Property & Casualty Exam Prep 72, Surplus Lines and Residual Markets

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. In this episode you will learn: - The key differences between admitted insurers (state-licensed, guaranty fund protection) and nonadmitted insurers (unlicensed, no guaranty fund). - Why a "diligent search" is a strict prerequisite before placing a policy with a surplus lines insurer. - The purpose of residual markets as a last-resort option for obtaining essential insurance coverage. - How assigned risk plans function to provide auto insurance to high-risk drivers who are denied in the voluntary market. - The role of FAIR plans in offering basic property insurance to owners of properties considered too risky for standard carriers. 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