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] 26, Misstatement of Age and Other Insurance Provisions

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 Misstatement of Age provision adjusts benefits to what the premium would have purchased at the correct age; it does not void the policy. - Coordination of Benefits (COB) rules determine which plan is primary, ensuring total claim payments do not exceed 100% of the cost. - For dependent children, the 'birthday r...

Published: Apr 22, 2026Duration: 2m 51s

[Health Insurance] 25, Optional Uniform Provisions Overview

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 optional provisions primarily protect the insurer from excess risk and are not required in every policy. - How the Misstatement of Age provision leads to an adjustment of benefits, not policy cancellation, and serves as an exception to the incontestability clause. - Why the Change of Occupation provision allows an i...

Published: Apr 21, 2026Duration: 3m 26s

[Health Insurance] 24, Legal Actions and Change of Beneficiary Provisions

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: - An insured must wait a minimum of 60 days after submitting proof of loss before they can file a lawsuit against the insurer. - The statute of limitations for taking legal action against an insurer is three years from the date proof of loss was required. - A revocable beneficiary, which is t...

Published: Apr 20, 2026Duration: 3m 7s

[Health Insurance] 23, Payment of Claims and Physical Examination

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 claim benefits are paid to the insured, their assignee (like a hospital), or a beneficiary. - The 'facility of payment' clause allows insurers to make small, immediate payments to a relative for final expenses. - Insurers have the right to require a physical exam of the insured while a claim i...

Published: Apr 19, 2026Duration: 2m 47s

[Health Insurance] 22, Proof of Loss and Time of Payment of Claims

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 claimant is required to submit written proof of loss to the insurer within 90 days of the loss. - Insurers must pay claims for periodic payments, such as disability income, immediately upon receiving proof of loss. - For all other types of claims, like medical reimbursements, the insurer must pay promptly a...

Published: Apr 18, 2026Duration: 2m 24s

[Health Insurance] 21, Notice of Claim and Claim Forms Provisions

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 insured must provide a written notice of claim to the insurer within 20 days of a loss, or as soon as reasonably possible. - The 20-day notice period can be extended if circumstances, such as incapacitation, make it not reasonably possible for the insured to comply. - After receiving a notice o...

Published: Apr 17, 2026Duration: 2m 51s

[Health Insurance] 20, Grace Period and Reinstatement Provisions

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 length of the Grace Period is determined by the premium payment mode: 7 days for weekly, 10 for monthly, and 31 for all others. - Coverage remains in force during the Grace Period, but any unpaid premium will be deducted from a claim payment. - Reinstatement is required after a policy lapses and i...

Published: Apr 16, 2026Duration: 3m 34s

[Health Insurance] 19, Entire Contract and Time Limit on Certain Defenses

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 Entire Contract provision consists of the policy, the application, and any attached riders, forming the complete agreement. - Verbal statements or promises made by an agent that are not in the written contract are unenforceable. - The Time Limit on Certain Defenses sets a two-year period for insurers to contest m...

Published: Apr 15, 2026Duration: 3m 59s

[Health Insurance] 18, Mandatory Uniform Provisions Overview

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 all individual health policies must include the 12 mandatory provisions created by the NAIC to protect the insured. - How the exam tests your ability to differentiate between the 12 mandatory provisions and the 11 optional provisions. - The specific timelines for the Grace Period provision, which are 7, 10, or 31 days depending on premium f...

Published: Apr 14, 2026Duration: 3m 13s

[Health Insurance] 17, Provider Reimbursement Methods

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 Fee-for-Service reimbursement incentivizes the quantity of medical services provided. - The core concept of Capitation as a fixed, per-member-per-month payment, shifting financial risk to providers. - Why Salary-Based reimbursement removes the direct financial incentive for the volume of services. - The function of Diagnosis-Related Groups (DRGs) in reimbursing hospitals with a...

