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Insurance Licensing Hawaii Insurance Hawaii-Life-Producer

Hawaii-Life-Producer

Exam Code: Hawaii-Life-Producer

Exam Name: Hawaii Life Producer Exam (InsHI_Life01 OPLife01)

Updated: Aug 26, 2026

Q & A: 120 Questions and Answers

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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

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

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

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

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


                                                                                                                                                                                              2. The Hawaii Insurance Commissioner MUST hold a hearing within how many days after receipt of the proper application for a hearing?

                                                                                                                                                                                              A) Thirty
                                                                                                                                                                                              B) Sixty
                                                                                                                                                                                              C) Thirty-one
                                                                                                                                                                                              D) Forty-five


                                                                                                                                                                                              3. Records supporting an annuity recommendation, including consumer information and disclosures, must generally be maintained or made available to the Hawaii Insurance Commissioner for how long after the insurance transaction is completed?

                                                                                                                                                                                              A) 2 years
                                                                                                                                                                                              B) 5 years
                                                                                                                                                                                              C) 10 years
                                                                                                                                                                                              D) 3 years


                                                                                                                                                                                              4. A producer may have placed excessive controlled business when insurance written on the producer and the producer's family during a two-year period exceeds:

                                                                                                                                                                                              A) one-half of the amount of insurance premiums written by the producer on all risks
                                                                                                                                                                                              B) one-third of the total premiums written by the producer
                                                                                                                                                                                              C) one-half of the total face amount written by the producer
                                                                                                                                                                                              D) one-quarter of the insurance premiums written by the producer on other risks


                                                                                                                                                                                              5. An individual purchases a life insurance policy delivered in Hawaii. After reviewing the contract, the purchaser decides that the coverage does not meet their needs. Under Hawaii law, within how many days after receiving the policy may the purchaser return it for a refund of premium?

                                                                                                                                                                                              A) 30 days
                                                                                                                                                                                              B) 5 days
                                                                                                                                                                                              C) 15 days
                                                                                                                                                                                              D) 10 days


                                                                                                                                                                                              Solutions:

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

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