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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/
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![[Health Insurance] 12, Coordination of Benefits](https://s3.castbox.fm/16/f4/ff/e892d7fc0ecf605a65aff662814ddb100d_scaled_v1_400.jpg "[Health Insurance] 12, Coordination of Benefits")
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.
In this episode you will learn:
- The main purpose of Coordination of Benefits (COB) is to prevent receiving payments that exceed 100% of the cost of services.
- How to determine the primary payer when an individual is covered under their own employer's plan and a spouse's plan.
- The "Birthday Rule" makes the primary payer the parent whose birthday comes earlier in the calendar year, regardless of age.
- How a divorce decree or custody arrangement can override the standard Birthday Rule for dependent children.
- The difference in payment responsibility between a primary plan, which pays first, and a secondary plan, which covers remaining costs.
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.
In this episode you will learn:
- That UCR is the maximum amount an insurer recognizes for a service in a specific geographic area, based on what local providers usually charge.
- How balance billing occurs when an out-of-network provider charges more than the UCR amount and bills the patient for the difference.
- That all insurer payment calculations (like coinsurance) are based on the UCR amount, not the provider's higher actual charge.
- How to calculate the insured's total out-of-pocket cost by adding the deductible, coinsurance, and the full balance-billed amount together.
- The critical difference between UCR for out-of-network care and contractually negotiated rates for in-network providers, who cannot balance bill.
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.
In this episode you will learn:
- The out-of-pocket maximum is the absolute most an insured will pay for covered, in-network services in a policy year.
- Once the out-of-pocket limit is reached, the insurance company pays 100% of all subsequent covered costs.
- Deductibles, coinsurance, and copayments for covered services are the three costs that count toward meeting the maximum.
- A critical exam trap is knowing what does NOT count: monthly premiums, non-covered services, and out-of-network charges.
- The terms "out-of-pocket maximum" and "stop-loss provision" are often used interchangeably on the exam to refer to the insured's spending cap.
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.
In this episode you will learn:
- How comprehensive major medical plans simplified insurance by combining basic and major medical coverage into a single policy.
- The function of the single, unified deductible that replaced the older, more confusing corridor deductible system.
- How a unified coinsurance percentage applies to most expenses after the deductible is met.
- The common exam trap of "first-dollar coverage" for preventive care, even when a main deductible exists.
- Why these plans offer broad protection against catastrophic loss through high maximum benefits and wide-ranging coverage.
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.
In this episode you will learn:
- Major Medical policies provide broad coverage with high limits and are the most tested health policy type.
- The correct calculation order for a claim is: total bill, minus the calendar-year deductible, then apply the coinsurance percentage.
- The out-of-pocket maximum, also known as the stop-loss provision, is the absolute most an insured will pay for covered costs in a year.
- Exam questions frequently test your ability to calculate the final amounts paid by both the insurer and the insured.
- A corridor deductible is a unique feature of supplemental major medical plans, paid by the insured after a base plan's benefits are exhausted but before the major medical plan pays.
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.
In this episode you will learn:
- That Basic Medical Expense policies provide 'first-dollar' coverage, meaning they pay benefits from the start without an annual deductible.
- The critical difference between a per-cause deductible, found in Basic plans, and the annual deductible used in Major Medical policies.
- The three core components of Basic Medical insurance: Hospital Expense, Surgical Expense (using a fixed surgical schedule), and Physicians' Expense.
- That Basic policies are defined by their limited, specified benefit amounts, contrasting with the high limits and broad coverage of Major Medical.
- How surgical benefits are paid under a 'surgical schedule' with fixed dollar amounts, which is a key distinction from the 'usual, customary, and reasonable' approach in Major Medical plans.
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.
In this episode you will learn:
- The difference between a per-cause and a calendar-year deductible and how it impacts out-of-pocket costs.
- How individual and family deductibles, including embedded deductibles, are applied on the exam.
- The function of a fixed-dollar copayment and its relationship to the deductible.
- How to calculate the insured's responsibility using a percentage-based coinsurance provision after the deductible is met.
- The correct order of applying deductibles and coinsurance to determine the total out-of-pocket expense in a claims scenario.
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.
In this episode you will learn:
- Indemnity plans, or fee-for-service, provide maximum provider choice and operate on a reimbursement basis.
- Managed care plans, like HMOs and PPOs, use provider networks to control costs and lower premiums.
- HMOs utilize a Primary Care Physician (PCP) as a gatekeeper, requiring referrals for specialist care.
