Under what circumstances may a municipal securities dealer guarantee a customer against loss in market value of bonds?

Name: Under what circumstances may a municipal securities dealer guarantee a customer against loss in market value of bonds?
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under no circumstances. No guarantees may be made against loss of market value because no one can guarantee the direction of the market. Insured bonds are protected against loss of principal and interest but not against market value depreciation.

Under What Circumstances May a Municipal Securities Dealer Guarantee a Customer