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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Completing the Application, Underwriting, and Delivering the Policies | 12% | - Underwriting
|
| Topic 2: Retirement and Other Life Insurance Concepts | 8% | - Tax treatment of insurance premiums, proceeds, and dividends - Third-party ownership - Retirement plans
- Social Security benefits - Group life insurance
|
| Topic 3: Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Group life
- Variable contracts - Participation in surplus - Policy clauses and provisions
|
| Topic 4: Types of Policies | 15% | - Combination plans and variations
|
| Topic 5: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Licensing
- Marketing practices
|
| Topic 6: Life Provisions, Riders, Options, and Exclusions | 15% | - Policy riders
|
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NEW QUESTION # 47
Which life insurance product combines flexible premium characteristics with investment performance based on separate accounts selected by the policyowner?
Answer: A
Explanation:
C). Variable Universal Life is correct. Variable Universal Life (VUL) combines two major characteristics:
the premium and death-benefit flexibility associated with universal life and the investment component associated with variable life insurance . The policyowner may generally allocate policy values among available separate-account investment options, and cash values therefore fluctuate with the performance of those selected investments.
The Hawai#i Insurance Division explains that universal life provides lifetime coverage with flexible premiums and death benefits, while variable life introduces investment elements through separate accounts containing assets such as stocks, bonds, money-market investments, or other funds. The NAIC specifically defines Variable Universal Life as combining universal life's flexible-premium characteristics with variable life's separate-account investment component.
Ordinary whole life generally uses scheduled premiums and insurer-supported guarantees rather than policyowner-selected separate accounts. Decreasing term provides temporary protection with a declining death benefit and ordinarily no cash value. Credit life is designed to cover a debtor's outstanding obligation and does not provide the VUL investment structure described.
The 2026 Hawai#i Life-General Knowledge outline expressly includes Universal Life, Variable Whole Life, and Variable Universal Life as testable products.
Reference topics: Variable Universal Life; Universal Life; Variable Life; Separate Accounts; Hawai#i Life- General Knowledge Content Outline.
NEW QUESTION # 48
If a father intends to purchase and retain ownership of a life policy on his eighteen-year-old son, which of the following signatures would be required on the application?
Answer: A
Explanation:
C is correct. The father is applying for and will own the policy, so his signature is required in his capacity as the applicant/policyowner. Because the insured is the father's eighteen-year-old son , the son is no longer being treated as a minor for purposes of the exception described in Hawai#i's consent statute. The insured therefore must also consent in writing to insurance being effectuated on his life.
Hawai#i Revised Statutes 431:10-206 provides that a life insurance contract on an individual generally cannot be effectuated unless the individual insured, when legally competent to contract, applies for or consents to the insurance in writing . The statute contains exceptions for insurance on a spouse and for a person having an insurable interest in a minor, but neither eliminates the adult son's consent requirement in this scenario.
The current Hawai#i Life-General Knowledge examination outline specifically identifies "Required signatures" under completing the application, confirming that this is an examinable producer competency.
The mother's signature is irrelevant because she is neither the applicant nor the policyowner in the facts presented.
Reference topics: Hawai#i Revised Statutes 431:10-206; Completing the Application - Required Signatures; Insurable Interest and Consent.
NEW QUESTION # 49
Under the terms of a participating life insurance policy, an insurance company is required to:
Answer: A
Explanation:
A is correct. A participating life insurance policy permits the policyowner to participate in the insurer's divisible surplus through policy dividends when such surplus is available. Hawai#i's standard life-policy provisions expressly address participation in surplus . The statutory provision requires that, beginning not later than the end of the third policy year , the insurer annually ascertain and apportion any divisible surplus accruing on the policy anniversary or other dividend date specified in the contract.
The law also recognizes different dividend options. A dividend may generally be payable in cash or applied to another dividend option provided by the policy. This is why C is incorrect: policyowners are not restricted to receiving dividends only when the entire amount is automatically reinvested.
D is specifically contrary to participating-policy mechanics. One common contractual dividend option is purchasing paid-up additions , which increases life insurance coverage. B does not identify the statutory obligation being tested. While policies disclose applicable dividend options, the central requirement in the question is the annual ascertainment and apportionment of divisible surplus.
Importantly, policy dividends are not guaranteed merely because a policy is participating; dividends depend on divisible surplus determined under the policy and insurer's experience.
Reference topics: Participation in Surplus; Participating Life Insurance; Dividend Options; Paid-Up Additions; Hawai#i Standard Life Policy Provisions.
NEW QUESTION # 50
Except when a statutory exception applies, Hawaii generally prohibits entering into a life settlement contract during what period following issuance of the life insurance policy?
Answer: C
Explanation:
C). 2 years is correct. Hawai#i law contains an important restriction intended to combat stranger-originated life insurance and similar arrangements . HRS 431C-33 generally prohibits a person from entering into a life settlement contract at the time of application or issuance of a life insurance policy or during the two-year period commencing with the policy's date of issuance , unless a statutory exception applies.
The restriction helps distinguish a legitimate later decision by a policyowner to sell existing coverage from a policy originally obtained primarily for immediate transfer to an outside investor. Life insurance is intended to protect legitimate insurable interests, not to operate simply as a wagering instrument on an individual's life.
Hawai#i recognizes defined exceptions to the two-year prohibition. For example, qualifying converted coverage may satisfy the requirement when the conversion policy and prior continuous coverage together equal at least two years. Other statutory circumstances can also permit an earlier settlement when the required conditions and certifications are met.
A producer should therefore avoid treating the two-year restriction as absolute in every factual situation, but it is the controlling general rule .
Six months and one year are insufficient, while five years exceeds the statutory prohibition period.
Reference topics: HRS 431C-33(m); Life Settlements; Stranger-Originated Life Insurance; Two-Year Restriction.
NEW QUESTION # 51
Under Social Security, which of the following determines the amount of a worker's Disability Income benefit?
Answer: B
Explanation:
A). Primary Insurance Amount (PIA) is correct. Social Security Disability Insurance benefits are calculated from the worker's Social Security earnings record. The central benefit figure produced from that earnings record is the worker's Primary Insurance Amount .
The Social Security Administration states directly that a disabled worker's monthly disability benefit is generally equal to the worker's PIA. The PIA itself is computed using the worker's indexed earnings under the Social Security benefit formula. SSA also describes the PIA as the basic figure used to determine cash benefits payable to workers and, where applicable, their dependents and survivors.
Option B is incorrect because national wage levels may influence indexing factors used within Social Security calculations but do not themselves constitute the individual worker's disability benefit. Option C is incorrect because Social Security Disability Insurance is a federal program; a person's state of residence does not set an average wage used as that individual's benefit amount. Option D confuses the Social Security taxable wage base with benefit computation.
The examination logic therefore requires distinguishing the worker-specific benefit measure-PIA-from broader wage statistics and payroll-tax concepts.
Reference topics: Social Insurance and Retirement Concepts; Social Security Disability Benefits; Primary Insurance Amount.
NEW QUESTION # 52
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