Chapter exam - Hawaii rules and laws

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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


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