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/
95episodes
Episodes
Newest firstAll episodes
Property & Casualty Exam Prep 32, Personal Auto Physical Damage
Jul 400:02:51Tap 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: - Collision coverage applies to the upset (rollover) of your vehicle or its impact with another vehicle or object. - Other-Than-Collision (Comprehensive) covers perils like theft, hail, flood, vandalism, and contact with an animal. - Hitting a deer is an Other-Than-Collision claim, but swerving to miss a deer and hitting a tree is a Collision claim; a frequent exam trap. - Transportation Expenses coverage has a waiting period: 24 hours for most physical damage losses and 48 hours for theft. - Specified Perils coverage is a limited, named-peril alternative to the broader Other-Than-Collision 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
Transcribe →Property & Casualty Exam Prep 31, Uninsured and Underinsured Motorist Coverage
Jul 300:03:49Tap 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: - Uninsured Motorist (UM) coverage applies when the at-fault driver has no insurance or is a hit-and-run driver. - Underinsured Motorist (UIM) coverage is triggered when the at-fault driver has insurance, but not enough to cover your bodily injury damages. - The primary focus of UM/UIM coverage on the exam is bodily injury (medical bills, lost wages), not property damage to your vehicle. - UM/UIM is first-party coverage that protects you, the insured, whereas liability coverage protects the at-fault driver by paying for damages to others. - A key exam trap is the UIM payout calculation; it typically pays the difference between your total damages and the at-fault driver's liability payment, up to your UIM policy limit. 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 30, Personal Auto Medical Payments and PIP
Jul 200:03:14Tap 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: - Medical Payments (MedPay) covers medical and funeral expenses for you and your passengers, regardless of fault. - Personal Injury Protection (PIP) is broader than MedPay, adding coverage for lost wages and essential services. - MedPay and PIP are "no-fault" coverages, while Bodily Injury Liability only pays when you are at-fault. - Your Bodily Injury Liability covers injuries to others; MedPay and PIP cover injuries to yourself and those in your car. - A key distinction of no-fault systems is that they restrict the right to sue the at-fault party for injuries unless certain thresholds are met. 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 29, Personal Auto Liability Coverage
Jul 100:02:55Tap 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 A Liability coverage pays for bodily injury and property damage caused to others, never for the insured's own damages. - Who is considered an "insured," including the named insured, resident family members, and those with permissive use. - How to interpret split limits (e.g., 25/50/25) for per-person bodily injury, per-accident bodily injury, and per-accident property damage. - That permissive use can be voided if the vehicle is used for business or by an excluded driver. - That defense costs and supplementary payments, like for bail bonds, are paid in addition to the policy's liability 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
Transcribe →Property & Casualty Exam Prep 28, Personal Auto Policy Overview
Jun 3000:03:05Tap 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 definition of "your covered auto" is broader than just the vehicle on the Declarations page. - Newly acquired autos have specific, strict reporting deadlines, often 14 days, to secure coverage. - Vehicle eligibility for a Personal Auto Policy is limited to private passenger vehicles under 10,000 pounds not used for most business purposes. - A "temporary substitute" vehicle is used when your car is out of service, distinct from a "non-owned" borrowed vehicle. - Liability coverage for trailers you own is automatically included, but physical damage coverage typically is not. 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 27, Earthquake, Windstorm, Watercraft, and Mobile Home Coverage
Jun 2900:03:48Tap 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: - Why standard policies exclude catastrophic risks like earthquakes and windstorms in certain areas. - How the earthquake endorsement defines a single occurrence (a 72-hour period) and uses high-percentage deductibles. - The specific, limited coverage for watercraft in a standard homeowners policy, typically $1,500 for property damage. - Why mobile homes require a specialized insurance policy due to their unique construction and risk profile. - That farm properties and operations are excluded from homeowners policies because they are considered a business risk. 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 26, National Flood Insurance Program Basics
Jun 2800:03:09Tap 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: - Why standard homeowners policies exclude flood damage and the purpose of the National Flood Insurance Program (NFIP). - The critical distinction between building coverage for the structure and contents coverage for personal belongings. - The standard 30-day waiting period for an NFIP policy to become effective and its common exceptions. - The concept of Special Flood Hazard Areas (SFHAs) and the mandatory insurance purchase requirement. - Common exam traps, such as the limited coverage for personal property in basements. 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 25, Personal Articles, Inland Marine, and Floaters
Jun 2700:03:36Tap 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: - Why Inland Marine insurance exists to cover movable property, filling a gap left by standard fixed-location policies. - How a Personal Articles Floater provides broad, open-peril coverage for scheduled valuables like jewelry and cameras. - The distinction between personal floaters and commercial floaters, such as a Contractor's Equipment Floater. - What transit coverage is and how it protects property being transported from one location to another. - The definition of a bailee and how a Bailee's Customer Policy covers customer goods in their temporary possession.
Transcribe →Property & Casualty Exam Prep 24, Dwelling Policy Perils and Loss Settlement
Jun 2600:03:20Tap 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 the DP-1 is a basic, named-peril policy that pays all claims on an Actual Cash Value basis. - How the DP-2 broadens coverage with more named perils and introduces Replacement Cost for the dwelling. - Why the DP-3 offers superior open-peril coverage for the dwelling but retains named-peril coverage for personal property. - That theft of personal property is not a standard peril on any Dwelling Policy form and must be added by endorsement. - How the 80% coinsurance rule is critical for receiving Replacement Cost settlement on the DP-2 and DP-3. 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 23, Dwelling Policies DP-1, DP-2, and DP-3
Jun 2500:03:16Tap 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: - Dwelling policies are primarily for non-owner-occupied properties like rentals, whereas homeowners policies are for owner-occupied residences. - The DP-1 (Basic Form) is a named peril policy that settles losses on an Actual Cash Value (ACV) basis. - The DP-2 (Broad Form) covers more named perils than the DP-1 and upgrades building coverage to a Replacement Cost basis. - The DP-3 (Special Form) provides open peril (all-risk) coverage for the dwelling structure but retains named peril coverage for personal property. - Liability and theft are not standard coverages in any dwelling policy and must be added by endorsement. 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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