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| Section | Weight | Objectives |
|---|---|---|
| Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Licensing
- Definitions
|
| Life Provisions, Riders, Options, and Exclusions | 15% | - Policy riders
|
| Retirement and Other Life Insurance Concepts | 8% | - Tax treatment of insurance premiums, proceeds, and dividends - Social Security benefits - Third-party ownership - Group life insurance
- Life insurance needs analysis and suitability
|
| Types of Policies | 15% | - Annuities
|
| Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Participation in surplus - Variable contracts - Marketing methods and practices
|
| Completing the Application, Underwriting, and Delivering the Policies | 12% | - Contract law
|
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NEW QUESTION # 115
A person wants to purchase a life insurance policy on an unrelated competent adult. Under Hawaii law, which of the following is generally required at the time the contract is made?
Answer: D
Explanation:
A is correct. HRS 431:10-206 establishes Hawai#i's general consent requirement for individual life insurance. A life insurance contract on a competent individual generally cannot be made or effectuated unless the individual to be insured applies for the insurance or consents to it in writing at the time the contract is made.
The requirement protects individuals from having insurance placed secretly on their lives and operates alongside the separate doctrine of insurable interest . A person seeking insurance on another's life cannot ordinarily rely solely on a beneficiary's desire for the coverage.
Hawai#i law contains specific exceptions. A spouse may effectuate insurance on the other spouse, and a person having an insurable interest in the life of a minor-or a person upon whom the minor depends for support-may obtain qualifying insurance on that minor. The consent provision also does not apply in the same way to statutory group life insurance contracts.
Neither the Insurance Commissioner nor a physician substitutes for the adult insured's statutory consent in the ordinary situation described.
Reference topics: HRS 431:10-206; Consent of Insured; Insurable Interest; Individual versus Group Life.
The current outline expressly tests insurable interest and required application signatures.
NEW QUESTION # 116
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: C
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 # 117
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: C
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 # 118
A level premium means that the premium:
Answer: A
Explanation:
D is the intended examination answer. A level premium is a premium structured to remain constant for the contractual period for which the level-premium guarantee applies. In traditional whole life insurance, this is generally expressed as a fixed premium payable according to the policy's scheduled premium period rather than a premium that increases as mortality costs rise with age.
The concept works because early premiums are greater than the pure mortality cost attributable to the insured's younger years. Part of the premium contributes to the policy reserve, which helps support the increasing mortality cost as the insured ages. This level-premium mechanism is closely associated with traditional whole life insurance and its accumulation of cash value.
Options A, B, and C all describe changing or adjustable premiums , which contradict the fundamental meaning of "level." A premium that changes annually with attained age is characteristic of annually renewable term insurance rather than level-premium life insurance. Official insurance regulatory guidance distinguishes policies under which premiums remain level from term arrangements in which premiums can increase as the insured ages.
Reference topics: Traditional Whole Life Products; Premium Payment - Level or Flexible; Hawai#i Life- General Knowledge Content Outline.
NEW QUESTION # 119
An insurer terminates its appointment and business relationship with a Hawaii insurance producer. The insurer must generally notify the Insurance Commissioner within:
Answer: D
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 # 120
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