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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Types of Policies | 15% | - Interest/market-sensitive/adjustable life products
|
| Topic 2: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Marketing practices
- Definitions
|
| Topic 3: Life Provisions, Riders, Options, and Exclusions | 15% | - Policy provisions and options
|
| Topic 4: Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Credit life - Variable contracts - Marketing methods and practices
- Group life
|
| Topic 5: Completing the Application, Underwriting, and Delivering the Policies | 12% | - Delivering the policy
|
| Topic 6: Retirement and Other Life Insurance Concepts | 8% | - Retirement plans
- Life insurance needs analysis and suitability
- Group life insurance
- Social Security benefits |
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NEW QUESTION # 88
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 # 89
Except for nonpayment of premiums and certain excluded supplemental benefits, a Hawaii individual life insurance policy becomes incontestable after it has been in force during the insured's lifetime for:
Answer: D
Explanation:
B). 2 years is correct. Hawai#i's standard individual life insurance provisions require an incontestability clause . Under HRS 431:10D-102, the basic life policy becomes incontestable after it has been in force during the lifetime of the insured for two years from its date of issue , except for nonpayment of premiums.
Incontestability limits the insurer's ability to rescind or contest the basic life policy based on statements in the application once the statutory period has expired. This gives the policyowner and beneficiaries increased contractual certainty after the insurer has had a reasonable opportunity to investigate underwriting information.
The statutory wording excludes certain provisions relating to disability benefits and additional accidental- death benefits from the basic incontestability mandate. Candidates must therefore avoid interpreting the clause as eliminating every possible contractual defense associated with every supplemental benefit.
The incontestability provision is also distinct from the suicide limitation , although both commonly involve a two-year period in Hawai#i life insurance. They operate for different purposes: incontestability concerns challenges to policy validity, while the suicide provision concerns liability for a specified cause of death.
One, three, and five years do not represent Hawai#i's standard individual life incontestability period.
Reference topics: HRS 431:10D-102(a)(3); Incontestability; Application Representations; Standard Policy Provisions.
NEW QUESTION # 90
A purpose of the Hawaii Life and Disability Insurance Guaranty Association Act is to:
Answer: B
Explanation:
C is correct. The Hawai#i Life and Disability Insurance Guaranty Association exists to protect eligible policyholders and other covered persons when a member insurer becomes impaired or insolvent and is unable to perform covered contractual obligations.
HRS 431:16-202 states that the purpose of the statutory framework is to protect specified persons, subject to applicable limits, against failure in the performance of contractual obligations under covered life insurance, accident and health or sickness insurance, and annuity contracts because of the impairment or insolvency of the member insurer . Hawai#i legislative materials similarly describe the guaranty association as a consumer- protection mechanism designed to minimize financial loss resulting from insurer insolvencies.
The Association does not exist to generate profits for member insurers. It also does not function as a mechanism for returning premium overcharges, nor is its principal role to regulate whether insurance rates are excessive. Those activities fall under other areas of insurance regulation.
Candidates should also understand that guaranty-association protection is subject to statutory eligibility rules and benefit limits; it is not an unlimited state guarantee of every insurance obligation.
The core purpose tested here is therefore protection against losses arising from the failure of a licensed
/member insurer.
Reference topics: HRS 431:16-202 through 431:16-217; Hawaii Life and Disability Insurance Guaranty Association; Insolvency Protection.
NEW QUESTION # 91
An insurer who charges different policy rates to individuals in the same class of risk may be guilty of:
Answer: B
Explanation:
C). unfair discrimination is correct. Hawai#i law specifically prohibits insurers from making or permitting unfair discrimination between individuals who belong to the same class and have an equal expectation of life regarding rates charged for life insurance or annuity contracts , dividends or benefits, and other contractual terms and conditions. HRS 431:13-103 further prohibits unfairly different treatment of insureds having substantially similar risk, exposure, and expense characteristics.
Insurance underwriting does permit legitimate distinctions between risks. For example, two applicants may properly be charged different premiums if actuarially relevant characteristics place them in different underwriting classifications. What is prohibited is treating essentially equivalent risks differently without a lawful actuarial or underwriting basis. The question explicitly states that the individuals are in the same class of risk , which points directly to unfair discrimination.
Misrepresentation involves misleading statements about insurance policies, benefits, terms, or related matters.
Defamation concerns maliciously false statements intended to damage an insurer or insurance professional.
Coercion involves improper pressure, intimidation, tying arrangements, or similar conduct used to force an insurance transaction. None describes differential pricing among comparable risks.
Accordingly, the statutory and examination distinction is straightforward: unjustified differences in policy rates among similarly situated insureds constitute unfair discrimination .
Reference topics: HRS 431:13-103(a)(7); Unfair Discrimination; Rates and Premiums; Market Conduct.
NEW QUESTION # 92
Which of the following policies accumulates the greatest amount of cash value per $1,000 of face amount?
Answer: B
Explanation:
B). Whole Life is correct. Whole life insurance is permanent insurance designed to remain in force throughout the insured's lifetime, provided contractual premium requirements are satisfied. An important structural feature is the accumulation of a policy reserve and corresponding cash value . For the choices presented, ordinary whole life therefore produces the greatest cash value per $1,000 of basic face amount.
Yearly Renewable Term and Decreasing Term are forms of term insurance . Term insurance primarily transfers mortality risk for a specified period and ordinarily does not accumulate cash surrender values.
Hawai#i's Insurance Division specifically describes whole life as lifetime coverage that may contain a cash- value savings element, whereas its description of term insurance focuses on temporary death protection.
A Family Income policy traditionally combines permanent life insurance with a decreasing term component designed to provide income during a designated family-protection period. Because part of the total death protection is supplied by temporary term insurance, it is not the appropriate answer when the question asks specifically which listed policy has the greatest cash value per $1,000 of face amount .
Reference topics: Traditional Whole Life; Term Life - Annually Renewable and Decreasing; Combination Plans and Variations.
NEW QUESTION # 93
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