Exam Code: Hawaii-Life-Producer
Exam Name: Hawaii Life Producer Exam (InsHI_Life01 OPLife01)
Certification Provider: Insurance Licensing
Corresponding Certification: Hawaii Insurance
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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Completing the Application, Underwriting, and Delivering the Policies12%- Completing the application
  • 1. Changes in the application
    • 2. Warranties and representations
      • 3. Collecting the initial premium and issuing the receipt
        • 4. Replacement
          • 5. Gramm-Leach-Bliley Act privacy
            • 6. Required signatures
              • 7. Consequences of incomplete applications
                • 8. Disclosures at point of sale
                  • 9. USA PATRIOT Act and anti-money laundering
                    - Underwriting
                    • 1. Fair Credit Reporting Act
                      • 2. Stranger/investor-owned life insurance
                        • 3. Risk classification
                          • 4. Medical information and consumer reports
                            • 5. Insurable interest
                              - Delivering the policy
                              • 1. Explaining the policy, provisions, riders, exclusions, and ratings to the client
                                • 2. When coverage begins
                                  - Contract law
                                  • 1. Elements of a contract
                                    • 2. Unique aspects of the insurance contract
                                      Topic 2: Hawaii Laws and Rules Pertinent to Life Insurance Only12%- Variable contracts
                                      - Policy clauses and provisions
                                      • 1. Policy loan interest rate
                                        • 2. Protection of beneficiaries from creditors
                                          • 3. Spouse's rights
                                            - 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
                                              • Disclosure
                                              • Suitability
                                            - Group life
                                            • 1. Assignment of proceeds
                                              • 2. Group requirements
                                                • 3. Conversion
                                                  - Credit life
                                                  - Participation in surplus
                                                  Topic 3: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance23%- Guaranty associations
                                                  - Insurance Commissioner
                                                  • 1. Notice of hearings
                                                    • 2. Penalties
                                                      • 3. Examination of records
                                                        • 4. General powers and duties
                                                          - Marketing practices
                                                          • 1. Unfair and deceptive practices
                                                            • 2. Sharing commissions
                                                              • 3. Required records and record retention
                                                                • 4. Reporting and accounting for premiums
                                                                  • 5. Controlled business
                                                                    • 6. Premiums
                                                                      - Licensing
                                                                      • 1. Renewal of license and continuing education
                                                                        • 2. General qualifications for licensing
                                                                          • 3. Denial, suspension, and revocation of licenses
                                                                            • 4. Persons required to be licensed
                                                                              - Definitions
                                                                              • 1. Authorized and unauthorized
                                                                                • 2. Certificate of authority
                                                                                  • 3. Domestic, foreign, and alien
                                                                                    • 4. Insurance
                                                                                      • 5. Stock, reciprocal, and mutual
                                                                                        Topic 4: Retirement and Other Life Insurance Concepts8%- Social Security benefits
                                                                                        - Life insurance needs analysis and suitability
                                                                                        • 1. Personal insurance needs
                                                                                          • 2. Business insurance needs
                                                                                            - Group life insurance
                                                                                            • 1. Conversion privilege
                                                                                              • 2. Contributory vs. noncontributory
                                                                                                - Third-party ownership
                                                                                                - Life settlements
                                                                                                - Retirement plans
                                                                                                • 1. Nonqualified plans
                                                                                                  • 2. Qualified plans
                                                                                                    - Tax treatment of insurance premiums, proceeds, and dividends
                                                                                                    Topic 5: Life Provisions, Riders, Options, and Exclusions15%- Policy exclusions
                                                                                                    • 1. War
                                                                                                      • 2. Dangerous occupation
                                                                                                        • 3. Aviation
                                                                                                          - Policy provisions and options
                                                                                                          • 1. Assignments
                                                                                                            • 2. Non-forfeiture options
                                                                                                              • 3. Insuring clause
                                                                                                                • 4. Accelerated death benefits
                                                                                                                  • 5. Owner's rights
                                                                                                                    • 6. Misstatement of age and gender
                                                                                                                      • 7. Entire contract
                                                                                                                        • 8. Incontestability
                                                                                                                          • 9. Consideration
                                                                                                                            • 10. Premium payment
                                                                                                                              • 11. Beneficiary designations
                                                                                                                                • 12. Dividends and dividend options
                                                                                                                                  • 13. Suicide
                                                                                                                                    • 14. Policy loans, withdrawals, and partial surrenders
                                                                                                                                      • 15. Free look
                                                                                                                                        • 16. Reinstatement
                                                                                                                                          • 17. Settlement options
                                                                                                                                            - Policy riders
                                                                                                                                            • 1. Disability
                                                                                                                                              • 2. Accidental death and/or accidental death and dismemberment
                                                                                                                                                • 3. Other insureds
                                                                                                                                                  • 4. Term riders
                                                                                                                                                    • 5. Cost of Living
                                                                                                                                                      • 6. Waiver of premium and waiver of monthly deduction
                                                                                                                                                        • 7. Long term care
                                                                                                                                                          • 8. Guaranteed insurability
                                                                                                                                                            • 9. Payor benefit
                                                                                                                                                              • 10. Return of premium
                                                                                                                                                                Topic 6: Types of Policies15%- Term life
                                                                                                                                                                • 1. Special features
                                                                                                                                                                  • Renewable
                                                                                                                                                                  • Convertible
                                                                                                                                                                • 2. Types
                                                                                                                                                                  • Level
                                                                                                                                                                  • Decreasing
                                                                                                                                                                  • Return of premium
                                                                                                                                                                  • Annually renewable
                                                                                                                                                                - Interest/market-sensitive/adjustable life products
                                                                                                                                                                • 1. Variable universal life
                                                                                                                                                                  • 2. Interest-sensitive whole life
                                                                                                                                                                    • 3. Indexed life
                                                                                                                                                                      • 4. Variable whole life
                                                                                                                                                                        • 5. Universal life
                                                                                                                                                                          - Combination plans and variations
                                                                                                                                                                          • 1. Survivorship life
                                                                                                                                                                            • 2. Joint life
                                                                                                                                                                              - Annuities
                                                                                                                                                                              • 1. Payout options
                                                                                                                                                                                • 2. Fixed and variable
                                                                                                                                                                                  • 3. Single and flexible premium
                                                                                                                                                                                    • 4. Indexed
                                                                                                                                                                                      • 5. Accumulation and annuity periods
                                                                                                                                                                                        • 6. Immediate and deferred
                                                                                                                                                                                          - Traditional whole life products
                                                                                                                                                                                          • 1. Ordinary whole life
                                                                                                                                                                                            • 2. Limited-pay and single-premium life

