Ran Chen, EA, CFP®

Open Exam Prep

Education EN ↓ 440 episodes

Open Exam Prep: Mastering Financial ExamsThe path to becoming a certified financial professional is known for its difficulty, and finding high-quality, accessible study material shouldn't be the hardest part. Created by Ran Chen—an AI application enthusiast, Financial Advisor, and holder of the EA (Tax), Life Insurance, Series 6/63/65, and CFP® designations—this podcast was born from personal experience. Having navigated these challenging exams himself, Ran realized the need for better resources and created Open Exam Prep as a free solution for aspiring professionals. Each episode breaks down...

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Author

Ran Chen, EA, CFP®

Episodes

[Insurance] 14, Health Insurance 22.03.2025 3:54

Major medical covers hospitalization and physician fees, with deductibles and coinsurance affecting costs. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.co...

[Insurance] 15, PPACA Requirements 22.03.2025 3:58

Mandates essential benefits, prohibits lifetime limits, and offers plan categories like Bronze and Silver. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.co...

[Insurance] 13, Annuities 21.03.2025 3:52

Provide periodic payments, with types including immediate, deferred, fixed, and variable, each with unique features. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-ex...

[Insurance] 12, Universal Life Insurance 21.03.2025 3:59

Offers flexible premiums and death benefits, with cash value used to cover costs. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Insurance] 10, State Regulation 20.03.2025 4:11

Insurance is regulated at the state level, with NAIC providing model legislation but no direct authority. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com...

[Insurance] 11, Life Insurance Types 20.03.2025 3:50

Term life offers temporary coverage; whole life provides lifetime protection with cash value. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Insurance] 8, Coinsurance Clause 19.03.2025 3:51

Requires insured to cover a percentage of property value, affecting payout if underinsured. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Insurance] 9, Rating Agencies 19.03.2025 3:44

Evaluate insurer financial strength, with A.M. Best and Moody's providing ratings from high to low. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Insurance] 7, Valuation Methods 18.03.2025 4:00

Replacement cost, actual cash value, and agreed value determine compensation for insured losses. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Insurance] 6, Exclusions and Riders 18.03.2025 3:59

Exclusions specify non-covered events; riders modify coverage, affecting premiums and benefits. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Insurance] 2, Risk Management 17.03.2025 3:45

High frequency/severity risks require avoidance or insurance; low severity risks may be retained or reduced. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep....

[Insurance] 3, Law of Large Numbers 17.03.2025 3:52

Essential for predicting losses and setting premiums, reducing uncertainty for insurers. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Insurance] 1, Insurance Purpose 17.03.2025 3:54

Protects against pure risks by identifying and transferring risk in areas like home, auto, and health. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Insurance] 4, Insurable Interest 17.03.2025 3:52

Must exist at policy inception for life insurance and at both inception and loss for property/liability insurance. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam...

[Insurance] 5, Agent vs. Broker 17.03.2025 3:59

Agents represent insurers, while brokers represent policyholders, impacting policy negotiations. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 30, Deduction Clustering 16.03.2025 4:05

Strategy to maximize deductions by alternating between itemized and standard deductions annually. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 29, Charitable Contributions 16.03.2025 3:47

Deduction limits based on AGI and type of property donated; carryover allowed for excess contributions. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 28, Gross Income Exclusions 16.03.2025 3:52

Includes gifts, inheritances, life insurance proceeds, and certain employee benefits. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 27, Gross Income Inclusions 16.03.2025 3:54

Includes compensation, business income, interest, dividends, and certain fringe benefits. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 26, Below Market Loans 16.03.2025 3:32

Imputed interest rules apply; exceptions for loans under $10,000 or with low net investment income. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 21, Kiddie Tax 15.03.2025 3:39

Unearned income over $2,600 taxed at parent's rate; applies to dependents under 19 or full-time students under 24. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam...

[Tax] 25, Section 179 Deduction 15.03.2025 4:02

Immediate expensing of up to $1,220,000 of business property; reduced by property exceeding $3,050,000. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 24, Pass-Through Entity Deductions 15.03.2025 3:58

20% deduction on qualified business income; subject to income thresholds and limitations. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 23, Hobby Losses 15.03.2025 3:54

Income must be reported; expenses not deductible if activity lacks profit motive. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 22, Alternative Minimum Tax (AMT) 15.03.2025 3:48

Ensures minimum tax payment; adjustments and preferences increase taxable income. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/