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
Death from other than accidental means. ...
Liability reserve, establishment required by the national association of insurance commissioners (naic), the purpose of which is to accumulate realized capital gains and losses resulting ...
Phrase formerly used to describe coverage for perils of accident and sickness. ...
Sickness incurred by the insured that does not require restriction of activity to the indoors. ...
Trusts in which individuals manage their own assets and only if a predetermined event occurs, such as incapacity, will another party take over the management of these assets. Upon ...
Hospital insurance program that provides medical professional liability insurance coverage to non employed hospital physicians. The objective of this means of insurance coverage is to ...
Quantitative measurement of the total costs (losses, risk control costs, risk financing costs, and administration costs) associated with the risk management function, as compared to a ...
Premium required by an insurance company for plans subject to premium adjustment. The initial provisional premium is paid to put a commercial property or liability insurance policy into ...
Individual who possesses a unique ability essential to the continued success of a business firm. For example, this individual might have the technical knowledge necessary for research and ...
Have a question or comment?
We're here to help.