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  • Property & Casualty Exam Prep 54, Crime Insurance Basics

    Property & Casualty Exam Prep 54, Crime Insurance Basics
    Jul 26 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. In this episode you will learn: - The critical difference between burglary (forced entry into a premises) and robbery (theft from a person by force or threat). - Why 'theft' is the broadest term for any act of stealing and is an important distinction for exam questions. - How Employee Dishonesty coverage, also known as a fidelity bond, specifically protects an employer from fraudulent acts by its own employees. - The distinction between Computer Fraud (using a computer to steal) and Funds Transfer Fraud (tricking a financial institution into wiring money). - How Forgery or Alteration coverage applies to the fraudulent signing or changing of financial instruments like checks and drafts. 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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    3 Min.
  • Property & Casualty Exam Prep 53, Workers Compensation Premiums and Classification

    Property & Casualty Exam Prep 53, Workers Compensation Premiums and Classification
    Jul 25 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. In this episode you will learn: - That workers' comp premium is based on payroll per $100, which is then multiplied by a specific job classification rate. - How the Experience Modification Rate (EMR) acts as a multiplier, rewarding safer companies with lower premiums and penalizing riskier ones. - Why a final premium audit is conducted to reconcile estimated payroll with actual payroll, which can result in additional premiums or a refund. - The exam trap that an employee's entire payroll may be assigned to a high-risk classification, even if they only perform those hazardous duties part-time. - How businesses become liable for covering uninsured subcontractors, requiring the inclusion of the subcontractor's payroll in their own premium calculations. 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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    3 Min.
  • Property & Casualty Exam Prep 52, Workers Compensation Policy Parts

    Property & Casualty Exam Prep 52, Workers Compensation Policy Parts
    Jul 24 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. In this episode you will learn: - Part One provides statutory, unlimited benefits as required by state law. - Part Two covers employer lawsuits and has specific policy limits. - Other States Insurance applies to incidental exposures in listed states, excluding monopolistic ones. - Voluntary Compensation endorsements cover employees who are exempt from mandatory coverage. - Why benefits under Part One are dictated by law, while Part Two liability coverage requires limits. 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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    3 Min.
  • Property & Casualty Exam Prep 51, Workers Compensation Basics

    Property & Casualty Exam Prep 51, Workers Compensation Basics
    Jul 23 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. In this episode you will learn: - That workers' compensation is a no-fault system, meaning benefits are paid regardless of who caused the work-related injury or illness. - The 'exclusive remedy' doctrine, which states that an employee's only recourse against their employer for a workplace injury is through workers' compensation, preventing most lawsuits. - The four types of statutory benefits provided: medical payments, disability income, rehabilitation services, and death benefits. - The key distinction between workers' compensation (Part One) and employers liability (Part Two) coverage. - How employers liability protects the employer from lawsuits that fall outside the scope of the exclusive remedy rule, such as third-party claims. 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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    3 Min.
  • Property & Casualty Exam Prep 50, Umbrella and Excess Liability

    Property & Casualty Exam Prep 50, Umbrella and Excess Liability
    Jul 22 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. In this episode you will learn: - The key difference between umbrella (broader coverage) and excess (higher limits only) policies. - How a Self-Insured Retention (SIR) functions like a deductible for claims not covered by underlying insurance. - What "drop-down" coverage means in the context of an umbrella policy. - How underlying limits must be exhausted before an umbrella or excess policy will pay for a covered claim. - Why a "follow-form" excess policy provides no new types of coverage, only additional money. 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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    3 Min.
  • Property & Casualty Exam Prep 49, Professional Liability and Errors and Omissions

    Property & Casualty Exam Prep 49, Professional Liability and Errors and Omissions
    Jul 21 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. In this episode you will learn: - Professional Liability covers financial loss from professional mistakes, while CGL covers bodily injury and property damage. - Errors & Omissions (E&O) is for service professionals like agents, while Malpractice insurance is for medical professionals. - Directors & Officers (D&O) liability protects corporate leaders from lawsuits by shareholders over mismanagement. - Employment Practices Liability (EPLI) shields employers from employee claims like discrimination and wrongful termination. - Cyber Liability insurance is a professional liability policy that covers the financial costs of data breaches. 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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    3 Min.
  • Property & Casualty Exam Prep 48, Products and Completed Operations Liability

    Property & Casualty Exam Prep 48, Products and Completed Operations Liability
    Jul 20 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. In this episode you will learn: - The core function of Products Liability and who it applies to, such as manufacturers and restaurants. - The definition of Completed Operations coverage and how it protects contractors and installers after a job is finished. - The specific criteria the CGL policy uses to determine when work is officially considered "complete." - Why Products and Completed Operations claims are subject to their own separate aggregate limit, distinct from the General Aggregate. - Common exam traps, such as distinguishing a products claim from a premises liability claim when an injury occurs on-site before a sale is complete. 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 Min.
  • Property & Casualty Exam Prep 47, CGL Limits and Aggregates

    Property & Casualty Exam Prep 47, CGL Limits and Aggregates
    Jul 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. In this episode you will learn: - The General Aggregate is the master limit for most CGL claims within a policy period. - Products-Completed Operations has its own separate aggregate limit for off-premises claims arising from your work or products. - The Each Occurrence limit is the maximum paid for a single event, but it is still subject to the overall aggregate caps. - Sub-limits like Medical Payments and Damage to Premises Rented to You have their own specific caps and reduce the General Aggregate. - Exam questions often test your ability to track how claim payments reduce the aggregate limits over the policy term. 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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    3 Min.