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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

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

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

                Question 1

                Which of the following Annuities has benefits that reflect the investment experience of a separate account?

                A. Variable
                B. Fixed
                C. Immediate
                D. Retirement


                Question 2

                Policy loan interest rates for policies issued after June 22, 1982, may be set at:

                A. a 5% maximum or an adjustable rate permitted by law
                B. an 18% maximum
                C. a 10% maximum
                D. an 8% maximum or an adjustable rate permitted by law


                Question 3

                Which of the following items requires an insurance company to advise an applicant that the company intends to secure a report which includes details about his income and general reputation?

                A. Uniform Provisions Law
                B. Fair Credit Reporting Act
                C. USA Patriot Act
                D. Freedom of Information Act


                Question 4

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

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


                Question 5

                The number of continuing education credit hours that a Life and/or Accident and Health Producer must complete to have their license renewed is:

                A. 24
                B. 22
                C. 20
                D. 18


                Solutions:

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

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