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Exam term

Section 1035 exchange

A tax-free exchange of one life insurance or annuity contract for another of the same type, with MEC status carrying over to the new contract.

Lessons that use this term

  • Tax treatment of life insurance premiums, proceeds, and MECs Texas

Exam prep

  • Insurance
  • Real Estate
  • SAFE MLO
  • SIE

Study help

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  • Glossary

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