What is NOT a Security

What this video covers

• Who bears the investment risk: the insurer or the policyholder, and why that single fact controls whether an insurance product is a security
• The complete safe list of non-security insurance products: fixed annuities, whole life, term life, endowment policies, and disability insurance
• Why the word "variable" is your warning sign that an annuity or life insurance product IS a security under the Uniform Securities Act (USA)
• The tangible asset exclusions: commodities, collectibles, precious metals, direct real estate, and physical currency, and why tangibility matters
• How pooling capital and relying on a manager transforms a tangible asset into a security via the Howey Test, with gold ETF and REIT examples
• The distinction between a bank certificate of deposit (CD) and a certificate of deposit for a security, and why the four words "for a security" change everything
• The core mantra to fall back on when lists fail: who bears the investment risk, or is it tangible property versus pooled capital seeking a return