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Insurance Licensing Hawaii-Life-Producer : Hawaii Life Producer Exam (InsHI_Life01 OPLife01)

Hawaii-Life-Producer real exams

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

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

                                                                                                                                                                                              1. 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) 15 days
                                                                                                                                                                                              B) 30 days
                                                                                                                                                                                              C) 60 days
                                                                                                                                                                                              D) 10 days


                                                                                                                                                                                              2. If an applicant for a Life policy does not pay the premium when the application is submitted and the insurance company subsequently approves the application and issues the contract, coverage becomes effective at which of the following times?

                                                                                                                                                                                              A) When the policy is delivered and the initial premium is paid to the producer
                                                                                                                                                                                              B) On the date that the application is taken by the producer
                                                                                                                                                                                              C) When the policy is mailed to the producer
                                                                                                                                                                                              D) On the date that the application is approved by the insurance company


                                                                                                                                                                                              3. A Hawaii producer deposits insurance premium funds into a properly designated premium trustee account that earns interest. The producer may retain the interest for personal use only if:

                                                                                                                                                                                              A) the producer has held a license for at least five years
                                                                                                                                                                                              B) the amount of interest is less than $100
                                                                                                                                                                                              C) the producer reports the interest as taxable income
                                                                                                                                                                                              D) the insurer or person entitled to the funds gives prior written consent


                                                                                                                                                                                              4. Which of the following items requires an insurance company to advise an applicant that the company intends to secure a report which includes details about his income and general reputation?

                                                                                                                                                                                              A) Fair Credit Reporting Act
                                                                                                                                                                                              B) Uniform Provisions Law
                                                                                                                                                                                              C) Freedom of Information Act
                                                                                                                                                                                              D) USA Patriot Act


                                                                                                                                                                                              5. Which of the following policies accumulates the greatest amount of cash value per $1,000 of face amount?

                                                                                                                                                                                              A) Yearly Renewable Term
                                                                                                                                                                                              B) Whole Life
                                                                                                                                                                                              C) Decreasing Term
                                                                                                                                                                                              D) Family Income


                                                                                                                                                                                              Solutions:

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

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