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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

Section

Objectives

Topic 1: Life - Hawaii Specific

- Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance

1. Guaranty Associations
2. Insurance Commissioner
- General powers and duties
- Examination of records
- Notice of hearings
- Penalties
3. Marketing practices
- Unfair and deceptive practices
- Reporting and accounting for premiums
- Sharing commissions
- Required records and record retention
- Controlled business
- Premiums
4. Licensing
- General qualifications for licensing
- Persons required to be licensed
- Denial, suspension, and revocation of licenses
- Renewal of license and continuing education
5. Definitions
- Authorized and unauthorized
- Domestic, foreign, and alien
- Stock, reciprocal and mutual
- Certificate of authority
- Insurance

- Hawaii Laws and Rules Pertinent to Life Insurance Only

1. Policy Clauses and Provisions
- Protection of beneficiaries from creditors
- Policy loan interest rate
- Spouse's rights
2. Variable Contracts
3. Credit Life
4. Marketing methods and practices
- Replacement
- Annuities
5. Group Life
- Group requirements
- Assignment of proceeds
- Conversion
6. Participation in Surplus

Topic 2: Life - General Knowledge

- Completing the Application, Underwriting, and Delivering the Policies

1. 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
2. Contract law
- Elements of a contract
- Unique aspects of the insurance contract
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. Social Security benefits
2. Life settlements
3. Life insurance needs analysis and suitability
- Personal insurance needs
- Business insurance needs
4. Group life insurance
- Conversion privilege
- Contributory vs. noncontributory
5. Retirement plans
- Qualified plans
- Nonqualified plans
6. Third-party ownership
7. Tax treatment of insurance premiums, proceeds, and dividends
- Individual life
- Group life
- Modified Endowment Contracts

- 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

- Types of Policies

1. Annuities
- Single and flexible premium
- Immediate and deferred
- Fixed and variable
- Indexed
- Accumulation and annuity periods
- Payout options
2. Interest/market-sensitive/adjustable life products
- Universal life
- Variable whole life
- Variable universal life
- Interest-sensitive whole life
- Indexed life
3. Combination plans and variations
- Joint life (first to die)
- Survivorship life (second to die)
4. Term life
- Types
- Special features
5. Traditional whole life products
- Ordinary whole life
- Limited-pay and single-premium life

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

Question #1

Adjustable Life insurance is designed to meet an insured's need for:

A. flexible Settlement Options
B. optimum cash value
C. flexible premiums
D. optimum retirement funds

Reveal Solution Discussion 0

Correct Answer: C 🗳️

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Question #2

For a public employee association to qualify as the policyholder of a group life insurance policy in Hawaii, the association must have been formed:

A. primarily for the purpose of purchasing insurance
B. by an insurance company
C. for purposes other than obtaining insurance
D. solely for collecting insurance premiums

Reveal Solution Discussion 0

Correct Answer: C 🗳️

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Question #3

Which life insurance product combines flexible premium characteristics with investment performance based on separate accounts selected by the policyowner?

A. Decreasing Term Life
B. Variable Universal Life
C. Credit Life
D. Ordinary Whole Life

Reveal Solution Discussion 0

Correct Answer: B 🗳️

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Question #4

In order to issue Variable contracts, an insurance company MUST be licensed to sell which of the following types of policies?

A. Casualty
B. Life
C. Property
D. Accident, Health or Sickness

Reveal Solution Discussion 0

Correct Answer: B 🗳️

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Question #5

A person wants to purchase a life insurance policy on an unrelated competent adult. Under Hawaii law, which of the following is generally required at the time the contract is made?