Questions: All of the following statements about the regulation of the sale of variable products are correct, EXCEPT: Agents who sell variable life products are required to comply with all state laws and regulations dealing with the sale of life insurance. Many states also require a state-issued variable life or variable producer's license. The sale of variable products is regulated by the Financial Industry Regulatory Authority (FINRA). Agents who only sell variable life products and do not sell fixed life products are not required to hold a life insurance license.

All of the following statements about the regulation of the sale of variable products are correct, EXCEPT: Agents who sell variable life products are required to comply with all state laws and regulations dealing with the sale of life insurance. Many states also require a state-issued variable life or variable producer's license. The sale of variable products is regulated by the Financial Industry Regulatory Authority (FINRA). Agents who only sell variable life products and do not sell fixed life products are not required to hold a life insurance license.
Transcript text: All of the following statements about the regulation of the sale of variable products are correct, EXCEPT: Agents who sell variable life products are required to comply with all state laws and regulations dealing with the sale of life insurance. Many states also require a state-issued variable life or variable producer's license. The sale of variable products is regulated by the Financial Industry Regulatory Authority (FINRA). Agents who only sell variable life products and do not sell fixed life products are not required to hold a life insurance license.
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Solution

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The answer is the last one: Agents who only sell variable life products and do not sell fixed life products are not required to hold a life insurance license.

Explanation for each option:

  1. Agents who sell variable life products are required to comply with all state laws and regulations dealing with the sale of life insurance.
    This statement is correct. Agents must adhere to state laws and regulations when selling any type of life insurance, including variable life products.

  2. Many states also require a state-issued variable life or variable producer's license.
    This statement is correct. In addition to a life insurance license, many states require a specific license for selling variable life products due to their investment component.

  3. The sale of variable products is regulated by the Financial Industry Regulatory Authority (FINRA).
    This statement is correct. FINRA regulates the sale of variable products because they are considered securities due to their investment features.

  4. Agents who only sell variable life products and do not sell fixed life products are not required to hold a life insurance license.
    This statement is incorrect. Even if agents only sell variable life products, they are still required to hold a life insurance license because these products are a type of life insurance.

In summary, the incorrect statement is the one suggesting that agents selling only variable life products do not need a life insurance license. They do need such a license, along with any additional licenses required for the sale of securities.

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