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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. Marketing methods and practices
    • Replacement
    • Annuities
  • 2. Credit Life
    • 3. Variable Contracts
      • 4. Participation in Surplus
        • 5. Group Life
          • Group requirements
          • Assignment of proceeds
          • Conversion
        • 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. Insurance Commissioner
          • General powers and duties
          • Examination of records
          • Notice of hearings
          • Penalties
        • 2. Definitions
          • Authorized and unauthorized
          • Domestic, foreign, and alien
          • Stock, reciprocal and mutual
          • Certificate of authority
          • Insurance
        • 3. Licensing
          • General qualifications for licensing
          • Persons required to be licensed
          • Denial, suspension, and revocation of licenses
          • Renewal of license and continuing education
        • 4. Marketing practices
          • Unfair and deceptive practices
          • Reporting and accounting for premiums
          • Sharing commissions
          • Required records and record retention
          • Controlled business
          • Premiums
        • 5. Guaranty Associations
          Life - General Knowledge- 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. 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
          - 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. Third-party ownership
            • 5. Retirement plans
              • Qualified plans
              • Nonqualified plans
            • 6. Social Security benefits
              • 7. Life settlements
                - Completing the Application, Underwriting, and Delivering the Policies
                • 1. Contract law
                  • Elements of a contract
                  • Unique aspects of the insurance contract
                • 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. Underwriting
                  • Insurable interest
                  • Medical information and consumer reports
                  • Fair Credit Reporting Act
                  • Risk classification
                  • Stranger/Investor-owned life insurance
                - 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 exclusions
                  • War
                  • Aviation
                  • Dangerous occupation
                • 3. 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

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

                Question 1

                Survivorship life insurance is typically purchased for:

                A. small amounts (less than $50,000 Death benefit)
                B. funding buy/sell agreements
                C. estate planning purposes
                D. first-time insurance buyers


                Question 2

                A convicted felon may receive a life or health license only if a felony waiver is approved by:

                A. the appointing general agent
                B. the Insurance Commissioner
                C. the local police department
                D. a court order


                Question 3

                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 amount of interest is less than $100
                B. the producer reports the interest as taxable income
                C. the insurer or person entitled to the funds gives prior written consent
                D. the producer has held a license for at least five years


                Question 4

                Which of the following life insurance policies provides a 25-year-old with the most rapid growth of cash value?

                A. Straight Life
                B. Life Paid-Up at Age 65
                C. 20-Pay Life
                D. Renewable Term to age 65


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

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