What does Section 1035 Exchange mean? Read on to discover the definition & meaning of the term Section 1035 Exchange - to help you better understand the language used in insurance policies.
Section 1035 Exchange
Section 1035 exchange refers to the exchange of a current annuity contract, life insurance contract, or endowment contract for a new one without subjecting it to any tax consequence for as long as it involves the same policyholder or annuitant and the same contract or policy.
We hope the you have a better understanding of the meaning of Section 1035 Exchange.