Your lawyer is certified. If your accountant isn't a CPA, it's time to seek professional help. Inc. This part of the form speaks to your risk tolerance for the particular account that you are opening. Low risk means that the client has little or no tolerance for risk. Generally, the only suitable investments for that profile are a money market, short term US Bonds, or AAA fixed annuities.
Moderate risk includes bonds.
Even a 30 year US Treasury has moderate risk because you and I know what happens to the value of that bond if the long-term interest rates go up by a point or two. High-risk investments are stocks or equity based mutual funds. Yes, even what we all may consider low risk stocks are, in fact, high-risk investments. Speculative is just that, investments where there is a chance to make huge profits or lose it all. Although practitioners will probably welcome the lower premiums that come with such notoriety, it's gotta hurt a little to realize that even insurers think it's a safe bet that CPAs will never end up in a drag race.