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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

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

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

                1. Under a Hawaii debtor group life policy, the insured debtor dies when the insurance benefit is greater than the debtor's remaining unpaid indebtedness. After the creditor's debt is satisfied, the excess insurance proceeds must generally be:

                A) divided equally between the insurer and creditor
                B) paid to the insurer
                C) retained by the creditor
                D) paid to a beneficiary named by the debtor or to the debtor's estate


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


                3. Which of the following statements is CORRECT about a Straight Life policy?

                A) Premiums are payable for the period of time that insurance protection is provided.
                B) The cash value increases faster in the early policy years than in later years.
                C) The policyowner may choose the schedule and amounts of premium payments.
                D) The insurance company may modify the policy by exercising a Nonforfeiture option.


                4. Insurance producers in Hawaii are required to maintain records of insurance transactions for a MINIMUM of how many years?

                A) Ten
                B) Seven
                C) Three
                D) Five


                5. Except for nonpayment of premiums and certain excluded supplemental benefits, a Hawaii individual life insurance policy becomes incontestable after it has been in force during the insured's lifetime for:

                A) 3 years
                B) 2 years
                C) 5 years
                D) 1 year


                Solutions:

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

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