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

                                                                                                                                                                                              Which of the following statements is CORRECT about the renewability features of a Term policy?

                                                                                                                                                                                              • A. The face amount increases.
                                                                                                                                                                                              • B. The premium rate increases.
                                                                                                                                                                                              • C. The policy may be changed to Whole Life.
                                                                                                                                                                                              • D. The insurance company requires evidence of insurability.
                                                                                                                                                                                              Reveal Solution  Discussion  0

                                                                                                                                                                                              Correct Answer: B  🗳️

                                                                                                                                                                                              Explanation: Only visible for VCE4Plus members. You can sign-up / login (it's free).

                                                                                                                                                                                              An annuity annual report is REQUIRED for which of the following?

                                                                                                                                                                                              • A. Immediate annuities
                                                                                                                                                                                              • B. Variable annuity once annuitized
                                                                                                                                                                                              • C. Fixed annuities once annuitized
                                                                                                                                                                                              • D. Deferred annuities
                                                                                                                                                                                              Reveal Solution  Discussion  0

                                                                                                                                                                                              Correct Answer: D  🗳️

                                                                                                                                                                                              Explanation: Only visible for VCE4Plus members. You can sign-up / login (it's free).

                                                                                                                                                                                              A Hawaii insurance producer allows the producer's license to become inactive because the renewal fee was not paid. The producer may generally reinstate the license without retaking the written examination if reinstatement requirements are satisfied within:

                                                                                                                                                                                              • A. 6 months
                                                                                                                                                                                              • B. 12 months
                                                                                                                                                                                              • C. 24 months
                                                                                                                                                                                              • D. 30 days
                                                                                                                                                                                              Reveal Solution  Discussion  0

                                                                                                                                                                                              Correct Answer: B  🗳️

                                                                                                                                                                                              Explanation: Only visible for VCE4Plus members. You can sign-up / login (it's free).

                                                                                                                                                                                              Coverage will begin on the day an insured signs a nonmedical application only if the producer takes which of the following actions on the same day?

                                                                                                                                                                                              • A. Orders a Medical Information Bureau (MIB) report on the applicant
                                                                                                                                                                                              • B. Sends the application to the insurance company
                                                                                                                                                                                              • C. Countersigns the application
                                                                                                                                                                                              • D. Collects the initial premium
                                                                                                                                                                                              Reveal Solution  Discussion  0

                                                                                                                                                                                              Correct Answer: D  🗳️

                                                                                                                                                                                              Explanation: Only visible for VCE4Plus members. You can sign-up / login (it's free).

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

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

                                                                                                                                                                                              Correct Answer: A  🗳️

                                                                                                                                                                                              Explanation: Only visible for VCE4Plus members. You can sign-up / login (it's free).

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