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Insurance Glossary

Industry jargon and unfamiliar terminology can be confusing.

No insurance resource would be complete without a helpful menu of terms and concepts. This information-rich list will help you make sense of the solutions you are considering.

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1035 Exchange

​An existing life insurance policy is exchanged for a new life insurance policy or an annuity. In both cases, the owner and insured may not change (or the annuity remains payable to the same person). Per tax code, the policyholder may not receive any money from the exchange; cash value must go directly from former insurance company to new insurance company.