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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 30, 2026

Q & A: 120 Questions and Answers

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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

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

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

                Question 1

                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. accumulates any cash value during the first policy year
                C. has a death benefit exceeding $50,000
                D. fails the federal seven-pay test


                Question 2

                A replacement of life insurance is defined as any transaction in which:

                A. an existing policy's beneficiary is changed
                B. an existing policy is lost and another copy is received
                C. an existing policy is lapsed or surrendered for a new policy
                D. a new policy is added to an existing policy


                Question 3

                Collecting premiums for insurance and depositing them in an existing personal bank account is an example of:

                A. sharing commissions
                B. twisting
                C. commingling
                D. rebating


                Question 4

                An insurer who charges different policy rates to individuals in the same class of risk may be guilty of:

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


                Question 5

                Unless its cash surrender value has already been paid, an individual annuity subject to Hawaii's standard provisions may generally be reinstated within how long after default in stipulated payments?

                A. 1 year
                B. 2 years
                C. 6 months
                D. 3 years


                Solutions:

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

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