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| Section | Objectives |
|---|---|
| Topic 1: Life - Hawaii Specific | - Hawaii Laws and Rules Pertinent to Life Insurance Only
|
| Topic 2: Life - General Knowledge | - Life Provisions, Riders, Options, and Exclusions
|
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NEW QUESTION # 114
A person was licensed for Life insurance in another state but recently cancelled that resident license while in good standing. To qualify for Hawaii's examination exemption for the same line of authority, the person's applicable resident producer application generally must be received within:
Answer: D
Explanation:
C). 90 days is correct. Hawai#i recognizes an examination exemption for qualifying applicants who were previously licensed for the same line of authority in another state. The exemption prevents an experienced, properly licensed producer from unnecessarily repeating prelicensing education and examination requirements when moving licensing jurisdiction under qualifying circumstances.
HRS 431:9A-109 provides that the exemption is available when the applicant is currently appropriately licensed in the other state or, for the applicable resident-license situation, when the Hawai#i application is received within ninety days after cancellation of the applicant's previous resident license , provided the prior licensing record establishes that the applicant was in good standing for the requested line of authority.
The Hawai#i Insurance Division's current examination information similarly explains the ninety-day provision and recognizes NAIC producer-database records or appropriate certification as evidence of good standing.
The exemption concerns the examination requirement ; it does not eliminate other application, fee, background, qualification, or licensing requirements imposed by Hawai#i.
Reference topics: HRS 431:9A-109; Examination Exemption; Resident Producer Licensing; Reciprocity and Good Standing.
NEW QUESTION # 115
Except when a statutory exception applies, Hawaii generally prohibits entering into a life settlement contract during what period following issuance of the life insurance policy?
Answer: C
Explanation:
C). 2 years is correct. Hawai#i law contains an important restriction intended to combat stranger-originated life insurance and similar arrangements . HRS 431C-33 generally prohibits a person from entering into a life settlement contract at the time of application or issuance of a life insurance policy or during the two-year period commencing with the policy's date of issuance , unless a statutory exception applies.
The restriction helps distinguish a legitimate later decision by a policyowner to sell existing coverage from a policy originally obtained primarily for immediate transfer to an outside investor. Life insurance is intended to protect legitimate insurable interests, not to operate simply as a wagering instrument on an individual's life.
Hawai#i recognizes defined exceptions to the two-year prohibition. For example, qualifying converted coverage may satisfy the requirement when the conversion policy and prior continuous coverage together equal at least two years. Other statutory circumstances can also permit an earlier settlement when the required conditions and certifications are met.
A producer should therefore avoid treating the two-year restriction as absolute in every factual situation, but it is the controlling general rule .
Six months and one year are insufficient, while five years exceeds the statutory prohibition period.
Reference topics: HRS 431C-33(m); Life Settlements; Stranger-Originated Life Insurance; Two-Year Restriction.
NEW QUESTION # 116
A Hawaii producer applies for authority to sell Variable Life and Variable Annuity products. In addition to the appropriate insurance licensing requirements, the producer application requires evidence that the producer:
Answer: A
Explanation:
A is correct. Hawai#i treats Variable Life and Variable Annuity Products as a distinct line of insurance authority because these contracts combine insurance protection with securities-related investment features.
The Hawai#i Insurance Division's official individual licensing application specifies that an applicant seeking the Variable Life and Variable Annuity line must attach a Central Registration Depository (CRD) report showing securities registration in Hawai#i with FINRA .
This additional requirement exists because variable life policies and variable annuities allocate values to separate accounts whose performance may depend on securities such as equity, bond, or money-market investments. Consequently, persons selling these contracts are subject to both relevant insurance licensing requirements and applicable securities regulation.
A producer does not need five years of Life experience merely to obtain variable authority, making B incorrect. A Property insurance line has no relationship to qualification for variable life or variable annuity products. D is plainly incorrect; producers are private licensees regulated by the Insurance Division rather than employees of the Division.
HRS 431:10D-118 also gives the Insurance Commissioner authority to regulate issuance and sale of variable contracts and licensing of persons who sell them.
Reference topics: Variable Life and Variable Annuity Licensing; FINRA/CRD Registration; HRS 431:10D-
118; Separate Accounts.
NEW QUESTION # 117
An insurer who charges different policy rates to individuals in the same class of risk may be guilty of:
Answer: D
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 # 118
The Hawaii Insurance Commissioner MUST hold a hearing within how many days after receipt of the proper application for a hearing?
Answer: D
Explanation:
A). Thirty days is the correct examination answer. HRS 431:2-308 governs administrative hearings under the Hawai#i Insurance Code. The statute provides that when the Commissioner has exercised specified authority to suspend, revoke, or refuse to extend an insurance license , the affected licensee retains a right to request a hearing. If the license has been suspended pending that hearing, the Commissioner must hold the hearing within thirty days after receiving the written application , unless the hearing is postponed by mutual consent.
The application itself must be in writing and must identify how the applicant has been aggrieved and the grounds upon which relief is sought. This ensures that the administrative proceeding has a defined factual and legal basis.
An important precision point is that the current statute's thirty-day mandate applies in the stated licensing- enforcement circumstances; the practice question compresses that rule into the broader wording "proper application for a hearing." For the producer examination, however, 30 days is the statutory period the question is testing.
Thirty-one, forty-five, and sixty days do not match the period specified in HRS 431:2-308 for the applicable license hearing.
Reference topics: HRS 431:2-308; Administrative Hearings; Insurance Commissioner; License Suspension and Revocation.
NEW QUESTION # 119
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