HI Life & Health study guide
HI Life & Health · Work through your exam, one topic at a time.
The Hawaii Life & Health Insurance Producer Examination is the licensing test that candidates must pass to become licensed in Hawaii to sell life insurance and health insurance products. The Hawaii Insurance Division, part of the Department of Commerce and Consumer Affairs (DCCA), is the state regulator that issues producer licenses, reviews rate and policy filings, and investigates insurance-related complaints. The HI Life & Health study guide has 8 sections and about 2,757 words.
01Hawaii Insurance Laws, Rules and Regulations
The Hawaii Insurance Division, part of the Department of Commerce and Consumer Affairs, is headed by the Insurance Commissioner, who is appointed by the Governor and administers the Insurance Code (HRS Chapter 431) and the life and health provisions of Chapter 432. The Commissioner licenses insurers and producers, reviews forms and rates, conducts market-conduct examinations, and may fine, suspend, or revoke.
382 words, about 2 min02General Insurance Concepts
Insurance handles pure risk (loss or no loss) - never speculative risk (loss, gain, or no change), which is why gambling and stock investing are uninsurable. A peril is the cause of loss (fire, illness, death); a hazard increases the chance or severity of loss: physical (icy road), moral (fraud, arson), morale (carelessness because coverage exists).
343 words, about 2 min03Life Insurance Basics
Personal uses include survivor protection, estate creation, cash accumulation, estate conservation and liquidity for taxes and final expenses, and charitable bequests. Business uses include key person coverage, buy-sell funding, split dollar, deferred compensation, and executive bonus (Section 162).
337 words, about 2 min04Life Insurance Policies
Term is pure death protection with no cash value: level, decreasing (mortgage protection), increasing, annually renewable, convertible, and return of premium. Renewable term guarantees the right to continue; convertible term guarantees exchange for permanent coverage without new evidence, usually at attained-age or original-age rates.
327 words, about 2 min05Life Insurance Policy Provisions, Options and Riders
The entire contract clause means the policy plus the application - nothing outside can alter it. The free look (at least 10 days; longer for Medicare supplements and often annuities) allows return for a full refund.
346 words, about 2 min06Annuities
A contract that liquidates a sum of money over time, protecting against outliving income. The owner holds all rights; the annuitant is whose life measures the income; the beneficiary receives any unpaid balance.
318 words, about 2 min07Health Insurance Basics
A deductible is paid before benefits; coinsurance is the insured's percentage after the deductible; a copay is a flat charge; the out-of-pocket maximum caps the insured's share. A waiting period delays eligibility; an elimination period (disability income) delays benefits; an inside limit caps a specific service.
334 words, about 2 min08Health Insurance Policy Provisions
Most health policies follow the NAIC uniform provisions: the entire contract clause; a time limit on certain defenses (typically two years, after which misstatements cannot be used to deny a claim); a grace period of 7 days for weekly, 10 days for monthly, and 31 days for other premiums; reinstatement with evidence of insurability; notice of claim within 20 days; claim forms furnished within 15 days; proof of loss within 90 days; payment of claims immediately or within 45 days; physical exam and autopsy rights; legal actions barred after three years; change of beneficiary; misstatement of age adjustment; and conformity with state law. The renewability clause defines the insurer's power.
370 words, about 2 min