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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:
| Section | Weight | Objectives |
| Topic 1: Retirement and Other Life Insurance Concepts | 8% | - Life insurance needs analysis and suitability
- 1. Personal insurance needs
- 2. Business insurance needs
- Life settlements
- Third-party ownership
- Social Security benefits
- Group life insurance
- 1. Contributory vs. noncontributory
- 2. Conversion privilege
- Retirement plans
- 1. Nonqualified plans
- 2. Qualified plans
- Tax treatment of insurance premiums, proceeds, and dividends
|
| Topic 2: Completing the Application, Underwriting, and Delivering the Policies | 12% | - Contract law
- 1. Unique aspects of the insurance contract
- 2. Elements of a contract
- Underwriting
- 1. Stranger/investor-owned life insurance
- 2. Fair Credit Reporting Act
- 3. Risk classification
- 4. Insurable interest
- 5. Medical information and consumer reports
- Delivering the policy
- 1. Explaining the policy, provisions, riders, exclusions, and ratings to the client
- 2. When coverage begins
- Completing the application
- 1. Replacement
- 2. Required signatures
- 3. Collecting the initial premium and issuing the receipt
- 4. Warranties and representations
- 5. Consequences of incomplete applications
- 6. Disclosures at point of sale
- 7. USA PATRIOT Act and anti-money laundering
- 8. Gramm-Leach-Bliley Act privacy
- 9. Changes in the application
|
| Topic 3: Life Provisions, Riders, Options, and Exclusions | 15% | - Policy provisions and options
- 1. Non-forfeiture options
- 2. Dividends and dividend options
- 3. Beneficiary designations
- 4. Policy loans, withdrawals, and partial surrenders
- 5. Reinstatement
- 6. Entire contract
- 7. Settlement options
- 8. Incontestability
- 9. Accelerated death benefits
- 10. Suicide
- 11. Free look
- 12. Owner's rights
- 13. Consideration
- 14. Premium payment
- 15. Assignments
- 16. Misstatement of age and gender
- 17. Insuring clause
- Policy riders
- 1. Accidental death and/or accidental death and dismemberment
- 2. Waiver of premium and waiver of monthly deduction
- 3. Payor benefit
- 4. Other insureds
- 5. Disability
- 6. Term riders
- 7. Long term care
- 8. Cost of Living
- 9. Guaranteed insurability
- 10. Return of premium
- Policy exclusions
- 1. Dangerous occupation
- 2. Aviation
- 3. War
|
| Topic 4: Types of Policies | 15% | - Combination plans and variations
- 1. Survivorship life
- 2. Joint life
- Interest/market-sensitive/adjustable life products
- 1. Indexed life
- 2. Variable universal life
- 3. Universal life
- 4. Variable whole life
- 5. Interest-sensitive whole life
- Term life
- 1. Types
- Level
- Decreasing
- Return of premium
- Annually renewable
- 2. Special features
- Traditional whole life products
- 1. Limited-pay and single-premium life
- 2. Ordinary whole life
- Annuities
- 1. Immediate and deferred
- 2. Accumulation and annuity periods
- 3. Payout options
- 4. Indexed
- 5. Fixed and variable
- 6. Single and flexible premium
|
| Topic 5: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Definitions
- 1. Domestic, foreign, and alien
- 2. Stock, reciprocal, and mutual
- 3. Insurance
- 4. Authorized and unauthorized
- 5. Certificate of authority
- Insurance Commissioner
- 1. General powers and duties
- 2. Penalties
- 3. Examination of records
- 4. Notice of hearings
- Guaranty associations
- Licensing
- 1. Renewal of license and continuing education
- 2. Denial, suspension, and revocation of licenses
- 3. Persons required to be licensed
- 4. General qualifications for licensing
- Marketing practices
- 1. Premiums
- 2. Reporting and accounting for premiums
- 3. Unfair and deceptive practices
- 4. Required records and record retention
- 5. Controlled business
- 6. Sharing commissions
|
| Topic 6: Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Participation in surplus
- Policy clauses and provisions
- 1. Policy loan interest rate
- 2. Protection of beneficiaries from creditors
- 3. Spouse's rights
- Credit life
- Variable contracts
- Group life
- 1. Conversion
- 2. Assignment of proceeds
- 3. Group requirements
- Marketing methods and practices
- 1. Annuities
- 2. Replacement
- Definition
- Duties of producers
- Duties of insurers that use producers
- Duties of replacing insurers that use producers
- Duties of the existing insurer
|
Insurance Licensing Hawaii Life Producer Exam (InsHI_Life01 OPLife01) Sample Questions:
1. The PRIMARY purpose of the life insurance replacement law is to protect the interests of:
A) producers
B) policyowners
C) insurance companies
D) beneficiaries
2. 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) 50%
B) 100%
C) 60%
D) 75%
3. Under current Hawaii law, an owner who enters into a life settlement contract generally has the right to rescind the contract on or before:
A) 10 days after execution
B) 30 days after execution
C) 60 days after execution
D) 15 days after execution by all parties
4. Insurance producers in Hawaii are required to maintain records of insurance transactions for a MINIMUM of how many years?
A) Seven
B) Five
C) Ten
D) Three
5. Which of the following Annuities has benefits that reflect the investment experience of a separate account?
A) Fixed
B) Variable
C) Retirement
D) Immediate
Solutions:
Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: B |