Episodios

  • Life Insurance Exam [National] 74 – Employer-Sponsored Retirement Plans Explained

    Life Insurance Exam [National] 74 – Employer-Sponsored Retirement Plans Explained
    Mar 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. This episode covers content for the National Exam. In this episode you will learn: • Distinguish 401(k) plans by their use in the private sector and their reliance on employee salary deferrals. • Identify 403(b) plans as Tax-Sheltered Annuities specifically designed for nonprofit and public school employees. • Recognize SEP IRAs as employer-funded plans allowing up to 25 percent of compensation for small businesses. • Apply the 100-employee limit to identify SIMPLE IRAs and their requirement for mandatory employer contributions. • Watch for exam traps regarding the 10 percent early withdrawal penalty and the distinction between employee and employer-funded plans. 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
    Más Menos
    4 m
  • Life Insurance Exam [National] 73 – Individual Retirement Accounts Explained

    Life Insurance Exam [National] 73 – Individual Retirement Accounts Explained
    Mar 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. This episode covers content for the National Exam life insurance exam. In this episode you will learn: • The fundamental tax differences between Traditional tax-deferred IRAs and Roth tax-free IRAs. • The 2025 annual contribution limits of $7,000 and the $1,000 catch-up provision for individuals aged 50 and older. • How to identify "qualified distributions" for Roth IRAs including the five-year rule and age requirements. • The rules governing Required Minimum Distributions and how they differ between Traditional and Roth structures. • Key exceptions to the ten percent early withdrawal penalty that frequently appear on the national insurance exam. 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
    Más Menos
    4 m
  • Life Insurance Exam [National] 72 – Qualified vs Non-Qualified Plans Explained

    Life Insurance Exam [National] 72 – Qualified vs Non-Qualified Plans Explained
    Mar 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 insurance exam. In this episode you will learn: • Qualified plans must comply with ERISA and IRS non-discrimination rules to ensure benefits are available to all eligible employees. • Non-qualified plans allow employers to selectively choose participants and are often used as executive compensation tools. • Employer contributions to qualified plans are immediately tax-deductible as a business expense. • Non-qualified plans do not provide an immediate tax deduction for the employer until the employee receives the benefit. • Qualified plans require formal IRS approval and have strict vesting and participation requirements that non-qualified plans lack. 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
    Más Menos
    4 m
  • Life Insurance Exam [National] 71 – Transfer-for-Value Rule Explained

    Life Insurance Exam [National] 71 – Transfer-for-Value Rule Explained
    Mar 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. In this episode you will learn: • How the transfer-for-value rule converts income tax-free death benefits into taxable income. • The calculation formula for determining the taxable gain when a policy is sold for value. • The five specific business exceptions including transfers to the insured or their partners. • Why transfers to corporations where the insured is an officer or shareholder remain tax-free. • The distinction between a sale for consideration and a gift regarding carryover basis. 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
    Más Menos
    5 m
  • Life Insurance Exam [National] 70 – Annuity Taxation LIFO and Exclusion Ratio Explained

    Life Insurance Exam [National] 70 – Annuity Taxation LIFO and Exclusion Ratio Explained
    Mar 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 LIFO taxation dictates that interest and earnings are withdrawn and taxed first in non-qualified annuities. • The application of the exclusion ratio during the annuitization phase to separate taxable interest from tax-free principal. • Why withdrawals before age 59.5 trigger a 10% penalty specifically on the taxable earnings portion. • The distinction between non-qualified annuities and qualified plans regarding the taxation of the cost basis. • How to identify exam traps involving corporate-owned annuities and the total recovery of principal. 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
    Más Menos
    4 m
  • Life Insurance Exam [National] 69 – Section 1035 Tax-Free Exchanges Explained

    Life Insurance Exam [National] 69 – Section 1035 Tax-Free Exchanges Explained
    Mar 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: • The definition of an IRC Section 1035 tax-free exchange and how it defers tax on gains. • Which product swaps are permitted, including Life to Life and Life to Annuity. • The critical prohibited exchange from an Annuity to a Life Insurance policy. • How the original cost basis carries over to the new contract to maintain tax records. • The requirement for the owner and insured to remain identical across both policies to avoid taxation. 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
    Más Menos
    4 m
  • Life Insurance Exam [National] 68 – Modified Endowment Contracts and 7-Pay Test Explained

    Life Insurance Exam [National] 68 – Modified Endowment Contracts and 7-Pay Test Explained
    Mar 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 Exam life insurance exam. In this episode you will learn: • How the seven-pay test calculates cumulative premium limits to determine MEC status. • The shift from FIFO to LIFO taxation and how it affects policy withdrawals and loans. • The impact of the ten percent IRS penalty for distributions taken before age fifty-nine and a half. • Why Modified Endowment Contract status is permanent and cannot be reversed. • Why the death benefit generally remains income tax-free despite the loss of living benefit advantages. 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
    Más Menos
    4 m
  • Life Insurance Exam [National] 67 – Taxation of Cash Value and Policy Loans Explained

    Life Insurance Exam [National] 67 – Taxation of Cash Value and Policy Loans Explained
    Mar 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: • Cash value growth within a permanent life insurance policy is tax-deferred until accessed. • Withdrawals follow the FIFO (First-In-First-Out) rule, where premiums are returned tax-free first. • Any withdrawal amount exceeding the policy's cost basis is taxed as ordinary income, never capital gains. • Policy loans are generally received tax-free while the policy remains in force, regardless of the cost basis. • A policy lapse with an outstanding loan triggers taxation on any loan amount that exceeds the total premiums paid. 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
    Más Menos
    4 m