Episode
Property & Casualty Exam Prep 72, Surplus Lines and Residual Markets
- Podcast
- Insurance Exam Prep
- Published
- Aug 13, 2026
- Duration seconds
- 195
- Processing state
not_requested- Canonical source
- https://open-exam-prep.com/
Actions
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Summary
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