Insurance Exam Prep
Education & Explainer
About
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/
Episodes
- [Health Insurance] 42, Medicare Part C Medicare Advantage Plans
This episode explains Medicare Part C, also known as Medicare Advantage plans. It details how these private insurance plans offer an alternative to Original Medicare, potentially including extra benefits like dental or vision, and discusse…
- [Health Insurance] 41, Medicare Part B Medical Insurance
This episode explains Medicare Part B coverage, including medically necessary outpatient services and durable medical equipment. It details the 2026 premium, deductible, coinsurance, common exclusions, and the IRMAA for higher-income benef…
- [Health Insurance] 40, Medicare Part A Hospital Insurance
This episode explains Medicare Part A, covering inpatient hospital stays, skilled nursing facilities, home health, and hospice care. It details the benefit period deductible, cost-sharing for extended stays, and distinguishes between medic…
- [Health Insurance] 39, Medicare Overview and Eligibility
This episode covers Medicare eligibility through age, disability, ESRD, and ALS. It details the differences between Medicare Parts A and B, focusing on enrollment and premiums, and explains how to calculate the Initial Enrollment Period.
- [Health Insurance] 38, LTC Partnership Programs and Consumer Protections
This episode explains Long-Term Care Partnership Programs, detailing how they protect assets from Medicaid spend-down. It covers policy requirements such as tax qualification and inflation protection, alongside consumer safeguards mandated…
- [Health Insurance] 37, Tax-Qualified vs Non-Tax-Qualified LTC Policies
This episode explains Tax-Qualified (TQ) and Non-Tax-Qualified (Non-TQ) Long-Term Care policies. TQ policies offer tax-free benefits and deductible premiums under strict HIPAA standards, requiring inability to perform at least two Activiti…
- [Health Insurance] 36, LTC Elimination Period Benefit Period and Inflation Protection
This episode of Insurance Exam Prep discusses Long-Term Care (LTC) insurance, explaining the elimination period as a time-based deductible, the benefit period as the maximum payout duration, and the importance of inflation protection. It d…
- [Health Insurance] 35, Benefit Triggers and Activities of Daily Living
This episode explains the two main triggers for long-term care insurance benefits and the six Activities of Daily Living (ADLs) required to qualify. It also covers alternative triggers like cognitive impairment and how to avoid common exam…
- [Health Insurance] 34, Long-Term Care Insurance Fundamentals
This episode explains Long-Term Care (LTC) insurance, clarifying that standard health insurance and Medicare do not cover custodial care. It details the three levels of care (Skilled, Intermediate, Custodial) and the various settings where…
- [Health Insurance] 33, Business Uses of Disability Insurance
This episode explains the uses of disability insurance for businesses, covering Business Overhead Expense insurance, Key Person Disability insurance, and Disability Buy-Sell insurance. It details what each policy covers, its tax deductibil…
- [Health Insurance] 32, Disability Income Riders and Additional Benefits
This episode of Insurance Exam Prep explains various disability income riders: COLA adjusts benefits for inflation, Future Increase Option allows buying more coverage later, Return of Premium refunds premiums if no claim is filed, Social I…
- [Health Insurance] 31, Residual and Partial Disability Benefits
This episode explains residual and partial disability benefits, focusing on the triggers (loss of income vs. inability to perform duties) and benefit calculations (variable percentage vs. flat percentage). It provides mnemonics to help dis…
- [Health Insurance] 30, Elimination Period and Benefit Period for Disability
This episode explains the elimination period, a time-based deductible for disability insurance, and the benefit period, the maximum duration benefits are paid. It also touches on how these periods impact policy premiums and how to differen…
- [Health Insurance] 29, Own Occupation vs Any Occupation Definition of Disability
This episode explains the definitions of "own occupation" and "any occupation" disability, focusing on how policies define these terms and common exam traps related to modified definitions. It provides strategies for distinguishing between…
- [Health Insurance] 28, Short-Term vs Long-Term Disability Insurance
This episode explains the differences between short-term and long-term disability insurance, focusing on elimination and benefit periods, policy coordination, and the distinction between elimination and probationary periods. A mnemonic is…
- [Health Insurance] 27, Disability Income Insurance Fundamentals
This episode covers disability income insurance fundamentals, explaining benefit limits, the difference between 'own occupation' and 'any occupation' disability definitions, and the distinctions between partial and residual disability bene…
- [Health Insurance] 26, Misstatement of Age and Other Insurance Provisions
