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

  • Exam Code: Hawaii-Life-Producer
  • Exam Name: Hawaii Life Producer Exam (InsHI_Life01 OPLife01)
  • Updated: Aug 28, 2026
  • Q & A: 120 Questions and Answers
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  • Exam Code: Hawaii-Life-Producer
  • Exam Name: Hawaii Life Producer Exam (InsHI_Life01 OPLife01)
  • Updated: Aug 28, 2026
  • Q & A: 120 Questions and Answers
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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:
SectionWeightObjectives
Life Provisions, Riders, Options, and Exclusions15%- Policy riders
  • 1. Payor benefit
    • 2. Term riders
      • 3. Disability
        • 4. Waiver of premium and waiver of monthly deduction
          • 5. Guaranteed insurability
            • 6. Cost of Living
              • 7. Accidental death and/or accidental death and dismemberment
                • 8. Other insureds
                  • 9. Return of premium
                    • 10. Long term care
                      - Policy provisions and options
                      • 1. Owner's rights
                        • 2. Entire contract
                          • 3. Incontestability
                            • 4. Misstatement of age and gender
                              • 5. Free look
                                • 6. Insuring clause
                                  • 7. Consideration
                                    • 8. Dividends and dividend options
                                      • 9. Policy loans, withdrawals, and partial surrenders
                                        • 10. Reinstatement
                                          • 11. Premium payment
                                            • 12. Suicide
                                              • 13. Settlement options
                                                • 14. Assignments
                                                  • 15. Accelerated death benefits
                                                    • 16. Beneficiary designations
                                                      • 17. Non-forfeiture options
                                                        - Policy exclusions
                                                        • 1. Dangerous occupation
                                                          • 2. Aviation
                                                            • 3. War
                                                              Types of Policies15%- Term life
                                                              • 1. Special features
                                                                • Renewable
                                                                • Convertible
                                                              • 2. Types
                                                                • Level
                                                                • Decreasing
                                                                • Return of premium
                                                                • Annually renewable
                                                              - Traditional whole life products
                                                              • 1. Ordinary whole life
                                                                • 2. Limited-pay and single-premium life
                                                                  - Interest/market-sensitive/adjustable life products
                                                                  • 1. Variable whole life
                                                                    • 2. Variable universal life
                                                                      • 3. Indexed life
                                                                        • 4. Universal life
                                                                          • 5. Interest-sensitive whole life
                                                                            - Combination plans and variations
                                                                            • 1. Survivorship life
                                                                              • 2. Joint life
                                                                                - Annuities
                                                                                • 1. Single and flexible premium
                                                                                  • 2. Indexed
                                                                                    • 3. Immediate and deferred
                                                                                      • 4. Payout options
                                                                                        • 5. Fixed and variable
                                                                                          • 6. Accumulation and annuity periods
                                                                                            Hawaii Laws and Rules Pertinent to Life Insurance Only12%- Participation in surplus
                                                                                            - Variable contracts
                                                                                            - Policy clauses and provisions
                                                                                            • 1. Policy loan interest rate
                                                                                              • 2. Protection of beneficiaries from creditors
                                                                                                • 3. Spouse's rights
                                                                                                  - Group life
                                                                                                  • 1. Conversion
                                                                                                    • 2. Group requirements
                                                                                                      • 3. Assignment of proceeds
                                                                                                        - 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
                                                                                                        Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance23%- Insurance Commissioner
                                                                                                        • 1. Penalties
                                                                                                          • 2. Notice of hearings
                                                                                                            • 3. Examination of records
                                                                                                              • 4. General powers and duties
                                                                                                                - 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
                                                                                                                        - Definitions
                                                                                                                        • 1. Authorized and unauthorized
                                                                                                                          • 2. Certificate of authority
                                                                                                                            • 3. Stock, reciprocal, and mutual
                                                                                                                              • 4. Domestic, foreign, and alien
                                                                                                                                • 5. Insurance
                                                                                                                                  - Guaranty associations
                                                                                                                                  - Marketing practices
                                                                                                                                  • 1. Reporting and accounting for premiums
                                                                                                                                    • 2. Controlled business
                                                                                                                                      • 3. Sharing commissions
                                                                                                                                        • 4. Premiums
                                                                                                                                          • 5. Required records and record retention
                                                                                                                                            • 6. Unfair and deceptive practices
                                                                                                                                              Retirement and Other Life Insurance Concepts8%- Social Security benefits
                                                                                                                                              - Third-party ownership
                                                                                                                                              - Life settlements
                                                                                                                                              - Retirement plans
                                                                                                                                              • 1. Qualified plans
                                                                                                                                                • 2. Nonqualified plans
                                                                                                                                                  - Life insurance needs analysis and suitability
                                                                                                                                                  • 1. Business insurance needs
                                                                                                                                                    • 2. Personal insurance needs
                                                                                                                                                      - Group life insurance
                                                                                                                                                      • 1. Conversion privilege
                                                                                                                                                        • 2. Contributory vs. noncontributory
                                                                                                                                                          - Tax treatment of insurance premiums, proceeds, and dividends
                                                                                                                                                          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. Elements of a contract
                                                                                                                                                                • 2. Unique aspects of the insurance contract
                                                                                                                                                                  - Underwriting
                                                                                                                                                                  • 1. Fair Credit Reporting Act
                                                                                                                                                                    • 2. Medical information and consumer reports
                                                                                                                                                                      • 3. Risk classification
                                                                                                                                                                        • 4. Insurable interest
                                                                                                                                                                          • 5. Stranger/investor-owned life insurance
                                                                                                                                                                            - Completing the application
                                                                                                                                                                            • 1. Replacement
                                                                                                                                                                              • 2. Gramm-Leach-Bliley Act privacy
                                                                                                                                                                                • 3. USA PATRIOT Act and anti-money laundering
                                                                                                                                                                                  • 4. Warranties and representations
                                                                                                                                                                                    • 5. Required signatures
                                                                                                                                                                                      • 6. Disclosures at point of sale
                                                                                                                                                                                        • 7. Consequences of incomplete applications
                                                                                                                                                                                          • 8. Changes in the application
                                                                                                                                                                                            • 9. Collecting the initial premium and issuing the receipt
                                                                                                                                                                                              Insurance Licensing Hawaii Life Producer Exam (InsHI_Life01 OPLife01) Sample Questions:

