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| Section | Objectives |
|---|---|
| Life - Hawaii Specific | - Hawaii Laws and Rules Pertinent to Life Insurance Only
|
| Life - General Knowledge | - Types of Policies
|
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NEW QUESTION # 86
Which of the following statements about an individual life policy premium is CORRECT?
Answer: C
Explanation:
A). It must contain all charges is correct and follows directly from HRS 431:10-218, titled "Stated premium must include all charges." Hawai#i law requires the premium stated in an insurance policy to be inclusive of all fees, charges, premiums, or other consideration charged for the insurance or for procuring it.
The statute further provides that an insurer, producer, officer, employee, or other representative may not separately charge or receive compensation or other consideration for insurance if that amount is not included in the premium specified in the policy.
The statute contains an exception for surety and group insurance contracts, but the question specifically asks about an individual life policy , so that exception does not alter the answer.
Options B and D are incorrect because expenses, loads, or issuance-related charges cannot simply be excluded from the stated premium when they constitute consideration charged for the insurance or its procurement.
Option C is also too broad; Hawai#i law does not establish a general rule that all taxes must be excluded from the premium.
The regulatory purpose is transparency. The policyholder should be able to identify the actual premium consideration required for the contract rather than discovering additional undisclosed insurance charges afterward.
Reference topics: HRS 431:10-218; Premium Requirements; Policy Charges; Consumer Disclosure.
NEW QUESTION # 87
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 # 88
A replacement of life insurance is defined as any transaction in which:
Answer: B
Explanation:
C is correct. Hawai#i defines a life insurance replacement as a transaction in which a new life insurance policy or annuity is purchased and, because of that transaction, an existing policy or contract is or will be materially affected. HRS 431:10D-502 specifically includes situations in which the existing contract is lapsed, forfeited, surrendered, partially surrendered, assigned to the replacing insurer, or otherwise terminated .
The statutory definition also encompasses conversion to reduced paid-up insurance or extended term insurance, reductions in existing benefits or coverage periods, reissuance involving reduced cash value, and use of existing policy values in a financed purchase. These circumstances matter because replacement may cause the policyowner to lose valuable guarantees, incur surrender charges, or begin new contestability and suicide periods.
Receiving a replacement copy of a lost physical policy is merely an administrative matter and is not a statutory replacement. Changing a beneficiary likewise modifies ownership instructions without substituting new coverage. Simply adding another policy also does not automatically constitute replacement unless the existing contract is affected in one of the ways specified by law.
Accordingly, the facts in option C directly match Hawai#i's statutory replacement definition.
Reference topics: HRS 431:10D-502; Life Insurance and Annuity Replacement; Existing Policy; Replacement Transactions.
NEW QUESTION # 89
At the age of 65, an insured withdraws the cash from a profit-sharing plan and purchases a Straight Life Annuity. This transaction will provide:
Answer: C
Explanation:
B is correct. A Straight Life Annuity , also called a life-only annuity, provides periodic income for as long as the annuitant remains alive. Its principal function is therefore to transfer longevity risk to the insurer:
regardless of how long the annuitant survives, contractual payments continue for life.
The current Hawai#i Life-General Knowledge outline specifically tests annuities, including immediate and deferred annuities, accumulation and annuity periods, and payout options . Hawai#i's Insurance Division also identifies qualified tax-deferred annuities among financial arrangements commonly considered for retirement income planning.
Option A is the opposite of the primary characteristic of straight life. Because payments normally cease when the annuitant dies, regardless of how soon death occurs after annuitization, a straight-life payout is generally designed to maximize lifetime income rather than beneficiary protection. Option C is incorrect because tax deferral is not equivalent to permanently tax-free appreciation; taxation depends on the source of funds and applicable tax rules. Option D is also incorrect. A standard fixed straight-life annuity does not inherently provide inflation protection; purchasing power may decline if payments remain fixed while prices increase.
Thus, the defining advantage is lifetime income that the annuitant cannot outlive .
Reference topics: Annuities; Annuity Period; Payout Options; Straight Life/Life-Only Income; Retirement Income.
NEW QUESTION # 90
Which of the following statements is CORRECT about Credit Life insurance?
Answer: C
Explanation:
C). It insures the life of a debtor is correct. Hawai#i's statutory definition is explicit: credit life insurance means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction . Hawai#i also defines the debtor as the borrower of money or purchaser or lessee of goods, services, property, rights, or privileges where payment is arranged through a credit transaction.
The purpose of credit life insurance is generally to extinguish or reduce the insured debtor's outstanding indebtedness if the debtor dies while the covered obligation remains unpaid. The creditor has an economic interest in repayment and normally receives proceeds to the extent of the insured debt, but that does not mean the creditor's life is insured. The insured person is the debtor.
Option A is incorrect because a spouse's life is not automatically the subject of credit life coverage merely by virtue of marriage. Option B reverses the parties to the transaction. Option D is also incorrect because a beneficiary receives insurance proceeds; beneficiary status does not make that individual's life the insured risk.
Credit life is treated separately in Hawai#i law and is specifically included in the state's limited-line credit insurance framework.
Reference topics: HRS 431:10B-103; Credit Life Insurance; Debtor and Creditor; Limited-Line Credit Insurance.
NEW QUESTION # 91
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