Life Producer — Information & Free Practice

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Life Producer

Provider: Pearson VUE
Format: Computer-based examination at a test center or online through OnVUE
Exam questions: General: 50 scoreable questions plus 5 pretest questions; Hawaii-specific: 35 scoreable questions plus 6 pretest questions
Time limit: General: 75 minutes; Hawaii-specific: 45 minutes
Passing score: 70 scaled score
Exam fee: $75

Examination outline

Life—General Knowledge: I. TYPES OF POLICIES (15 scoreable questions)
- A. Traditional whole life products
- A. Traditional whole life products > 1. Ordinary whole life
- A. Traditional whole life products > 2. Limited-pay and single-premium life
- B. Interest/market-sensitive/adjustable life products
- B. Interest/market-sensitive/adjustable life products > 1. Universal life
- B. Interest/market-sensitive/adjustable life products > 2. Variable whole life
- B. Interest/market-sensitive/adjustable life products > 3. Variable universal life
- B. Interest/market-sensitive/adjustable life products > 4. Interest-sensitive whole life
- B. Interest/market-sensitive/adjustable life products > 5. Indexed life
- C. Term life
- C. Term life > 1. Types
- C. Term life > 1. Types > a. Level
- C. Term life > 1. Types > b. Decreasing
- C. Term life > 1. Types > c. Return of premium
- C. Term life > 1. Types > d. Annually renewable
- C. Term life > 2. Special features
- C. Term life > 2. Special features > a. Renewable
- C. Term life > 2. Special features > b. Convertible
- D. Annuities
- D. Annuities > 1. Single and flexible premium
- D. Annuities > 2. Immediate and deferred
- D. Annuities > 3. Fixed and variable
- D. Annuities > 4. Indexed
- D. Annuities > 5. Accumulation and Annuity Periods
- D. Annuities > 6. Payout options
- E. Combination plans and variations
- E. Combination plans and variations > 1. Joint life (first to die)
- E. Combination plans and variations > 2. Survivorship life (second to die)
Life—General Knowledge: II. LIFE PROVISIONS, RIDERS, OPTIONS, AND EXCLUSIONS (15 scoreable questions)
- A. Policy riders
- A. Policy riders > 1. Waiver of premium and waiver of monthly deduction
- A. Policy riders > 2. Guaranteed insurability
- A. Policy riders > 3. Payor benefit
- A. Policy riders > 4. Accidental death and/or accidental death and dismemberment
- A. Policy riders > 5. Term riders
- A. Policy riders > 6. Other insureds
- A. Policy riders > 7. Long term care
- A. Policy riders > 8. Return of premium
- A. Policy riders > 9. Disability
- A. Policy riders > 10. Cost of Living
- B. Policy provisions and options
- B. Policy provisions and options > 1. Entire contract
- B. Policy provisions and options > 2. Insuring clause
- B. Policy provisions and options > 3. Free look
- B. Policy provisions and options > 4. Consideration
- B. Policy provisions and options > 5. Owner’s rights
- B. Policy provisions and options > 6. Beneficiary designations
- B. Policy provisions and options > 6. Beneficiary designations > a. Primary and contingent
- B. Policy provisions and options > 6. Beneficiary designations > b. Revocable and irrevocable
- B. Policy provisions and options > 6. Beneficiary designations > c. Common disaster
- B. Policy provisions and options > 6. Beneficiary designations > d. Minor beneficiaries
- B. Policy provisions and options > 6. Beneficiary designations > e. Designation by class
- B. Policy provisions and options > 7. Premium Payment
- B. Policy provisions and options > 7. Premium Payment > a. Modes
- B. Policy provisions and options > 7. Premium Payment > b. Grace period
- B. Policy provisions and options > 7. Premium Payment > c. Automatic premium loan
- B. Policy provisions and options > 7. Premium Payment > d. Level or flexible
- B. Policy provisions and options > 8. Reinstatement
- B. Policy provisions and options > 9. Policy loans, withdrawals, partial surrenders
- B. Policy provisions and options > 10. Non-forfeiture options
- B. Policy provisions and options > 11. Dividends and dividend options (eg. participating, non-participating)
- B. Policy provisions and options > 12. Incontestability
- B. Policy provisions and options > 13. Assignments
- B. Policy provisions and options > 14. Suicide
- B. Policy provisions and options > 15. Misstatement of age and gender
- B. Policy provisions and options > 16. Settlement options
- B. Policy provisions and options > 17. Accelerated death benefits
- C. Policy exclusions
- C. Policy exclusions > 1. War
- C. Policy exclusions > 2. Aviation
- C. Policy exclusions > 3. Dangerous Occupation
Life—General Knowledge: III. COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICES (12 scoreable questions)
- A. Completing the application
- A. Completing the application > 1. Required signatures
- A. Completing the application > 2. Changes in the application
- A. Completing the application > 3. Consequences of incomplete applications
- A. Completing the application > 4. Warranties and representations
- A. Completing the application > 5. Collecting the initial premium and issuing the receipt
- A. Completing the application > 6. Replacement
- A. Completing the application > 7. Disclosures at point of sale (e.g., HIPAA, HIV consent)
- A. Completing the application > 8. USA PATRIOT Act/anti-money laundering
