Series 66 Quiz
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INVESTMENT VEHICLE CHARACTERISTICS
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Which of the following statements is true regarding variable life insurance?
A
The cash value is held in the insurer's general account and credited with a guaranteed minimum interest rate, while the death benefit varies with the performance of a separate account.
B
The policy provides a guaranteed minimum death benefit, so the policyowner bears no investment risk and the policy is not a security for federal securities law purposes.
C
Premium payments under a variable life policy are flexible, and the policyowner may raise or lower the premiums and the death benefit without issuing a new policy.
D
The policy's cash value is invested in a separate account, the policyowner bears the investment risk, and the variable life policy is a security under federal securities law.
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