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Which of these are not tax benefits to gained through a Section 1035 exchange? A) a step-up in cost basis on the monies in the old contract transferring into the new contract B) capital gains tax treatment on any amounts transferred that exceed the cost basis C) the opportunity to spread the tax consequence over a 5-year time period D) a carryover of the cost basis of the original contract to the new contract Regarding any investment choices available to a variable annuity contract holder in the insurer's general account, A) the contract holder would want to make sure there are at least 6 dozen or more investment choices per SEC guidelines B) the contract hoider would want to make sure that one of the investment choices provided a guaranteed fixed retum C) the investment parameters of the separate account should preclude such option D) the contract holder would want to make sure one of the investment choices included large cap growth stock Question \#3 of 25 Constructive receipt of an asset does NOT exist in which of the following circumstances? A) A contract owner receives a check for the cash value of a life policy surrender and deposits the full amount into a mutual fund. B) A contract owner receives a check in the surrender of a deferred annuity and immediately transmits the endorsed check to anothe insurer who is issuing a replacement annuity. C) A contract owner receives a check in partial surrender of a deferred annuity and deposits the full amount into another deferred annoity D) A contrect owner receives a monthly statement informing him of his life policy's cash value, at which time he instructs the insurer to transfer the full value directly to another insurer in exchange for another life policy