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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:
| Section | Objectives |
| Life - General Knowledge | - 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. Delivering the policy
- When coverage begins
- Explaining the policy and its provisions, riders, exclusions, and ratings to the client
- 3. 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
- 4. Contract law
- Elements of a contract
- Unique aspects of the insurance contract
- Retirement and Other Insurance Concepts
- 1. Group life insurance
- Conversion privilege
- Contributory vs. noncontributory
- 2. Life settlements
- 3. Tax treatment of insurance premiums, proceeds, and dividends
- Individual life
- Group life
- Modified Endowment Contracts
- 4. Third-party ownership
- 5. Retirement plans
- Qualified plans
- Nonqualified plans
- 6. Social Security benefits
- 7. Life insurance needs analysis and suitability
- Personal insurance needs
- Business insurance needs
- Types of Policies
- 1. Term life
- 2. Combination plans and variations
- Joint life (first to die)
- Survivorship life (second to die)
- 3. Traditional whole life products
- Ordinary whole life
- Limited-pay and single-premium life
- 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
- 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 exclusions
- War
- Aviation
- Dangerous occupation
- 3. 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
|
| Life - Hawaii Specific | - Hawaii Laws and Rules Pertinent to Life Insurance Only
- 1. Marketing methods and practices
- 2. Group Life
- Group requirements
- Assignment of proceeds
- Conversion
- 3. Credit Life
- 4. Variable Contracts
- 5. Participation in Surplus
- 6. Policy Clauses and Provisions
- Protection of beneficiaries from creditors
- Policy loan interest rate
- Spouse's rights
- 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. 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. Definitions
- Authorized and unauthorized
- Domestic, foreign, and alien
- Stock, reciprocal and mutual
- Certificate of authority
- Insurance
|
Insurance Licensing Hawaii Life Producer Exam (InsHI_Life01 OPLife01) Sample Questions:
Question 1
Who retains the right to name a beneficiary of a life insurance contract?
A. The insured
B. The producer
C. The insurance company
D. The policyowner
Question 2
Prior to the purchase of an annuity, the producer shall make every reasonable effort to obtain all of the following information EXCEPT the consumer's:
A. financial status
B. business partner
C. tax status
D. investment objectives
Question 3
An insured lapsed a Life insurance policy one year ago and now wants to reestablish this coverage. The policy may be placed in force under the:
A. Renewability clause
B. Grace Period provision
C. Reinstatement provision
D. Consideration clause
Question 4
A person wants to purchase a life insurance policy on an unrelated competent adult. Under Hawaii law, which of the following is generally required at the time the contract is made?
A. Approval from the insured's physician
B. Consent of the beneficiary only
C. Approval from the Insurance Commissioner
D. Written consent of the person whose life will be insured
Question 5
In a Hawaii variable life insurance contract, investment gains and losses attributable to assets held in a separate account are:
A. combined with all gains and losses from the insurer's general account
B. credited to or charged against the separate account independently of the insurer's other investment results
C. guaranteed by the Insurance Commissioner
D. credited only when the policy is surrendered
Solutions:
Question 1 Answer: D | Question 2 Answer: B | Question 3 Answer: C | Question 4 Answer: D | Question 5 Answer: B |