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 27, 2026

Q & A: 120 Questions and Answers

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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

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

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

                                                                                                                                                                                              1. Which life insurance product combines flexible premium characteristics with investment performance based on separate accounts selected by the policyowner?

                                                                                                                                                                                              A) Decreasing Term Life
                                                                                                                                                                                              B) Credit Life
                                                                                                                                                                                              C) Variable Universal Life
                                                                                                                                                                                              D) Ordinary Whole Life


                                                                                                                                                                                              2. An individual purchases a life insurance policy delivered in Hawaii. After reviewing the contract, the purchaser decides that the coverage does not meet their needs. Under Hawaii law, within how many days after receiving the policy may the purchaser return it for a refund of premium?

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


                                                                                                                                                                                              3. All of the following statements about a Guaranteed Insurability Option rider are true EXCEPT:

                                                                                                                                                                                              A) It requires the insured to provide evidence of insurability when exercising the option.
                                                                                                                                                                                              B) It allows the insured to purchase additional coverage at specified ages.
                                                                                                                                                                                              C) It allows the insured to purchase additional coverage at marriage or the birth of a child.
                                                                                                                                                                                              D) Costs for new coverages purchased under this rider are calculated on the basis of the insured's attained age.


                                                                                                                                                                                              4. Making false or misleading statements about the dividends previously paid on similar policies is an example of:

                                                                                                                                                                                              A) unfair discrimination
                                                                                                                                                                                              B) rebating
                                                                                                                                                                                              C) coercion
                                                                                                                                                                                              D) misrepresentation


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


                                                                                                                                                                                              Solutions:

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

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