Hawaii Life Insurance Exam With 100% Correct Answers 2024

Accelerated Benefits - ANSRiders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses Whole Life Insurance - ANSInsurance that is kept in force for a person's entire life and pays a benefit upon the persons death, whenever that may be. Accidental Death Benefits - ANSA policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Warranty - ANSA material stipulation in the policy that if betrayed may void coverage. Waiver of Premium - ANSContinuation of life insurance coverage if the insured becomes totally disabled Nd j Greer domestic insurer are examined by the Commissioner - ANS5 yrs amount of time an insurer has to respond to Commissioner regarding a complaint - ANS15 days amount of time for applicant to demand hearing - ANS10 days amount of time the commissioner has to hold a hearing after receipt of application - ANS30 days amount of time within which a hearing must be held for denial, suspension or revocation of a license - ANS20 days age to apply for license - ANS18 yrs old temporary license period - ANS180 days file notice of producer appointment - ANS15 days amount of time to notify the Commissioner of producers appointment - ANS30 days Amount if time insurer has to notify producer of appointment termination - ANS15 days continuing education requirement for one line of authority - ANS20 hours Continuing education requirement if a producer holds life or disability and oropertt,marine and transportation, vehicle general casualty,or surety - ANS30 hours reinstatement period if license lapses - ANS12 months Deadline for Hawaii Insurance Guranty Association financial report - ANSMarch 30 Examiner timeline to make written report - ANS60 days Time frame for fine to be paid - ANS30-45 days Amount of time to notify the Commissioner of insurers name change - ANS30 days Amount of time to report any civil or administrative action taken against a producer - ANS30 days Amount if time producers have to remit received premiums to the insurer - ANS30 days Keep records of continuing education completion - ANS4 yrs Keep records of all insurance transaction - ANS5 yrs Fine for each intentional violation in 6 month period - ANS$5,000 Fine for each unintentional violation - ANS$1,000 Hawaii Insurance Code violation fine - ANS$100-$10,000 Fee to plaintiff at summons of legal process - ANS$12.00 Rebating - ANSinducement offered in the sale of insurance products that us not specified in the oomicy. Rebates include money, reductions in comission, promises and personal services. Discrimination - ANSrates,premiums, policy benefits, etc for persons within the same class or with the same life expectancy is illegal.