$61$ point

Under a Section $1035$ exchange, which of the following policies may be exchanged on a tax$-$free basis?

An endowment policy exchanged for another endowment policy, in which the beginning date for regular payments is no later than the original contract qualified long$-$term care contract, or annuity contract

II$.$ One annuity contract exchanged for another annuity contract

III. A life insurance policy exchanged for another life insurance policy $($on the same insured$),$ annuity, or endowment contract

IV$.$ An annuity contract exchanged for a life insurance policy

I and II

$1,$ II$,$ and III

I and IV

II and III