This episode covers key insurance provisions: Misstatement of Age adjusts benefits based on correct age without voiding the policy. Coordination of Benefits rules, including the 'birthday rule' for children, prevent overpayment. The Relati…
- [Health Insurance] 25, Optional Uniform Provisions Overview
This episode covers optional uniform provisions in health insurance, focusing on how they protect the insurer, adjust benefits (like with Misstatement of Age), reduce benefits for job changes (Change of Occupation), prevent over-insurance…
- [Health Insurance] 24, Legal Actions and Change of Beneficiary Provisions
This episode explains legal actions provisions in health insurance, including a 60-day waiting period after proof of loss and a three-year statute of limitations. It also details the differences between revocable and irrevocable beneficiar…
- [Health Insurance] 23, Payment of Claims and Physical Examination
This episode of Insurance Exam Prep covers health insurance claim payments, explaining that benefits are paid to the insured, their assignee, or beneficiary. It also details the 'facility of payment' clause and the insurer's right to requi…
- [Health Insurance] 22, Proof of Loss and Time of Payment of Claims
This episode covers health insurance claim procedures, detailing the claimant's requirement to submit proof of loss within 90 days. It explains that insurers must pay periodic benefits immediately upon proof of loss and other claims prompt…
- [Health Insurance] 21, Notice of Claim and Claim Forms Provisions
This episode covers the Notice of Claim and Claim Forms provisions in health insurance, including timeframes for providing notice and claim forms. It also highlights differences between the Notice of Claim and Proof of Loss provisions.
- [Health Insurance] 20, Grace Period and Reinstatement Provisions
This episode explains health insurance grace periods, with durations varying by payment mode (7 days weekly, 10 monthly, 31 others). It details how unpaid premiums affect claims during this period and outlines the reinstatement process for…
- [Health Insurance] 19, Entire Contract and Time Limit on Certain Defenses
This episode of Insurance Exam Prep covers the Entire Contract provision, defining it as the policy, application, and riders. It explains the Time Limit on Certain Defenses, a two-year period during which an insurer can contest misstatemen…
- [Health Insurance] 18, Mandatory Uniform Provisions Overview
This episode covers the 12 mandatory uniform provisions required in all individual health insurance policies to protect the insured. It details specific timelines for the Grace Period, Notice of Claim, providing Claim Forms, and Proof of L…
- [Health Insurance] 17, Provider Reimbursement Methods
This episode explains healthcare provider reimbursement methods including Fee-for-Service, Capitation, Salary-Based, and Diagnosis-Related Groups (DRGs). It details how each model affects provider incentives and highlights common exam trap…
- [Health Insurance] 16, Point of Service Plans and Exclusive Provider Organizations
This episode explains Point of Service (POS) and Exclusive Provider Organizations (EPO) health insurance plans. It covers the role of the Primary Care Physician (PCP) in POS plans and the network and referral rules for EPOs, highlighting k…
- [Health Insurance] 15, Preferred Provider Organizations PPOs
This episode explains Preferred Provider Organizations (PPOs), detailing their network benefits, out-of-network flexibility, and lack of PCP or referral requirements. The key trade-off for PPO flexibility is a higher premium, and exam ques…
- [Health Insurance] 14, Health Maintenance Organizations HMOs
This episode of Insurance Exam Prep, hosted by Ran Chen, explains Health Maintenance Organizations (HMOs). It covers the prepaid service model, the role of the Primary Care Physician (PCP) as a gatekeeper, and the requirement for members t…
- [Health Insurance] 13, Common Exclusions and Limitations
This episode of Insurance Exam Prep, hosted by Ran Chen, covers common exclusions and limitations in health insurance. It explains how exclusions manage risk and affordability, notes that the ACA prohibits pre-existing condition exclusions…
- [Health Insurance] 12, Coordination of Benefits
This episode of Insurance Exam Prep explains Coordination of Benefits (COB), emphasizing its role in preventing overpayment. It details how to identify the primary insurance payer, introducing the Birthday Rule and explaining how divorce o…
- [Health Insurance] 11, Usual Customary and Reasonable Charges
This episode explains Usual Customary and Reasonable (UCR) charges in health insurance, defining it as the maximum amount an insurer recognizes for a service based on local provider rates. It details how balance billing occurs with out-of-…
- [Health Insurance] 10, Out-of-Pocket Maximum and Stop-Loss Provisions
This episode explains the out-of-pocket maximum and stop-loss provisions in health insurance. It clarifies what costs contribute to the maximum, such as deductibles, coinsurance, and copayments, and what does not, like premiums and out-of-…
- [Health Insurance] 9, Comprehensive Major Medical Plans
