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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Life-General Knowledge | ~59% | - Types of Policies
|
| Topic 2: Hawaii Insurance Laws, Rules, and Regulations | ~41% | - Hawaii-Specific Life Insurance Rules
|
>> Practice Test Hawaii-Life-Producer Fee <<
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NEW QUESTION # 10
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: A
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 # 11
Which of the following statements is CORRECT about a Straight Life policy?
Answer: A
Explanation:
A Straight Life , also called ordinary whole life, is permanent insurance under which level premiums are generally payable throughout the insured's lifetime, or until the policy's contractual maturity. Therefore, D is correct . The 2026 Hawai#i Life-General Knowledge examination outline specifically identifies ordinary whole life under Traditional Whole Life Products and separately tests premium payment concepts, including level and flexible premiums.
Option A is incorrect because whole-life cash value generally develops relatively slowly during the early policy years and becomes more substantial as reserves accumulate. Option B describes the premium flexibility associated with adjustable/universal forms of life insurance rather than traditional Straight Life.
Straight Life uses a predetermined premium schedule. Option C is also incorrect. Nonforfeiture options are rights available to the policyowner when a cash-value policy is surrendered or premium payments cease; they are not unilateral policy modifications exercised by the insurer.
The Hawai#i Insurance Division distinguishes whole life from temporary term insurance and describes whole life as insurance designed to provide coverage for the insured's entire life.
Reference topics: Hawai#i Life-General Knowledge Content Outline - Traditional Whole Life Products; Ordinary Whole Life; Premium Payment; Nonforfeiture Options.
NEW QUESTION # 12
After an owner executes a Hawaii life settlement contract, the life settlement provider must generally notify the insurer that issued the policy within:
Answer: C
Explanation:
C). 20 days is correct. HRS 431C-33 provides that within twenty days after the owner executes the life settlement contract , the settlement provider must give written notice to the insurer that issued the policy informing it that the policy has become subject to a life settlement transaction. The notice must be accompanied by the documentation required by Hawai#i's life settlement laws.
This notice serves an important administrative and regulatory function because the settlement normally results in a change of ownership, beneficiary designation, or both. The issuing insurer needs sufficient information to process the transfer accurately and to recognize the appropriate party as the policyowner after the transaction is completed.
The provision also works alongside another Hawai#i requirement stating that an insurer must not unreasonably delay a lawful change of ownership or beneficiary arising from a valid life settlement contract.
The twenty-day requirement should not be confused with the three-business-day periods governing movement of settlement proceeds through escrow after transfer documents and insurer acknowledgment are received.
These are separate statutory deadlines governing different stages of the transaction.
Therefore, 5, 10, and 30 days do not represent the applicable insurer-notification period.
Reference topics: HRS 431C-33(g); Life Settlement Procedures; Issuing Insurer Notification; Ownership Transfer.
NEW QUESTION # 13
A replacing insurer receives a completed life insurance application indicating that an existing policy will be replaced. Within how many business days must the replacing insurer notify the existing insurer that may be affected?
Answer: A
Explanation:
B). 5 business days is correct. Hawai#i's life insurance and annuity replacement framework imposes specific duties on a replacing insurer once a replacement transaction has been identified. The insurer must verify that required replacement documentation has been received and must notify any existing insurer that may be affected by the replacement within five business days after receiving a completed application indicating replacement, or within five business days after identifying a replacement that was not initially disclosed on the application.
This requirement is designed to give the existing insurer prompt notice so it can provide relevant policy information to the policyowner and ensure that the consumer understands what may be lost by replacing the existing contract. Replacement can affect cash values, surrender charges, guarantees, premiums, and contestability or suicide periods.
Option C is incorrect because ten days is not the statutory notification period between the replacing and existing insurers. Thirty days relates to another important replacement protection-the policyowner's right to return the newly issued replacement contract. Three business days is also unsupported.
The current Hawai#i examination outline specifically tests replacement , including producer and insurer responsibilities.
Reference topics: HRS 431:10D-503 through 431:10D-506; Replacement; Replacing Insurer Duties; Existing Insurer Notification.
NEW QUESTION # 14
Policy loan interest rates for policies issued after June 22, 1982, may be set at:
Answer: B
Explanation:
B is correct and is stated directly in Hawai#i law. HRS 431:10D-103 governs policy-loan interest rates for policies issued on or after June 22, 1982 . It permits the policy to contain either a maximum interest rate of not more than 8% per annum or an adjustable maximum interest rate established periodically by the life insurer as permitted by law. An insurer offering the adjustable-rate approach must also make available policies using the fixed-rate provision.
The statute also regulates the adjustable rate. It establishes a benchmark based principally on a corporate-bond yield measure or the interest rate used to compute the policy's cash surrender value plus one percentage point.
The rate must be determined at specified intervals, at least annually, and policyholders must receive required notices regarding initial rates and applicable rate increases.
Options A, C, and D therefore conflict with the statutory maximum-rate structure. Five percent is not the applicable fixed maximum for policies governed by this provision, while ten percent and eighteen percent exceed the fixed 8% alternative stated by Hawai#i law.
Policy loans themselves are specifically included in the Life-General Knowledge portion of the current Hawai#i examination outline.
Reference topics: HRS 431:10D-103; Policy Loans; Fixed and Adjustable Policy-Loan Interest Rates.
NEW QUESTION # 15
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