Hawaii-Life-Producer by Insurance Licensing Actual Free Exam Questions And Answers

Question 1

Collecting premiums for insurance and depositing them in an existing personal bank account is an example of:

A. rebating

B. commingling

C. sharing commissions

D. twisting

Discussion 0

Correct Answer: B Vote an answer

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Question 2

When recommending an annuity to a consumer in Hawaii, a producer must:

A. place the insurer's financial interest ahead of the consumer's when the insurer pays the highest commission

B. recommend only variable annuities to consumers under age 65

C. recommend the annuity with the longest surrender period

D. act in the consumer's best interest without placing the producer's or insurer's financial interest ahead of the consumer's

Discussion 0

Correct Answer: D Vote an answer

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Question 3

An insured employee dies during the period in which the employee was entitled to convert terminated Hawaii group life coverage to an individual policy. The employee had NOT yet submitted the conversion application or paid the first premium. The insurer must generally:

A. deny the claim because no individual policy was issued

B. pay only the group policy's cash surrender value

C. refund the employee's prior group premiums only

D. pay the amount of insurance the employee was entitled to convert as a claim under the group policy

Discussion 0

Correct Answer: D Vote an answer

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Question 4

How often may the Insurance Commissioner examine the insurance account records, and transactions of an insurance producer?

A. As often as the Commissioner deems advisable

B. Only as often as is mutually agreed to by the Commissioner and the producer

C. No more than once a year

D. Only when requested to do so by the producer

Discussion 0

Correct Answer: A Vote an answer

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Question 5

A Hawaii producer deposits insurance premium funds into a properly designated premium trustee account that earns interest. The producer may retain the interest for personal use only if:

A. the producer reports the interest as taxable income

B. the insurer or person entitled to the funds gives prior written consent

C. the producer has held a license for at least five years

D. the amount of interest is less than $100

Discussion 0

Correct Answer: B Vote an answer

Question 6

Which of the following is NOT considered insurance as defined by insurance law?

A. An Aircraft policy

B. A Surety Bond

C. An Ocean Marine policy

D. A legal service plan contract

Discussion 0

Correct Answer: D Vote an answer

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Insurance Licensing Hawaii Life Producer Exam (InsHI_Life01 OPLife01) - Hawaii-Life-Producer Exam Practice Test

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