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Description
Insurance Exam Prep is a daily podcast designed to help future insurance professionals pass their licensing exams with clarity and confidence.
Built and operated by OpenExamPrep, this podcast breaks down insurance licensing exams into focused, easy-to-digest episodes covering Life Insurance, Health Insurance, and Property & Casualty, across both the national portion and state-specific requirements. Each episode targets one key concept, common exam trap, or high-frequency test topic—making it ideal for studying during commutes, workouts, or short study sessions.
Created by Ran Chen, EA, CFP®, a financial professional and exam specialist who has personally passed multiple professional licensing exams, Insurance Exam Prep was developed from firsthand experience with how complex—and often poorly taught—insurance exam material can be. The goal is simple: make insurance exam preparation clearer, more accessible, and more effective through structured explanations and modern learning tools. Whether you’re preparing for a Life, Health, or P&C exam, just starting your licensing journey, or reviewing before test day, this podcast is designed to guide you step by step—one concept at a time.
Free practice tools, AI-powered explanations, and additional exam prep resources are available at: https://open-exam-prep.com/
Built and operated by OpenExamPrep, this podcast breaks down insurance licensing exams into focused, easy-to-digest episodes covering Life Insurance, Health Insurance, and Property & Casualty, across both the national portion and state-specific requirements. Each episode targets one key concept, common exam trap, or high-frequency test topic—making it ideal for studying during commutes, workouts, or short study sessions.
Created by Ran Chen, EA, CFP®, a financial professional and exam specialist who has personally passed multiple professional licensing exams, Insurance Exam Prep was developed from firsthand experience with how complex—and often poorly taught—insurance exam material can be. The goal is simple: make insurance exam preparation clearer, more accessible, and more effective through structured explanations and modern learning tools. Whether you’re preparing for a Life, Health, or P&C exam, just starting your licensing journey, or reviewing before test day, this podcast is designed to guide you step by step—one concept at a time.
Free practice tools, AI-powered explanations, and additional exam prep resources are available at: https://open-exam-prep.com/
70 Episodes
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![Life Insurance Exam [National] 69 – Section 1035 Tax-Free Exchanges Explained](https://s3.castbox.fm/16/f4/ff/e892d7fc0ecf605a65aff662814ddb100d_scaled_v1_400.jpg "Life Insurance Exam [National] 69 – Section 1035 Tax-Free Exchanges Explained")
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam.
In this episode you will learn:
• The definition of an IRC Section 1035 tax-free exchange and how it defers tax on gains.
• Which product swaps are permitted, including Life to Life and Life to Annuity.
• The critical prohibited exchange from an Annuity to a Life Insurance policy.
• How the original cost basis carries over to the new contract to maintain tax records.
• The requirement for the owner and insured to remain identical across both policies to avoid taxation.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam life insurance exam.
In this episode you will learn:
• How the seven-pay test calculates cumulative premium limits to determine MEC status.
• The shift from FIFO to LIFO taxation and how it affects policy withdrawals and loans.
• The impact of the ten percent IRS penalty for distributions taken before age fifty-nine and a half.
• Why Modified Endowment Contract status is permanent and cannot be reversed.
• Why the death benefit generally remains income tax-free despite the loss of living benefit advantages.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam.
In this episode you will learn:
• Cash value growth within a permanent life insurance policy is tax-deferred until accessed.
• Withdrawals follow the FIFO (First-In-First-Out) rule, where premiums are returned tax-free first.
• Any withdrawal amount exceeding the policy's cost basis is taxed as ordinary income, never capital gains.
• Policy loans are generally received tax-free while the policy remains in force, regardless of the cost basis.
• A policy lapse with an outstanding loan triggers taxation on any loan amount that exceeds the total premiums paid.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam life estate exam.
In this episode you will learn:
• The fundamental rule under IRC Section 101(a)(1) that keeps death benefits income tax-free.
• How to calculate the taxable portion of installment payouts using the PIT mnemonic.
• The specific tax-free qualifications for accelerated death benefits in cases of terminal illness.
• The tax implications and limits associated with employer-provided group life insurance over $50,000.
• How to distinguish between income tax and estate tax triggers to avoid common exam traps.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam real estate exam.
In this episode you will learn:
• The six essential customer data points required by FINRA Rule 2330
• How to apply the LISTEN mnemonic to verify annuity suitability
• The critical differences between the suitability standard and the NAIC Best Interest standard
• The specific seven business day window for principal review and approval
• How to identify exam traps regarding liquidity needs and surrender charges
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the Life Insurance Exam [National] exam.
In this episode you will learn:
• Surrender charges function as a declining back-end load used by insurers to recoup initial policy issuance costs.
• A standard surrender period typically lasts six to ten years with the penalty percentage decreasing annually.
• The ten percent free withdrawal provision allows policyowners penalty-free access to a portion of the cash value each year.
• Surrender charges are waived for specific hardship events such as terminal illness or nursing home confinement.
• Candidates must remember that surrender charges are never deducted from a death benefit payout to a beneficiary.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam real estate exam.
In this episode you will learn:
• Why Life Only (Straight Life) provides the highest possible monthly payment for the annuitant.
• How Life with Period Certain guarantees income for life while protecting beneficiaries for a set term.
• The mechanics of Joint and Survivor options and how they support income for two individuals.
• The difference between Cash Refund and Installment Refund options regarding principal protection.
• How to identify the mathematical trade-off between insurer guarantees and annuitant payout amounts.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam.
