Insurance Licensing Hawaii-Life-Producer Q&A - in .pdf

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  • Exam Name: Hawaii Life Producer Exam (InsHI_Life01 OPLife01)
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Hawaii-Life-Producer Practice Dumps

Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

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

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

                                                                                                                                                                                              Question 1

                                                                                                                                                                                              Which of the following statements is CORRECT about a Straight Life policy?

                                                                                                                                                                                              A. Premiums are payable for the period of time that insurance protection is provided.
                                                                                                                                                                                              B. The cash value increases faster in the early policy years than in later years.
                                                                                                                                                                                              C. The policyowner may choose the schedule and amounts of premium payments.
                                                                                                                                                                                              D. The insurance company may modify the policy by exercising a Nonforfeiture option.


                                                                                                                                                                                              Question 2

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


                                                                                                                                                                                              Question 3

                                                                                                                                                                                              An insurance company whose governing body is elected by its policyholders is a:

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


                                                                                                                                                                                              Question 4

                                                                                                                                                                                              An annuity annual report is REQUIRED for which of the following?

                                                                                                                                                                                              A. Immediate annuities
                                                                                                                                                                                              B. Fixed annuities once annuitized
                                                                                                                                                                                              C. Variable annuity once annuitized
                                                                                                                                                                                              D. Deferred annuities


                                                                                                                                                                                              Question 5

                                                                                                                                                                                              A Hawaii policyowner whose annual report does not include an in-force illustration requests a current illustration from the insurer. If the policyowner does not receive the illustration within how many days, the required notice advises the policyowner to contact the state insurance department?

                                                                                                                                                                                              A. 30 days
                                                                                                                                                                                              B. 10 days
                                                                                                                                                                                              C. 60 days
                                                                                                                                                                                              D. 15 days


                                                                                                                                                                                              Solutions:

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

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