Common use of Recovery of Excess Payments Clause in Contracts

Recovery of Excess Payments. We may recover from you or your estate any payments made after the death of the Designated Life. ICC20-70591 Minnesota Life 2 A Joint Owner is not permitted while this rider is in effect. If the contract Owner is not a natural person, a Joint Annuitant is not permitted while this rider is in effect. The initial Benefit Base will be set to the initial Purchase Payment. For each subsequent Purchase Payment prior to the later of the first Contract Anniversary or the date of the first withdrawal, the Benefit Base will be increased by the amount of the subsequent Purchase Payment(s). For any subsequent Purchase Payment on or after the later of the first Contract Anniversary or the date of the first withdrawal, there will be no increase to the Benefit Base as a result of the Purchase Payment(s). Prior to the Benefit Date, any amount you withdraw is considered an excess withdrawal and will cause the Benefit Base to be reduced by an amount equal to (a) multiplied by (b), divided by (c), where:

Recovery of Excess Payments. We may recover from you or your estate any payments made after the death of the Designated Life. ICC20-70591 70592 Minnesota Life 2 A Joint Owner is not permitted while this rider is in effect. If the contract Owner is not a natural person, a Joint Annuitant is not permitted while this rider is in effect. The initial Benefit Base will be set to the initial Purchase Payment. For each subsequent Purchase Payment prior to the later of the first Contract Anniversary or the date of the first withdrawal, the Benefit Base will be increased by the amount of the subsequent Purchase Payment(s). For any subsequent Purchase Payment on or after the later of the first Contract Anniversary or the date of the first withdrawal, there will be no increase to the Benefit Base as a result of the Purchase Payment(s). Prior to the Benefit Date, any amount you withdraw is considered an excess withdrawal and will cause the Benefit Base to be reduced by an amount equal to (a) multiplied by (b), divided by (c), where: