Episodes

  • Life Insurance Exam [National] 13 – Law of Large Numbers Explained

    Life Insurance Exam [National] 13 – Law of Large Numbers Explained
    Jan 19 2026
    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 Law of Large Numbers converts individual uncertainty into group predictability. • The requirement for homogeneous exposure units and how it relates to underwriting. • Why the margin of error decreases as the size of the insured group increases. • The distinction between predicting group loss frequency versus individual mortality. • How this principle provides the mathematical foundation for setting insurance premiums. 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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    4 mins
  • Life Insurance Exam [National] 12 – Risk Management and Types of Risk Explained

    Life Insurance Exam [National] 12 – Risk Management and Types of Risk Explained
    Jan 18 2026
    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. \n\nIn this episode you will learn: \n• The critical distinction between insurable pure risks and uninsurable speculative risks \n• How to apply the STARR acronym to identify Sharing, Transfer, Avoidance, Retention, and Reduction \n• Why insurance is fundamentally defined as the transfer of risk from an individual to an insurer \n• How to correctly identify deductibles and self-insurance as forms of risk retention \n• Common exam traps regarding situational examples of risk reduction and avoidance \n\nFor 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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    5 mins
  • Life Insurance Exam [National] 11 – Insurance Fraud Explained

    Life Insurance Exam [National] 11 – Insurance Fraud Explained
    Jan 17 2026
    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 to distinguish between material misrepresentation and simple mistakes using the intent standard. • The critical difference between twisting across companies and churning within the same company. • Why misappropriation refers specifically to an agent failing to remit premium funds to the insurer. • The regulatory role of State Insurance Fraud Bureaus and mandatory reporting timeframes. • The severe criminal and administrative penalties including license revocation and felony charges for fraud. 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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    4 mins
  • Life Insurance Exam [National] 10 – Insurance Guaranty Associations Explained

    Life Insurance Exam [National] 10 – Insurance Guaranty Associations Explained
    Jan 16 2026
    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: • Only admitted insurers are required to be members of state guaranty associations. • Funding is derived from assessments on solvent member insurers rather than taxpayers. • It is a prohibited trade practice to use the association’s existence as a sales inducement. • Coverage is capped at specific limits for death benefits and cash values. • Investment risks in variable products and surplus lines policies are typically excluded. 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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    4 mins
  • Life Insurance Exam [National] 09 – Free Look Period Provisions Explained

    Life Insurance Exam [National] 09 – Free Look Period Provisions Explained
    Jan 15 2026
    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 Life Insurance Exam. In this episode you will learn: • The specific trigger event that starts the free look countdown. • The mandatory full refund requirements for returned policies. • Differences in timeframe for standard versus replacement policies. • Special protections and longer periods provided to senior citizens and annuity owners. • How coverage remains active and benefits are payable during the review window. 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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    4 mins
  • Life Insurance Exam [National] 08 – Policy Replacement Regulations Explained

    Life Insurance Exam [National] 08 – Policy Replacement Regulations Explained
    Jan 14 2026
    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 replacement is defined including policy loans and value reductions • The mandatory timing for the Notice to Applicant Regarding Replacement form • The impact of replacement on contestability and suicide clause periods • The duties of the replacing insurer and the conservation rights of the existing insurer • Why replacement policies carry an extended free-look period for consumer protection 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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    4 mins
  • Life Insurance Exam [National] 07 – Unfair Claims Settlement Practices Explained

    Life Insurance Exam [National] 07 – Unfair Claims Settlement Practices Explained
    Jan 13 2026
    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 real estate exam. In this episode you will learn: • How to identify the misrepresentation of policy provisions designed to avoid paying valid claims. • The legal requirements for insurers to acknowledge and respond to claim communications promptly. • Why denying a claim without a thorough and documented investigation is an unfair trade practice. • The definition of compelling litigation and how lowball settlement offers trigger regulatory violations. • The necessity of providing clear and specific explanations for every claim denial issued to a beneficiary. 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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    5 mins
  • Life Insurance Exam [National] 06 – Unfair Trade Practices Explained

    Life Insurance Exam [National] 06 – Unfair Trade Practices Explained
    Jan 12 2026
    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 Life Insurance Exam. In this episode you will learn: • The critical differences between twisting and churning for replacement scenarios. • How to identify misrepresentation and defamation in exam-style vignettes. • The legal definition of rebating and prohibited inducements. • Why actuarial discrimination is legal while unfair discrimination is prohibited. • The regulatory consequences of violating the NAIC Model Law. 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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    4 mins