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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

SectionObjectives
Life - Hawaii Specific- Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance
  • 1. Definitions
    • Authorized and unauthorized
    • Domestic, foreign, and alien
    • Stock, reciprocal and mutual
    • Certificate of authority
    • Insurance
  • 2. Marketing practices
    • Unfair and deceptive practices
    • Reporting and accounting for premiums
    • Sharing commissions
    • Required records and record retention
    • Controlled business
    • Premiums
  • 3. Licensing
    • General qualifications for licensing
    • Persons required to be licensed
    • Denial, suspension, and revocation of licenses
    • Renewal of license and continuing education
  • 4. Guaranty Associations
    • 5. Insurance Commissioner
      • General powers and duties
      • Examination of records
      • Notice of hearings
      • Penalties
    - Hawaii Laws and Rules Pertinent to Life Insurance Only
    • 1. Variable Contracts
      • 2. Group Life
        • Group requirements
        • Assignment of proceeds
        • Conversion
      • 3. Participation in Surplus
        • 4. Marketing methods and practices
          • Replacement
          • Annuities
        • 5. Policy Clauses and Provisions
          • Protection of beneficiaries from creditors
          • Policy loan interest rate
          • Spouse's rights
        • 6. Credit Life
          Life - General Knowledge- 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
          - Types of Policies
          • 1. Combination plans and variations
            • Joint life (first to die)
            • Survivorship life (second to die)
          • 2. Term life
            • Types
            • Special features
          • 3. Traditional whole life products
            • Ordinary whole life
            • Limited-pay and single-premium life
          • 4. Annuities
            • Single and flexible premium
            • Immediate and deferred
            • Fixed and variable
            • Indexed
            • Accumulation and annuity periods
            • Payout options
          • 5. Interest/market-sensitive/adjustable life products
            • Universal life
            • Variable whole life
            • Variable universal life
            • Interest-sensitive whole life
            • Indexed life
          - Retirement and Other Insurance Concepts
          • 1. Group life insurance
            • Conversion privilege
            • Contributory vs. noncontributory
          • 2. Life insurance needs analysis and suitability
            • Personal insurance needs
            • Business insurance needs
          • 3. Tax treatment of insurance premiums, proceeds, and dividends
            • Individual life
            • Group life
            • Modified Endowment Contracts
          • 4. Social Security benefits
            • 5. Third-party ownership
              • 6. Retirement plans
                • Qualified plans
                • Nonqualified plans
              • 7. Life settlements
                - 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

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

                1. A corporation offers a $10,000 employee group Life policy and pays a $5 monthly premium for each covered employee. How much additional taxable income per employee MUST the corporation report?

                A) No premium tax is required
                B) All premiums paid in a year
                C) Only premiums exceeding $30 a year
                D) Only premiums exceeding $50 a year


                2. Under Hawaii Group Life Insurance law, a dependent is defined as a child of the insured who is:

                A) under the age of 18
                B) under the age of 26
                C) at least 15
                D) under the age of 21


                3. An insured replaces a life insurance policy with another policy issued by the SAME insurer. With respect to the new policy's incontestability and suicide periods, the replacing insurer must generally:

                A) waive all future premiums for two years
                B) restart both periods completely without credit
                C) credit the time elapsed under the existing policy, up to the face amount of the existing policy
                D) apply the credit only if the beneficiary remains unchanged


                4. Adjustable Life insurance is designed to meet an insured's need for:

                A) optimum retirement funds
                B) flexible premiums
                C) flexible Settlement Options
                D) optimum cash value


                5. A level premium means that the premium:

                A) remains fixed through the life of a policy
                B) may vary from year to year, but only within stipulated limits
                C) may be increased upon adverse experience of the insurance company
                D) changes only on the annual anniversary date of the policy


                Solutions:

                Question # 1
                Answer: A
                Question # 2
                Answer: A
                Question # 3
                Answer: C
                Question # 4
                Answer: B
                Question # 5
                Answer: A

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