Insurance Exam Prep
byRan Chen, EA, CFP®
BusinessEducationCourses
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 Pre...
Episodes(40 episodes)
[Health Insurance] 46, Medicaid Eligibility and 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:
- That Medicaid is a means-tested, joint federal-state program for low-income individuals, unlike the federally-run Medicare program.
- How to use the mnemonic 'Medic-AID for financial aid' to avoid common exam traps confusing Medicaid with Medicare.
- That the enhanced Federal Medical Assistance Percentage (FMAP) for new expansion states is set to s...
Published: May 12, 2026Duration: 2m 54s
[Health Insurance] 45, Medicare Enrollment Periods and Late Enrollment Penalties
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 7-month window for the Initial Enrollment Period and how enrollment timing affects the coverage start date.
- The specific dates for the General Enrollment Period (Jan 1 - Mar 31) and its fixed coverage start date of July 1.
- How a Special Enrollment Period is triggered by the loss of active employer c...
Published: May 11, 2026Duration: 3m 12s
[Health Insurance] 44, Medicare Supplement Medigap Policies
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:
- That Medigap policies are standardized private plans (A-N) designed to supplement Original Medicare Parts A and B.
- The six-month open enrollment period, which starts when an individual is 65 or older and enrolled in Part B, guarantees the right to buy any Medigap policy without medical underwriting.
- It is illegal f...
Published: May 10, 2026Duration: 3m 4s
[Health Insurance] 43, Medicare Part D Prescription Drug Coverage
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 2026 Medicare Part D out-of-pocket maximum is now capped at $2,100.
- The infamous "Donut Hole" or coverage gap has been eliminated under the Inflation Reduction Act.
- Part D benefits are now structured in three simple phases: Deductible, Initial Coverage, and Catastrophic Coverage.
- Once a beneficiary enters the catastrophic coverage p...
Published: May 9, 2026Duration: 3m 2s
[Health Insurance] 42, Medicare Part C Medicare Advantage 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:
- That Medicare Part C (Advantage) is a private insurance alternative for receiving Part A and B benefits, not an additional layer of coverage.
- Advantage plans must provide benefits at least equivalent to Original Medicare, but can offer extra coverage like dental, vision, or hearing.
- The key differences between plan t...
Published: May 8, 2026Duration: 2m 58s
[Health Insurance] 41, Medicare Part B Medical 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:
- Medicare Part B provides coverage for medically necessary outpatient services, physician visits, and durable medical equipment.
- The standard Part B monthly premium for 2026 is $202.90, with an annual deductible of $283.
- After the annual deductible is met, Part B follows an 80/20 coinsurance model for most covered services.
- Key exam-tested exclusions f...
Published: May 7, 2026Duration: 2m 45s
[Health Insurance] 40, Medicare Part A Hospital 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:
- Medicare Part A provides coverage for inpatient hospital stays, skilled nursing facilities, home health, and hospice care.
- The Part A deductible is applied per 'benefit period,' not annually, which can lead to multiple deductibles in one year.
- Cost-sharing includes a deductible for the first 60 days, followed by significant d...
Published: May 6, 2026Duration: 2m 41s
[Health Insurance] 39, Medicare Overview and Eligibility
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 four main eligibility pathways for Medicare: age 65, receiving SSDI for 24 months, End-Stage Renal Disease (ESRD), and ALS.
- The difference between Medicare Part A (Hospital Insurance) and Part B (Medical Insurance), focusing on enrollment and premium requirements.
- How to calculate the 7-month Initial Enrollment Period (IEP) for an individual t...
Published: May 5, 2026Duration: 3m 16s
[Health Insurance] 38, LTC Partnership Programs and Consumer Protections
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:
- Partnership for Long-Term Care Programs allow individuals to protect assets from Medicaid spend-down requirements on a dollar-for-dollar basis.
- To be partnership-qualified, LTC policies must be tax-qualified and include specific, age-based inflation protection.
- The NAIC Model Act provides critical consumer protections for LTC policies, including that they must be guaranteed r...
Published: May 4, 2026Duration: 3m 54s
[Health Insurance] 37, Tax-Qualified vs Non-Tax-Qualified LTC Policies
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:
- Tax-Qualified (TQ) LTC policies provide federal tax advantages, including generally tax-free benefits and premiums that are partially deductible based on age.
