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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

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

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Insurance Licensing Hawaii Life Producer Exam (InsHI_Life01 OPLife01) Sample Questions (Q29-Q34):

NEW QUESTION # 29
Policy loan interest rates for policies issued after June 22, 1982, may be set at:

A. an 8% maximum or an adjustable rate permitted by law
B. a 5% maximum or an adjustable rate permitted by law
C. a 10% maximum
D. an 18% maximum

Answer: A

Explanation:
B is correct and is stated directly in Hawai#i law. HRS 431:10D-103 governs policy-loan interest rates for policies issued on or after June 22, 1982 . It permits the policy to contain either a maximum interest rate of not more than 8% per annum or an adjustable maximum interest rate established periodically by the life insurer as permitted by law. An insurer offering the adjustable-rate approach must also make available policies using the fixed-rate provision.
The statute also regulates the adjustable rate. It establishes a benchmark based principally on a corporate-bond yield measure or the interest rate used to compute the policy's cash surrender value plus one percentage point.
The rate must be determined at specified intervals, at least annually, and policyholders must receive required notices regarding initial rates and applicable rate increases.
Options A, C, and D therefore conflict with the statutory maximum-rate structure. Five percent is not the applicable fixed maximum for policies governed by this provision, while ten percent and eighteen percent exceed the fixed 8% alternative stated by Hawai#i law.
Policy loans themselves are specifically included in the Life-General Knowledge portion of the current Hawai#i examination outline.
Reference topics: HRS 431:10D-103; Policy Loans; Fixed and Adjustable Policy-Loan Interest Rates.

NEW QUESTION # 30
For a public employee association to qualify as the policyholder of a group life insurance policy in Hawaii, the association must have been formed:

A. solely for collecting insurance premiums
B. primarily for the purpose of purchasing insurance
C. by an insurance company
D. for purposes other than obtaining insurance

Answer: D

Explanation:
C is correct. Hawai#i permits qualifying public employee associations to serve as policyholders of group life insurance, but the association must be a genuine organization rather than a group created merely to obtain favorable insurance treatment. HRS 431:10D-207 requires the association to have been formed for purposes other than obtaining insurance .
The statute additionally requires, when the policy is placed in force, that the association have membership within the eligible classes equal to at least 75% of the employees eligible for membership in those classes .
Eligible insureds generally consist of all association members or all members of a bona fide class or classes.
Premiums may be paid from association funds, charges collected from insured members, or both.
These requirements help prevent adverse selection and the artificial creation of groups solely to acquire insurance. Bona fide group insurance is based on an employment, association, or similar relationship that exists independently of the insurance transaction.
Options A and B state the opposite of the statutory requirement. Option D is also incorrect; an insurer issues the group contract but does not need to create the public employee association.
Reference topics: HRS 431:10D-207; Public Employee Association Groups; Bona Fide Groups; Group Life Eligibility.

NEW QUESTION # 31
If the insured's age was misstated on a Hawaii life insurance policy, the amount payable under the policy will generally be adjusted to:

A. twice the policy's accumulated cash value
B. the total premiums paid plus interest
C. the original face amount without adjustment
D. the amount the premium would have purchased at the correct age

Answer: D

Explanation:
C is correct. The misstatement of age provision prevents either the insurer or policyowner from receiving an unintended financial advantage when an incorrect age was used to calculate the premium. Hawai#i's life- insurance statutory provisions provide that when the insured's age, or another age considered in determining the premium, has been misstated, the benefit is adjusted to the amount that the actual premium paid would have purchased at the correct age .
For example, if an insured understated age and therefore paid a premium appropriate for a younger person, the insurer does not normally void the policy merely because the age was incorrect. Instead, the death benefit is recalculated using the premium actually paid and the insured's correct age. Conversely, where the misstatement caused an excessive premium relative to the correct age, the contractual adjustment operates according to the policy and applicable law.
This provision must be distinguished from incontestability. An age misstatement remains subject to contractual adjustment even though the general contestability period may have expired.
Options A, B, and D do not apply the actuarial correction required by the age-misstatement provision.
Reference topics: Misstatement of Age; Policy Provisions; Premium Calculation; HRS Article 10D Standard Life Provisions.

NEW QUESTION # 32
Under Hawaii Group Life Insurance law, a dependent is defined as a child of the insured who is:

A. under the age of 18
B. under the age of 26
C. at least 15
D. under the age of 21

Answer: A

Explanation:
B). under the age of 18 is correct under the current Hawai#i Group Life Insurance statute . HRS 431:
10D-212 defines a dependent, for this specific group life provision, as a child of the insured individual who is under eighteen years of age . The definition additionally includes a child under twenty-three who attends an educational institution and relies on the insured individual for financial support, as well as a child of any age who is incapable of self-sustaining employment because of intellectual disability or physical handicap and remains chiefly dependent upon the insured for support.
Therefore, option B accurately states the basic age classification in the statute. Option C does not correspond to the statutory threshold. Most importantly, D-under age 26-should not be imported from health- insurance dependent-coverage rules. The question expressly asks about Hawai#i group life insurance , for which 431:10D-212 supplies the governing definition.
This is an area where older practice banks or materials that blend life and health dependent rules can produce an incorrect answer. For the current Hawai#i Life Producer examination, the statute must control: the ordinary dependent-child category begins with under age 18 , subject to the additional student and disability provisions described above.
Reference topics: HRS 431:10D-212; Group Life Insurance; Spouse and Dependent Coverage; Definition of Dependent.

NEW QUESTION # 33
Making false or misleading statements about the dividends previously paid on similar policies is an example of:

A. coercion
B. unfair discrimination
C. misrepresentation
D. rebating

Answer: C

Explanation:
B). misrepresentation is correct. Hawai#i expressly classifies false or misleading representations concerning life insurance dividends as an unfair or deceptive insurance practice. HRS 431:13-103 prohibits making, issuing, or circulating an illustration, sales presentation, statement, comparison, or similar communication that misrepresents policy benefits or dividends. More specifically, the statute prohibits making a false or misleading statement concerning dividends or surplus previously paid on an insurance policy .
The prohibition is important because historical dividend performance can influence a consumer's expectations concerning a participating life insurance policy. Dividends are generally not guaranteed merely because an insurer has paid them in previous years. Presenting historical dividends inaccurately-or implying that previous dividend performance guarantees future results-can materially distort a prospective purchaser's understanding of the contract.
Coercion involves improperly forcing or pressuring a person into an insurance transaction. Unfair discrimination involves unjustified differences between similarly situated risks or policyholders. Rebating involves offering an unauthorized premium reduction, benefit, or other inducement not specified in the contract. None of those concepts describes the false dividend representation presented here.
Therefore, the conduct falls squarely within Hawai#i's statutory definition of misrepresentation and false advertising of insurance policies .
Reference topics: HRS 431:13-103; Misrepresentation; Dividends; Unfair or Deceptive Insurance Practices.

NEW QUESTION # 34
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