Equity Indexed Annuities are on many insurance agents' minds these days. As you probably heard, the SEC recently tweaked the definition of a "security" in the Securities Act of 1933 by re-defining the exclusion for fixed annuities. Starting in 2011, equity indexed annuities that are "more likely than not" to pay out more than the stated guaranteed return will be considered "securities" subject to registration.
Ouch. How will this affect the exams? As usual--who knows? NASAA doesn't put out memo's that help people know what will be tested. That would be, like, fair. But, if you get a question about a "fixed annuity" on your test, remember that a fixed annuity is not a security. It's a pure insurance product. It pays a guaranteed rate of return to the investor backed by the insurance company's "general account." The equity indexed annuity is the one that will be considered a "security" starting in a couple of years.
The Rule is SEC Rule 151A, which amends the Securities Act of 1933. I have NO OPINION ON THIS TOPIC WHATSOEVER, remember. I'm just trying to help prepare you for a potential exam question.