Free Daily Podcast Summary
Insurance Exam Prep: Daily Summaries Delivered
by Ran Chen, EA, CFP
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/
Latest Episodes
The most recent episodes — sign up to get AI-powered summaries of each one.
- Today3 min
Property & Casualty Exam Prep 2, Law of Large Numbers and Insurable Risk
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 the Law of Large Numbers allows insurers to accurately predict future losses. - The six essential elements of an insurable risk, remembered by the mnemonic CANHAM. - Why catastrophic events, such as wars or nuclear incidents, are typically excluded from insurance policies. - The critical difference between pure risk, which is insurable, and speculative risk, which is not. - How insurers use the underwriting process to combat the effects of adverse selection. 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
- Yesterday3 min
Property & Casualty Exam Prep 1, Risk, Peril, Hazard, and Loss
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: - Risk is the uncertainty of loss; only pure risk (loss or no loss) is insurable, not speculative risk (chance of gain or loss). - A peril is the direct cause of a loss, such as fire or wind. - A hazard increases the chance of a loss and can be physical (icy roads), moral (dishonesty), or morale (carelessness). - A direct loss is the physical damage itself, while an indirect loss is the financial consequence, like lost income. - Exam questions often use homeowner, auto, and commercial scenarios to test the distinctions between these core concepts. 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
- 2 days ago3 min
[Health Insurance] 67, Tax Treatment of LTC Insurance and HSA Distributions
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: - Premiums for tax-qualified LTC insurance can be partially deducted based on the policyholder's age. - Benefits from a tax-qualified LTC policy are received income-tax-free, but only up to a federally set per diem limit. - HSA distributions used for qualified medical expenses are always free from both income tax and penalties. - Using HSA funds for non-qualified expenses before age 65 results in the withdrawal being subject to both income tax and a 20% penalty. - For individuals age 65 and older, the 20% penalty on non-qualified HSA distributions is waived, though the amount is still subject to ordinary income tax. 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
- 3 days ago3 min
[Health Insurance] 66, Tax Treatment of Employer-Provided Health Insurance and Disability 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: - Employer-paid group health insurance premiums are a deductible business expense, and the benefit is tax-free to the employee. - The core rule for group disability insurance: the tax treatment of the premium determines the taxability of the benefit. - Why benefits from a non-contributory (100% employer-paid) disability plan are fully taxable to the employee. - How benefits from a disability plan paid entirely by an employee with after-tax dollars are received completely tax-free. - How to calculate the taxable portion of disability benefits in a contributory plan where costs are shared between the employer and employee. 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
- 4 days ago2 min
[Health Insurance] 65, Tax Treatment of Individual Health Insurance Premiums
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: - Self-employed individuals can take an above-the-line deduction for health insurance premiums, up to the net profit of the business. - Employees paying for individual policies with after-tax dollars can only deduct premiums as an itemized medical expense. - The itemized deduction for medical expenses is only for costs that exceed 7.5% of Adjusted Gross Income (AGI). - Marketplace plans may offer a Premium Tax Credit to lower costs, which is a credit and not a deduction. - COBRA premiums are treated as a standard medical expense, subject to the 7.5% AGI floor, with no special tax treatment. 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
- 5 days ago2 min
[Health Insurance] 64, Dental and Vision Insurance Plans
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: - Dental services are categorized as preventive (100% coverage), basic (around 80% coverage), and major (around 50% coverage). - Dental plans have an annual maximum benefit that resets each year, typically between $1,000 and $2,000. - Orthodontic coverage is subject to a lifetime maximum limit, which does not renew annually. - Waiting periods often apply to basic (3-6 months) and major (up to 12 months) dental services to prevent adverse selection. - Vision insurance primarily offers allowances, which are set dollar amounts for materials like frames and lenses. 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
- 6 days ago3 min
[Health Insurance] 63, Critical Illness and Hospital Indemnity Plans
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: - Critical Illness insurance pays a one-time, lump-sum cash benefit directly to you upon diagnosis of a covered condition like cancer or a stroke. - Hospital Indemnity insurance pays a fixed daily or weekly amount directly to you for each day you are confined in a hospital. - Benefits from both plans are paid regardless of, and in addition to, any other major medical insurance you have. - These are considered 'stated amount' or 'valued' policies, not 'reimbursement' policies; the payout is a fixed amount, not based on actual medical bills. - A common exam trap is confusing these policies with disability income insurance, which replaces lost wages, not costs associated with a specific health event. 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
- 1 weeks ago3 min
[Health Insurance] 62, Accidental Death and Dismemberment Insurance
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 the Principal Sum (for accidental death) and the Capital Sum (for dismemberment). - Why AD&D will not pay for a death caused by a sickness, like a heart attack, even if it results in an accident. - How the 90-day time limit between the accident and the loss is a critical factor for a claim to be paid. - The key distinction between a standalone AD&D policy and a double indemnity rider on a life insurance policy. - Common policy exclusions such as suicide, war, commission of a felony, and intoxication. 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
About Insurance Exam Prep
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/
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Frequently Asked Questions
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