Life Insurance Exam [National] 14 – Insurable Interest 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. 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