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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance23%- Marketing practices
  • 1. Premiums
    • 2. Sharing commissions
      • 3. Controlled business
        • 4. Unfair and deceptive practices
          • 5. Reporting and accounting for premiums
            • 6. Required records and record retention
              - Licensing
              • 1. Persons required to be licensed
                • 2. Denial, suspension, and revocation of licenses
                  • 3. Renewal of license and continuing education
                    • 4. General qualifications for licensing
                      - Guaranty associations
                      - Insurance Commissioner
                      • 1. Penalties
                        • 2. Examination of records
                          • 3. Notice of hearings
                            • 4. General powers and duties
                              - Definitions
                              • 1. Authorized and unauthorized
                                • 2. Domestic, foreign, and alien
                                  • 3. Insurance
                                    • 4. Certificate of authority
                                      • 5. Stock, reciprocal, and mutual
                                        Topic 2: Hawaii Laws and Rules Pertinent to Life Insurance Only12%- Participation in surplus
                                        - Variable contracts
                                        - Marketing methods and practices
                                        • 1. Annuities
                                          • Disclosure
                                          • Suitability
                                        • 2. Replacement
                                          • Definition
                                          • Duties of producers
                                          • Duties of insurers that use producers
                                          • Duties of replacing insurers that use producers
                                          • Duties of the existing insurer
                                        - Group life
                                        • 1. Conversion
                                          • 2. Assignment of proceeds
                                            • 3. Group requirements
                                              - Policy clauses and provisions
                                              • 1. Spouse's rights
                                                • 2. Policy loan interest rate
                                                  • 3. Protection of beneficiaries from creditors
                                                    - Credit life
                                                    Topic 3: Retirement and Other Life Insurance Concepts8%- Group life insurance
                                                    • 1. Conversion privilege
                                                      • 2. Contributory vs. noncontributory
                                                        - Life insurance needs analysis and suitability
                                                        • 1. Business insurance needs
                                                          • 2. Personal insurance needs
                                                            - Life settlements
                                                            - Retirement plans
                                                            • 1. Qualified plans
                                                              • 2. Nonqualified plans
                                                                - Social Security benefits
                                                                - Tax treatment of insurance premiums, proceeds, and dividends
                                                                - Third-party ownership
                                                                Topic 4: Completing the Application, Underwriting, and Delivering the Policies12%- Completing the application
                                                                • 1. Gramm-Leach-Bliley Act privacy
                                                                  • 2. Required signatures
                                                                    • 3. Changes in the application
                                                                      • 4. USA PATRIOT Act and anti-money laundering
                                                                        • 5. Warranties and representations
                                                                          • 6. Replacement
                                                                            • 7. Consequences of incomplete applications
                                                                              • 8. Disclosures at point of sale
                                                                                • 9. Collecting the initial premium and issuing the receipt
                                                                                  - Delivering the policy
                                                                                  • 1. Explaining the policy, provisions, riders, exclusions, and ratings to the client
                                                                                    • 2. When coverage begins
                                                                                      - Underwriting
                                                                                      • 1. Medical information and consumer reports
                                                                                        • 2. Stranger/investor-owned life insurance
                                                                                          • 3. Fair Credit Reporting Act
                                                                                            • 4. Insurable interest
                                                                                              • 5. Risk classification
                                                                                                - Contract law
                                                                                                • 1. Unique aspects of the insurance contract
                                                                                                  • 2. Elements of a contract
                                                                                                    Topic 5: Types of Policies15%- Interest/market-sensitive/adjustable life products
                                                                                                    • 1. Indexed life
                                                                                                      • 2. Variable universal life
                                                                                                        • 3. Universal life
                                                                                                          • 4. Interest-sensitive whole life
                                                                                                            • 5. Variable whole life
                                                                                                              - Traditional whole life products
                                                                                                              • 1. Ordinary whole life
                                                                                                                • 2. Limited-pay and single-premium life
                                                                                                                  - Combination plans and variations
                                                                                                                  • 1. Survivorship life
                                                                                                                    • 2. Joint life
                                                                                                                      - Annuities
                                                                                                                      • 1. Accumulation and annuity periods
                                                                                                                        • 2. Indexed
                                                                                                                          • 3. Payout options
                                                                                                                            • 4. Immediate and deferred
                                                                                                                              • 5. Single and flexible premium
                                                                                                                                • 6. Fixed and variable
                                                                                                                                  - Term life
                                                                                                                                  • 1. Types
                                                                                                                                    • Level
                                                                                                                                    • Decreasing
                                                                                                                                    • Return of premium
                                                                                                                                    • Annually renewable
                                                                                                                                  • 2. Special features
                                                                                                                                    • Renewable
                                                                                                                                    • Convertible
                                                                                                                                  Topic 6: Life Provisions, Riders, Options, and Exclusions15%- Policy riders
                                                                                                                                  • 1. Guaranteed insurability
                                                                                                                                    • 2. Disability
                                                                                                                                      • 3. Cost of Living
                                                                                                                                        • 4. Other insureds
                                                                                                                                          • 5. Accidental death and/or accidental death and dismemberment
                                                                                                                                            • 6. Long term care
                                                                                                                                              • 7. Return of premium
                                                                                                                                                • 8. Waiver of premium and waiver of monthly deduction
                                                                                                                                                  • 9. Term riders
                                                                                                                                                    • 10. Payor benefit
                                                                                                                                                      - Policy exclusions
                                                                                                                                                      • 1. Dangerous occupation
                                                                                                                                                        • 2. Aviation
                                                                                                                                                          • 3. War
                                                                                                                                                            - Policy provisions and options
                                                                                                                                                            • 1. Non-forfeiture options
                                                                                                                                                              • 2. Suicide
                                                                                                                                                                • 3. Free look
                                                                                                                                                                  • 4. Reinstatement
                                                                                                                                                                    • 5. Premium payment
                                                                                                                                                                      • 6. Policy loans, withdrawals, and partial surrenders
                                                                                                                                                                        • 7. Dividends and dividend options
                                                                                                                                                                          • 8. Beneficiary designations
                                                                                                                                                                            • 9. Insuring clause
                                                                                                                                                                              • 10. Entire contract
                                                                                                                                                                                • 11. Misstatement of age and gender
                                                                                                                                                                                  • 12. Incontestability
                                                                                                                                                                                    • 13. Accelerated death benefits
                                                                                                                                                                                      • 14. Owner's rights
                                                                                                                                                                                        • 15. Settlement options
                                                                                                                                                                                          • 16. Assignments
                                                                                                                                                                                            • 17. Consideration

