Series 6 - Investment Company And Variable Contracts Products Representative Exam
Which of the following statements is true about 1035 exchanges?
The exchange is taxable between like contracts.A
The exchange cannot be used for transfers from an annuity to a life insurance policy.B
The exchange does not apply to transfers of cash values from annuity to annuity.C
The exchange applies to immediate variable annuities only.D
1035 exchanges cannot be used on transfers between an annuity and a life insurance policy.