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Life and Health Insurance Producer Exam

Guaranty association (HI): practice questions

Our Life & Health Insurance bank has 4 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Hawaii

Which of these does the Hawaii guaranty association NOT cover?

  1. Policy portions not guaranteed by the insurer, or whose risk the owner bears
  2. Direct nongroup life insurance policies issued by member insurers to Hawaii residents
  3. Long-term care insurance benefits under a policy issued by a licensed member insurer
  4. Certificates under direct group annuity contracts issued by member insurers in this State
Show the answer

A. Policy portions not guaranteed by the insurer, or whose risk the owner bears — HRS 431:16-203(b)(2)(A).

Question 2 · Hawaii

May a Hawaii producer mention the guaranty association's protection to induce a client to buy a covered policy?

  1. Yes, if the statement is accurate
  2. No; using the association to sell or solicit insurance is prohibited
  3. Yes, but only in writing
  4. Only for annuity sales
Show the answer

B. No; using the association to sell or solicit insurance is prohibited — HRS 431:16-218(a).

Question 3 · Hawaii

What is the association's limit for the present value of annuity benefits, including cash surrender values, per life?

  1. $250,000
  2. $300,000 for each separate contract the person owns
  3. $500,000
  4. $100,000
Show the answer

A. $250,000 — HRS 431:16-203(c)(2)(C).

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