Hawaii Insurance Exam With 100% Correct And Verified Answers 2024, Exams of Advanced Education

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Hawaii Insurance Exam With 100% Correct And Verified Answers 2024 The Insurance Commissioner must examine an insurer at least once every? - Correct Answer-5 years How many days in advance must a notice of a hearing on unfair trade practices be sent? - Correct Answer-15 days The fine PER violation for UNKNOWINGLY committing an unfair or deceptive act in the business of insurance is: - Correct Answer-$1,000 The fine PER violation for KNOWINGLY committing an unfair or deceptive act in the business of insurance is: - Correct Answer-$5,000 The MAX fine for UNKNOWINGLY committing an unfair or deceptive act in the business of insurance is: - Correct Answer-$10,000 The MAX fine for KNOWNINGLY committing an unfair or deceptive act in the business of insurance is: - Correct Answer-$50,000 What is the max fine when violating a cease and desist order? - Correct Answer- $10,000 The MIN fine per violation of the Insurance Code is: - Correct Answer-$100 The MAX fine per violation of the Insurance Code is: - Correct Answer-$10,000 How much of a penalty must an insurance producer pay to reinstate an expired license? - Correct Answer-Double the renewal fee Temp producer licenses may be issued, without examination, for up to how many days? - Correct Answer-180 days Within how many days does a producer have to report any criminal prosecutions, or civil or administrative, actions taken against them? - Correct Answer-30 days The total Continuing Education hours required for each two-year licensing period is? - Correct Answer-24 hours How many hours in ethics and insurance laws and regulations are required in Continuing Education? - Correct Answer-3 hours Violation of Insurance Code is punishable by up to how long in prison? - Correct Answer-1 year How many days do violators of Insurance Code have to pay any fines received? - Correct Answer-10 days How old does an applicant need to be to apply for an insurance license? - Correct Answer-18 years old Name or address changes must be reported to the Commissioner within how many days? - Correct Answer-30 ays Producers must maintain transaction records for how many years? - Correct Answer-5 years An expired producer's license may be reinstated within how many months of the due date? - Correct Answer-12 months If licensed in both life/disability; and prop and casu. what continuing education hours are not required? - Correct Answer-3 hrs Earthquake regulations How many years must licensees maintain Continuing Education records for after course completion? - Correct Answer-4 years How many days does an insurer have to file a notice of appointment? - Correct Answer- 15 days Within how many days does an insurer have to notify the Commissioner after terminating an appointment? - Correct Answer-30 days What is the Guaranty Association's Max liability for Workers' comp claims? - Correct Answer-The full claim amount What is the Guaranty Association's max liability for the return of unearned premiums? - Correct Answer-$10,000 per policy The Guaranty Association's max liability for claims not related to worker's comp or unearned premiums is? - Correct Answer-$300,000 per claimant Hawaii public adjusters are required to post a: - Correct Answer-$10,000 bond For how many years must a licensed surplus lines broker keep records after a contract termination? - Correct Answer-5 years How many days prior to the effective date must new rates be filed with the insurance commissioner? - Correct Answer-30 days A statement given by an insured following a loss is called: - Correct Answer-Proof of loss What is the difference between insurance and a bond? - Correct Answer-A bond is an agreement between 3 people When and insured and insurer are in disagreement regarding the amount of loss, each will choose: - Correct Answer-Appraisal When two policyholders' house burns down and they agree to give the proceeds to someone after a loss, this is called: - Correct Answer-Assignment What is the definition of accident? - Correct Answer-Sudden, unexpected and unforeseen Who sets the rates for the insurance company? - Correct Answer-By individual company with their past experience The insurance company which is owned by its policyholders is: - Correct Answer-Mutual insurers Which of the following would be covered by inland marine insurance? - Correct Answer- Bridges What page would you find the insured's name? - Correct Answer-Declaration page Which of the following provides temporary coverage until the insurance company approves coverage? - Correct Answer-A binder If an employer contract a sub-contractor who does not have a workers' comp policy, how is a loss paid if the sub-contractor's employee is injured? - Correct Answer-The employers liability What is the name of the fire policy in Hawaii? - Correct Answer-New York Standard Fire Policy When an insured's building is burnt down and he decides he does not want it anymore and leave the building for the insurer, this is an example of: - Correct Answer- Abandonment A contract whereby one undertakes to indemnify the other: - Correct Answer-Insurance How many days would a commissioner allow for a hearing? - Correct Answer-15 days If an insured has a pair and set coverage and insures his set for $5000 and list one for $500, how much would the insurance pay if one is broken? - Correct Answer-$4,500 Under the BOP, coverage is extended within how many feet of the building? - Correct Answer-100 feet When the insured sells his home, but did not cancel his policy, and the home burns down, can he claim on his policy? - Correct Answer-NO, because he has no insurable interest What is a hazard? - Correct Answer-A condition which increases the possibility of loss In order for worker's comp to cover an employee in a different state the employer must: - Correct Answer-Buy other state coverage If an insured has two different insurance coverages, how is it paid? - Correct Answer- Each policy with pay pro rata A building valued at $100,000 was insured for $80,000 with a policy containing 80% co- insurance. How much would the insurance pay for a loss of $80,000? - Correct Answer- $80,000 What is an occurence? - Correct Answer-A sudden and unexpected accident or injury What is the part of the policy that removes? - Correct Answer-Exclusion How many days does an insurer have to pay PIP coverage? - Correct Answer- What is a risk? - Correct Answer-An uncertainty of loss Making distinction in premium rates charged for insurance between insureds or property having like insuring or risk characteristics is an example of: - Correct Answer-Unfair discrimination What is included in business income? - Correct Answer-Excess coverage Forcible removal of property from a messenger through the threat of violence is called: - Correct Answer-Robbery What is the duty of the Guaranty associations in Hawaii? - Correct Answer-To pay for any insurer that becomes insolvent How long should an insured keep records in a business? - Correct Answer-5 years How many times can a Commissioner inspect an insurer in the State of Hawaii? - Correct Answer-Anytime How should a Surplus line insurance act in the State of Hawaii? - Correct Answer-By employing a producer What kind of actions are surplus lines insurance prohibited from doing? - Correct Answer-Competing with a Licensed insurer What kind of notice is given to the insured when purchasing a surplus lines insurance policy, what is printed on stamp? - Correct Answer-The insurer is not licensed in the State of Hawaii Where do you find the named insured on the BOP? - Correct Answer-Dec page Which of the following best describes a representation in an insurance application? - Correct Answer-A statement made by the insured to be true when made, but which may prove to be false What is misrepresentation of a statement? - Correct Answer-When a statement is made but turns out to be untrue What is the amount of bond an adjuster is required to have? - Correct Answer-$10,000 What is the definition of vacancy in insurance? - Correct Answer-Unoccupied and no contents If a BOP leave his skylight door open and the contents of the building is stolen, total contents were $10K and 3K in cash, with $250 deductible How much will the insurer receive from the insurance company? - Correct Answer-$9,750 If an insured has a $100 deductible per occurence and sustained 3 separate occurences; 1st $300, 2nd $200, and 3rd $50; how much wil the insurer pay? - Correct Answer-$300 What is the obligation of either the insured or the insurer imposed in the insurance contract? - Correct Answer-Conditions Under what conditions will a Commissioner refuse to issue a license to an agent? - Correct Answer-If you are found untrustworthy If an adjuster is a fiduciary agent, and if he receives a premium, what does he do with it? - Correct Answer-Deposit into an insurance company account How many days does an insurer have to acknowledge notice of claims? - Correct Answer-15 days