Hawaii Life Producer Exam (InsHI_Life01 OPLife01): Hawaii-Life-Producer Exam


"Hawaii Life Producer Exam (InsHI_Life01 OPLife01)", also known as Hawaii-Life-Producer exam, is a Insurance Licensing Certification. With the complete collection of questions and answers, PDFVCE has assembled to take you through 120 Q&As to your Hawaii-Life-Producer Exam preparation. In the Hawaii-Life-Producer exam resources, you will cover every field and category in Hawaii Insurance Certification helping to ready you for your successful Insurance Licensing Certification.

  • Exam Code: Hawaii-Life-Producer
  • Exam Name: Hawaii Life Producer Exam (InsHI_Life01 OPLife01)
  • Total Questions: 120

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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

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

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

                                                                                                                                                                                              1. A level premium means that the premium:

                                                                                                                                                                                              A) may vary from year to year, but only within stipulated limits
                                                                                                                                                                                              B) changes only on the annual anniversary date of the policy
                                                                                                                                                                                              C) may be increased upon adverse experience of the insurance company
                                                                                                                                                                                              D) remains fixed through the life of a policy


                                                                                                                                                                                              2. A life insurance contract will generally be classified as a Modified Endowment Contract (MEC) if it:

                                                                                                                                                                                              A) accumulates any cash value during the first policy year
                                                                                                                                                                                              B) allows the policyowner to borrow against cash value
                                                                                                                                                                                              C) fails the federal seven-pay test
                                                                                                                                                                                              D) has a death benefit exceeding $50,000


                                                                                                                                                                                              3. Mr. and Mrs. X have a one-month-old infant. They would like a $250,000 life insurance policy on Mr. X with the lowest premium for the next 20 years. The suitable policy recommendation would be a:

                                                                                                                                                                                              A) Variable Life funded for 20 years
                                                                                                                                                                                              B) 20-year Level Term
                                                                                                                                                                                              C) 20-Pay Life
                                                                                                                                                                                              D) 20-year Increasing Term


                                                                                                                                                                                              4. An individual annuity contract delivered in Hawaii that requires continuing stipulated payments must generally provide a grace period of at least:

                                                                                                                                                                                              A) 15 days
                                                                                                                                                                                              B) 10 days
                                                                                                                                                                                              C) 45 days
                                                                                                                                                                                              D) 30 days


                                                                                                                                                                                              5. Who retains the right to name a beneficiary of a life insurance contract?

                                                                                                                                                                                              A) The policyowner
                                                                                                                                                                                              B) The producer
                                                                                                                                                                                              C) The insurance company
                                                                                                                                                                                              D) The insured


                                                                                                                                                                                              Solutions:

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

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