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| Section | Objectives |
|---|---|
| Life - Hawaii Specific | - Hawaii Laws and Rules Pertinent to Life Insurance Only
|
| Life - General Knowledge | - Retirement and Other Insurance Concepts
|
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NEW QUESTION # 100
An insured lapsed a Life insurance policy one year ago and now wants to reestablish this coverage. The policy may be placed in force under the:
Answer: D
Explanation:
C). Reinstatement provision is correct. Reinstatement is specifically designed to restore a life insurance policy that has terminated because of premium default, provided the policyowner satisfies the contractual and statutory requirements.
Hawai#i's life insurance law requires individual life policies to contain a reinstatement provision. Under HRS
431:10D-102, a policy can be reinstated within three years from the date of premium default , unless it has been surrendered for its cash value or applicable paid-up term insurance has expired. Reinstatement requires a written application, satisfactory evidence of insurability, payment of premiums in arrears, and settlement or reinstatement of applicable policy indebtedness with interest. The scenario states that the lapse occurred only one year ago , placing it within that reinstatement period. Hawai#i's enacted statutory text establishes this three-year framework.
A grace period operates immediately after a premium becomes overdue and is far shorter than one year.
Renewability concerns continuation or renewal of coverage according to policy terms, particularly term insurance. The consideration clause identifies the contractual consideration-primarily the application and premium-and does not restore lapsed coverage.
The 2026 Hawai#i examination outline also explicitly lists Reinstatement as a tested life-policy provision.
Reference topics: HRS 431:10D-102; Reinstatement; Grace Period; Policy Provisions.
NEW QUESTION # 101
A corporation offers a $10,000 employee group Life policy and pays a $5 monthly premium for each covered employee. How much additional taxable income per employee MUST the corporation report?
Answer: A
Explanation:
D is the correct examination answer. Although the wording "No premium tax is required" is somewhat imprecise relative to the question's reference to taxable income, the underlying rule is clear: employer- provided group-term life insurance generally creates no imputed taxable income when coverage does not exceed $50,000 .
The corporation provides only $10,000 of coverage per employee , which is well below the federal exclusion threshold. The fact that the employer pays $5 per month, or $60 annually, does not make that $60 taxable merely because the premium exceeds a particular dollar amount. The federal tax rule is primarily based on the amount of group-term life coverage , not whether the employer's actual annual premium exceeds $30 or $50.
The IRS states that IRC 79 excludes the cost of the first $50,000 of employer-provided group-term life insurance and expressly states that there are no tax consequences when total qualifying coverage does not exceed $50,000. Only the imputed cost associated with qualifying coverage above $50,000 is generally included in the employee's income.
The Hawai#i examination outline specifically includes tax treatment of group life insurance as an examinable concept.
Reference topics: Tax Treatment of Insurance Premiums and Proceeds; Group Life Insurance; IRC 79.
NEW QUESTION # 102
Which life insurance product combines flexible premium characteristics with investment performance based on separate accounts selected by the policyowner?
Answer: C
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 # 103
After an owner executes a Hawaii life settlement contract, the life settlement provider must generally notify the insurer that issued the policy within:
Answer: A
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 # 104
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 # 105
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