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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Life Provisions, Riders, Options, and Exclusions | 15% | - Policy exclusions
|
| Topic 2: Completing the Application, Underwriting, and Delivering the Policies | 12% | - Underwriting
|
| Topic 3: Types of Policies | 15% | - Annuities
|
| Topic 4: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Insurance Commissioner
- Marketing practices
|
| Topic 5: Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Participation in surplus - Policy clauses and provisions
- Variable contracts |
| Topic 6: Retirement and Other Life Insurance Concepts | 8% | - Life settlements - Third-party ownership - Group life insurance
- Social Security benefits - Life insurance needs analysis and suitability
|
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NEW QUESTION # 74
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: A
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 # 75
Which of the following policies accumulates the greatest amount of cash value per $1,000 of face amount?
Answer: C
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 # 76
A convicted felon may receive a life or health license only if a felony waiver is approved by:
Answer: A
Explanation:
B). the Insurance Commissioner is correct. Hawai#i law restricts a person convicted of a felony from engaging in the business of insurance unless the required written consent of the Insurance Commissioner has been obtained. Official Hawai#i legislative materials addressing HRS 431:2-201.3 confirm that a convicted felon may not participate in the insurance business without the Commissioner's written consent.
The Hawai#i Insurance Division's producer-licensing materials also address the federal requirements of 18 U.
S).C. 1033 for applicants with felony convictions involving dishonesty or breach of trust and require disclosure of whether the necessary written consent has been requested and granted.
The practice question uses the common examination expression "felony waiver." Technically, the controlling regulatory mechanism is written consent to engage in the insurance business. That authority rests with the Insurance Commissioner, not a court, police department, or appointing general agent.
A general agent cannot override statutory licensing restrictions merely by appointing or sponsoring an applicant. Similarly, criminal justice authorities do not issue an insurance regulatory waiver. Licensing eligibility remains under the jurisdiction of the Hawai#i Insurance Commissioner.
Reference topics: HRS 431:2-201.3; 18 U.S.C. 1033; Felony Written Consent; Producer Licensing and Eligibility.
NEW QUESTION # 77
Under Social Security, which of the following determines the amount of a worker's Disability Income benefit?
Answer: C
Explanation:
A). Primary Insurance Amount (PIA) is correct. Social Security Disability Insurance benefits are calculated from the worker's Social Security earnings record. The central benefit figure produced from that earnings record is the worker's Primary Insurance Amount .
The Social Security Administration states directly that a disabled worker's monthly disability benefit is generally equal to the worker's PIA. The PIA itself is computed using the worker's indexed earnings under the Social Security benefit formula. SSA also describes the PIA as the basic figure used to determine cash benefits payable to workers and, where applicable, their dependents and survivors.
Option B is incorrect because national wage levels may influence indexing factors used within Social Security calculations but do not themselves constitute the individual worker's disability benefit. Option C is incorrect because Social Security Disability Insurance is a federal program; a person's state of residence does not set an average wage used as that individual's benefit amount. Option D confuses the Social Security taxable wage base with benefit computation.
The examination logic therefore requires distinguishing the worker-specific benefit measure-PIA-from broader wage statistics and payroll-tax concepts.
Reference topics: Social Insurance and Retirement Concepts; Social Security Disability Benefits; Primary Insurance Amount.
NEW QUESTION # 78
A life insurance policy is issued after a basic illustration was used in the sale. Under Hawaii's life insurance illustration requirements, the insurer must generally retain the applicable signed illustration records until:
Answer: B
Explanation:
C is correct. Hawai#i regulates the use and retention of life insurance illustrations because illustrations can materially influence a consumer's understanding of premiums, policy values, guarantees, dividends, and non- guaranteed elements.
Under HRS 431:10D-407, a copy of the applicable basic illustration , any revised illustration, and specified certifications must generally be retained by the insurer until three years after the policy is no longer in force
. If no policy is ultimately issued, the statutory provision does not require a copy to be retained under this particular rule.
The requirement is substantially longer than simply retaining documentation for three years after issue. A policy could remain active for decades; under the statutory rule, the retention period extends throughout that active duration and then continues for another three years after termination.
Illustration rules are consumer-protection and market-conduct requirements. Producers and insurers must avoid presenting non-guaranteed values as guarantees or otherwise using illustrations in a deceptive manner.
Hawai#i further treats violations of the illustration requirements as unfair or deceptive insurance practices.
Reference topics: HRS 431:10D-407 and 431:10D-410; Life Insurance Illustrations; Record Retention; Marketing Practices.
NEW QUESTION # 79
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