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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

SectionObjectives
Life - General Knowledge- Retirement and Other Insurance Concepts
  • 1. Retirement plans
    • Qualified plans
    • Nonqualified plans
  • 2. Third-party ownership
    • 3. Life insurance needs analysis and suitability
      • Personal insurance needs
      • Business insurance needs
    • 4. Life settlements
      • 5. Social Security benefits
        • 6. Tax treatment of insurance premiums, proceeds, and dividends
          • Individual life
          • Group life
          • Modified Endowment Contracts
        • 7. Group life insurance
          • Conversion privilege
          • Contributory vs. noncontributory
        - Life Provisions, Riders, Options, and Exclusions
        • 1. Policy riders
          • Waiver of premium and waiver of monthly deduction
          • Guaranteed insurability
          • Payor benefit
          • Accidental death and/or accidental death and dismemberment
          • Term riders
          • Other insureds
          • Long term care
          • Return of premium
          • Disability
          • Cost of Living
        • 2. Policy provisions and options
          • Entire contract
          • Insuring clause
          • Free look
          • Consideration
          • Owner's rights
          • Beneficiary designations
          • Premium payment
          • Reinstatement
          • Policy loans, withdrawals, partial surrenders
          • Non-forfeiture options
          • Dividends and dividend options
          • Incontestability
          • Assignments
          • Suicide
          • Misstatement of age and gender
          • Settlement options
          • Accelerated death benefits
        • 3. Policy exclusions
          • War
          • Aviation
          • Dangerous occupation
        - Types of Policies
        • 1. Term life
          • Types
          • Special features
        • 2. Annuities
          • Single and flexible premium
          • Immediate and deferred
          • Fixed and variable
          • Indexed
          • Accumulation and annuity periods
          • Payout options
        • 3. Interest/market-sensitive/adjustable life products
          • Universal life
          • Variable whole life
          • Variable universal life
          • Interest-sensitive whole life
          • Indexed life
        • 4. Traditional whole life products
          • Ordinary whole life
          • Limited-pay and single-premium life
        • 5. Combination plans and variations
          • Joint life (first to die)
          • Survivorship life (second to die)
        - Completing the Application, Underwriting, and Delivering the Policies
        • 1. Delivering the policy
          • When coverage begins
          • Explaining the policy and its provisions, riders, exclusions, and ratings to the client
        • 2. Underwriting
          • Insurable interest
          • Medical information and consumer reports
          • Fair Credit Reporting Act
          • Risk classification
          • Stranger/Investor-owned life insurance
        • 3. Contract law
          • Elements of a contract
          • Unique aspects of the insurance contract
        • 4. Completing the application
          • Required signatures
          • Changes in the application
          • Consequences of incomplete applications
          • Warranties and representations
          • Collecting the initial premium and issuing the receipt
          • Replacement
          • Disclosures at point of sale
          • USA PATRIOT Act and anti-money laundering
          • Gramm-Leach-Bliley Act privacy
        Life - Hawaii Specific- Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance
        • 1. Guaranty Associations
          • 2. Definitions
            • Authorized and unauthorized
            • Domestic, foreign, and alien
            • Stock, reciprocal and mutual
            • Certificate of authority
            • Insurance
          • 3. Licensing
            • General qualifications for licensing
            • Persons required to be licensed
            • Denial, suspension, and revocation of licenses
            • Renewal of license and continuing education
          • 4. Marketing practices
            • Unfair and deceptive practices
            • Reporting and accounting for premiums
            • Sharing commissions
            • Required records and record retention
            • Controlled business
            • Premiums
          • 5. Insurance Commissioner
            • General powers and duties
            • Examination of records
            • Notice of hearings
            • Penalties
          - Hawaii Laws and Rules Pertinent to Life Insurance Only
          • 1. Variable Contracts
            • 2. Credit Life
              • 3. Policy Clauses and Provisions
                • Protection of beneficiaries from creditors
                • Policy loan interest rate
                • Spouse's rights
              • 4. Group Life
                • Group requirements
                • Assignment of proceeds
                • Conversion
              • 5. Marketing methods and practices
                • Replacement
                • Annuities
              • 6. Participation in Surplus

                Insurance Licensing Hawaii Life Producer Exam (InsHI_Life01 OPLife01) Sample Questions:

                Question 1

                The PRIMARY purpose of the life insurance replacement law is to protect the interests of:

                A. producers
                B. insurance companies
                C. beneficiaries
                D. policyowners


                Question 2

                A temporary license issued by the Hawaii Insurance Division is valid for how many days?

                A. 180
                B. 60
                C. 90
                D. 30


                Question 3

                A lapsed Hawaii individual life insurance policy is being reinstated. Interest charged on overdue premiums and qualifying policy indebtedness under the statutory reinstatement provision may NOT exceed:

                A. 6% per year compounded annually
                B. 4% per year
                C. 10% per year
                D. 8% per year compounded monthly


                Question 4

                In a Hawaii variable life insurance contract, investment gains and losses attributable to assets held in a separate account are:

                A. credited only when the policy is surrendered
                B. credited to or charged against the separate account independently of the insurer's other investment results
                C. guaranteed by the Insurance Commissioner
                D. combined with all gains and losses from the insurer's general account


                Question 5

                An insured replaces a life insurance policy with another policy issued by the SAME insurer. With respect to the new policy's incontestability and suicide periods, the replacing insurer must generally:

                A. restart both periods completely without credit
                B. apply the credit only if the beneficiary remains unchanged
                C. waive all future premiums for two years
                D. credit the time elapsed under the existing policy, up to the face amount of the existing policy


                Solutions:

                Question 1
                Answer: D
                Question 2
                Answer: A
                Question 3
                Answer: A
                Question 4
                Answer: B
                Question 5
                Answer: D

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