Final answer:
Variable Life Insurance policies require an agent to register with the NASD (now FINRA) before selling, as they are considered securities.
Step-by-step explanation:
The policy that requires an agent to register with the National Association of Securities Dealers (NASD) before selling is Variable Life Insurance. When selling securities, including variable life insurance policies, agents must adhere to the NASD regulations, as these policies are considered securities due to their investment component.
Registration with NASD, now known as the Financial Industry Regulatory Authority (FINRA), is essential for compliance and to ensure agents act in accordance with financial laws and regulations.