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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:
| Section | Weight | Objectives |
| Retirement and Other Life Insurance Concepts | 8% | - Group life insurance
- 1. Contributory vs. noncontributory
- 2. Conversion privilege
- Social Security benefits
- Life insurance needs analysis and suitability
- 1. Business insurance needs
- 2. Personal insurance needs
- Tax treatment of insurance premiums, proceeds, and dividends
- Life settlements
- Third-party ownership
- Retirement plans
- 1. Qualified plans
- 2. Nonqualified plans
|
| Types of Policies | 15% | - Combination plans and variations
- 1. Joint life
- 2. Survivorship life
- Traditional whole life products
- 1. Limited-pay and single-premium life
- 2. Ordinary whole life
- Annuities
- 1. Accumulation and annuity periods
- 2. Indexed
- 3. Immediate and deferred
- 4. Fixed and variable
- 5. Single and flexible premium
- 6. Payout options
- Interest/market-sensitive/adjustable life products
- 1. Interest-sensitive whole life
- 2. Variable whole life
- 3. Variable universal life
- 4. Universal life
- 5. Indexed life
- Term life
- 1. Types
- Level
- Decreasing
- Return of premium
- Annually renewable
- 2. Special features
|
| Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Variable contracts
- Group life
- 1. Conversion
- 2. Group requirements
- 3. Assignment of proceeds
- Credit life
- Policy clauses and provisions
- 1. Protection of beneficiaries from creditors
- 2. Spouse's rights
- 3. Policy loan interest rate
- Participation in surplus
- Marketing methods and practices
- 1. Replacement
- Definition
- Duties of producers
- Duties of insurers that use producers
- Duties of replacing insurers that use producers
- Duties of the existing insurer
- 2. Annuities
|
| Life Provisions, Riders, Options, and Exclusions | 15% | - Policy riders
- 1. Waiver of premium and waiver of monthly deduction
- 2. Guaranteed insurability
- 3. Return of premium
- 4. Long term care
- 5. Other insureds
- 6. Accidental death and/or accidental death and dismemberment
- 7. Cost of Living
- 8. Payor benefit
- 9. Term riders
- 10. Disability
- Policy provisions and options
- 1. Accelerated death benefits
- 2. Misstatement of age and gender
- 3. Free look
- 4. Policy loans, withdrawals, and partial surrenders
- 5. Settlement options
- 6. Beneficiary designations
- 7. Insuring clause
- 8. Reinstatement
- 9. Premium payment
- 10. Entire contract
- 11. Consideration
- 12. Non-forfeiture options
- 13. Incontestability
- 14. Assignments
- 15. Owner's rights
- 16. Dividends and dividend options
- 17. Suicide
- Policy exclusions
- 1. Aviation
- 2. War
- 3. Dangerous occupation
|
| Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Definitions
- 1. Insurance
- 2. Stock, reciprocal, and mutual
- 3. Authorized and unauthorized
- 4. Certificate of authority
- 5. Domestic, foreign, and alien
- Insurance Commissioner
- 1. Notice of hearings
- 2. General powers and duties
- 3. Penalties
- 4. Examination of records
- Guaranty associations
- Licensing
- 1. General qualifications for licensing
- 2. Denial, suspension, and revocation of licenses
- 3. Renewal of license and continuing education
- 4. Persons required to be licensed
- Marketing practices
- 1. Controlled business
- 2. Reporting and accounting for premiums
- 3. Unfair and deceptive practices
- 4. Premiums
- 5. Required records and record retention
- 6. Sharing commissions
|
| Completing the Application, Underwriting, and Delivering the Policies | 12% | - Completing the application
- 1. Required signatures
- 2. Collecting the initial premium and issuing the receipt
- 3. USA PATRIOT Act and anti-money laundering
- 4. Changes in the application
- 5. Gramm-Leach-Bliley Act privacy
- 6. Replacement
- 7. Warranties and representations
- 8. Disclosures at point of sale
- 9. Consequences of incomplete applications
- Delivering the policy
- 1. Explaining the policy, provisions, riders, exclusions, and ratings to the client
- 2. When coverage begins
- Underwriting
- 1. Insurable interest
- 2. Risk classification
- 3. Fair Credit Reporting Act
- 4. Stranger/investor-owned life insurance
- 5. Medical information and consumer reports
- Contract law
- 1. Unique aspects of the insurance contract
- 2. Elements of a contract
|
Insurance Licensing Hawaii Life Producer Exam (InsHI_Life01 OPLife01) Sample Questions:
Question 1
A life settlement provider receives all documents necessary from the policyowner to transfer ownership of a life insurance policy. Under Hawaii law, the provider must generally deposit the settlement proceeds into an escrow or trust account within:
A. 5 business days
B. 3 business days
C. 1 business day
D. 10 business days
Question 2
Which of the following statements is CORRECT about group life insurance policies?
A. They must provide equal coverage to an insured's spouse and each dependent child for amounts of up to
50% of the insured's coverage.
B. They may provide coverage to an insured's spouse and each dependent child for amounts equal to the insured's coverage.
C. They are not permitted to provide conversion privileges to an insured's spouse.
D. They are not permitted to provide conversion privileges to an insured's dependent children.
Question 3
R is insured under a $25,000 Whole Life policy with an Accidental Death Benefit rider. If R dies as the result of a heart attack while driving to work, R's beneficiary will receive a maximum of which of the following amounts?
A. $50,000
B. $75,000
C. $0
D. $25,000
Question 4
Insurance producers in Hawaii are required to maintain records of insurance transactions for a MINIMUM of how many years?
A. Ten
B. Three
C. Five
D. Seven
Question 5
The Hawaii Insurance Commissioner may suspend an insurance license if the licensee:
A. does not sell at least two policies in a given year
B. materially misrepresents the terms of an insurance contract
C. terminates the contract with the licensee's former insurance company and requests a transfer to another insurance company
D. applies for a license with another state within ninety days
Solutions:
Question 1 Answer: B | Question 2 Answer: B | Question 3 Answer: D | Question 4 Answer: C | Question 5 Answer: B |