Insurance
If an insurer terminates the appointment, employment contract or other insurance business related with a producer he/she must notify the commissioner within
30 days
For how long are licensees required to keep records of continuing education completion?
4 years
For how long are licenses required to keep records of continuing education completion
4 years
Who is the third party owner?
A policy owner who is not insured
All other factors being equal the least expensive first year premium payment is found in
Annually renewable term
Under spouses and dependent coverage legislation in Hawaii all of the following statements are true except
Premiums must be paid in full by the covered employee
A corporation is the owner and beneficiary of the key person policy, if the corporation collects the policy benefit then
The benefit is received tax-free
If an insurer terminates the appointment employment contract or other insurance business relationship with a producer, he/she must notify the commissioner within
30 days
The commissioner will adopt a system of examination necessary for the administration of insurance and insurance-related laws. Examiners may not be appointed at the time of the examination
Are affiliated with the management or owns a monetary interest in any person being examined
The commissioner will adopt a system of examination necessary for the administration of insurance and insurance-related laws. Examiners may not be appointed at the time of examination
Are claimants under a policy issued by the company being examined
If an annuity application is taken face ti face meeting when is the latest the producer must provide the disclosure document and the buyers guide to the applicant?
At the time of application
If an annuity application is taken in a face to face meeting, when is the latest producer must provide the disclosure document and the buyer's guide to the applicant?
At the time of application
Which of the following not be considered a misrepresentation on the part of the insurer
Back dating policy to secure a lower premium for the insured
Which of the following would no be considered a misrepresentation on the part of the insurer?
Backdating policies to secure a lower premium for the insured
Which of the following reports will provide the underwriter with the information about an insurance applicants credit?
Consumer report
Which of the following describes making false statements about the financial condition of any insurer that are intended to injury any person engaged in the business of insurance
Defamation
An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. Which of the following best describes this practice?
Illegal
Which of the following would be considered false advertising
Implying that the agent is insurer
MIB or medical information bureau was created to protect
Insurance company from the adverse selection by high risk persons
Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices?
Making comparisons between different policies
Part 2 of the application for life insurance provides questions regarding all of the following except
Other insurance coverage
Under spouses and dependent coverage legislation in HI, of the following statement are true except
Premium must be paid in full will be covered employee
Which of the following is a risk classification used by underwriters for the life insurance
Standard
If a life insurance policy has irrevocable beneficiary designation
The beneficiary cannot be changed with written permission of the beneficiary
A corporation is the owner and beneficiary of the key person life policy. If the corporation collects to the policy benefit
The benefit is received tax-free
In a life settlement contract whom does the life settlement broker represent?
The owner
In a life settlement contract, whom does the life settlement broker represent?
The owner
Which is generally true regarding insured who have been classified as preferred risks?
Their premium are lower
Which of the following policies would have an IRS required corridor or gap between the cash value and the death benefit
Universal life- Option A
Which of the following is a statement that is guaranteed to be true and if untrue may breach contract
Warranty
A 60-yr old participant in a 401K plan takes a distribution and rolls it over to an IRA within 60 days. Which of the following is true?
The amount of the distribution is reduced by the amount of a 20% withholding tax
In insurance policy the insured is not legally bound to any particular action in the insurance contract but the insurer is legally obligated to pay losses covered by the policy. What contract elements does this describe?
Unilateral
Which of the following policies would have an IRS required corridor or gap between the cash value and the death benefit?
Universal life- Option A
In the case of replacement, the replacing insurer must
1. Notify the existing insurer whose insurance is being replaced with in 5 biz days of receipt of the completed application 2. Maintain records pertaining to replacement for at least 5 years or until the next regular examination, whichever is later 3. Provide notice to the policy owner, the right to return the policy within 30 days of delivery and receive a full refund
When would a 20-day whole life policy endow?
When the insured reaches age 100
An agent did not give the annuity applicant the disclosure and the buyer's guide at the time of the annuity application. When the annuity contract is issued how long will the free-look period?
15 days
An insurer must appoint a licensee before he/she is authorized to transact insurance business. The insurer must file a notice of appointment within
15 days from the date of first insurance application is submitted
All other factors being equal, the least expensive five-year premium payment is found in
Annually renewable term
Which of the following would describe a legal document which would dictate who can buy a deceased partner's share of a business and for what amount?
Buy-sell agreement
Which of the following when attached to a permanent life insurance policy allows the policy owner to customize the policy to provide an additional amounts of temporary insurance on the insured, or allows amounts of insurance to cover other family members?
Term rider
Which of the following is not typically excluded from life policies?
Death due to plane crash for a fare-paying passenger
Which of the following best describes the aleatory nature of an insurance contract?
Exchange of unequal values
During replacement of life insurance, a replacing insurer must do which of the following?
Obtain a list of all life insurance policies to be replaced
A producer agent must do all of the following when delivering a new policy to the insured except
Disclosure commission earned
Under the Fair Credit Report Act, individual rejected for insurance due to info contained in a consumer report
Must be informed of the source of the report
A 40-year old man buys a whole life policy and names his wife as his only beneficiary. His wife dies 10 years later. He never remarries and dies at the age of 61 leaving 2 grown up children. Assuming he never changed the beneficiary, the policy proceed will go to
The insured's estate
Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance
Defamation
When is the earliest policy may go into effect
When the application is signed and check is given to the agent
Most agents try to collect the initial premium for submission with the application. When an agent collects the initial premium, the agent should issue the applicant a
Premium receipt
An applicant signs for an application for 25K life insurance policies, pays the initial premium and received a conditional receipt. if the applicant is killed in an automobile accident the next day...
The beneficiary would receive 25K if it was determined that the insured qualified for the policy applied for