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

                                                                                                                                                                                              Question 1

                                                                                                                                                                                              Which of the following statements is CORRECT about Credit Life insurance?

                                                                                                                                                                                              A. It insures the life of a beneficiary.
                                                                                                                                                                                              B. It insures the life of your spouse.
                                                                                                                                                                                              C. It insures the life of a debtor.
                                                                                                                                                                                              D. It insures the life of a creditor.


                                                                                                                                                                                              Question 2

                                                                                                                                                                                              An insurer appoints a licensed producer as its agent in Hawaii. The insurer must generally file the notice of appointment with the Insurance Commissioner within:

                                                                                                                                                                                              A. 30 days
                                                                                                                                                                                              B. 15 days
                                                                                                                                                                                              C. 10 days
                                                                                                                                                                                              D. 5 days


                                                                                                                                                                                              Question 3

                                                                                                                                                                                              An annuity annual report is REQUIRED for which of the following?

                                                                                                                                                                                              A. Immediate annuities
                                                                                                                                                                                              B. Fixed annuities once annuitized
                                                                                                                                                                                              C. Deferred annuities
                                                                                                                                                                                              D. Variable annuity once annuitized


                                                                                                                                                                                              Question 4

                                                                                                                                                                                              After receiving a notice that an insurer has appointed a producer, the Hawaii Insurance Commissioner must verify the producer's eligibility within a reasonable time not exceeding:

                                                                                                                                                                                              A. 30 days
                                                                                                                                                                                              B. 60 days
                                                                                                                                                                                              C. 15 days
                                                                                                                                                                                              D. 10 days


                                                                                                                                                                                              Question 5

                                                                                                                                                                                              Which of the following policies accumulates the greatest amount of cash value per $1,000 of face amount?

                                                                                                                                                                                              A. Yearly Renewable Term
                                                                                                                                                                                              B. Decreasing Term
                                                                                                                                                                                              C. Family Income
                                                                                                                                                                                              D. Whole Life


                                                                                                                                                                                              Solutions:

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

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