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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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0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z (ALL)

1035 Exchange: Why?

  1. Any taxable gain or loss is carried forward into the new policy.
  2. The cash value transferred from the old policy receives favorable treatment under TAMRA (7-Pay) modified endowment regulations, meaning the cash value rolled over is not counted as new premium for the new policy.
  3. When rolled into a new guaranteed life insurance policy, the cash values may be sufficient to provide a "paid-up" policy and lower costs since the insured has just been found healthy in a medical evaluation.