Hawaii State License Exam questions and 100% c0rrect answers

When a policy is to be replaced, the replacing insurer must notify the existing insurer within how many days of receiving the completed application? - correct answer 5 days, The repacing insurer also must mail a copy of the illustration or policy summary to the proposed policy within five business days of receiving a request from the existing insurer. What is not the duty of the Hawaii Insurance Commissioner - correct answer Writing Hawaii Insurance Laws The commissioner may impose a fine for how much? for incidents found to be unintentional - correct answer Between 1000 and 10000 The Commissioner may impose a fine for how? for incidents where if the producer was found to have knew or should have known that he she was involved in unfair deceptive methods of competition. - correct answer Between 5000 and 10000 Other than imposing fines, the commissioner may also impose what penalty, for incidents where the producer knew or should have known that he or she was engaging in unfair or deceptive methods of competition. - correct answer Suspend or Revoke the producers license Person Insured Under a Group Plan may assign what? - correct answer - The right to assign the beneficiary - an incident of ownership - the right to convert the policy to an individual policy Except: The right to adjust the premium rate How long must the replacing insure keep copies of the notice to the applicant regarding replacement following replacement of a life insurance policy - correct answer Five years or until the next scheduled examination