Free Insurance Licensing Hawaii-Life-Producer Exam Dumps Questions & Answers

All of the following statements about a Guaranteed Insurability Option rider are true EXCEPT:

• A.  It allows the insured to purchase additional coverage at specified ages.
• B.  It requires the insured to provide evidence of insurability when exercising the option.
• C.  Costs for new coverages purchased under this rider are calculated on the basis of the insured's attained age.
• D.  It allows the insured to purchase additional coverage at marriage or the birth of a child.

Under current Hawaii law, an owner who enters into a life settlement contract generally has the right to rescind the contract on or before:

• A.  15 days after execution by all parties
• B.  30 days after execution
• C.  60 days after execution
• D.  10 days after execution

Which of the following statements is CORRECT about a Straight Life policy?

• A.  The insurance company may modify the policy by exercising a Nonforfeiture option.
• B.  The policyowner may choose the schedule and amounts of premium payments.
• C.  Premiums are payable for the period of time that insurance protection is provided.
• D.  The cash value increases faster in the early policy years than in later years.

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

• A.  recommend the annuity with the longest surrender period
• B.  place the insurer's financial interest ahead of the consumer's when the insurer pays the highest commission
• C.  recommend only variable annuities to consumers under age 65
• D.  act in the consumer's best interest without placing the producer's or insurer's financial interest ahead of the consumer's

An insurance company formed under the laws of Canada would be known in Hawaii as:

• A.  a domestic company
• B.  a foreign company
• C.  an alien company
• D.  a mutual company