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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:
| Section | Objectives |
| Life - General Knowledge | - Retirement and Other Insurance Concepts
- 1. Tax treatment of insurance premiums, proceeds, and dividends
- Individual life
- Group life
- Modified Endowment Contracts
- 2. Social Security benefits
- 3. Retirement plans
- Qualified plans
- Nonqualified plans
- 4. Third-party ownership
- 5. Life settlements
- 6. Group life insurance
- Conversion privilege
- Contributory vs. noncontributory
- 7. Life insurance needs analysis and suitability
- Personal insurance needs
- Business insurance needs
- Completing the Application, Underwriting, and Delivering the Policies
- 1. Underwriting
- Insurable interest
- Medical information and consumer reports
- Fair Credit Reporting Act
- Risk classification
- Stranger/Investor-owned life insurance
- 2. 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
- 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
- Types of Policies
- 1. Interest/market-sensitive/adjustable life products
- Universal life
- Variable whole life
- Variable universal life
- Interest-sensitive whole life
- Indexed life
- 2. Traditional whole life products
- Ordinary whole life
- Limited-pay and single-premium life
- 3. Combination plans and variations
- Joint life (first to die)
- Survivorship life (second to die)
- 4. Annuities
- Single and flexible premium
- Immediate and deferred
- Fixed and variable
- Indexed
- Accumulation and annuity periods
- Payout options
- 5. Term life
- Life Provisions, Riders, Options, and Exclusions
- 1. 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
- 2. 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
- 3. Policy exclusions
- War
- Aviation
- Dangerous occupation
|
| Life - Hawaii Specific | - Hawaii Laws and Rules Pertinent to Life Insurance Only
- 1. Participation in Surplus
- 2. Credit Life
- 3. Variable Contracts
- 4. Marketing methods and practices
- 5. Policy Clauses and Provisions
- Protection of beneficiaries from creditors
- Policy loan interest rate
- Spouse's rights
- 6. Group Life
- Group requirements
- Assignment of proceeds
- Conversion
- Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance
- 1. Marketing practices
- Unfair and deceptive practices
- Reporting and accounting for premiums
- Sharing commissions
- Required records and record retention
- Controlled business
- Premiums
- 2. Definitions
- Authorized and unauthorized
- Domestic, foreign, and alien
- Stock, reciprocal and mutual
- Certificate of authority
- Insurance
- 3. Insurance Commissioner
- General powers and duties
- Examination of records
- Notice of hearings
- Penalties
- 4. Licensing
- General qualifications for licensing
- Persons required to be licensed
- Denial, suspension, and revocation of licenses
- Renewal of license and continuing education
- 5. Guaranty Associations
|
Insurance Licensing Hawaii Life Producer Exam (InsHI_Life01 OPLife01) Sample Questions:
1. A Hawaii producer deposits insurance premium funds into a properly designated premium trustee account that earns interest. The producer may retain the interest for personal use only if:
A) the producer reports the interest as taxable income
B) the producer has held a license for at least five years
C) the amount of interest is less than $100
D) the insurer or person entitled to the funds gives prior written consent
2. Which of the following features makes Universal Life different from other forms of Whole Life insurance?
A) Free Look period
B) Premium schedules
C) Settlement options
D) Beneficiary provisions
3. A producer tells a prospective client, "You should buy this policy because the Hawaii Life and Disability Insurance Guaranty Association will protect you if the insurer fails." Using the Guaranty Association in this manner is:
A) permitted only for participating policies
B) prohibited as a sales inducement
C) required when selling life insurance
D) permitted if the statement is accurate
4. An individual annuity contract delivered in Hawaii that requires continuing stipulated payments must generally provide a grace period of at least:
A) 15 days
B) 10 days
C) 30 days
D) 45 days
5. An annuity annual report is REQUIRED for which of the following?
A) Immediate annuities
B) Variable annuity once annuitized
C) Deferred annuities
D) Fixed annuities once annuitized
Solutions:
Question # 1 Answer: D | Question # 2 Answer: B | Question # 3 Answer: B | Question # 4 Answer: C | Question # 5 Answer: C |