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© Copyright 2026 Ran Chen, EA, CFP®
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/
46 Episodes
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![Life Insurance Exam [National] 47 – Settlement Options Explained](https://s3.castbox.fm/16/f4/ff/e892d7fc0ecf605a65aff662814ddb100d_scaled_v1_400.jpg "Life Insurance Exam [National] 47 – Settlement Options 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 real estate exam.
In this episode you will learn:
• The lump sum payment is the automatic default settlement option if no selection is made by the policy owner.
• Interest only payments consist of taxable ordinary income while the insurance company retains the principal.
• Fixed period settlement options use time as the constant factor, while fixed amount options use the dollar amount as the constant.
• Life income options serve as a guarantee that the beneficiary will not outlive their financial resources.
• The Spendthrift Clause protects death benefit proceeds from the beneficiary’s creditors and reckless spending.
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 hierarchy of primary versus contingent beneficiaries and how death benefit triggers work.
• How the Common Disaster Clause and Uniform Simultaneous Death Act protect beneficiary proceeds.
• The legal implications of a vested interest when using irrevocable beneficiary designations.
• Why the written consent of an irrevocable beneficiary is required for policy loans and owner changes.
• The functional differences between per stirpes and per capita distribution methods in death benefit payouts.
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.\n\nIn this episode you will learn:\n• The three mandatory components of the entire contract provision known as the PAR bundle.\n• Why the application must be physically attached to the policy to be considered legally binding.\n• The specific limitations on agent authority regarding verbal promises and contract modifications.\n• Which corporate individuals have the actual legal authority to amend an insurance policy.\n• How this provision prevents insurers from using external company bylaws to deny policy claims.\n\nFor 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 the policy remains valid and cannot be canceled even if age or gender was intentionally misstated.
• How the insurer calculates the adjusted death benefit based on the premium actually paid.
• Why this provision serves as a permanent exception to the standard two-year Incontestability Clause.
• The difference between how the insurer handles an underpayment versus an overpayment of premium.
• How to use the mnemonic Age Adjusts the Amount 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.
In this episode you will learn:
• The suicide exclusion period is a standard two-year window from the policy’s issue date.
• Suicide within the exclusion period results in a refund of premiums only.
• The clause is primarily designed to protect insurers against the risk of adverse selection.
• Reinstating a lapsed policy usually triggers a new two-year suicide exclusion period.
• Accidental death riders never cover suicide regardless of how long the policy has been active.
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 mandatory two-year timeframe for the incontestability clause on the national insurance exam.
• Why the insurer cannot void a policy for material misrepresentation or fraud after the two-year period.
• The critical distinction between the incontestability clause and the misstatement of age or gender provision.
• How the burden of proof shifts to the insurer during the initial contestable period.
• The impact of policy reinstatement on the contestability clock and what information it covers.
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 standard reinstatement window is typically 3 years following a policy lapse.
• Policyowners must provide fresh evidence of insurability to prove they are still a standard risk.
• Reinstatement requires repayment of all missed premiums, outstanding loans, and accrued interest.
• The primary benefit of reinstatement is maintaining the original issue age and lower premium rates.
• Reinstating a policy resets the two-year clocks for both the incontestability and suicide clauses.
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 grace period is a mandatory provision typically lasting thirty one days.
Coverage remains in full force and effect during the entire grace period.
Insurers must pay death claims during this window but will deduct overdue premiums.
The grace period is designed specifically to prevent unintentional policy lapse.
Distinguishing between the grace period and reinstatement is a key exam requirement.
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:
• Joint Life (first-to-die) policies pay benefits upon the first death and terminate immediately.
• Survivorship Life (second-to-die) policies pay only after the final insured individual passes away.
• Joint Life is the preferred choice for business buy-sell agreements and mortgage protection.
• Survivorship Life is a primary tool for estate planning and covering federal estate taxes.
• Premiums for both policies are generally more affordable than purchasing separate individual policies for each person.
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:
• Credit life insurance is a specialized form of decreasing term insurance where the face amount matches the outstanding loan balance.
• The creditor is the policyowner and beneficiary, while the debtor is the insured party.
• The death benefit is paid directly to the lender to extinguish the debt and cannot exceed the amount of the indebtedness.
• Lenders are prohibited from requiring borrowers to purchase credit life insurance from a specific insurer as a condition of the loan.
