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| Section | Objectives |
|---|---|
| Life - General Knowledge | - Types of Policies
|
| Life - Hawaii Specific | - Hawaii Laws and Rules Pertinent to Life Insurance Only
|
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18. Frage
A Hawaii resident passes the Life insurance producer licensing examination but does not immediately apply for the license. The examination result is generally valid for:
Antwort: D
Begründung:
C). 2 years is correct. Hawai#i's producer licensing requirements specify that an applicant must have passed the applicable licensing examination for each requested line of authority within the two years immediately preceding issuance of the license . The current statutory framework was clarified by Act 111 of 2021 and continues to use the two-year examination-validity standard.
Passing an examination does not itself create authority to transact insurance. The applicant must still complete the licensing process, satisfy age and character requirements, pay the appropriate fees, submit required fingerprints and background information, and obtain the license before engaging in regulated producer activity.
If too much time passes after the examination, the examination result no longer satisfies the licensing requirement and the applicant may need to retake the applicable examination unless another statutory exemption applies.
Six months and one year are therefore shorter than Hawai#i's stated validity period. Five years materially exceeds the period permitted.
The 2026 Hawai#i Insurance Examination Content Outline separately tests producer licensing requirements and the substantive Life-General Knowledge material that candidates must pass before applying for authority.
Reference topics: HRS 431:9A-105 and 431:9A-106; Producer Examination; Application for License; Two-Year Examination Validity.
19. Frage
A life settlement provider receives all documents necessary from the policyowner to transfer ownership of a life insurance policy. Under Hawaii law, the provider must generally deposit the settlement proceeds into an escrow or trust account within:
Antwort: D
Begründung:
B). 3 business days is correct. HRS 431C-33 establishes a controlled escrow procedure for life settlement proceeds. Once the provider receives from the owner the documents needed to effect the policy transfer, the provider must, within three business days , place the settlement proceeds into an escrow or trust account maintained by a trustee or escrow agent at a state- or federally chartered financial institution.
The money remains in escrow while the issuing insurer processes and acknowledges the change of ownership.
Once the insurer confirms the transfer, the trustee or escrow agent must generally transfer the settlement proceeds due to the policyowner within another three business days .
This structure protects both sides of the transaction. The purchaser does not release funds directly before ownership transfer documentation is properly processed, while the policyowner receives assurance that the purchase funds have already been placed with an independent financial intermediary.
The transaction is therefore fundamentally different from merely handing a check to the seller at contract signing. Hawai#i requires documentary transfer, escrow funding, insurer acknowledgment, and timely release of proceeds.
One, five, and ten business days do not match the statutory escrow-funding deadline.
Reference topics: HRS 431C-33(i); Life Settlement Escrow; Policy Transfer; Settlement Proceeds.
20. Frage
An insurance company will take which of the following actions if a producer submits an incomplete application for life insurance?
Antwort: D
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.
21. Frage
Any person who violates a cease and desist order of the Hawaii Insurance Commissioner is subject to suspension or revocation of license or a MAXIMUM fine for each violation of:
Antwort: D
Begründung:
C). $10,000 is correct. HRS 431:13-202 governs penalties for violations of cease-and-desist orders issued by the Hawai#i Insurance Commissioner under the unfair insurance practices provisions. After notice and hearing, a person who violates such an order may, at the Commissioner's discretion, be subjected to either or both of two sanctions: a fine of not more than $10,000 for each and every act violating the cease-and- desist order , and suspension or revocation of the person's insurance license.
The penalty therefore applies per act in violation rather than establishing a single $10,000 aggregate ceiling for all misconduct. The statute also makes clear that imposition of this administrative sanction does not necessarily relieve the person from any other liability, penalty, or forfeiture that may apply under law.
Options A and B materially understate the maximum fine authorized by the relevant Hawai#i Insurance Code provision. Option D exceeds the statutory maximum identified in 431:13-202.
For producer-examination purposes, the key association is straightforward: violation of a Commissioner's cease-and-desist order = maximum $10,000 fine for each violation, plus possible suspension or revocation of license .
Reference topics: HRS 431:13-201 and 431:13-202; Cease-and-Desist Orders; Administrative Penalties; License Suspension and Revocation.
22. Frage
The Hawaii Insurance Commissioner MUST hold a hearing within how many days after receipt of the proper application for a hearing?
Antwort: C
Begründung:
A). Thirty days is the correct examination answer. HRS 431:2-308 governs administrative hearings under the Hawai#i Insurance Code. The statute provides that when the Commissioner has exercised specified authority to suspend, revoke, or refuse to extend an insurance license , the affected licensee retains a right to request a hearing. If the license has been suspended pending that hearing, the Commissioner must hold the hearing within thirty days after receiving the written application , unless the hearing is postponed by mutual consent.
The application itself must be in writing and must identify how the applicant has been aggrieved and the grounds upon which relief is sought. This ensures that the administrative proceeding has a defined factual and legal basis.
An important precision point is that the current statute's thirty-day mandate applies in the stated licensing- enforcement circumstances; the practice question compresses that rule into the broader wording "proper application for a hearing." For the producer examination, however, 30 days is the statutory period the question is testing.
Thirty-one, forty-five, and sixty days do not match the period specified in HRS 431:2-308 for the applicable license hearing.
Reference topics: HRS 431:2-308; Administrative Hearings; Insurance Commissioner; License Suspension and Revocation.
23. Frage
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