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

Hawaii-Life-Producer Exam Questions
  • Exam Code: Hawaii-Life-Producer
  • Exam Name: Hawaii Life Producer Exam (InsHI_Life01 OPLife01)
  • Updated: Aug 28, 2026
  • Q & A: 120 Questions and Answers
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Insurance Licensing Hawaii-Life-Producer Exam Syllabus Topics:

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

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

                                                                                                                                                                                              Question 1

                                                                                                                                                                                              How many years are producers required to keep records for Continuing Education?

                                                                                                                                                                                              A. 2
                                                                                                                                                                                              B. 1
                                                                                                                                                                                              C. 3
                                                                                                                                                                                              D. 4


                                                                                                                                                                                              Question 2

                                                                                                                                                                                              Unless the person entitled to the funds directs otherwise in writing, a Hawaii insurance producer holding return premium funds must return those funds within:

                                                                                                                                                                                              A. 30 days
                                                                                                                                                                                              B. 60 days
                                                                                                                                                                                              C. 20 days
                                                                                                                                                                                              D. 10 days


                                                                                                                                                                                              Question 3

                                                                                                                                                                                              Under a Hawaii debtor group life policy, the insured debtor dies when the insurance benefit is greater than the debtor's remaining unpaid indebtedness. After the creditor's debt is satisfied, the excess insurance proceeds must generally be:

                                                                                                                                                                                              A. retained by the creditor
                                                                                                                                                                                              B. paid to a beneficiary named by the debtor or to the debtor's estate
                                                                                                                                                                                              C. divided equally between the insurer and creditor
                                                                                                                                                                                              D. paid to the insurer


                                                                                                                                                                                              Question 4

                                                                                                                                                                                              An insured under a life settlement transaction has a life expectancy of MORE than one year. A life settlement provider, broker, or authorized representative may generally contact the insured to verify health status no more frequently than:

                                                                                                                                                                                              A. once every six months
                                                                                                                                                                                              B. once each week
                                                                                                                                                                                              C. once each month
                                                                                                                                                                                              D. once every three months


                                                                                                                                                                                              Question 5

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

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


                                                                                                                                                                                              Solutions:

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

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