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  • Exam Code: Hawaii-Life-Producer
  • Exam Name: Hawaii Life Producer Exam (InsHI_Life01 OPLife01)
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  • Q & A: 120 Questions and Answers
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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

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

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

                1. The Hawaii Insurance Commissioner MUST hold a hearing within how many days after receipt of the proper application for a hearing?

                A) Thirty
                B) Forty-five
                C) Sixty
                D) Thirty-one


                2. Under Social Security, which of the following determines the amount of a worker's Disability Income benefit?

                A) National average monthly wage
                B) Minimum taxable wage base
                C) Primary Insurance Amount (PIA)
                D) State of residence average monthly wage


                3. 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) Collects the initial premium
                B) Countersigns the application
                C) Orders a Medical Information Bureau (MIB) report on the applicant
                D) Sends the application to the insurance company


                4. A level premium means that the premium:

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


                5. How often may the Insurance Commissioner examine the insurance account records, and transactions of an insurance producer?

                A) As often as the Commissioner deems advisable
                B) No more than once a year
                C) Only as often as is mutually agreed to by the Commissioner and the producer
                D) Only when requested to do so by the producer


                Solutions:

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

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