Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam. In this episode you will learn: • The definition of an IRC Section 1035 tax-free exchange and how it defers tax on gains. • Which product swaps are permitted, including Life to Life and Life to Annuity. • The critical prohibited exchange from an Annuity to a Life Insurance policy. • How the original cost basis carries over to the new contract to maintain tax records. • The requirement for the owner and insured to remain identical across both policies to avoid taxation. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep