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/
98episodes
Episodes
Newest firstAll episodes
Property & Casualty Exam Prep 15, Types of Liability
Jun 1700:02:59Tap 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: - Absolute liability applies to inherently dangerous activities, and no proof of fault is required. - Strict liability is specifically for defective products that cause harm, regardless of the manufacturer's negligence. - Vicarious liability holds one party responsible for another's actions, such as an employer for an employee. - Professional liability (E&O) covers negligence related to professional services and advice, distinct from general liability. - A key exam trap is distinguishing between absolute liability (hazardous actions) and strict liability (defective stuff). 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 14, Negligence and Liability Basics
Jun 1600:03:14Tap 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: - The four essential elements of negligence: duty, breach, causation, and damages. - How causation is a two-part test of both actual cause and proximate (foreseeable) cause. - The difference between contributory negligence, an all-or-nothing rule, and comparative negligence, which reduces recovery based on fault. - How to calculate liability payments in a comparative negligence scenario. - The definition of the assumption of risk defense and when it applies to a liability claim.
Transcribe →Property & Casualty Exam Prep 13, Appraisal, Arbitration, and Assignment
Jun 1500:03:32Tap 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 precise difference between appraisal (for disputes over loss amount) and arbitration (for disputes over coverage). - Why the appraisal process involves two appraisers and an umpire to reach a binding decision on value. - The critical rule of assignment: a policy cannot be transferred to another person without the insurer's written consent. - How a mortgagee or loss payee's right to a claim payment is fundamentally different from a full policy assignment. - Common exam traps, such as confusing loss payee rights with assignment or using appraisal for coverage disputes. 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 12, Other Insurance and Subrogation
Jun 1400:03:29Tap 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 'Other Insurance' clause prevents an insured from profiting from a loss by ensuring multiple policies share the cost proportionally. - Primary coverage pays first up to its limit, while excess coverage only pays after the primary policy's limits are completely exhausted. - Subrogation is the insurer's right to sue the at-fault party to recover the amount it paid for a claim, which prevents the insured from collecting twice for the same loss. - An insured has a duty to protect the insurer's subrogation rights and cannot waive them or otherwise impair recovery after a loss has occurred. - A 'Waiver of Subrogation' is a contractual agreement made before a loss that prevents the insurer from seeking recovery from a specific third party, commonly used in leases. 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 11, Exclusions and Endorsements
Jun 1300:02:43Tap 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: - Exclusions are provisions that narrow coverage by removing specific perils or property from the base policy. - Endorsements are written modifications used to add, remove, or change the terms of a standard insurance contract. - When there is a conflict between the main policy and an endorsement, the endorsement's language always takes precedence. - Exam questions often test how an endorsement can add coverage for a peril that is specifically excluded in the base policy, such as sewer backup. - Scheduled Personal Property Endorsements are used to insure high-value items for their full appraised value, overriding standard sub-limits found in 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
Transcribe →Property & Casualty Exam Prep 10, Conditions, Duties, and Proof of Loss
Jun 1200:03:06Tap 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 giving a prompt Notice of Claim and submitting a formal Proof of Loss. - Why the insured's duty to protect property from further damage is a heavily tested concept. - How the timeline for submitting a Proof of Loss is triggered by the insurer's request, not the date of loss. - That cooperation with the insurer is a mandatory policy condition which can determine if a claim is paid. - A simple mnemonic to remember the five key duties of an insured after a loss: Prompt Notice, Protect Property, Cooperate, Inventory, and Proof of Loss. 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 9, Policy Structure and Declarations
Jun 1100:02:51Tap 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: - The Declarations page personalizes the policy, detailing the "who, what, where, when, and how much." - Exam questions frequently test where to find specific information like named insureds, policy limits, and deductibles (Answer: Declarations). - The Insuring Agreement contains the insurer's core promise to pay for covered losses and defines the perils covered. - Exclusions take away coverage specified in the insuring agreement, while Conditions outline the rules and duties of the insured and insurer. - Use the mnemonic D.I.C.E. (Declarations, Insuring Agreement, Conditions, Exclusions) to recall the main components of an insurance 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
Transcribe →Property & Casualty Exam Prep 8, Binders and Temporary Insurance
Jun 1000:03:19Tap 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 binder is a temporary, legally binding contract providing immediate insurance coverage until a formal policy is issued. - Only agents with 'binding authority' from an insurer can issue a binder, committing the company to the risk. - Binders must contain essential details like the insurer's name, coverage limits, effective date, and covered perils. - A binder is different from a certificate of insurance; a binder provides temporary coverage, while a certificate summarizes an existing policy. - Binders typically last 30-90 days and terminate automatically when the final policy is delivered. 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 7, Deductibles, Limits, and Coinsurance
Jun 900:04:21Tap 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 difference between a per-occurrence limit, which caps a single event, and an aggregate limit, which caps total payments for the policy period. - How sublimits impose lower, specific caps on high-risk property like jewelry, regardless of the overall policy limit. - The purpose of a coinsurance clause is to encourage policyholders to insure their property to an adequate value, typically 80%. - The coinsurance penalty formula: (Insurance Carried ÷ Insurance Required) × Amount of Loss = Insurer's Payment (before deductible). - A critical exam trap is to always subtract the deductible *after* applying any coinsurance penalty, not before. 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 6, Proximate Cause and Concurrent Causation
Jun 800:02:32Tap 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: - Proximate cause is the initial event in an unbroken chain that leads to a loss. - Damage from subsequent events is typically covered if the proximate cause was a covered peril. - Concurrent causation involves both a covered and an excluded peril contributing to a single loss. - Anti-concurrent causation clauses are used by insurers to exclude losses even when a covered peril was involved. - The windstorm-then-flood scenario is a classic exam trap testing your knowledge of these causation rules and exclusions. 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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