Section 1035 Exchange
Definition of "Section 1035 exchange"
Section of the Internal Revenue Code that provides for the taking of the proceeds from one life insurance policy or annuity and the reinvesting of these proceeds immediately in another life insurance policy or annuity of the same type without being required to pay a tax on any gain. This exchange should be handled by the seller of the replacement, life insurance policy or annuity.
Popular Insurance Terms
Interest of a beneficiary in the proceeds of a survivorship annuity. ...
Life insurance policy under which all premiums have already been paid, with no further premium payment due. ...
Policy clause that excludes coverage for loss of property if the cause of the loss cannot be identified. Mysterious disappearance is an exclusion in a standard inland marine insurance ...
Coverage for dispensers of alcoholic beverages against suits arising out of bodily injury and/or property damage caused by its customers to a third party. Establishments covered include ...
Person (the transferee to whom the property is transferred) who is at least two generations younger than the person (the transferor) who is transferring the property. This type of property ...
Exceptions and limitations of coverage; that is, the maximum amount of insurance coverage available under a policy. ...
Annuity that continues income payments as long as one annuitant, out of two or more annuitants, remains alive. For example, a married couple would receive an income for as long as both ...
Annual contributions to a pension plan that exceed or are smaller than the minimum required for future employee benefits currently being earned; and any supplemental liability for past ...
Method of determining whether or not coverage is available for a specific claim. If a claim arises out of an event during the period when a policy is in force, the insurance company is ...
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