Licensing Requirements Selling variable life insurance requires a state life insurance license, a series 6 license and a series 63 license. All states mandate these licenses, which allow holders to sell financial products that use or contain mutual funds and other variable-return securities.
- 1 Do you need a securities license to sell variable life insurance?
- 2 Who can sell variable life insurance?
- 3 Can I sell variable annuities with a Series 7?
- 4 Who can sell a variable annuity?
- 5 What licenses do you need to sell variable annuities?
- 6 Is a variable life insurance policy a security?
- 7 Who needs a Series 6 license?
- 8 What are variable insurance contracts?
- 9 Who regulates variable universal life insurance?
- 10 How do I get a finra license?
- 11 What is a Series 65 license required for?
- 12 How do I get my Series 82 license?
- 13 What license or licenses are required to sell variable annuities quizlet?
- 14 What can you sell with a life insurance license?
- 15 Who Must an agent selling variable annuities be registered with?
Do you need a securities license to sell variable life insurance?
To sell variable insurance products, an individual must hold a life insurance license and a Financial Industry Regulatory Authority (FINRA) registered representative’s license. Variable insurance products are regulated by both the state and the SEC as securities.
Who can sell variable life insurance?
Also, in order to sell variable universal life, an insurance producer must have a securities license (series 6 or 7) in addition to a life license, and be registered with a broker-dealer. This is because the underlying subaccounts found within a variable life policy are securities – mutual funds.
Can I sell variable annuities with a Series 7?
The Series 7 allows agents to sell these same annuities and mutual funds as well as many other types of investments as well. It lets licensees sell “packaged” investments like variable annuities and mutual funds.
Who can sell a variable annuity?
Products developed by life insurance companies are often marketed through banks and stock brokerage firms. Make sure the person who sells you the annuity is a licensed life insurance agent. In the case of a variable annuity, the agent should also be a licensed securities dealer.
What licenses do you need to sell variable annuities?
Series 6: If you want to sell mutual funds, variable annuities, and other investment packages, you’ll need this license. Administered by FINRA and known as the limited-investment securities license, the Series 6 license enables you to sell what are known as packaged investment products.
Is a variable life insurance policy a security?
Variable Life Insurance. Variable life is a type of security that offers fixed premiums and a minimum death benefit. Unlike whole life insurance, its cash value is invested in a portfolio of securities. However, the policy’s investment return is not guaranteed and the cash value will fluctuate.
Who needs a Series 6 license?
Jobs utilizing the Series 6 license include financial advisors, retirement plan specialists, investment advisors, and private bankers. In order to obtain the Series 6 license, candidates must pass the Investment Company/Variable Contracts Products Limited Representative (Series 6) exam.
What are variable insurance contracts?
A variable life insurance policy is a contract between you and an insurance company. It is intended to meet certain insurance needs, investment goals, and tax planning objectives. It is a policy that pays a specified amount to your family or others (your beneficiaries) upon your death.
Who regulates variable universal life insurance?
Executive Summary. The Office of Insurance Products (OIP) is responsible for the regulation of variable insurance under the Investment Company Act of 1940. The Office consists of 13 staff and is part of the Division of Investment Management.
How do I get a finra license?
To become registered, securities professionals must pass qualifying exams administered by FINRA to demonstrate their competence in the particular securities activities in which they will work. An individual must pass the exams prior to engaging in those areas of the business.
What is a Series 65 license required for?
Designed by the North American Securities Administrators Association (NASAA) and administered by the Financial Industry Regulatory Authority (FINRA), the Series 65 is an exam and securities license required for individuals to act as investment advisers in the US.
How do I get my Series 82 license?
Candidates must pass the Securities Industry Essentials (SIE) exam and the Series 82 exam to obtain the Private Securities Offerings Representative registration. For more information about the SIE and Series 82 exams, refer to FINRA Rule 1210 and FINRA Rule 1220(b)(9).
What license or licenses are required to sell variable annuities quizlet?
What license or licenses are required to sell variable annuities? Both Life insurance and securities licenses.
What can you sell with a life insurance license?
A life insurance license permits you to sell annuities, term, and cash value (commonly called whole or universal) life insurance.
Who Must an agent selling variable annuities be registered with?
selling them must be registered with the Financial Industry Regulatory Authority (FINRA). To find out how your state treats variable annuities, you should contact both the securities and insurance regulators for your jurisdiction.