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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

SectionObjectives
Topic 1: Life - General Knowledge- 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. Traditional whole life products
    • Ordinary whole life
    • Limited-pay and single-premium life
  • 4. Combination plans and variations
    • Joint life (first to die)
    • Survivorship life (second to die)
  • 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 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 exclusions
    • War
    • Aviation
    • Dangerous occupation
  • 3. 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
- Retirement and Other Insurance Concepts
  • 1. Life insurance needs analysis and suitability
    • Personal insurance needs
    • Business insurance needs
  • 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. Retirement plans
      • Qualified plans
      • Nonqualified plans
    • 6. Social Security benefits
      • 7. Third-party ownership
        - 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. 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. Delivering the policy
          • When coverage begins
          • Explaining the policy and its provisions, riders, exclusions, and ratings to the client
        Topic 2: Life - Hawaii Specific- 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
              - Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance
              • 1. Guaranty Associations
                • 2. Marketing practices
                  • Unfair and deceptive practices
                  • Reporting and accounting for premiums
                  • Sharing commissions
                  • Required records and record retention
                  • Controlled business
                  • Premiums
                • 3. Definitions
                  • Authorized and unauthorized
                  • Domestic, foreign, and alien
                  • Stock, reciprocal and mutual
                  • Certificate of authority
                  • Insurance
                • 4. Licensing
                  • General qualifications for licensing
                  • Persons required to be licensed
                  • Denial, suspension, and revocation of licenses
                  • Renewal of license and continuing education
                • 5. Insurance Commissioner
                  • General powers and duties
                  • Examination of records
                  • Notice of hearings
                  • Penalties

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

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

                • A. Credit Life
                • B. Decreasing Term Life
                • C. Variable Universal Life
                • D. Ordinary Whole Life
                Reveal Solution  Discussion  0

                Correct Answer: C  🗳️

                Explanation: Only visible for 2Pass4sure 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. 100%
                • B. 50%
                • C. 60%
                • D. 75%
                Reveal Solution  Discussion  0

                Correct Answer: D  🗳️

                Explanation: Only visible for 2Pass4sure members. You can sign-up / login (it's free).

                In Hawaii, an applicant for a resident producer's license MUST meet which of the following requirements?

                • A. Have a minimum of one year of college education
                • B. Be at least eighteen years of age
                • C. Hold a CPCU or CLU designation
                • D. Be at least twenty-one years of age
                Reveal Solution  Discussion  0

                Correct Answer: B  🗳️

                Explanation: Only visible for 2Pass4sure members. You can sign-up / login (it's free).

                Which of the following statements is CORRECT about a Straight Life policy?

                • A. Premiums are payable for the period of time that insurance protection is provided.
                • B. The cash value increases faster in the early policy years than in later years.
                • C. The policyowner may choose the schedule and amounts of premium payments.
                • D. The insurance company may modify the policy by exercising a Nonforfeiture option.
                Reveal Solution  Discussion  0

                Correct Answer: A  🗳️

                Explanation: Only visible for 2Pass4sure members. You can sign-up / login (it's free).

                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. by an insurance company
                • B. for purposes other than obtaining insurance
                • C. solely for collecting insurance premiums
                • D. primarily for the purpose of purchasing insurance
                Reveal Solution  Discussion  0

                Correct Answer: B  🗳️

                Explanation: Only visible for 2Pass4sure members. You can sign-up / login (it's free).

                Viewing page 1 out of 24 pages.
                Viewing questions 1-5 out of 120 questions.

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