Podcast
Insurance Exam Prep
Hosted by Ran Chen, EA, CFP® · EN
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/
94episodes
Episodes
Newest firstAll episodes
Property & Casualty Exam Prep 61, Producer Licensing and Appointments
2w ago00:04:26Tap to summarizeThis 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: - A producer must be licensed and then appointed by an insurer to sell insurance products. - Lines of authority are broad categories of insurance, not specific products. - Business entities need one Designated Responsible Producer (DRP) for compliance. - Nonresident licenses are granted based on reciprocity, and home state continuing education is typically sufficient. - Producers must report all administrative actions and criminal convictions to the insurance department within 30 days. 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
Transcribe →Property & Casualty Exam Prep 60, Producer Authority and Agency Law
2w ago00:03:33Tap to summarizeThis 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 roles of the insurer, producer, applicant, and insured in an insurance transaction. - The difference between express authority (written), implied authority (necessary), and apparent authority (perceived by the public). - How a producer's actions under apparent authority can legally bind the insurer, even if unauthorized. - A producer's fiduciary duties, including the strict prohibition against commingling premium funds. - Common exam traps that test the distinctions between the three types of agent authority. 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
Transcribe →Property & Casualty Exam Prep 59, Terrorism Risk Insurance Act
2w ago00:03:13Tap to summarizeThis 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 TRIA acts as a federal financial backstop for commercial insurers. - The definition and importance of a "certified act of terrorism." - The key role of the Secretary of the Treasury in the certification process. - Why insurers are required to offer terrorism coverage and how clients can reject it. - Common exam traps, such as the distinction between commercial and personal lines for TRIA. 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
Transcribe →Property & Casualty Exam Prep 58, Cyber Liability and Data Breach Coverage
2w ago00:02:37Tap to summarizeThis 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 to differentiate first-party cyber coverage, which covers your direct costs, from third-party coverage, which covers your liability to others. - To identify key first-party coverages such as data breach notification costs, cyber extortion, and funds transfer fraud. - That third-party coverage responds to lawsuits and legal claims from customers or partners harmed by your security failure. - How cyber business interruption coverage mirrors traditional Business Income coverage, but the triggering peril is a cyber event instead of physical damage. - That standard Commercial General Liability (CGL) policies typically exclude cyber risks, making standalone cyber liability policies essential. 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
Transcribe →Property & Casualty Exam Prep 57, Farm, Crop, and Livestock Coverage
2w ago00:03:33Tap to summarizeThis 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 farm policies are hybrid policies combining personal homeowners-style coverage with commercial coverage. - How farm structures like barns (Coverage G) are insured separately from private structures like a personal garage (Coverage B). - The difference between scheduled farm property for specific items (Coverage E) and unscheduled blanket coverage for general items (Coverage F). - That farm liability covers both personal risks (a guest tripping in the house) and commercial farm operations (a cow causing a car accident). - Why growing crops are excluded from standard farm policies and require separate Crop-Hail or federal Multi-Peril Crop Insurance (MPCI). 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
Transcribe →Property & Casualty Exam Prep 56, Ocean Marine and Inland Marine
2w ago00:03:04Tap to summarizeThis 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: - Ocean Marine insurance has four key coverages for sea transit: Hull, Cargo, Freight, and Protection & Indemnity (P&I). - Inland Marine insurance covers property that is mobile or in transit over land, not necessarily related to water. - A common exam trap is the name "Inland Marine"; it primarily concerns mobile property and transportation risks, not boats on lakes. - Bailee's policies are a type of Inland Marine coverage protecting businesses with temporary custody of customer property, like repair shops. - Commercial Floaters, like the Contractors Equipment Floater, are Inland Marine policies that cover property that moves between locations. 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
Transcribe →Property & Casualty Exam Prep 55, Surety and Fidelity Bonds
2w ago00:03:18Tap to summarizeThis 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 three parties to a surety bond: the principal, obligee, and surety. - How a surety bond guarantees the performance of the principal for the benefit of the obligee. - Why the principal must indemnify the surety for any losses paid under a surety bond. - How a fidelity bond protects a business from the dishonest acts of its employees. - The key differences in how claims are handled between surety and fidelity bonds. 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
Transcribe →Property & Casualty Exam Prep 54, Crime Insurance Basics
3w ago00:03:26Tap to summarizeThis 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 burglary (forced entry into a premises) and robbery (theft from a person by force or threat). - Why 'theft' is the broadest term for any act of stealing and is an important distinction for exam questions. - How Employee Dishonesty coverage, also known as a fidelity bond, specifically protects an employer from fraudulent acts by its own employees. - The distinction between Computer Fraud (using a computer to steal) and Funds Transfer Fraud (tricking a financial institution into wiring money). - How Forgery or Alteration coverage applies to the fraudulent signing or changing of financial instruments like checks and drafts. 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
Transcribe →Property & Casualty Exam Prep 53, Workers Compensation Premiums and Classification
3w ago00:02:42Tap to summarizeThis 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 workers' comp premium is based on payroll per $100, which is then multiplied by a specific job classification rate. - How the Experience Modification Rate (EMR) acts as a multiplier, rewarding safer companies with lower premiums and penalizing riskier ones. - Why a final premium audit is conducted to reconcile estimated payroll with actual payroll, which can result in additional premiums or a refund. - The exam trap that an employee's entire payroll may be assigned to a high-risk classification, even if they only perform those hazardous duties part-time. - How businesses become liable for covering uninsured subcontractors, requiring the inclusion of the subcontractor's payroll in their own premium calculations. 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
Transcribe →Property & Casualty Exam Prep 52, Workers Compensation Policy Parts
3w ago00:03:28Tap to summarizeThis 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: - Part One provides statutory, unlimited benefits as required by state law. - Part Two covers employer lawsuits and has specific policy limits. - Other States Insurance applies to incidental exposures in listed states, excluding monopolistic ones. - Voluntary Compensation endorsements cover employees who are exempt from mandatory coverage. - Why benefits under Part One are dictated by law, while Part Two liability coverage requires limits. 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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