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

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Insurance Licensing Hawaii Life Producer Exam (InsHI_Life01 OPLife01) Sample Questions (Q90-Q95):

NEW QUESTION # 90
An insurance company whose governing body is elected by its policyholders is a:

A. reciprocal company
B. stock company
C. mutual company
D. fraternal beneficiary association

Answer: C

Explanation:
C). mutual company is correct. The defining ownership characteristic of a mutual insurer is that it is owned by its members or policyholders rather than outside shareholders. Hawai#i law states expressly that a domestic mutual insurer is owned by and operated in the interest of its members . Each member is generally entitled to one vote in elections of directors and on matters presented at corporate meetings, subject to permissible requirements in the insurer's bylaws.
That statutory structure directly matches the question: when policyholders elect the governing body, the insurer is operating as a mutual insurance company .
A stock insurer is different because ownership is represented by shares held by stockholders, and the stockholders elect the board. A reciprocal insurer is an unincorporated arrangement in which subscribers exchange insurance contracts through an attorney-in-fact. A fraternal benefit society is a member-based organization operating under a lodge or fraternal framework and is governed by separate statutory requirements; it is not simply another name for a mutual insurer.
The producer must therefore distinguish insurer classifications by ownership and governance. The current Hawai#i state-law examination component includes insurer definitions and classifications among the concepts a candidate is expected to understand.
Reference topics: HRS 431:4-309; Mutual Insurer; Member Rights; Insurer Ownership and Governance.

NEW QUESTION # 91
Adjustable Life insurance is designed to meet an insured's need for:

A. optimum cash value
B. flexible Settlement Options
C. flexible premiums
D. optimum retirement funds

Answer: C

Explanation:
B). flexible premiums is correct. Adjustable life insurance was developed to provide greater flexibility than traditional fixed-premium whole life insurance. Within contractual and underwriting limits, an adjustable life arrangement enables the policyowner to modify important policy elements as financial needs change.
Premium amount or frequency, the amount of insurance protection, and sometimes the period of protection may be adjusted subject to the policy's terms.
The current Hawai#i Life-General Knowledge outline expressly distinguishes "Interest/market-sensitive
/adjustable life products" from traditional whole life and also specifically tests whether premium payments are level or flexible . This makes premium flexibility the characteristic that best answers the question.
Option A is incorrect because settlement options concern how policy proceeds are distributed after a claim or maturity; they are not the defining reason adjustable life was created. Options C and D are similarly incorrect.
Adjustable life may develop cash value and can form part of broader financial planning, but it is not designed specifically to maximize retirement assets or produce the highest possible cash value.
The key examination distinction is therefore between fixed traditional whole-life structures and contracts designed to accommodate changing insurance and premium needs.
Reference topics: Adjustable Life Products; Premium Payment - Level or Flexible; Whole Life Product Variations.

NEW QUESTION # 92
Except for nonpayment of premiums and certain excluded supplemental benefits, a Hawaii individual life insurance policy becomes incontestable after it has been in force during the insured's lifetime for:

A. 3 years
B. 1 year
C. 2 years
D. 5 years

Answer: C

Explanation:
B). 2 years is correct. Hawai#i's standard individual life insurance provisions require an incontestability clause . Under HRS 431:10D-102, the basic life policy becomes incontestable after it has been in force during the lifetime of the insured for two years from its date of issue , except for nonpayment of premiums.
Incontestability limits the insurer's ability to rescind or contest the basic life policy based on statements in the application once the statutory period has expired. This gives the policyowner and beneficiaries increased contractual certainty after the insurer has had a reasonable opportunity to investigate underwriting information.
The statutory wording excludes certain provisions relating to disability benefits and additional accidental- death benefits from the basic incontestability mandate. Candidates must therefore avoid interpreting the clause as eliminating every possible contractual defense associated with every supplemental benefit.
The incontestability provision is also distinct from the suicide limitation , although both commonly involve a two-year period in Hawai#i life insurance. They operate for different purposes: incontestability concerns challenges to policy validity, while the suicide provision concerns liability for a specified cause of death.
One, three, and five years do not represent Hawai#i's standard individual life incontestability period.
Reference topics: HRS 431:10D-102(a)(3); Incontestability; Application Representations; Standard Policy Provisions.

NEW QUESTION # 93
Which of the following statements is CORRECT about group life insurance policies?

A. They are not permitted to provide conversion privileges to an insured's spouse.
B. They may provide coverage to an insured's spouse and each dependent child for amounts equal to the insured's coverage.
C. They are not permitted to provide conversion privileges to an insured's dependent children.
D. They must provide equal coverage to an insured's spouse and each dependent child for amounts of up to
50% of the insured's coverage.

Answer: B

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 # 94
In a Hawaii variable life insurance contract, investment gains and losses attributable to assets held in a separate account are:

A. credited to or charged against the separate account independently of the insurer's other investment results
B. guaranteed by the Insurance Commissioner
C. combined with all gains and losses from the insurer's general account
D. credited only when the policy is surrendered

Answer: A

Explanation:
B is correct. HRS 431:10D-118 authorizes domestic life insurers to establish separate accounts to support variable life insurance and variable annuity benefits. The statute provides that income, realized or unrealized gains, and losses attributable to assets allocated to a separate account are credited to or charged against that account without regard to other income, gains, or losses of the insurance company .
This separation is fundamental to variable insurance. Policy values linked to the separate account fluctuate according to the investment performance of the selected assets or investment divisions rather than simply receiving a fixed general-account interest credit.
The Hawai#i Insurance Division likewise explains that variable life contains an investment element and can use separate accounts involving stocks, bonds, money-market instruments, and other funds. Cash values and death benefits may vary according to investment performance.
Option A incorrectly treats separate-account performance as part of the insurer's general investment results.
Option C is incorrect because investment returns are not guaranteed by the Commissioner. Option D is also false because separate-account values are determined throughout the life of the contract, not only upon surrender.
Reference topics: HRS 431:10D-118; Variable Life; Separate Accounts; Investment Risk; Variable Contracts.

NEW QUESTION # 95
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