Insurance Licensing Hawaii Life Producer Exam (InsHI_Life01 OPLife01) : Hawaii-Life-Producer exam dump

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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 provisions and options 1. Incontestability 2. Accelerated death benefits 3. Policy loans, withdrawals, and partial surrenders 4. Settlement options 5. Dividends and dividend options 6. Reinstatement 7. Premium payment 8. Free look 9. Consideration 10. Beneficiary designations 11. Entire contract 12. Assignments 13. Suicide 14. Owner's rights 15. Insuring clause 16. Non-forfeiture options 17. Misstatement of age and gender - Policy exclusions 1. Aviation 2. Dangerous occupation 3. War - Policy riders 1. Accidental death and/or accidental death and dismemberment 2. Return of premium 3. Waiver of premium and waiver of monthly deduction 4. Payor benefit 5. Long term care 6. Guaranteed insurability 7. Cost of Living 8. Disability 9. Other insureds 10. Term riders
Topic 2: Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance	23%	- Insurance Commissioner 1. Penalties 2. General powers and duties 3. Examination of records 4. Notice of hearings - Licensing 1. Persons required to be licensed 2. Denial, suspension, and revocation of licenses 3. General qualifications for licensing 4. Renewal of license and continuing education - Guaranty associations - Marketing practices 1. Premiums 2. Sharing commissions 3. Required records and record retention 4. Controlled business 5. Unfair and deceptive practices 6. Reporting and accounting for premiums - Definitions 1. Certificate of authority 2. Stock, reciprocal, and mutual 3. Insurance 4. Domestic, foreign, and alien 5. Authorized and unauthorized
Topic 3: Hawaii Laws and Rules Pertinent to Life Insurance Only	12%	- Credit life - Variable contracts - 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 Disclosure Suitability - Group life 1. Conversion 2. Assignment of proceeds 3. Group requirements - Participation in surplus - Policy clauses and provisions 1. Spouse's rights 2. Protection of beneficiaries from creditors 3. Policy loan interest rate
Topic 4: Completing the Application, Underwriting, and Delivering the Policies	12%	- Contract law 1. Elements of a contract 2. Unique aspects of the insurance contract - Completing the application 1. Disclosures at point of sale 2. Changes in the application 3. Warranties and representations 4. Gramm-Leach-Bliley Act privacy 5. Consequences of incomplete applications 6. Collecting the initial premium and issuing the receipt 7. USA PATRIOT Act and anti-money laundering 8. Replacement 9. Required signatures - Delivering the policy 1. Explaining the policy, provisions, riders, exclusions, and ratings to the client 2. When coverage begins - Underwriting 1. Insurable interest 2. Medical information and consumer reports 3. Fair Credit Reporting Act 4. Risk classification 5. Stranger/investor-owned life insurance
Topic 5: Types of Policies	15%	- Annuities 1. Immediate and deferred 2. Accumulation and annuity periods 3. Fixed and variable 4. Payout options 5. Single and flexible premium 6. Indexed - 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 Renewable Convertible - Interest/market-sensitive/adjustable life products 1. Indexed life 2. Universal life 3. Interest-sensitive whole life 4. Variable whole life 5. Variable universal life - Combination plans and variations 1. Survivorship life 2. Joint life
Topic 6: Retirement and Other Life Insurance Concepts	8%	- Group life insurance 1. Conversion privilege 2. Contributory vs. noncontributory - Tax treatment of insurance premiums, proceeds, and dividends - Social Security benefits - Life insurance needs analysis and suitability 1. Business insurance needs 2. Personal insurance needs - Life settlements - Retirement plans 1. Qualified plans 2. Nonqualified plans - Third-party ownership

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

Question 1

Survivorship life insurance is typically purchased for:

A. funding buy/sell agreements
B. estate planning purposes
C. small amounts (less than $50,000 Death benefit)
D. first-time insurance buyers

Question 2

A Hawaii labor union group life insurance policy requires insured members to contribute part of the premium.
What percentage of eligible members, excluding those whose individual insurability is unsatisfactory, must elect to make the required contributions?

A. 50%
B. 75%
C. 100%
D. 60%

Question 3

Unless its cash surrender value has already been paid, an individual annuity subject to Hawaii's standard provisions may generally be reinstated within how long after default in stipulated payments?

A. 2 years
B. 6 months
C. 1 year
D. 3 years

Question 4

A Hawaii resident passes the Life insurance producer licensing examination but does not immediately apply for the license. The examination result is generally valid for:

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

Question 5

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-Pay Life
C. 20-year Level Term
D. 20-year Increasing Term

Solutions:

Question 1 Answer: B

Question 2 Answer: B

Question 3 Answer: C

Question 4 Answer: A

Question 5 Answer: C