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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. Underwriting
    • Insurable interest
    • Medical information and consumer reports
    • Fair Credit Reporting Act
    • Risk classification
    • Stranger/Investor-owned life insurance
  • 4. 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
- 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
- Types of Policies
  • 1. Term life
    • Types
    • Special features
  • 2. Interest/market-sensitive/adjustable life products
    • Universal life
    • Variable whole life
    • Variable universal life
    • Interest-sensitive whole life
    • Indexed life
  • 3. Traditional whole life products
    • Ordinary whole life
    • Limited-pay and single-premium life
  • 4. Annuities
    • Single and flexible premium
    • Immediate and deferred
    • Fixed and variable
    • Indexed
    • Accumulation and annuity periods
    • Payout options
  • 5. Combination plans and variations
    • Joint life (first to die)
    • Survivorship life (second to die)
- Retirement and Other Insurance Concepts
  • 1. Social Security benefits
    • 2. Tax treatment of insurance premiums, proceeds, and dividends
      • Individual life
      • Group life
      • Modified Endowment Contracts
    • 3. Group life insurance
      • Conversion privilege
      • Contributory vs. noncontributory
    • 4. Third-party ownership
      • 5. Life settlements
        • 6. Life insurance needs analysis and suitability
          • Personal insurance needs
          • Business insurance needs
        • 7. Retirement plans
          • Qualified plans
          • Nonqualified plans
        Life - Hawaii Specific- Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance
        • 1. Guaranty Associations
          • 2. Insurance Commissioner
            • General powers and duties
            • Examination of records
            • Notice of hearings
            • Penalties
          • 3. Definitions
            • Authorized and unauthorized
            • Domestic, foreign, and alien
            • Stock, reciprocal and mutual
            • Certificate of authority
            • Insurance
          • 4. Licensing
            • General qualifications for licensing
            • Persons required to be licensed
            • Denial, suspension, and revocation of licenses
            • Renewal of license and continuing education
          • 5. Marketing practices
            • Unfair and deceptive practices
            • Reporting and accounting for premiums
            • Sharing commissions
            • Required records and record retention
            • Controlled business
            • Premiums
          - Hawaii Laws and Rules Pertinent to Life Insurance Only
          • 1. Variable Contracts
            • 2. Credit Life
              • 3. Group Life
                • Group requirements
                • Assignment of proceeds
                • Conversion
              • 4. Participation in Surplus
                • 5. Marketing methods and practices
                  • Replacement
                  • Annuities
                • 6. Policy Clauses and Provisions
                  • Protection of beneficiaries from creditors
                  • Policy loan interest rate
                  • Spouse's rights

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

                Question 1

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

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


                Question 2

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

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


                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. Consideration clause
                B. Renewability clause
                C. Reinstatement provision
                D. Grace Period provision


                Question 4

                Making maliciously critical or false statements about the financial condition of an insurance company is an unfair method of competition known as:

                A. coercion
                B. intimidation
                C. defamation
                D. discrimination


                Question 5

                Which of the following statements is CORRECT about the renewability features of a Term policy?

                A. The insurance company requires evidence of insurability.
                B. The policy may be changed to Whole Life.
                C. The premium rate increases.
                D. The face amount increases.


                Solutions:

                Question 1
                Answer: D
                Question 2
                Answer: B
                Question 3
                Answer: C
                Question 4
                Answer: C
                Question 5
                Answer: C

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