Variable Annuities License Mistake or not ?

upnsmoke2005@aol.com · 09-09-2008, 11:12 AM

Several months ago I pass the P&C exam so from there I now have Life, Health and P&C. When I went on the OFIS website, which is who regulates licensing in Michigan, I noticed I also had a Variable Annuity endorsement. From what I was aware, I thought you had to pass security exams to get this endorsement. So was this some sort of mistake by the commision, or is there a new law that im not aware of that gave me the endorsement? Can I get in trouble for selling Variable annuity's even if it was their mistake? Just really weird to me

Reuben · 09-09-2008, 06:39 PM

Originally Posted by upnsmoke2005@aol.com

..0 Can I get in trouble for selling Variable annuity's even if it was the[i]r mistake? Just really weird to me

O my heavens YES!

Unless your licenced specificaly for securities, Series 63-62-6 then you would do well to run, not walk to the nearest exit, unless you want to put your liberty, employment et al at risk.

Varable products are a minefield for the uninformed and unqualified, given that there is no quarenteed return of investment, and that the FDIC will not cover these sorts of goodies....