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Life Insurance

Hawaii Life Insurance Law

QuestionAnswer
In which of the following situation has replacement occurred? A policy owner borrows 25% of their cash value to buy a new policy
The regulations regarding replacement apply to which of the following? Renewable term
If replacement is involved, the replacing insurer must do all of the following EXCEPT: Provide a 10-day free look to the applicant on the new policy
When replacement is involved, the existing insurer must send a notification to: The policyholder
If suicide is the cause of death, an insurer may deny payment if the insured: Commits suicide during the 1st 2-years of the policy
As of the date of issue, group life policies must cover at least how many? 10
All group life policies issued in Hawaii must contain all of the following EXCEPT: Incontestability after 1-year in force
On life insurance, all are true about insurable interest EXCEPT: It may be based upon friendship
All of the following are true about group life EXCEPT: Employees are considered to be policyholders
Replacement regulations apply to sales of all of the following life insurance and annuity contracts EXCEPT: Group term life
All are true regarding the replacement of existing life insurance EXCEPT: Policy illustrations and policy summaries are not required
All of the following are true regarding credit life insurance EXCEPT: It is written on the life of the lender
All of the following are true about conversion under group life EXCEPT: The new policy may be term insurance
The maximum fixed interest rate on life insurance policy loans is: 8%
All of the following are true regarding replacement EXCEPT: Replacement is unlawful
All are true about the "Notice" regarding replacement life insurance EXCEPT: It must be given our on every life insurance sale
Which of the following is not true regarding the "Notice": It must given out when replacing all term life insurance
Advising a customer that he is buying $100,000 of permanent life insurance when $50,000 is whole life and $50,000 is term rider would be; Misrepresentation
All of the following are true about group life insurance EXCEPT: It may not cover dependents
Created by: junior8o8
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