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 legal distinction between representations as beliefs and warranties as guaranteed facts

• How the concept of materiality determines if a misrepresentation can void an insurance policy

• Why most life insurance application statements are legally classified as representations to protect consumers

• The impact of the two-year contestability period on challenging applicant statements

• How to identify exam traps regarding the absolute truth of applicant information

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