Series 63 practice questioneasyDefinition of Security
Which of the following is LEAST likely to be considered a security under the USA?
- AStock in a private company
- BVariable annuity contract
- CWhole life insurance policy✓ Correct answer
- DParticipation in a multi-family real estate syndicate
Explanation
Why C — Whole life insurance policy
Whole life insurance is specifically excluded from the definition of a security under USA Section 401(l). The other options are all considered securities.
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