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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

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

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                Insurance Licensing Hawaii Life Producer Exam (InsHI_Life01 OPLife01) Sample Questions (Q64-Q69):

                NEW QUESTION # 64
                An insurer who charges different policy rates to individuals in the same class of risk may be guilty of:

                Answer: A

                Explanation:
                C). unfair discrimination is correct. Hawai#i law specifically prohibits insurers from making or permitting unfair discrimination between individuals who belong to the same class and have an equal expectation of life regarding rates charged for life insurance or annuity contracts , dividends or benefits, and other contractual terms and conditions. HRS 431:13-103 further prohibits unfairly different treatment of insureds having substantially similar risk, exposure, and expense characteristics.
                Insurance underwriting does permit legitimate distinctions between risks. For example, two applicants may properly be charged different premiums if actuarially relevant characteristics place them in different underwriting classifications. What is prohibited is treating essentially equivalent risks differently without a lawful actuarial or underwriting basis. The question explicitly states that the individuals are in the same class of risk , which points directly to unfair discrimination.
                Misrepresentation involves misleading statements about insurance policies, benefits, terms, or related matters.
                Defamation concerns maliciously false statements intended to damage an insurer or insurance professional.
                Coercion involves improper pressure, intimidation, tying arrangements, or similar conduct used to force an insurance transaction. None describes differential pricing among comparable risks.
                Accordingly, the statutory and examination distinction is straightforward: unjustified differences in policy rates among similarly situated insureds constitute unfair discrimination .
                Reference topics: HRS 431:13-103(a)(7); Unfair Discrimination; Rates and Premiums; Market Conduct.


                NEW QUESTION # 65
                Which of the following statements is CORRECT about group life insurance policies?

                Answer: A

                Explanation:
                A is correct under current Hawai#i law. HRS 431:10D-212 permits qualifying group life insurance policies to extend coverage to the spouses and dependent children of insured employees or members. Hawai#i amended this provision so that a spouse or dependent may be covered in an amount equivalent to the amount of coverage of the insured individual . Act 155 of 2008 removed the former statutory limitation that had restricted certain dependent coverage to 50% of the insured individual's coverage or $5,000.
                This point is particularly important because older insurance-study materials may still reproduce the former
                50% limitation. That older rule is not the controlling Hawai#i provision for the current examination.
                Option B is therefore incorrect for two reasons: it says coverage must be provided and incorporates the obsolete 50% ceiling. The statute states that dependent coverage may be extended and permits an amount equivalent to the insured individual's coverage.
                Options C and D are also incorrect. Hawai#i group-life provisions recognize conversion rights under applicable circumstances; they do not establish a blanket prohibition on conversion privileges for spouses or dependent children.
                Reference topics: HRS 431:10D-212; Act 155, SLH 2008; Group Life Insurance; Spouse and Dependent Coverage; Conversion Rights.


                NEW QUESTION # 66
                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?

                Answer: C

                Explanation:
                B). 5 business days is correct. Hawai#i's life insurance and annuity replacement framework imposes specific duties on a replacing insurer once a replacement transaction has been identified. The insurer must verify that required replacement documentation has been received and must notify any existing insurer that may be affected by the replacement within five business days after receiving a completed application indicating replacement, or within five business days after identifying a replacement that was not initially disclosed on the application.
                This requirement is designed to give the existing insurer prompt notice so it can provide relevant policy information to the policyowner and ensure that the consumer understands what may be lost by replacing the existing contract. Replacement can affect cash values, surrender charges, guarantees, premiums, and contestability or suicide periods.
                Option C is incorrect because ten days is not the statutory notification period between the replacing and existing insurers. Thirty days relates to another important replacement protection-the policyowner's right to return the newly issued replacement contract. Three business days is also unsupported.
                The current Hawai#i examination outline specifically tests replacement , including producer and insurer responsibilities.
                Reference topics: HRS 431:10D-503 through 431:10D-506; Replacement; Replacing Insurer Duties; Existing Insurer Notification.


                NEW QUESTION # 67
                A convicted felon may receive a life or health license only if a felony waiver is approved by:

                Answer: B


                NEW QUESTION # 68
                The purpose of a Policy Summary is to:

                Answer: D

                Explanation:
                A Policy Summary concerns the specific life insurance policy being issued or maintained; it is not a general educational document describing all types of insurance. Therefore, D is the best answer . Hawai#i's statutory life-insurance framework uses a policy summary as a disclosure concerning the actual policy or contract. For example, the statutory framework for life insurance replacements describes policy-summary information in terms of policy-specific items such as the death benefit, premium, cash surrender value, dividends, loans, and other policy values. Hawai#i's replacement notice also specifically distinguishes a policy summary from general sales material and treats it as information that helps the policyholder evaluate the actual coverage.
                Option B is more characteristic of a buyer's guide or general consumer educational material , which explains types of insurance before or during the purchase decision. Option C is incorrect because a conditional receipt deals with when temporary or conditional coverage may begin after an application and premium are submitted. Option A is also too narrow; identifying the insurer is not the fundamental function of a policy summary.
                Reference topics: Hawai#i Life-General Knowledge Content Outline - Life Provisions, Riders, Options and Exclusions; policy disclosures and delivery; Hawai#i life-insurance disclosure requirements.


                NEW QUESTION # 69
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