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Insurance Licensing Hawaii Life Producer Exam (InsHI_Life01 OPLife01) : 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
Topic 1: Life - General Knowledge- Completing the Application, Underwriting, and Delivering the Policies
  • 1. 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
  • 2. Underwriting
    • Insurable interest
    • Medical information and consumer reports
    • Fair Credit Reporting Act
    • Risk classification
    • Stranger/Investor-owned life insurance
  • 3. Contract law
    • Elements of a contract
    • Unique aspects of the insurance contract
  • 4. Delivering the policy
    • When coverage begins
    • Explaining the policy and its provisions, riders, exclusions, and ratings to the client
- Life Provisions, Riders, Options, and Exclusions
  • 1. 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
  • 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 exclusions
    • War
    • Aviation
    • Dangerous occupation
- 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. Combination plans and variations
    • Joint life (first to die)
    • Survivorship life (second to die)
  • 5. Interest/market-sensitive/adjustable life products
    • Universal life
    • Variable whole life
    • Variable universal life
    • Interest-sensitive whole life
    • Indexed life
- Retirement and Other Insurance Concepts
  • 1. Life settlements
    • 2. Life insurance needs analysis and suitability
      • Personal insurance needs
      • Business insurance needs
    • 3. Group life insurance
      • Conversion privilege
      • Contributory vs. noncontributory
    • 4. Retirement plans
      • Qualified plans
      • Nonqualified plans
    • 5. Tax treatment of insurance premiums, proceeds, and dividends
      • Individual life
      • Group life
      • Modified Endowment Contracts
    • 6. Third-party ownership
      • 7. Social Security benefits
        Topic 2: Life - Hawaii Specific- Hawaii Laws and Rules Pertinent to Life Insurance Only
        • 1. Group Life
          • Group requirements
          • Assignment of proceeds
          • Conversion
        • 2. Policy Clauses and Provisions
          • Protection of beneficiaries from creditors
          • Policy loan interest rate
          • Spouse's rights
        • 3. Variable Contracts
          • 4. Credit Life
            • 5. Participation in Surplus
              • 6. Marketing methods and practices
                • Replacement
                • Annuities
              - Hawaii Laws and Rules Common to Life, Accident and Health, Property, Casualty and Personal Lines Insurance
              • 1. Marketing practices
                • Unfair and deceptive practices
                • Reporting and accounting for premiums
                • Sharing commissions
                • Required records and record retention
                • Controlled business
                • Premiums
              • 2. Definitions
                • Authorized and unauthorized
                • Domestic, foreign, and alien
                • Stock, reciprocal and mutual
                • Certificate of authority
                • Insurance
              • 3. Insurance Commissioner
                • General powers and duties
                • Examination of records
                • Notice of hearings
                • Penalties
              • 4. Guaranty Associations
                • 5. Licensing
                  • General qualifications for licensing
                  • Persons required to be licensed
                  • Denial, suspension, and revocation of licenses
                  • Renewal of license and continuing education

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

                Question 1

                An insured replaces a life insurance policy with another policy issued by the SAME insurer. With respect to the new policy's incontestability and suicide periods, the replacing insurer must generally:

                A. credit the time elapsed under the existing policy, up to the face amount of the existing policy
                B. waive all future premiums for two years
                C. restart both periods completely without credit
                D. apply the credit only if the beneficiary remains unchanged


                Question 2

                In order to issue Variable contracts, an insurance company MUST be licensed to sell which of the following types of policies?

                A. Casualty
                B. Property
                C. Life
                D. Accident, Health or Sickness


                Question 3

                Except when a statutory exception applies, Hawaii generally prohibits entering into a life settlement contract during what period following issuance of the life insurance policy?

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


                Question 4

                A Hawaii insurance producer is the subject of an administrative action in another state. The matter reaches final disposition on March 1. The producer must generally report the action to the Hawaii Insurance Commissioner within:

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


                Question 5

                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 insurance company may modify the policy by exercising a Nonforfeiture option.
                C. The cash value increases faster in the early policy years than in later years.
                D. The policyowner may choose the schedule and amounts of premium payments.


                Solutions:

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

                Related Certifications
                Insurance Licensing Certification
                Life, Accident, and Health
                Pennsylvania Insurance Licencing (PAIN)
                Nevada Insurance
                New Jersey Insurance Licencing (NJDOBI)
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