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Which of these does the NAIC model regulation on replacement recognize as a violation of replacement regulations? A) making deceptive or misieading statements in the sales process B) advising a consumer to respond truthiflly to any roplacement question C) asking the client if the purchase of the proposed life insurance policy will result in the surrendering of an exating life insurance policy D) intentionally recording a truthiful or correct answer on any part of the application When done under the torms of IRC Section 1035, the exchange of one life insurance or annuity contract (wath gain) for anothar accompiahes which of the following? (Assume neither controct is a modtied endownent contract and that the original contracts value includes basis and gain.) A) The total contract value of the original contract is not considered. B) The total contract value of the new contract is zaro. c) The total contact value of the original contract becomen the starting basis of the new contract. D) The basis and gain of the original contract are transferted intact to the new controct. An agent can avoid any penalties associated with the exchange of insurance company products if A) the Section 1035 exchange is accomplished within the same company B) the exchange imvolves one fixed annuity for another fixed annuty involving two different comp C) the Section 1035 exchange involves a life insurance contract for an annuity contract because the annuity D) after thorough discussion of the suitability of a possible exchange, no exchange takes place Which of the following staternents regarding modific andowment contracts (MECs) is TRUE? A) To qualify as an MEC, a life policy must permit adjustable premiums. B) Distributions from an MEC betore the insured is age 591/2 whl not trigger an additional 10% penalty tax. C) An MEC is determined basod on the premiums paid during a life policy/s first 7 years and the amount of curnulative level premint that would have otherwise accumulated at any point in time during any of those first 7 policy years under a 7 -pay policy D) Earfy distributions from an MEC will be taxed under FIFO accounting rules, first as a distribution of premiums before consideration is given to any tax-free return of bisits