A type of investment instrument that represents either an ownership interest in a company or evidence of debt. Stocks, bonds, mutual funds, variable annuities, and investment contracts all are types of securities. A few other types of securities include debentures, futures, puts, calls, warrants, and mineral rights. Insurance policies and fixed annuities typically are not securities. The term security is precisely defined in the Securities Act of 1933 and the Securities Exchange Act of 1934, as well as through case law.