A Variable Annuity Is

A variable annuity is:

A) not a security and, therefore, does not have to be registered with the state.
B) not a security, but is still required to be registered with the state before it can be offered for sale.
C) a security and, therefore, has to be registered with the state before it can be offered for sale.
D) a security, but is exempt from state registration.

Correct Answer:

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