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1-IRC Section 1035 allows the owner of a life insurance contract to exchange the contract for another life insurance contract, an endowment contract, or an

1-IRC Section 1035 allows the owner of a life insurance contract to exchange the contract for another life insurance contract, an endowment contract, or an annuity contract on the same insured without any tax consequences.

TRUE FALSE

2-Surrender payments from a life insurance contract to an insured individual who is chronically or terminally ill will be included in gross income.

TRUE FALSE

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