- A. Completing the application > 9. Gramm-Leach-Bliley Act (GLBA) Privacy
- B. Underwriting
- B. Underwriting > 1. Insurable interest
- B. Underwriting > 2. Medical information and consumer reports
- B. Underwriting > 3. Fair Credit Reporting Act
- B. Underwriting > 4. Risk classification
- B. Underwriting > 5. Stranger/Investor-owned life insurance (STOLI/IOLI)
- C. Delivering the policy
- C. Delivering the policy > 1. When coverage begins
- C. Delivering the policy > 2. Explaining the policy and its provisions, riders, exclusions, and ratings to the client
- D. Contract law
- D. Contract law > 1. Elements of a contract
- D. Contract law > 1. Elements of a contract > a. Consideration
- D. Contract law > 1. Elements of a contract > b. Offer and Acceptance
- D. Contract law > 1. Elements of a contract > c. Competent parties
- D. Contract law > 1. Elements of a contract > d. Legal purpose
- D. Contract law > 2. Unique aspects of the insurance contract
- D. Contract law > 2. Unique aspects of the insurance contract > a. Conditional
- D. Contract law > 2. Unique aspects of the insurance contract > b. Unilateral
- D. Contract law > 2. Unique aspects of the insurance contract > c. Adhesion
- D. Contract law > 2. Unique aspects of the insurance contract > d. Aleatory
Life—General Knowledge: IV. RETIREMENT AND OTHER INSURANCE CONCEPTS (8 scoreable questions)
- A. Third-party ownership
- B. Life Settlements
- C. Group life insurance
- C. Group life insurance > 1. Conversion privilege
- C. Group life insurance > 2. Contributory vs. noncontributory
- D. Retirement plans
- D. Retirement plans > 1. Qualified plans
- D. Retirement plans > 2. Nonqualified plans
- E. Life insurance needs analysis/suitability
- E. Life insurance needs analysis/suitability > 1. Personal insurance needs
- E. Life insurance needs analysis/suitability > 2. Business insurance needs
- E. Life insurance needs analysis/suitability > 2. Business insurance needs > a. Key person
- E. Life insurance needs analysis/suitability > 2. Business insurance needs > b. Buy sell
- F. Social Security benefits
- G. Tax treatment of insurance premiums, proceeds, and dividends
- G. Tax treatment of insurance premiums, proceeds, and dividends > 1. Individual life
- G. Tax treatment of insurance premiums, proceeds, and dividends > 2. Group life
- G. Tax treatment of insurance premiums, proceeds, and dividends > 3. Modified Endowment Contracts (MECs)
Life—Hawaii Specific: I. HAWAII LAWS AND RULES COMMON TO LIFE, ACCIDENT AND HEALTH, PROPERTY, CASUALTY AND PERSONAL LINES INSURANCE (23 scoreable questions)
- A. Insurance Commissioner
- A. Insurance Commissioner > 1. General powers and duties
- A. Insurance Commissioner > 2. Examination of records
- A. Insurance Commissioner > 3. Notice of hearings
- A. Insurance Commissioner > 4. Penalties
- B. Definitions
- B. Definitions > 1. Authorized and unauthorized
- B. Definitions > 2. Domestic, foreign, and alien
- B. Definitions > 3. Stock, reciprocal and mutual
- B. Definitions > 4. Certificate of authority
- B. Definitions > 5. Insurance
- C. Licensing
- C. Licensing > 1. General qualifications for licensing
- C. Licensing > 2. Persons required to be licensed
- C. Licensing > 2. Persons required to be licensed > a. Producer
- C. Licensing > 2. Persons required to be licensed > b. Temporary license
- C. Licensing > 2. Persons required to be licensed > c. Nonresident
- C. Licensing > 2. Persons required to be licensed > d. Exemptions
- C. Licensing > 3. Denial, suspension, revocation of licenses
- C. Licensing > 4. Renewal of license and continuing education
- D. Marketing practices
- D. Marketing practices > 1. Unfair and deceptive practices
- D. Marketing practices > 2. Reporting and accounting for premiums
- D. Marketing practices > 3. Sharing commissions
- D. Marketing practices > 4. Required records and record retention
- D. Marketing practices > 5. Controlled business
- D. Marketing practices > 6. Premiums
- E. Guaranty Associations
Life—Hawaii Specific: II. HAWAII LAWS AND RULES PERTINENT TO LIFE INSURANCE ONLY (12 scoreable questions)
- A. Marketing methods and practices
- A. Marketing methods and practices > 1. Replacement
- A. Marketing methods and practices > 1. Replacement > a. Definition
- A. Marketing methods and practices > 1. Replacement > b. Duties of producers
- A. Marketing methods and practices > 1. Replacement > c. Duties of insurers that use producers
- A. Marketing methods and practices > 1. Replacement > d. Duties of replacing insurers that use producers
- A. Marketing methods and practices > 1. Replacement > e. Duties of the existing insurer
- A. Marketing methods and practices > 2. Annuities
- A. Marketing methods and practices > 2. Annuities > a. Disclosure
- A. Marketing methods and practices > 2. Annuities > b. Suitability
- B. Variable Contracts
- C. Policy Clauses and Provisions
- C. Policy Clauses and Provisions > 1. Protection of beneficiaries from creditors
- C. Policy Clauses and Provisions > 2. Policy loan interest rate
- C. Policy Clauses and Provisions > 3. Spouse’s rights
- D. Group Life
- D. Group Life > 1. Group requirements
- D. Group Life > 2. Assignment of proceeds
- D. Group Life > 3. Conversion
- E. Participation in Surplus
- F. Credit Life

