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| Section | Objectives |
|---|---|
| Life - Hawaii Specific | - Hawaii Laws and Rules Pertinent to Life Insurance Only
|
| Life - General Knowledge | - Life Provisions, Riders, Options, and Exclusions
|
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NEW QUESTION # 31
An insurance agency that runs a radio commercial stating that a producer is an expert in a particular field of insurance, when, in fact, the producer does not hold a license in that field, is guilty of:
Answer: C
Explanation:
D). false advertising is correct. Hawai#i's unfair-trade-practices statute specifically prohibits false information and advertising concerning insurance. HRS 431:13-103 identifies as an unfair or deceptive insurance practice the publication or dissemination of an advertisement, announcement, or statement-including one made through a radio or television station -that contains an untrue, deceptive, or misleading assertion concerning the insurance business or a person conducting insurance business.
The agency's representation that the producer is an "expert" in an insurance field for which the producer is not even licensed materially misrepresents the producer's professional authority and qualifications. Because the false statement appears in a radio commercial directed to potential customers, false advertising is the most precise classification.
Twisting involves misrepresentation intended to persuade a policyholder to lapse, surrender, exchange, convert, or replace existing insurance. Defamation involves false or malicious statements directed against another insurer or insurance professional, typically to damage that person's or insurer's reputation.
"Misrepresentation of coverage" generally concerns inaccurate statements about insurance benefits, terms, conditions, or policy features; the scenario instead concerns a deceptive advertisement about the producer's qualifications.
The current examination outline includes both licensing authority and marketing practices/unfair trade practices in its Hawai#i-specific content.
Reference topics: HRS 431:13-103; False Information and Advertising; Producer Licensing; Unfair Trade Practices.
NEW QUESTION # 32
An insured replaces a life insurance policy with another policy issued by the SAME insurer. With respect to the new policy's incontestability and suicide periods, the replacing insurer must generally:
Answer: D
Explanation:
C is correct. Hawai#i provides an important consumer protection when replacement occurs between policies issued by the same insurer or insurers under common ownership or control . In such a transaction, the replacing insurer must give credit for the time that has already elapsed under the existing contract's incontestability and suicide periods , up to the face amount of the existing policy or contract.
This prevents an insured who has already satisfied part or all of these protective periods from unnecessarily starting over solely because coverage is replaced within the same insurer or affiliated insurance group. If the new policy provides a larger face amount, however, the statutory credit applies only up to the existing policy's amount; incremental coverage can remain subject to the provisions governing the newly issued insurance.
Option A ignores this Hawai#i-specific replacement safeguard. Option B has no relationship to incontestability or suicide provisions. Option D incorrectly makes beneficiary continuity a condition; the statutory rule concerns the insurer relationship, replacement transaction, elapsed period, and existing face amount.
Replacement questions are particularly important because new contestability, surrender-charge, and suicide provisions can materially affect a policyowner.
Reference topics: HRS 431:10D-505; Replacement; Incontestability; Suicide Provision; Replacing Insurer Duties.
NEW QUESTION # 33
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: B
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 # 34
A Hawaii group life insurance policyholder fails to pay a premium when due. Except for the first premium, the group policy must generally provide a grace period of at least:
Answer: A
Explanation:
C). 30 days is correct. Hawai#i's statutory group life insurance provisions require a group policy to provide the policyholder with a grace period of not fewer than thirty days for payment of premiums due after the first premium. During that grace period, death-benefit coverage generally remains in force unless the policyholder previously gave the insurer written notice of discontinuance in accordance with the policy. Hawai#i's legislative text establishing the standard group life provisions states this thirty-day minimum expressly.
The insurer may make the policyholder responsible for a pro rata premium for the period during which coverage continues in force during the grace period. The provision protects insured group members from an immediate loss of death-benefit coverage solely because the group policyholder's premium payment is temporarily overdue.
A grace period is different from a free-look provision. A free look gives a new purchaser an opportunity to review and return a newly issued contract. A grace period concerns late premium payment after coverage is already in effect .
Ten and fifteen days do not satisfy the statutory group-life minimum. Sixty days exceeds the required minimum and is not the standard period tested.
Reference topics: HRS 431:10D-213; Group Life Standard Provisions; Grace Period; Premium Payment.
NEW QUESTION # 35
Mr. and Mrs. X have a one-month-old infant. They would like a $250,000 life insurance policy on Mr. X with the lowest premium for the next 20 years. The suitable policy recommendation would be a:
Answer: A
Explanation:
D). 20-year Level Term best satisfies the stated objective: $250,000 of life insurance for twenty years at the lowest appropriate premium . Term insurance is specifically designed to provide substantial death-benefit protection for a defined period without the cash-value component associated with permanent insurance.
Eliminating the permanent-policy savings element generally makes term insurance significantly less expensive during the period of temporary protection.
A 20-year level term policy also matches the required duration precisely. The death benefit remains
$250,000 during the selected twenty-year term, while a level-premium design provides predictable premium payments during the guaranteed level period. This is well suited to a family with a newborn when the major insurance need may be income replacement during the child's dependent years.
20-Pay Life is permanent whole life insurance and builds cash value; its premiums therefore are substantially higher for the same face amount. Variable life is also permanent insurance and includes an investment component. Increasing term provides progressively greater death protection, which is unnecessary because the question specifies a $250,000 requirement and prioritizes the lowest premium .
Official regulatory consumer guidance describes term insurance as lower-cost coverage intended for a specified period.
Reference topics: Term Life - Level Term; Traditional Whole Life; Variable Life; Product Suitability.
NEW QUESTION # 36
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