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| Section | Objectives |
|---|---|
| Topic 1: Life - Hawaii Specific | - Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance
|
| Topic 2: Life - General Knowledge | - Types of Policies
|
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46. Frage
A corporation offers a $10,000 employee group Life policy and pays a $5 monthly premium for each covered employee. How much additional taxable income per employee MUST the corporation report?
Antwort: A
Begründung:
D is the correct examination answer. Although the wording "No premium tax is required" is somewhat imprecise relative to the question's reference to taxable income, the underlying rule is clear: employer- provided group-term life insurance generally creates no imputed taxable income when coverage does not exceed $50,000 .
The corporation provides only $10,000 of coverage per employee , which is well below the federal exclusion threshold. The fact that the employer pays $5 per month, or $60 annually, does not make that $60 taxable merely because the premium exceeds a particular dollar amount. The federal tax rule is primarily based on the amount of group-term life coverage , not whether the employer's actual annual premium exceeds $30 or $50.
The IRS states that IRC 79 excludes the cost of the first $50,000 of employer-provided group-term life insurance and expressly states that there are no tax consequences when total qualifying coverage does not exceed $50,000. Only the imputed cost associated with qualifying coverage above $50,000 is generally included in the employee's income.
The Hawai#i examination outline specifically includes tax treatment of group life insurance as an examinable concept.
Reference topics: Tax Treatment of Insurance Premiums and Proceeds; Group Life Insurance; IRC 79.
47. Frage
A homeowner wants life insurance specifically designed so that the death benefit declines as the outstanding balance on a 20-year mortgage declines. Which product is MOST appropriate?
Antwort: D
Begründung:
B). Decreasing Term Life is correct. Decreasing term insurance provides temporary life insurance in which the death benefit declines according to a predetermined schedule while the policy remains in force. That design makes it particularly suitable for obligations that diminish over time, such as a repayment mortgage.
The NAIC's current official life-insurance guidance specifically identifies decreasing term insurance as coverage whose death benefit reduces over time and notes that it is commonly used to protect debts that decline, including a mortgage .
Increasing term would move in the opposite direction because its death benefit increases rather than decreases. Ordinary whole life provides permanent coverage and cash-value accumulation; it does not automatically align the death benefit with a declining mortgage balance. Variable universal life combines flexible permanent insurance with separate-account investment exposure and would introduce features and risk unnecessary for the stated temporary debt-protection objective.
The producer should always align the product to the customer's stated need. Where the objective is simply to provide a death benefit corresponding to a liability that steadily decreases, decreasing term offers the closest structural match.
Reference topics: Term Life Insurance; Decreasing Term; Mortgage Protection; Needs Analysis; Life Insurance Products.
48. Frage
Except for nonpayment of premiums and certain excluded supplemental benefits, a Hawaii individual life insurance policy becomes incontestable after it has been in force during the insured's lifetime for:
Antwort: A
Begründung:
B). 2 years is correct. Hawai#i's standard individual life insurance provisions require an incontestability clause . Under HRS 431:10D-102, the basic life policy becomes incontestable after it has been in force during the lifetime of the insured for two years from its date of issue , except for nonpayment of premiums.
Incontestability limits the insurer's ability to rescind or contest the basic life policy based on statements in the application once the statutory period has expired. This gives the policyowner and beneficiaries increased contractual certainty after the insurer has had a reasonable opportunity to investigate underwriting information.
The statutory wording excludes certain provisions relating to disability benefits and additional accidental- death benefits from the basic incontestability mandate. Candidates must therefore avoid interpreting the clause as eliminating every possible contractual defense associated with every supplemental benefit.
The incontestability provision is also distinct from the suicide limitation , although both commonly involve a two-year period in Hawai#i life insurance. They operate for different purposes: incontestability concerns challenges to policy validity, while the suicide provision concerns liability for a specified cause of death.
One, three, and five years do not represent Hawai#i's standard individual life incontestability period.
Reference topics: HRS 431:10D-102(a)(3); Incontestability; Application Representations; Standard Policy Provisions.
49. Frage
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?
Antwort: A
Begründung:
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.
50. Frage
An insurance company will take which of the following actions if a producer submits an incomplete application for life insurance?
Antwort: A
Begründung:
A is correct. A life insurance application is the principal underwriting document used by the insurer to evaluate the proposed insured and determine whether coverage can be issued, at what classification, and at what premium. If material information is missing, the insurer cannot properly complete its underwriting assessment. The appropriate administrative action is therefore to return the incomplete application to the producer so the missing information can be obtained and the application completed .
The current Hawai#i Life-General Knowledge examination outline expressly identifies "Consequences of incomplete applications" under "Completing the application." It separately identifies required signatures, changes in the application, warranties and representations, collection of the initial premium, and underwriting risk classification. This structure confirms that application completeness precedes the insurer's final underwriting decision.
Options B, C, and D improperly presume that the insurer has sufficient information to issue a contract.
Restricted nonforfeiture options are not the normal remedy for an incomplete application. The statutory incontestability period is not extended merely because information was omitted, and a rated policy is an underwriting disposition for an elevated but assessable risk-not a substitute for obtaining missing application information.
Reference topics: Completing the Application; Consequences of Incomplete Applications; Required Signatures; Changes in the Application; Risk Classification.
51. Frage
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