                                                                                                                                                                                              Question 1

                                                                                                                                                                                              How many years are producers required to keep records for Continuing Education?

                                                                                                                                                                                              A. 3
                                                                                                                                                                                              B. 2
                                                                                                                                                                                              C. 1
                                                                                                                                                                                              D. 4


                                                                                                                                                                                              Question 2

                                                                                                                                                                                              R is insured under a $25,000 Whole Life policy with an Accidental Death Benefit rider. If R dies as the result of a heart attack while driving to work, R's beneficiary will receive a maximum of which of the following amounts?

                                                                                                                                                                                              A. $0
                                                                                                                                                                                              B. $50,000
                                                                                                                                                                                              C. $25,000
                                                                                                                                                                                              D. $75,000


                                                                                                                                                                                              Question 3

                                                                                                                                                                                              A life insurance contract will generally be classified as a Modified Endowment Contract (MEC) if it:

                                                                                                                                                                                              A. allows the policyowner to borrow against cash value
                                                                                                                                                                                              B. fails the federal seven-pay test
                                                                                                                                                                                              C. accumulates any cash value during the first policy year
                                                                                                                                                                                              D. has a death benefit exceeding $50,000


                                                                                                                                                                                              Question 4

                                                                                                                                                                                              An individual life insurance policy delivered in Hawaii must generally provide a grace period of:

                                                                                                                                                                                              A. 10 days
                                                                                                                                                                                              B. 20 days
                                                                                                                                                                                              C. 60 days
                                                                                                                                                                                              D. 30 days


                                                                                                                                                                                              Question 5

                                                                                                                                                                                              An insurer appoints a licensed producer as its agent in Hawaii. The insurer must generally file the notice of appointment with the Insurance Commissioner within:

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


                                                                                                                                                                                              Solutions:

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

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