Published: Apr 13, 2026Duration: 2m 54s

[Health Insurance] 16, Point of Service Plans and Exclusive Provider Organizations

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 a POS plan is considered a hybrid of HMO and PPO plans. - The critical role of the Primary Care Physician (PCP) as a gatekeeper in POS plans. - The key features of an EPO plan, including its strict network and lack of a referral requirement. - How the exam t...

Published: Apr 12, 2026Duration: 3m 15s

[Health Insurance] 15, Preferred Provider Organizations PPOs

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: - PPOs offer a network of preferred providers for lower costs but allow out-of-network care at a higher cost-sharing for the member. - Unlike HMOs, PPOs do not require a Primary Care Physician (PCP) to act as a gatekeeper. - Members of a PPO can see specialists without needing a referral. - T...

Published: Apr 11, 2026Duration: 2m 48s

[Health Insurance] 14, Health Maintenance Organizations HMOs

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 defining characteristics of an HMO are its prepaid service model and the use of a Primary Care Physician (PCP) as a gatekeeper. - HMO members must use in-network providers, and there is no coverage for out-of-network care except in cases of a true medical emergency. - A referral from t...

Published: Apr 10, 2026Duration: 3m 0s

[Health Insurance] 13, Common Exclusions and Limitations

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 primary purpose of exclusions is to manage risk, prevent adverse selection, and maintain affordable premiums. - Under the ACA, pre-existing conditions cannot be excluded or charged higher premiums in compliant health plans. - A waiting period for employer-sponsored health benefits cannot exceed 90 days from the date of eligibility. - Injuries s...

Published: Apr 9, 2026Duration: 3m 24s

[Health Insurance] 12, Coordination of 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 main purpose of Coordination of Benefits (COB) is to prevent receiving payments that exceed 100% of the cost of services. - How to determine the primary payer when an individual is covered under their own employer's plan and a spouse's plan. - The "Birthday Rule" makes the primary payer the parent w...

Published: Apr 8, 2026Duration: 2m 45s

[Health Insurance] 11, Usual Customary and Reasonable Charges

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 UCR is the maximum amount an insurer recognizes for a service in a specific geographic area, based on what local providers usually charge. - How balance billing occurs when an out-of-network provider charges more than the UCR amount and bills the patient for the difference. - That all insurer payment c...

Published: Apr 7, 2026Duration: 3m 12s

[Health Insurance] 10, Out-of-Pocket Maximum and Stop-Loss Provisions

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 out-of-pocket maximum is the absolute most an insured will pay for covered, in-network services in a policy year. - Once the out-of-pocket limit is reached, the insurance company pays 100% of all subsequent covered costs. - Deductibles, coinsurance, and copayments for covered services are the three costs that count toward meeting t...

Published: Apr 6, 2026Duration: 3m 12s

[Health Insurance] 9, Comprehensive Major Medical 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: - How comprehensive major medical plans simplified insurance by combining basic and major medical coverage into a single policy. - The function of the single, unified deductible that replaced the older, more confusing corridor deductible system. - How a unified coinsurance percentage applies to most expenses after the deductible is met. - T...

Published: Apr 5, 2026Duration: 2m 25s

[Health Insurance] 8, Major 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: - Major Medical policies provide broad coverage with high limits and are the most tested health policy type. - The correct calculation order for a claim is: total bill, minus the calendar-year deductible, then apply the coinsurance percentage. - The out-of-pocket maximum, also known as the stop-loss provision, is the absolute most a...

Published: Apr 4, 2026Duration: 3m 24s

[Health Insurance] 7, Basic Medical Expense 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: - That Basic Medical Expense policies provide 'first-dollar' coverage, meaning they pay benefits from the start without an annual deductible. - The critical difference between a per-cause deductible, found in Basic plans, and the annual deductible used in Major Medical policies. - The three core components of Basic Medical insurance: Hospital Expense, S...

Published: Apr 3, 2026Duration: 2m 52s