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| Section | Objectives |
|---|---|
| Life - Hawaii Specific | - Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance
|
| Life - General Knowledge | - Completing the Application, Underwriting, and Delivering the Policies
|
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NEW QUESTION # 78
A Hawaii insurance producer is the subject of an administrative action in another state. The matter reaches final disposition on March 1. The producer must generally report the action to the Hawaii Insurance Commissioner within:
Answer: A
Explanation:
C). 30 days is correct. Hawai#i producer law requires licensed producers to disclose specified regulatory and legal actions to the Insurance Commissioner. HRS 431:9A-117 provides that a producer must report a civil or administrative action taken against the producer in any jurisdiction or by a governmental agency within thirty days of the final disposition of the matter . The report must include relevant legal documentation.
The statute separately addresses criminal proceedings. A producer who is criminally prosecuted must report that prosecution within thirty days of arraignment , rather than waiting for final disposition. The distinction between these triggers is important for examination purposes.
The question states that the administrative matter reached final disposition on March 1, so the producer's thirty-day reporting period begins from that event. The producer cannot postpone disclosure until license renewal or wait until requested by the Commissioner.
Ten or fifteen days are not the statutory periods specified for these actions, and sixty days is too long.
The reporting obligation enables the Hawai#i Insurance Division to determine whether conduct occurring in another jurisdiction affects the producer's continued fitness or eligibility to transact insurance in Hawai#i.
Reference topics: HRS 431:9A-117; Reporting of Actions; Producer Licensing; Administrative and Criminal Proceedings.
NEW QUESTION # 79
An annuity annual report is REQUIRED for which of the following?
Answer: A
Explanation:
D). Deferred annuities is the correct examination answer. Hawai#i law specifically requires an insurer to provide an annuity contract owner with a status report at least annually during the accumulation period of a deferred annuity . HRS 431:10D-604 also requires an annual report for certain annuities in the payout period when non-guaranteed elements can change. The required report includes the reporting-period dates, applicable accumulation and cash-surrender values, amounts credited or charged, payments made during the period, and outstanding loans.
The important term in the question is deferred . A deferred annuity has an accumulation period before income payments begin, making periodic reporting particularly important because the owner needs updated information about contract values and transactions.
Option C is too broad because merely being an immediate annuity does not itself trigger this particular accumulation-period reporting requirement. Likewise, "fixed annuities once annuitized" does not accurately state the statutory condition. Option B is not the best answer because variable annuities are subject to their own regulatory and securities-related reporting structures and are treated separately in Hawai#i's annuity- disclosure rules.
The 2026 Hawai#i examination outline specifically tests immediate versus deferred annuities, fixed versus variable annuities, and accumulation versus annuity periods.
Reference topics: HRS 431:10D-604; Annuity Disclosure; Deferred Annuities; Accumulation Period.
NEW QUESTION # 80
Prior to the purchase of an annuity, the producer shall make every reasonable effort to obtain all of the following information EXCEPT the consumer's:
Answer: C
Explanation:
D is correct. Hawai#i's current annuity sales framework requires a producer making an annuity recommendation to evaluate information relevant to whether the recommendation addresses the consumer's financial situation, insurance needs, and financial objectives. HRS 431:10D-622 defines required consumer profile information to include annual income; financial situation and needs, including debts and obligations; financial experience; insurance needs; financial objectives; intended use of the annuity; financial time horizon; existing assets and financial products; liquidity needs; liquid net worth; risk tolerance; financial resources used to fund the annuity; and tax status .
Thus, financial status is directly relevant, investment objectives fall within the broader requirement to understand financial objectives and risk considerations, and tax status is expressly enumerated. Information concerning a consumer's business partner , however, is not one of the required consumer-profile factors merely because an annuity is being considered.
The current rule is based on a best-interest standard: a producer cannot place the producer's or insurer's financial interest ahead of the consumer's and must have a reasonable basis for the recommendation. The information gathered must therefore relate materially to the consumer and the proposed annuity transaction.
Reference topics: HRS 431:10D-622 and 431:10D-623; Annuity Best-Interest Standard; Consumer Profile Information; Suitability and Recommendations.
NEW QUESTION # 81
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: B
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 # 82
A Hawaii group life policy is terminated completely. To qualify for the statutory individual conversion right arising from termination of the GROUP POLICY itself, an insured generally must have been continuously insured under the group policy for at least:
Answer: D
Explanation:
C). 5 years is correct. Hawai#i distinguishes between conversion caused by an individual's loss of eligibility and conversion resulting from termination or amendment of the group policy itself . Under HRS 431:10D-
213, when the group contract terminates or is amended so that insurance for a class ends, an individual whose coverage terminates may qualify for an individual conversion policy if the person has been insured under the group coverage for at least five years immediately before termination .
This statutory conversion right is subject to additional limits. The amount of the individual policy may generally be capped at the smaller of the insurance that ceased, reduced by qualifying replacement group coverage, or the statutory maximum specified for this type of conversion. The conversion policy is issued without evidence of insurability when the requirements are met.
This rule differs from ordinary termination-of-employment conversion, where the key triggering event is loss of individual eligibility rather than cancellation of the entire group contract or insured class.
Options A and B understate the required period, while D imposes a longer period than Hawai#i law requires.
For examination purposes, candidates should associate five years of prior group coverage specifically with conversion following termination or amendment of the group policy itself.
Reference topics: HRS 431:10D-213; Group Policy Termination; Conversion; Minimum Prior Coverage.
NEW QUESTION # 83
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