What is the Definition of Section 1035 Exchange?

What is the Definition of Section 1035 Exchange?

In the United States, a taxfree replacement of an insurance policy for another insurance contract covering the same person that is performed in accordance with the conditions of Section 1035 of the Internal Revenue Code.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

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What is the Definition of Section 1035 Exchange?

You can find random definition and meaning of insurance terms below:


What is the meaning of Separate Account

segregated funds held and invested independently of other assets by an insurer for the purpose of a group retirement fund.


What is the meaning of Short-term Disability

a company standard defining a period of time employees are eligible for short-term disability coverage, typically for 2 years or less.


What is the meaning of Short-Term Medical

policies that provide major medical coverage for a short period of time, typically 30 to 180 days. These policies may be renewable for multiple periods.


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