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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

SectionObjectives
Topic 1: Life - Hawaii Specific- Hawaii Laws and Rules Pertinent to Life Insurance Only
  • 1. Credit Life
    • 2. Marketing methods and practices
      • Replacement
      • Annuities
    • 3. Policy Clauses and Provisions
      • Protection of beneficiaries from creditors
      • Policy loan interest rate
      • Spouse's rights
    • 4. Variable Contracts
      • 5. Group Life
        • Group requirements
        • Assignment of proceeds
        • Conversion
      • 6. Participation in Surplus
        - Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance
        • 1. Insurance Commissioner
          • General powers and duties
          • Examination of records
          • Notice of hearings
          • Penalties
        • 2. Guaranty Associations
          • 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. Definitions
            • Authorized and unauthorized
            • Domestic, foreign, and alien
            • Stock, reciprocal and mutual
            • Certificate of authority
            • Insurance
          Topic 2: Life - General Knowledge- Completing the Application, Underwriting, and Delivering the Policies
          • 1. Contract law
            • Elements of a contract
            • Unique aspects of the insurance contract
          • 2. 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
          • 3. Underwriting
            • Insurable interest
            • Medical information and consumer reports
            • Fair Credit Reporting Act
            • Risk classification
            • Stranger/Investor-owned life insurance
          • 4. Delivering the policy
            • When coverage begins
            • Explaining the policy and its provisions, riders, exclusions, and ratings to the client
          - Retirement and Other Insurance Concepts
          • 1. Third-party ownership
            • 2. Group life insurance
              • Conversion privilege
              • Contributory vs. noncontributory
            • 3. Life settlements
              • 4. Tax treatment of insurance premiums, proceeds, and dividends
                • Individual life
                • Group life
                • Modified Endowment Contracts
              • 5. Life insurance needs analysis and suitability
                • Personal insurance needs
                • Business insurance needs
              • 6. Social Security benefits
                • 7. Retirement plans
                  • Qualified plans
                  • Nonqualified plans
                - Types of Policies
                • 1. Annuities
                  • Single and flexible premium
                  • Immediate and deferred
                  • Fixed and variable
                  • Indexed
                  • Accumulation and annuity periods
                  • Payout options
                • 2. Term life
                  • Types
                  • Special features
                • 3. Combination plans and variations
                  • Joint life (first to die)
                  • Survivorship life (second to die)
                • 4. Traditional whole life products
                  • Ordinary whole life
                  • Limited-pay and single-premium life
                • 5. Interest/market-sensitive/adjustable life products
                  • Universal life
                  • Variable whole life
                  • Variable universal life
                  • Interest-sensitive whole life
                  • Indexed life
                - Life Provisions, Riders, Options, and Exclusions
                • 1. Policy exclusions
                  • War
                  • Aviation
                  • Dangerous occupation
                • 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 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

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

                A convicted felon may receive a life or health license only if a felony waiver is approved by:

                • A. the local police department
                • B. the Insurance Commissioner
                • C. a court order
                • D. the appointing general agent
                Reveal Solution  Discussion  0

                Correct Answer: B  🗳️

                A level premium means that the premium:

                • A. remains fixed through the life of a policy
                • B. changes only on the annual anniversary date of the policy
                • C. may be increased upon adverse experience of the insurance company
                • D. may vary from year to year, but only within stipulated limits
                Reveal Solution  Discussion  0

                Correct Answer: A  🗳️

                Explanation: Only visible for TestKingsIT members. You can sign-up / login (it's free).

                A replacing insurer receives a completed life insurance application indicating that an existing policy will be replaced. Within how many business days must the replacing insurer notify the existing insurer that may be affected?

                • A. 10 business days
                • B. 5 business days
                • C. 3 business days
                • D. 30 business days
                Reveal Solution  Discussion  0

                Correct Answer: B  🗳️

                Explanation: Only visible for TestKingsIT members. You can sign-up / login (it's free).

                A Hawaii labor union group life insurance policy requires insured members to contribute part of the premium.
                What percentage of eligible members, excluding those whose individual insurability is unsatisfactory, must elect to make the required contributions?

                • A. 75%
                • B. 60%
                • C. 100%
                • D. 50%
                Reveal Solution  Discussion  0

                Correct Answer: A  🗳️

                Explanation: Only visible for TestKingsIT members. You can sign-up / login (it's free).

                A Hawaii group life policy is terminated completely. To qualify for the statutory individual conversion right arising from termination of the GROUP POLICY itself, an insured generally must have been continuously insured under the group policy for at least:

                • A. 1 year
                • B. 10 years
                • C. 5 years
                • D. 3 years
                Reveal Solution  Discussion  0

                Correct Answer: C  🗳️

                Explanation: Only visible for TestKingsIT members. You can sign-up / login (it's free).

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