Which item is listed as a security in the general definition of securities?

• A. Certificate of interest in an oil, gas, or mining title or lease
• B. Currency
• C. Collectibles
• D. Insurance policy

Answer: (A)

In the general definition, a security includes certificates that represent an interest or participation in a venture and offer a share of profits. A certificate of interest in an oil, gas, or mining title or lease fits this because it represents an investment in a project and the holder expects a return from the venture. Currency is money, not an investment contract. Collectibles are tangible items whose value isn’t tied to profits from a venture. An insurance policy is a protection contract, not a security, unless it’s a specialized security-based product; a standard policy itself is not a security.