This episode explains comprehensive major medical insurance plans, covering how they combine basic and major medical coverage, utilize a single deductible, and apply coinsurance. It also addresses preventive care coverage and the broad pro…
- [Health Insurance] 8, Major Medical Insurance
This episode of Insurance Exam Prep explains Major Medical policies, emphasizing their broad coverage and high limits as the most tested health policy type. It details the claim calculation order involving deductibles, coinsurance, and out…
- [Health Insurance] 7, Basic Medical Expense Insurance
This episode of Insurance Exam Prep explains Basic Medical Expense Insurance. It covers how these policies offer 'first-dollar' coverage, use per-cause deductibles, and include Hospital, Surgical, and Physicians' Expense benefits, contrast…
- [Health Insurance] 6, Cost Sharing Basics
This episode explains health insurance cost sharing, covering per-cause vs. calendar-year deductibles, individual/family deductibles, copayments, and coinsurance. It details how to calculate an insured's out-of-pocket responsibility by app…
- [Health Insurance] 5, Indemnity Plans vs Managed Care Plans
This episode explains indemnity plans (fee-for-service) and managed care plans like HMOs and PPOs. It details how indemnity plans offer broad provider choice while managed care plans use networks for cost control. The episode highlights ke…
- [Health Insurance] 4, Renewability Provisions
This episode explains different health insurance renewability provisions: Noncancellable (no cancellation or premium increases), Guaranteed Renewable (renewal guaranteed, premiums can increase by class), Conditionally Renewable (non-renewa…
- [Health Insurance] 3, Types of Health Insurers
This episode covers different types of health insurers, explaining the difference between reimbursement and service models. It details how HMOs manage care using gatekeepers and capitation, and clarifies the role of Blue Cross Blue Shield…
- [Health Insurance] 2, Individual vs Group Health Insurance
This episode explains the key distinctions between individual and group health insurance, covering underwriting, rating methods, adverse selection, and policy structure. It highlights how individual underwriting focuses on personal health,…
- [Health Insurance] 1, Introduction and Types of Health Losses
This episode introduces health insurance, detailing its coverage for medical expenses, disability income, accidental death, and long-term care. It clarifies key terms like peril and hazard and highlights common exam distinctions and traps…
- Life Insurance Exam [National] 74 – Employer-Sponsored Retirement Plans Explained
This episode of Insurance Exam Prep explains employer-sponsored retirement plans like 401(k) and 403(b), differentiating them by sector and funding. It also covers SEP IRAs for small businesses and SIMPLE IRAs, highlighting contribution li…
- Life Insurance Exam [National] 73 – Individual Retirement Accounts Explained
This episode of Insurance Exam Prep explains Individual Retirement Accounts (IRAs). It covers tax differences between Traditional and Roth IRAs, 2025 contribution limits, rules for qualified distributions and Required Minimum Distributions…
- Life Insurance Exam [National] 72 – Qualified vs Non-Qualified Plans Explained
This episode of Insurance Exam Prep explains the differences between qualified and non-qualified retirement plans. Qualified plans must follow ERISA and IRS rules, while non-qualified plans offer more flexibility for executive compensation…
- Life Insurance Exam [National] 71 – Transfer-for-Value Rule Explained
This episode of Insurance Exam Prep explains the transfer-for-value rule, detailing how it can make life insurance death benefits taxable income and how to calculate taxable gains. It also covers exceptions like transfers to the insured or…
- Life Insurance Exam [National] 70 – Annuity Taxation LIFO and Exclusion Ratio Explained
This episode explains LIFO taxation, where interest and earnings are taxed first in non-qualified annuities. It also covers the exclusion ratio for separating taxable and tax-free portions during annuitization and penalties for withdrawals…
- Life Insurance Exam [National] 69 – Section 1035 Tax-Free Exchanges Explained
This episode of Insurance Exam Prep explains Section 1035 tax-free exchanges, detailing how they defer taxes on gains, permitted product swaps like Life to Life or Life to Annuity, and the critical prohibition against exchanging an Annuity…
- Life Insurance Exam [National] 68 – Modified Endowment Contracts and 7-Pay Test Explained
This episode of Insurance Exam Prep explains Modified Endowment Contracts (MECs) and the 7-pay test, covering cumulative premium limits, FIFO to LIFO taxation for withdrawals, IRS penalties for early distributions, and the permanent nature…
- Life Insurance Exam [National] 67 – Taxation of Cash Value and Policy Loans Explained
This episode of Insurance Exam Prep explains the taxation of permanent life insurance policies. It covers tax-deferred cash value growth, the First-In-First-Out withdrawal rule, and how policy loans are generally received tax-free. The epi…