Question 9007 of 303 · California Life-Only Agent Exam
A 1035 exchange allows an owner to
Exactly one answer is correct.
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Correct answer to question 9007
- A: exchange one life or annuity contract for another tax free
Explanation
Permitted exchanges are life for life, life for annuity, and annuity for annuity. Annuity for life is not tax free.
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