Hawaii Insurance Law

As of the date of issue, group life policies must cover at least how many?

10

The maximum fixed interest rate permitted on a life policy loan is

8%

In which of the following situations has replacement occured?

A policy owner borrows 25% of their cash value to buy a new policy

When an insured pledges their group life benefits to a bank, it is known as

An assignment

Insurance on the life of a debtor in connection with a specific or other credit transaction is known as

Credit life insurance

Which regard to participating policies insurers may periodically apportion any divisible surplus to their policy holders as

Dividends

All of the following are true about group life except

Employees are considered policyholders

Replacement regulations apply to sales of all of the following life insurance annuity contracts EXCEPT:

Group term life

The regulations regarding replacement apply to which of the following?

Renewable Term

On life insurance, all are true about insurable interest EXCEPT:

it may be based on friendship

Advising a customer that he is buying $100,000 of permanent life insurance when $50,000 is whole life and $50,000 is a term rider would be

Misrepresentation

All are true regarding the replacement of existing life insurance EXCEPT:

Policy illustrations and policy summaries are not required

Lump-sum life insurance proceeds payable to which of the following may be attached by the insured's creditors:

Estate

All of the following are true regarding credit life insurance EXCEPT:

It is written on the life of the lender.

All of the following are true about group life insurance EXCEPT:

It may not cover dependents

All are true about the "Notice" regarding replacement of life insurance EXCEPT

It must be fiven out on every life insurance sale

Which of the following is not true regarding the "Notice"

It must be given out when replacing all term life insurance

If replacement is involved, the replacing insurer must do all of the following EXCEPT

Provide a 10 day free look to the applicant on the new policy

All of the following are true regarding replacement EXCEPT:

Replacement is unlawful

If life insurance proceeds are payable to the spouse of the insured, or a child, parent or other person dependent upon the insured under a settlement plan selected by the insured prior to death, the proceeds may be attached to satisfy the beneficiaries debts:

Under no circumstance

If suicide is the cause of death, an insurer may deny payment if the insured

commits suicide during the 1st 2 years of the policy

All of the following are true about conversion under group life EXCEPT:

the new policy may be term insurance

When replacement is involved, the existing insurer must send a notification to

the policy holder

All group life policies issued in Hawaii must contain all of the following EXCEPT:

Incontestability after 1 year in force

The annual interest rate that insurer's charge no policy loans:

May be fixed or variable