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:

• Insurable interest must exist at the time of application for life insurance policies to be valid.

• Individuals possess an unlimited insurable interest in their own lives and may name any beneficiary.

• Legitimate interest is generally limited to close family members, business partners, or key employees.

• Creditors have a limited insurable interest in debtors only up to the specific amount of the debt.

• Policies lacking insurable interest at inception are considered void wagering contracts and are unenforceable.

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