Series 63 practice questioneasyExclusions from Security Definition
Under the Uniform Securities Act, which of the following is EXCLUDED from the definition of a security?
- AA promissory note with a maturity of nine months
- BA variable life insurance policy
- CA certificate of interest in a mining title
- DA fixed annuity✓ Correct answer
Explanation
Why D — A fixed annuity
Fixed annuities are specifically excluded from the definition of a security in Section 401(l). Variable products, short-term notes, and mining interests are all included.
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