Examination sources

Pearson VUE Hawaii Insurance Content Outlines #121201
Cover, Content outlines effective date
Pearson VUE Hawaii Insurance Content Outlines #121201
Printed page S1, Life—General Knowledge scope heading
Pearson VUE Hawaii Insurance Content Outlines #121201
Printed page S2, Life—Hawaii Specific scope heading
Pearson VUE Hawaii Insurance Candidate Handbook #121200
Printed page 12, Content outlines
Pearson VUE Hawaii Insurance Candidate Handbook #121200
Printed page 14, Available Test Center Exams—InsHI_Life01
Hawaii Revised Statutes §431:9A-105
§431:9A-105(a)
Pearson VUE Hawaii Insurance Candidate Handbook #121200
Printed page 9, Score explanation—scaled score
Pearson VUE Hawaii Insurance Candidate Handbook #121200
Printed page 9, Score reporting
Pearson VUE Hawaii Insurance Candidate Handbook #121200
Printed page 14, Available OnVUE Exams—OPLife01
Pearson VUE Hawaii Insurance Candidate Handbook #121200
Printed page 5, Making an examination reservation

Related license preparation

This examination may be required or accepted as an alternative, depending on the license and application pathway.

Nonresident Limited Lines Producer — Credit; Nonresident Insurance Producer — Life; Resident Limited Lines Producer — Credit; Resident Insurance Producer — Life; temporary insurance producer license