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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:
| Section | Weight | Objectives |
| Topic 1: Life Provisions, Riders, Options, and Exclusions | 15% | - Policy riders
- 1. Cost of Living
- 2. Return of premium
- 3. Other insureds
- 4. Disability
- 5. Term riders
- 6. Long term care
- 7. Waiver of premium and waiver of monthly deduction
- 8. Guaranteed insurability
- 9. Accidental death and/or accidental death and dismemberment
- 10. Payor benefit
- Policy provisions and options
- 1. Reinstatement
- 2. Free look
- 3. Settlement options
- 4. Misstatement of age and gender
- 5. Insuring clause
- 6. Assignments
- 7. Beneficiary designations
- 8. Suicide
- 9. Accelerated death benefits
- 10. Premium payment
- 11. Owner's rights
- 12. Policy loans, withdrawals, and partial surrenders
- 13. Dividends and dividend options
- 14. Entire contract
- 15. Non-forfeiture options
- 16. Incontestability
- 17. Consideration
- Policy exclusions
- 1. Dangerous occupation
- 2. Aviation
- 3. War
|
| Topic 2: Types of Policies | 15% | - Annuities
- 1. Single and flexible premium
- 2. Fixed and variable
- 3. Payout options
- 4. Indexed
- 5. Immediate and deferred
- 6. Accumulation and annuity periods
- Combination plans and variations
- 1. Survivorship life
- 2. Joint life
- Interest/market-sensitive/adjustable life products
- 1. Variable universal life
- 2. Indexed life
- 3. Interest-sensitive whole life
- 4. Universal life
- 5. Variable whole life
- Traditional whole life products
- 1. Ordinary whole life
- 2. Limited-pay and single-premium life
- Term life
- 1. Types
- Level
- Decreasing
- Return of premium
- Annually renewable
- 2. Special features
|
| Topic 3: Retirement and Other Life Insurance Concepts | 8% | - Life settlements
- Retirement plans
- 1. Qualified plans
- 2. Nonqualified plans
- Social Security benefits
- Life insurance needs analysis and suitability
- 1. Personal insurance needs
- 2. Business insurance needs
- Third-party ownership
- Group life insurance
- 1. Conversion privilege
- 2. Contributory vs. noncontributory
- Tax treatment of insurance premiums, proceeds, and dividends
|
| Topic 4: Hawaii Laws and Rules Pertinent to Life Insurance Only | 12% | - Marketing methods and practices
- 1. Replacement
- Definition
- Duties of producers
- Duties of insurers that use producers
- Duties of replacing insurers that use producers
- Duties of the existing insurer
- 2. Annuities
- Variable contracts
- Participation in surplus
- Credit life
- Policy clauses and provisions
- 1. Policy loan interest rate
- 2. Protection of beneficiaries from creditors
- 3. Spouse's rights
- Group life
- 1. Group requirements
- 2. Assignment of proceeds
- 3. Conversion
|
| Topic 5: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance | 23% | - Licensing
- 1. Renewal of license and continuing education
- 2. Persons required to be licensed
- 3. Denial, suspension, and revocation of licenses
- 4. General qualifications for licensing
- Guaranty associations
- Marketing practices
- 1. Sharing commissions
- 2. Reporting and accounting for premiums
- 3. Unfair and deceptive practices
- 4. Premiums
- 5. Required records and record retention
- 6. Controlled business
- Definitions
- 1. Stock, reciprocal, and mutual
- 2. Domestic, foreign, and alien
- 3. Certificate of authority
- 4. Authorized and unauthorized
- 5. Insurance
- Insurance Commissioner
- 1. Penalties
- 2. Notice of hearings
- 3. General powers and duties
- 4. Examination of records
|
| Topic 6: Completing the Application, Underwriting, and Delivering the Policies | 12% | - Completing the application
- 1. Required signatures
- 2. Collecting the initial premium and issuing the receipt
- 3. Disclosures at point of sale
- 4. Replacement
- 5. Gramm-Leach-Bliley Act privacy
- 6. Consequences of incomplete applications
- 7. Changes in the application
- 8. USA PATRIOT Act and anti-money laundering
- 9. Warranties and representations
- Contract law
- 1. Elements of a contract
- 2. Unique aspects of the insurance contract
- Underwriting
- 1. Stranger/investor-owned life insurance
- 2. Risk classification
- 3. Insurable interest
- 4. Medical information and consumer reports
- 5. Fair Credit Reporting Act
- Delivering the policy
- 1. Explaining the policy, provisions, riders, exclusions, and ratings to the client
- 2. When coverage begins
|
Insurance Licensing Hawaii Life Producer Exam (InsHI_Life01 OPLife01) Sample Questions:
Question 1
A Hawaii life insurance policy has an adjustable policy-loan interest rate. If the insurer intends to increase the rate being charged on an existing policy loan, the insurer must:
A. obtain the producer's written authorization
B. obtain approval from the beneficiary
C. wait until the insured's next medical examination
D. send the policyholder reasonable advance notice
Question 2
A group life insurance policy may NOT insure groups consisting exclusively of persons who are:
A. hourly paid laborers or their supervisors
B. related by marriage, blood, or legal adoption
C. administrative, managerial, or sales personnel
D. salaried, clerical, or administrative employees
Question 3
How many years are producers required to keep records for Continuing Education?
A. 1
B. 2
C. 3
D. 4
Question 4
If an applicant for a Life policy does not pay the premium when the application is submitted and the insurance company subsequently approves the application and issues the contract, coverage becomes effective at which of the following times?
A. When the policy is mailed to the producer
B. On the date that the application is approved by the insurance company
C. On the date that the application is taken by the producer
D. When the policy is delivered and the initial premium is paid to the producer
Question 5
A method of providing life insurance on the husband of a person covered by a life insurance policy is by:
A. a Guaranteed Insurability Option rider
B. a Spouse Term rider
C. an Accidental Death and Dismemberment (AD & D) rider
D. a Return of Premium rider
Solutions:
Question 1 Answer: D | Question 2 Answer: B | Question 3 Answer: D | Question 4 Answer: D | Question 5 Answer: B |