• If a debt is paid off early, the insurance coverage must be terminated and any unearned premiums must be returned to the borrower.
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 employer acts as the master policyholder while employees receive a certificate of insurance as proof of coverage.
• Noncontributory plans are 100% funded by the employer and require 100% participation of eligible employees.
• Contributory plans involve employee premium contributions and require a minimum of 75% participation to avoid adverse selection.
• The conversion privilege allows employees to switch to individual whole life insurance within 31 days without a medical exam if they leave the group.
• Group underwriting focuses on the collective risk characteristics of the group rather than individual health history or physicals.
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 distinction between market-linked interest crediting and direct market investment in IUL policies.
• How floors and caps function together to protect principal while limiting maximum upside potential.
• The calculation methods for interest including the application of participation rates.
• Why IUL requires only a life insurance license and avoids the securities licensing required for variable products.
• The transparency and flexibility features inherent in the Universal Life structure of the policy.
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 Variable Universal Life (VUL) combines premium flexibility with investment-linked cash value growth.
• Why the policyowner assumes all investment risk and the implications of having no guaranteed minimum cash value.
• The dual licensing requirements involving both state insurance departments and federal securities regulators like FINRA.
• The distinction between Death Benefit Option A and Option B within a flexible variable structure.
• The critical requirement for prospectus delivery at the point of solicitation for all variable insurance 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 life insurance exam.
In this episode you will learn:
• Variable life insurance requires dual licensing with both a life insurance license and a securities registration like the Series 6 or 7.
• The policyowner bears the entire investment risk in a variable life policy as there are no guaranteed minimum cash values.
• Premiums in variable life policies are held in a separate account rather than the insurer's general account to allow for market-based subaccount investments.
• While cash values fluctuate based on performance, variable life policies typically provide a guaranteed minimum death benefit.
• A prospectus must be delivered to a potential client at or before the time of the sales presentation for any variable insurance product.
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:
• Universal Life is an unbundled product separating mortality, expenses, and interest.
• Differences between Death Benefit Option A (level) and Option B (increasing).
• Premium flexibility allowing for target, minimum, or skipped payments based on cash value.
• The corridor requirement that ensures the policy maintains its tax-deferred status.
• Why increasing the death benefit requires new evidence of insurability.
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:
• Limited pay whole life offers permanent protection until age 100 while allowing the owner to stop paying premiums after a set number of years.
• Premiums for limited pay policies are higher than straight life policies because the total cost is funded over a shorter timeframe.
• Single premium whole life creates immediate cash value but is classified as a Modified Endowment Contract due to failing the seven-pay test.
• Modified Endowment Contracts lose their tax-favored status for withdrawals, which are instead taxed as last-in-first-out and may incur penalties.
• Regardless of how quickly premiums are paid, all whole life policies endow or mature when the cash value equals the face amount at age 100.
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:
• Whole life provides permanent protection with level premiums and a level death benefit throughout the life of the policy.
• Cash value acts as a living benefit that grows tax-deferred and can be accessed via policy loans.
• Policies mature or endow when the cash value equals the death benefit, traditionally at age 100 or 121.
• Nonforfeiture options like extended term and reduced paid-up insurance protect the policyowner's equity if premiums stop.
• The insurer's net amount at risk decreases over time as the cash value within the policy increases.
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 renewable provisions allow policyholders to extend coverage without new medical exams.
• Why renewal premiums increase based on the insured's attained age.
• The difference between attained age and original age conversion methods.
• Why the face amount cannot be increased during renewal or conversion without underwriting.
• The critical role these provisions play in protecting a policyholder’s future insurability.
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 primary differences between Level, Decreasing, and Increasing term insurance.
• Why Decreasing Term is the preferred choice for mortgage protection and amortizing debts.
• How Increasing Term functions as a rider to address inflation and return of premium features.
• Common exam traps regarding level premiums versus changing death benefits.
• A simple mnemonic to categorize term variations based on consumer financial needs.
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:
• Term life insurance provides pure death protection with absolutely no cash value or living benefits.
• It serves as the most economical option for obtaining a high death benefit at a low initial cost.
• Decreasing term insurance is the standard solution for covering amortized debts like home mortgages.
• The renewability feature allows the insured to maintain coverage without health evidence at an attained age premium.
• Convertibility provides a bridge to permanent insurance without requiring the insured to prove their insurability.
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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