Chapter exam - Hawaii rules and laws
A producer must complete __ hour(s) of ethics per continuing education reporting period.
3
A life policy loan in Hawaii cannot charge a fixed rate of interest higher than
8%
Which of the following is considered to be misrepresentation
A producer quarantining a policy dividends
What is Hawaii's definition of life insurance replacement
A transaction in which a new policy is bought and an old policy is terminated
Which of these is NOT a duty of a producer?
Authorize payment of certain claims
Why would the commissioner of insurance issue a temporary license?
To allow the personal representative of a deceased producer to provide service to existing policyowners
Life insurance death benefits up to ____ are guaranteed by the Hawaii life and health guaranty association
$300,000
A producer who willfully violates the insurance code my, after a hearing, pay UP TO ______ per violation as a penaltylife in
$5,000
A_________ ________ is the signed document that starts the free-look period
Binding receipt
An individual covered under a group life insurance policy is considered to be a(n)
Certificate holder
Which situation does NOT require to provide a suitability statement to the annuity company?
When a producer discusses annuities in general with a client, but no specific recommendation is made.
T is an employee covered under a Group Life policy. If T's employment is terminated, the conversion privilege gives T the right to convert
To an individual policy upon employment termination
Why would the commissioners examine the records of an insurance company
To determine the solvency of the company
An individual received a quote from an insurance company that is a different rate from individuals in the same risk class. The insurance company may be accused of
Unfair discrimination
Group life policies in Hawaii are required to contain a conversion privilege that allows for conversion
To an individual policy for a stated period of time
Which of these is NOT a legitimate insurance company?
Domestic and Foreign
In Hawaii, an insurer licensed to conduct business in Hawaii, but domiciled In Pennsylvania, is called a(n)
Foreign company
Foreign Insurance Company doing business in hawaii
Is a company that was formed under thr laws of another state
What must be signed by both the producer and applicant when an existing life insurance policy is being reissued with a reduction in cash value?
Notice regarding replacement
The ______ must provide an insured with proper disclosure concerning the replacement of an existing policy
Producer
Which of these individuals would require continuing to education?
Resident producers
Which of these is NOT a required group life policy provision
Right to loan proceeds
Which of the following is NOT considered rebating?
Sharing commissions with a producer licensed in the same line of business
