Choice "B" is correct. There is an exemption for insurance policies [Securities Act 3(a)(8)], but other securities issued by insurance companies must generally be registered.
Choice "a" is incorrect. Securities Act 3(a)(4) exempts securities of not-for-profit organizations.
Choice "d" is incorrect. Securities Act 3(a)(2) exempts securities guaranteed by domestic governmental organizations.
Choice "c" is incorrect. Securities Act 3(a)(5) exempts securities issued by a savings and loan association.