- To be considered Tax-Qualified, a policy must follow strict HIPAA standards, typically requiring the inability to perform at least two of the six Activities of Daily Living (ADLs).
- N...
Published: May 3, 2026Duration: 1m 45s
[Health Insurance] 36, LTC Elimination Period Benefit Period and Inflation Protection
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 LTC elimination period is a time-based deductible, and a longer period will lower the policy's premium.
- The benefit period is the maximum duration for which the policy pays, and a longer period increases the premium.
- Inflation protection is a vital LTC feature to ensure benefits keep pace with t...
Published: May 2, 2026Duration: 2m 57s
[Health Insurance] 35, Benefit Triggers and Activities of Daily Living
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 two primary triggers for activating benefits in a tax-qualified long-term care policy.
- That an insured must be unable to perform exactly two of the six Activities of Daily Living (ADLs).
- The six official ADLs are: Bathing, Dressing, Toileting, Transferring, Continence, and Eating.
- How to spot common exam t...
Published: May 1, 2026Duration: 3m 39s
[Health Insurance] 34, Long-Term Care Insurance Fundamentals
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:
- That standard health insurance and Medicare do not cover long-term custodial care, creating the need for LTC insurance.
- The distinction between the three levels of care: Skilled (24/7 medical professional), Intermediate (intermittent skilled care), and Custodial (help with ADLs).
- Why custodial care, assistance with Activities of Daily Living like bathing a...
Published: Apr 30, 2026Duration: 3m 6s
[Health Insurance] 33, Business Uses of Disability 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:
- Business Overhead Expense (BOE) insurance covers fixed costs like rent and employee salaries, but explicitly excludes the owner's salary.
- BOE policy premiums are tax-deductible as a business expense, but the benefits received are considered taxable income to the business.
- Key Person Disability insurance protects a business from the financial l...
Published: Apr 29, 2026Duration: 3m 3s
[Health Insurance] 32, Disability Income Riders and Additional 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:
- The COLA rider adjusts disability benefits for inflation, but only after a claim has been paid for a specified period, typically one year.
- The Future Increase Option rider allows you to buy more coverage in the future as your income rises, without needing to prove good health.
- The Return o...
Published: Apr 28, 2026Duration: 3m 39s
[Health Insurance] 31, Residual and Partial 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:
- Residual disability benefits are triggered by a loss of income, with payments proportional to the percentage of earnings lost.
- Partial disability benefits are paid when an insured can perform some, but not all, of their essential job duties, often for a flat percentage and a limited time.
- The exam t...
Published: Apr 27, 2026Duration: 3m 8s
[Health Insurance] 30, Elimination Period and Benefit Period for Disability
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 elimination period in disability insurance acts as a time-based deductible before benefits are paid.
- A longer elimination period decreases the policy premium, while a shorter period increases it.
- The benefit period is the maximum duration for which disability benefits will be paid.
- A longer benefit period increases t...
Published: Apr 26, 2026Duration: 3m 2s
[Health Insurance] 29, Own Occupation vs Any Occupation Definition of Disability
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 definition of "own occupation" disability and why it's most favorable to the insured.
- The more restrictive definition of "any occupation" disability and how it limits benefit eligibility.
- How "modified own occupation" policies create a common exam trap.
- Why many policies switch from an "own occupation" to an "a...
Published: Apr 25, 2026Duration: 3m 15s
[Health Insurance] 28, Short-Term vs Long-Term Disability 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 key differences in elimination and benefit periods between Short-Term Disability (STD) and Long-Term Disability (LTD) insurance.
- How STD and LTD policies are designed to coordinate, preventing gaps in coverage for a disabled individual.
- The critical distinction between an elimination period (a per-disability waiting period) and a probationary period (a...
Published: Apr 24, 2026Duration: 3m 40s
[Health Insurance] 27, Disability Income Insurance Fundamentals
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:
- Why disability income benefits are limited to 60-70% of pre-disability earnings.
- The critical difference between the 'own occupation' and 'any occupation' definitions of total disability.
- How exam questions test your understanding of which disability definition is more favorable to the insured.
- The distinction between a partial disability benefit a...
Published: Apr 23, 2026Duration: 3m 12s