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

Pass Hawaii-Life-Producer Exam Cram

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

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

                                                                                                                                                                                              1. A lapsed Hawaii individual life insurance policy is being reinstated. Interest charged on overdue premiums and qualifying policy indebtedness under the statutory reinstatement provision may NOT exceed:

                                                                                                                                                                                              A) 10% per year
                                                                                                                                                                                              B) 4% per year
                                                                                                                                                                                              C) 8% per year compounded monthly
                                                                                                                                                                                              D) 6% per year compounded annually


                                                                                                                                                                                              2. In Hawaii, an applicant for a resident producer's license MUST meet which of the following requirements?

                                                                                                                                                                                              A) Have a minimum of one year of college education
                                                                                                                                                                                              B) Hold a CPCU or CLU designation
                                                                                                                                                                                              C) Be at least eighteen years of age
                                                                                                                                                                                              D) Be at least twenty-one years of age


                                                                                                                                                                                              3. An insurance company whose governing body is elected by its policyholders is a:

                                                                                                                                                                                              A) stock company
                                                                                                                                                                                              B) mutual company
                                                                                                                                                                                              C) reciprocal company
                                                                                                                                                                                              D) fraternal beneficiary association


                                                                                                                                                                                              4. 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) $25,000
                                                                                                                                                                                              B) $50,000
                                                                                                                                                                                              C) $75,000
                                                                                                                                                                                              D) $0


                                                                                                                                                                                              5. Insurance producers in Hawaii are required to maintain records of insurance transactions for a MINIMUM of how many years?

                                                                                                                                                                                              A) Three
                                                                                                                                                                                              B) Ten
                                                                                                                                                                                              C) Seven
                                                                                                                                                                                              D) Five


                                                                                                                                                                                              Solutions:

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

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