- PPOs offer the flexibility to go out-of-network for care, but at a higher out-of-pocket cost to the member.
- Exam questions frequently test the fundamental trade-off between the freedom of an indemnity plan and the cost-containment of a managed care plan.
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.
In this episode you will learn:
- The absolute guarantee of a Noncancellable policy: no cancellation and no premium increases.
- The key difference in Guaranteed Renewable policies: renewal is guaranteed but premiums can increase by class.
- How Conditionally Renewable policies allow non-renewal only for specific, non-health related reasons.
- The insurer's right to non-renew for any reason on an anniversary date with Optionally Renewable policies.
- A simple mnemonic to remember the hierarchy of renewability provisions for the exam.
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.
In this episode you will learn:
- The critical difference between reimbursement (commercial) and service (BCBS, HMO) models.
- How HMOs use gatekeepers (PCPs), networks, and capitation to manage care.
- Why Blue Cross Blue Shield plans are considered service providers that pay doctors directly.
- The number one exam trap: self-insured employer plans are regulated by federal ERISA, not the state.
- How to identify the type of insurer based on how medical claims are paid and managed.
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.
In this episode you will learn:
- Individual underwriting focuses on a single person's health, while group underwriting assesses the collective risk of the entire group.
- Experience rating for group plans bases premiums on the group's past claims history.
- Community rating for individual plans sets premiums based on geographical area, not personal health.
- Group insurance naturally minimizes adverse selection because the group exists for reasons other than seeking insurance.
- In a group plan, the employer holds the master policy, while the employee receives a certificate of insurance.
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.
In this episode you will learn:
- Health insurance addresses four key losses: medical expenses, disability income, accidental death, and long-term care needs.
- The crucial exam distinction between Medical Expense insurance, which pays for care, and Disability Income insurance, which replaces lost wages.
- A peril is the direct cause of loss in health insurance, which is limited to either sickness or accidental injury.
- A hazard is a condition that increases the chance of a peril occurring and can be categorized as physical, moral, or morale.
- How to recognize common exam traps that test your ability to differentiate between loss of income and medical expense coverage in a given scenario.
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:
• Distinguish 401(k) plans by their use in the private sector and their reliance on employee salary deferrals.
• Identify 403(b) plans as Tax-Sheltered Annuities specifically designed for nonprofit and public school employees.
• Recognize SEP IRAs as employer-funded plans allowing up to 25 percent of compensation for small businesses.
• Apply the 100-employee limit to identify SIMPLE IRAs and their requirement for mandatory employer contributions.
• Watch for exam traps regarding the 10 percent early withdrawal penalty and the distinction between employee and employer-funded plans.
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 fundamental tax differences between Traditional tax-deferred IRAs and Roth tax-free IRAs.
• The 2025 annual contribution limits of $7,000 and the $1,000 catch-up provision for individuals aged 50 and older.
• How to identify "qualified distributions" for Roth IRAs including the five-year rule and age requirements.
• The rules governing Required Minimum Distributions and how they differ between Traditional and Roth structures.
• Key exceptions to the ten percent early withdrawal penalty that frequently appear on the national insurance exam.
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:
• Qualified plans must comply with ERISA and IRS non-discrimination rules to ensure benefits are available to all eligible employees.
• Non-qualified plans allow employers to selectively choose participants and are often used as executive compensation tools.
• Employer contributions to qualified plans are immediately tax-deductible as a business expense.
• Non-qualified plans do not provide an immediate tax deduction for the employer until the employee receives the benefit.
• Qualified plans require formal IRS approval and have strict vesting and participation requirements that non-qualified plans lack.
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 transfer-for-value rule converts income tax-free death benefits into taxable income.
• The calculation formula for determining the taxable gain when a policy is sold for value.
• The five specific business exceptions including transfers to the insured or their partners.
• Why transfers to corporations where the insured is an officer or shareholder remain tax-free.
• The distinction between a sale for consideration and a gift regarding carryover basis.
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 LIFO taxation dictates that interest and earnings are withdrawn and taxed first in non-qualified annuities.
• The application of the exclusion ratio during the annuitization phase to separate taxable interest from tax-free principal.
• Why withdrawals before age 59.5 trigger a 10% penalty specifically on the taxable earnings portion.
• The distinction between non-qualified annuities and qualified plans regarding the taxation of the cost basis.
• How to identify exam traps involving corporate-owned annuities and the total recovery of principal.
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 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
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