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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% | - Contract law
|
| Topic 3: Types of Policies | 15% | - Term life
|
| Topic 4: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Guaranty associations - Marketing practices
|
| Topic 5: Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Credit life - Participation in surplus - Group life
|
| Topic 6: Retirement and Other Life Insurance Concepts | 8% | - Retirement plans
- Life settlements - Social Security benefits - Tax treatment of insurance premiums, proceeds, and dividends - Group life insurance
|
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NEW QUESTION # 117
Which of the following Annuities has benefits that reflect the investment experience of a separate account?
Answer: A
Explanation:
A variable annuity is specifically structured so that contract values and benefits may fluctuate according to the investment performance of assets held in one or more separate accounts . Therefore, A is correct .
Hawai#i's statutory framework expressly authorizes life insurers to establish separate accounts and allocate assets to them for life insurance or annuity benefits payable in fixed or variable amounts. Critically, HRS
431:10D-118 provides that income, gains, and losses attributable to assets allocated to a separate account are credited to or charged against that account independently of the insurer's other investment results.
This differentiates variable annuities from traditional fixed annuities , under which the insurer assumes the investment risk and provides contractual guarantees based on the general account. "Immediate" describes when annuity income begins, not how investment results are determined. An immediate annuity itself can be fixed or variable. "Retirement" is a descriptive use or planning objective rather than a technical annuity classification defined by separate-account performance.
The Hawai#i examination content also identifies fixed and variable annuities, accumulation/annuity periods, and annuity investment concepts as tested Life Producer knowledge.
Reference topics: HRS 431:10D-118 - Variable Contracts; Variable Annuities; Separate Accounts; Fixed versus Variable Annuities.
NEW QUESTION # 118
Which of the following statements is CORRECT about a Straight Life policy?
Answer: B
Explanation:
A Straight Life , also called ordinary whole life, is permanent insurance under which level premiums are generally payable throughout the insured's lifetime, or until the policy's contractual maturity. Therefore, D is correct . The 2026 Hawai#i Life-General Knowledge examination outline specifically identifies ordinary whole life under Traditional Whole Life Products and separately tests premium payment concepts, including level and flexible premiums.
Option A is incorrect because whole-life cash value generally develops relatively slowly during the early policy years and becomes more substantial as reserves accumulate. Option B describes the premium flexibility associated with adjustable/universal forms of life insurance rather than traditional Straight Life.
Straight Life uses a predetermined premium schedule. Option C is also incorrect. Nonforfeiture options are rights available to the policyowner when a cash-value policy is surrendered or premium payments cease; they are not unilateral policy modifications exercised by the insurer.
The Hawai#i Insurance Division distinguishes whole life from temporary term insurance and describes whole life as insurance designed to provide coverage for the insured's entire life.
Reference topics: Hawai#i Life-General Knowledge Content Outline - Traditional Whole Life Products; Ordinary Whole Life; Premium Payment; Nonforfeiture Options.
NEW QUESTION # 119
An insured under a life settlement transaction has a life expectancy of MORE than one year. A life settlement provider, broker, or authorized representative may generally contact the insured to verify health status no more frequently than:
Answer: B
Explanation:
C). once every three months is correct. Hawai#i's life settlement statute places explicit restrictions on post- settlement contact with the insured. Under HRS 431C-33, a provider, broker, or authorized representative may contact the insured for the limited purpose of determining health status or verifying an address once every three months when the insured's life expectancy exceeds one year .
Where the insured's life expectancy is one year or less , the statute permits contact no more frequently than once per month. The distinction balances the settlement provider's legitimate administrative need to determine policy status with the insured's privacy and freedom from intrusive or excessive monitoring.
A life settlement purchaser has an economic interest in the death benefit after acquiring the policy, which makes restrictions of this kind particularly important. Without them, an insured could face frequent, disturbing inquiries about declining health.
The statute restricts both the purpose and frequency of the contact. It is not authority for unlimited communication about unrelated matters.
Weekly or monthly health-status inquiries would therefore be excessive for an insured expected to live more than one year. Six months is more restrictive than required but does not state the statutory maximum frequency.
Reference topics: HRS 431C-33; Life Settlement Consumer Protections; Insured Privacy; Health-Status Contacts.
NEW QUESTION # 120
If a father intends to purchase and retain ownership of a life policy on his eighteen-year-old son, which of the following signatures would be required on the application?
Answer: D
Explanation:
C is correct. The father is applying for and will own the policy, so his signature is required in his capacity as the applicant/policyowner. Because the insured is the father's eighteen-year-old son , the son is no longer being treated as a minor for purposes of the exception described in Hawai#i's consent statute. The insured therefore must also consent in writing to insurance being effectuated on his life.
Hawai#i Revised Statutes 431:10-206 provides that a life insurance contract on an individual generally cannot be effectuated unless the individual insured, when legally competent to contract, applies for or consents to the insurance in writing . The statute contains exceptions for insurance on a spouse and for a person having an insurable interest in a minor, but neither eliminates the adult son's consent requirement in this scenario.
The current Hawai#i Life-General Knowledge examination outline specifically identifies "Required signatures" under completing the application, confirming that this is an examinable producer competency.
The mother's signature is irrelevant because she is neither the applicant nor the policyowner in the facts presented.
Reference topics: Hawai#i Revised Statutes 431:10-206; Completing the Application - Required Signatures; Insurable Interest and Consent.
NEW QUESTION # 121
A lapsed Hawaii individual life insurance policy is being reinstated. Interest charged on overdue premiums and qualifying policy indebtedness under the statutory reinstatement provision may NOT exceed:
Answer: B
Explanation:
B is correct. Hawai#i's individual life insurance reinstatement provision allows qualifying lapsed coverage to be restored within the statutory reinstatement period when the required conditions are satisfied. HRS 431:
10D-102 provides that reinstatement generally requires a written application , satisfactory evidence of insurability, payment of premiums in arrears, and payment or reinstatement of other indebtedness on the policy. Interest on those amounts may be charged at a rate not exceeding 6% per year compounded annually under the standard provision.
Reinstatement is generally available within three years after premium default , unless the policy has already been surrendered for its cash surrender value or applicable paid-up term insurance has expired.
The provision should not be confused with Hawai#i's rules governing policy loans issued after June 22, 1982
, which may permit a fixed maximum policy-loan rate of 8% or an adjustable rate satisfying statutory requirements. A policy-loan interest rate and the statutory reinstatement interest ceiling are separate concepts.
Options C and D therefore improperly import higher rates into the reinstatement provision. Option A is below the maximum but does not state the statutory ceiling.
Reference topics: HRS 431:10D-102(a)(5); Reinstatement; Evidence of Insurability; Overdue Premiums; Policy Indebtedness.
NEW QUESTION # 122
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