Minnesota Life Accident And Health Producer Practice Exam

Which license is required to sell Variable Whole Life Insurance?

Life insurance license only Securities license only No license is required Life insurance and securities licenses

Correct Answer:

Life insurance and securities licenses

Explanation:

Variable Whole Life combines an insurance contract with an investment component that is tied to the securities market. Because of that investment element, regulators treat the product as a security in addition to insurance. To lawfully sell it, an agent needs both licenses: a life insurance license for the insurance portion and a securities license (such as Series 6/63) for the investment portion. Without both, the sale would violate insurance and securities regulations. So the best answer is having both licenses.

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