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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: Steps

  1. Application and 1035 Exchange form submitted to new insurance company. Policy owner continues to pay premiums and loan interest payments due on old policy.
  2. Paramedical exam and underwriting.
  3. Approved by insurance company. Accepted by policy owner.
  4. New company contacts old company to arrange surrender and transfer of cash values (this process can take several months).
  5. Old company mails check to new company for cash surrender value amount.
  6. New company issues new policy and LLIS sends to policy owner.
  7. Policy owner signs policy delivery receipt form.