Which is not a security, as defined by the Securities Act?

A) Shares
B) Bonds
C) Debentures
D) Mutual fund units
E) Insurance contract

Security

Financial instruments or assets held to back debts or investments, or as a means to ensure the fulfillment of financial obligations.

Insurance Contract

A legally binding agreement between an insurer and the insured, detailing the terms for the payment of claims under certain conditions.

Securities Act

A law or legislation that regulates the issuance and sale of securities to protect investors against misrepresentation, deceit, and other frauds.