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| Section | Objectives |
|---|---|
| Life - Hawaii Specific | - Hawaii Laws and Rules Pertinent to Life Insurance Only
|
| Life - General Knowledge | - Types of Policies
|
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NEW QUESTION # 43
An individual life insurance policy delivered in Hawaii must generally provide a grace period of:
Answer: D
Explanation:
C). 30 days is correct. Hawai#i requires an individual life insurance policy to contain a statutory grace-period provision . Under HRS 431:10D-102, the policy must allow a grace period of thirty days , during which the life insurance remains in full force despite the fact that a premium has become due and has not yet been paid.
The current Hawai#i Life Producer examination outline specifically identifies the grace period among the required individual life policy provisions.
If the insured dies during the grace period before paying the overdue premium, the insurer does not simply deny the death claim for nonpayment. Instead, the insurer may deduct the overdue premium from the amount otherwise payable under the policy.
The grace period must be distinguished from the free-look period . A free look applies after delivery of a newly issued policy and permits the owner to return it within the statutory review period. A grace period applies after an existing policy premium becomes overdue and prevents immediate lapse.
Ten and twenty days are below Hawai#i's required period. Sixty days is not required by the individual life standard provision.
Reference topics: HRS 431:10D-102(a)(1); Grace Period; Premium Payment; Policy Lapse; Standard Life Policy Provisions.
NEW QUESTION # 44
If an applicant for a Life policy does not pay the premium when the application is submitted and the insurance company subsequently approves the application and issues the contract, coverage becomes effective at which of the following times?
Answer: B
Explanation:
D is correct. When no initial premium accompanies the application, there is ordinarily no premium receipt creating potential temporary or conditional coverage. Consequently, insurer approval alone does not complete all elements necessary for the insurance contract to take effect. The policy normally becomes effective when it is delivered and the required initial premium is paid , subject to any delivery requirements concerning continued insurability.
The 2026 Hawai#i Life-General Knowledge outline specifically tests both collection of the initial premium and issuance of the receipt and when coverage begins , demonstrating the importance of distinguishing prepaid applications from applications submitted without premium.
Option A is incorrect because simply completing an application does not create coverage where no premium has been collected. Option B is incorrect because underwriting approval represents the insurer's willingness to issue the contract, but it does not by itself satisfy an unpaid premium requirement. Option C is also incorrect:
mailing the policy to the producer is administrative delivery to the insurer's representative, not necessarily legal delivery to the applicant.
For examination purposes, where the application was submitted without the initial premium , actual policy delivery plus premium payment is the controlling event described by the facts.
Reference topics: Initial Premium Payment and Receipt; Policy Delivery; When Coverage Begins; Offer and Acceptance.
NEW QUESTION # 45
The number of continuing education credit hours that a Life and/or Accident and Health Producer must complete to have their license renewed is:
Answer: B
Explanation:
D). 24 credit hours is correct under current Hawai#i law. HRS 431:9A-124 establishes the continuing education requirements that must be satisfied before an insurance producer license is renewed. For a licensee authorized in the Life or Accident and Health or Sickness group, the required total is 24 continuing education credit hours during the applicable renewal cycle. Of these, 21 hours must relate to the line of authority for which the producer is licensed, while three hours must concern ethics training or Hawai#i insurance laws and rules.
Hawai#i applies the same overall 24-hour total to a producer licensed in both major line groups, although the allocation changes: ten hours relate to Life/Accident and Health or Sickness, eleven relate to Property
/Casualty-related lines, and three concern ethics or insurance laws and rules.
The statute also specifies that excess hours ordinarily cannot simply be carried over into another two-year renewal cycle. A producer who fails to complete the CE requirement by the renewal date, absent an approved extension, may have the license automatically placed on inactive status.
Therefore, 18, 20, and 22 hours are below Hawai#i's statutory renewal requirement.
Reference topics: HRS 431:9A-124; Continuing Education; License Renewal; Ethics and Insurance Law Training.
NEW QUESTION # 46
A Hawaii resident wants to become licensed as a Life Settlement Broker. Before applying for the broker license, the individual generally must have held a Hawaii resident insurance producer license with a Life line of authority for at least:
Answer: B
Explanation:
B). 1 year is correct. The Hawai#i Insurance Division specifically requires a resident applicant for a Life Settlement Broker license to have been licensed as a resident insurance producer with a Life line of authority for at least one year before becoming eligible for the settlement-broker license. The current DCCA licensing guidance states this prerequisite directly, and the official Life Settlement Broker/Provider application reinforces the same requirement.
A life settlement broker represents the owner of an existing life insurance policy in negotiating or offering a life settlement contract to settlement providers. This role is distinct from that of a life settlement provider, which is the party entering into the settlement contract to acquire an interest in the policy.
The prerequisite reflects the specialized nature of the transaction. Life settlements can involve policy ownership transfers, beneficiary changes, taxation, privacy of medical information, compensation disclosure, and the surrender of valuable contractual rights.
Six months is insufficient. Two and five years exceed the minimum period prescribed by the Insurance Division.
Reference topics: Hawai#i Life Settlement Broker Licensing; Life Line of Authority; HRS Chapter 431C; Insurance Producer Qualification.
NEW QUESTION # 47
In Hawaii, an applicant for a resident producer's license MUST meet which of the following requirements?
Answer: C
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 # 48
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