A producer selling Variable Universal Life (VUL) insurance in California must hold:
Explanation
Variable Universal Life (VUL) combines a flexible-premium universal life chassis with policyowner-directed investment in 'separate accounts' (sub-accounts that resemble mutual funds). Because the separate accounts are SECURITIES under federal law (Investment Company Act of 1940) and California Corporations Code, the producer must hold both an insurance license (California Life-Only or Life & Disability) authorizing variable contracts and a FINRA registration (Series 6 or 7) plus typically Series 63. California Insurance Code §10506 governs variable contract authority. Option A is insufficient by itself; the variable portion requires securities licensing. Option B is incomplete; both insurance and securities credentials are required. Option D is unrelated (P&C licenses do not authorize life or variable products). The dual-license requirement is a frequent test point.
Law Reference: Investment Company Act of 1940; California Insurance Code §10506 (variable contracts)Practice all 315 questions free — no signup required.
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