In this episode you will learn:
• How interest credits are linked to external market indices without direct equity investment.
• The function of the zero percent floor in ensuring total principal protection.
• How participation rates and caps determine the maximum interest credited to the account.
• Why indexed annuities are classified as insurance products rather than securities for licensing purposes.
• The differences between interest crediting methods such as point-to-point and annual reset.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam life insurance exam.
In this episode you will learn:
• Variable annuities utilize separate accounts to invest in equities, providing a potential hedge against inflation.
• The contract owner bears all investment risk, distinguishing variable annuities from fixed products.
• Dual licensing is required, necessitating both a state insurance license and a federal securities registration.
• A prospectus is a mandatory disclosure document that must be provided to the client during the sales process.
• Accumulation units convert to a fixed number of annuity units during the payout phase, causing fluctuating monthly payments.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam life insurance exam.
In this episode you will learn:
• Why the insurance company bears 100% of the investment risk in a fixed annuity.
• How the general account operates using conservative assets like bonds and mortgages.
• The difference between the guaranteed minimum interest rate and the current interest rate.
• Why fixed annuities fail to provide a hedge against inflation and purchasing power risk.
• The licensing requirements for selling fixed annuities compared to variable products.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam.
In this episode you will learn:
• The specific twelve month timeframe that distinguishes immediate annuities from deferred annuities.
• Why immediate annuities are always funded with a single premium and lack an accumulation period.
• How deferred annuities can be funded via single or periodic premiums while focusing on long term growth.
• The relationship between surrender charges and the accumulation phase in deferred contracts.
• A simple mnemonic to identify the correct annuity type based on the timing of income payments.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam.
In this episode you will learn:
• The accumulation phase represents the pay-in period where funds grow on a tax-deferred basis.
• Withdrawals made during the accumulation phase are taxed using the last-in first-out (LIFO) method.
• The annuitization phase is an irrevocable conversion of a lump sum into a guaranteed income stream.
• Once a contract has been annuitized, the owner loses the right to surrender the policy or access the cash value.
• The exclusion ratio is used during the payout phase to determine the tax-free portion of each payment.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam life insurance exam.
In this episode you will learn:
• The definition of longevity risk and why annuities are the primary solution for outliving assets.
• The fundamental differences between life insurance which creates an estate and annuities which liquidate one.
• How tax-deferred growth functions during the accumulation phase of an annuity contract.
• The specific roles of the owner annuitant and beneficiary and which one determines payout amounts.
• Key differences between the accumulation phase and the annuitization phase of an insurance contract.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam.
In this episode you will learn:
• Why dividends are considered a tax-free return of premium rather than taxable income.
• The critical distinction between mutual company dividends and stock company dividends.
• How the Accumulation at Interest option creates a taxable event on the interest portion.
• Why Paid-Up Additions is often the default option and how it increases policy value without medical exams.
• How to use the CRAPO mnemonic to master the five primary dividend settlement options.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam.
In this episode you will learn:
• The strict ninety-day window and "accidental results" criteria required for Accidental Death Benefit payouts.
• How to identify the six Activities of Daily Living (ADLs) and the specific "two-of-six" threshold for Long-Term Care rider triggers.
• The distinction between supplementary accidental benefits and the acceleration of the base death benefit.
• Why the Cost of Living (COLA) rider requires no evidence of insurability despite increasing the policy's face value.
• How the Consumer Price Index (CPI) directly impacts both coverage amounts and premium costs for policyholders.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam real estate exam.
In this episode you will learn:
• How the Guaranteed Insurability Rider allows for additional coverage without any medical evidence or health questions.
• The specific timing of option dates and how life events like marriage or birth trigger immediate purchase windows.
• Why the premium for new coverage is calculated based on the insured's attained age rather than the original issue age.
• The typical expiration age of the rider and why it is generally unavailable after age forty.
• How to identify exam questions that attempt to confuse this rider with other policy additions through trick wording about health status.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam insurance exam.
In this episode you will learn:
• The definition of the Accelerated Death Benefit as a living benefit allowing access to 50-100% of the face amount.
• Why this rider is typically included at no additional premium cost compared to other life insurance riders.
• The specific triggers for payment including physician certification and the 90-day elimination period.
• How to calculate the reduction of the death benefit and the impact on beneficiaries after acceleration.
• The key differences between the Accelerated Death Benefit rider and third-party Viatical Settlements.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam.
In this episode you will learn:
• The specific requirements for a total disability that triggers the waiver of premium.
• How the six-month waiting period works and the rules for retroactive premium refunds.
• The impact of the rider on cash value accumulation and dividend payments.
• The standard age limits of sixty to sixty-five after which the rider typically expires.
• The difference between standard waiver riders and the waiver of monthly deductions in universal life policies.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam.
In this episode you will learn:
• Why policy loans are technically debt secured by collateral rather than direct withdrawals.
• How outstanding loans and accrued interest impact the final death benefit payment.
• The mechanics of the Automatic Premium Loan provision and its role after the grace period.
• Why the APL provision is restricted to cash value policies and is generally elective.
• The termination risks when loan balances exceed cash value and the required notice period.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam.
In this episode you will learn:
• How the Extended Term option uses cash value as a single premium for new coverage.
• Why the face amount remains identical to the original policy under this option.
• The role of attained age and cash value in determining the duration of the term.
• Why Extended Term is the automatic default option for most lapsed permanent policies.
• How to distinguish Extended Term from Reduced Paid-Up to avoid common exam traps.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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