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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

SectionObjectives
Topic 1: Life - General Knowledge- Types of Policies
  • 1. Traditional whole life products
    • Ordinary whole life
    • Limited-pay and single-premium life
  • 2. Combination plans and variations
    • Joint life (first to die)
    • Survivorship life (second to die)
  • 3. Annuities
    • Single and flexible premium
    • Immediate and deferred
    • Fixed and variable
    • Indexed
    • Accumulation and annuity periods
    • Payout options
  • 4. Interest/market-sensitive/adjustable life products
    • Universal life
    • Variable whole life
    • Variable universal life
    • Interest-sensitive whole life
    • Indexed life
  • 5. Term life
    • Types
    • Special features
- Completing the Application, Underwriting, and Delivering the Policies
  • 1. 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
  • 2. Contract law
    • Elements of a contract
    • Unique aspects of the insurance contract
  • 3. Underwriting
    • Insurable interest
    • Medical information and consumer reports
    • Fair Credit Reporting Act
    • Risk classification
    • Stranger/Investor-owned life insurance
  • 4. Delivering the policy
    • When coverage begins
    • Explaining the policy and its provisions, riders, exclusions, and ratings to the client
- Retirement and Other Insurance Concepts
  • 1. Retirement plans
    • Qualified plans
    • Nonqualified plans
  • 2. Third-party ownership
    • 3. Life settlements
      • 4. Life insurance needs analysis and suitability
        • Personal insurance needs
        • Business insurance needs
      • 5. Group life insurance
        • Conversion privilege
        • Contributory vs. noncontributory
      • 6. Social Security benefits
        • 7. Tax treatment of insurance premiums, proceeds, and dividends
          • Individual life
          • Group life
          • Modified Endowment Contracts
        - Life Provisions, Riders, Options, and Exclusions
        • 1. Policy exclusions
          • War
          • Aviation
          • Dangerous occupation
        • 2. 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
        • 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
        Topic 2: Life - Hawaii Specific- Hawaii Laws and Rules Pertinent to Life Insurance Only
        • 1. Variable Contracts
          • 2. Marketing methods and practices
            • Replacement
            • Annuities
          • 3. Group Life
            • Group requirements
            • Assignment of proceeds
            • Conversion
          • 4. Policy Clauses and Provisions
            • Protection of beneficiaries from creditors
            • Policy loan interest rate
            • Spouse's rights
          • 5. Participation in Surplus
            • 6. Credit Life
              - 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. Licensing
                • General qualifications for licensing
                • Persons required to be licensed
                • Denial, suspension, and revocation of licenses
                • Renewal of license and continuing education
              • 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. Guaranty Associations

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

                1. A Hawaii insurance producer allows the producer's license to become inactive because the renewal fee was not paid. The producer may generally reinstate the license without retaking the written examination if reinstatement requirements are satisfied within:

                A) 30 days
                B) 6 months
                C) 24 months
                D) 12 months


                2. Making false or misleading statements about the dividends previously paid on similar policies is an example of:

                A) misrepresentation
                B) coercion
                C) unfair discrimination
                D) rebating


                3. A Hawaii resident wants to become licensed as a Life Settlement Broker. Before applying for the broker license, the individual generally must have held a Hawaii resident insurance producer license with a Life line of authority for at least:

                A) 6 months
                B) 2 years
                C) 1 year
                D) 5 years


                4. A replacing insurer receives a completed life insurance application indicating that an existing policy will be replaced. Within how many business days must the replacing insurer notify the existing insurer that may be affected?

                A) 10 business days
                B) 5 business days
                C) 30 business days
                D) 3 business days


                5. If an annuity buyer's guide and disclosure document are NOT provided at or before the time of application in Hawaii, the applicant must receive an additional free-look period of at least:

                A) 30 days
                B) 15 days
                C) 20 days
                D) 10 days


                Solutions:

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

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