used in the sale. Under Hawaii's life insurance illustration requirements, the insurer must generally retain the applicable signed illustration records until:
Answer: C
Explanation:
C is correct. Hawai#i regulates the use and retention of life insurance illustrations because illustrations can materially influence a consumer's understanding of premiums, policy values, guarantees, dividends, and non- guaranteed elements.
Under HRS 431:10D-407, a copy of the applicable basic illustration , any revised illustration, and specified certifications must generally be retained by the insurer until three years after the policy is no longer in force
. If no policy is ultimately issued, the statutory provision does not require a copy to be retained under this particular rule.
The requirement is substantially longer than simply retaining documentation for three years after issue. A policy could remain active for decades; under the statutory rule, the retention period extends throughout that active duration and then continues for another three years after termination.
Illustration rules are consumer-protection and market-conduct requirements. Producers and insurers must avoid presenting non-guaranteed values as guarantees or otherwise using illustrations in a deceptive manner.
Hawai#i further treats violations of the illustration requirements as unfair or deceptive insurance practices.
Reference topics: HRS 431:10D-407 and 431:10D-410; Life Insurance Illustrations; Record Retention; Marketing Practices.
NEW QUESTION # 100
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: D
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 # 101
How often may the Insurance Commissioner examine the insurance account records, and transactions of an insurance producer?
Answer: D
Explanation:
C is correct. Hawai#i law gives the Insurance Commissioner broad examination authority over persons participating in the insurance business. HRS 431:2-303 provides that the Commissioner may, as often as the Commissioner deems advisable , examine the insurance accounts, records, documents, and transactions of insurance producers and other persons subject to the Commissioner's regulatory authority.
This authority is intentionally flexible. Insurance regulation requires the Commissioner to investigate financial practices, premium handling, licensing compliance, market conduct, and other insurance transactions whenever circumstances warrant review. Restricting examinations to a fixed annual schedule or requiring the producer's permission would substantially impair regulatory oversight.
Option A is therefore incorrect because the law does not establish a maximum frequency of once per year.
Option B incorrectly suggests that the producer controls when an examination occurs. Option D similarly contradicts the Commissioner's statutory authority by implying that the parties must mutually agree on examination frequency.
The operative examination phrase is "as often as the Commissioner deems advisable." Producers must consequently maintain required records in a manner that permits inspection when the Insurance Division exercises its statutory examination authority.
Reference topics: HRS 431:2-303; Commissioner Examination Authority; Producer Records; Insurance Regulatory Oversight.
NEW QUESTION # 102
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