Life Insurance Exam [National] 12 – Risk Management and Types of Risk Explained

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. \n\nIn this episode you will learn: \n• The critical distinction between insurable pure risks and uninsurable speculative risks \n• How to apply the STARR acronym to identify Sharing, Transfer, Avoidance, Retention, and Reduction \n• Why insurance is fundamentally defined as the transfer of risk from an individual to an insurer \n• How to correctly identify deductibles and self-insurance as forms of risk retention \n• Common exam traps regarding situational examples of risk reduction and avoidance \n\nFor 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