MINNESOTA MUTUAL LIFE ENDORSEMENT
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THE MINNESOTA MUTUAL LIFE INSURANCE COMPANY, 000 XXXXX XXXXXX XX, XX. XXXX, MN
55101
The following changes modify our issued contract. This agreement is subject to
all the contract's terms and conditions. The purpose of this agreement is to
modify the contract to create sub-accounts. They will be added within the
existing separate account. The sub-accounts will allow the contract to permit
additional investment options.
DEFINITIONS
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SEPARATE ACCOUNT
Our assets in the separate investment account. It is called "Minnesota Mutual
Variable Fund D." This separate account was established by us under Minnesota
law. It is for this class of contracts. The separate account has several
sub-accounts.
ACCUMULATION VALUE
The sum of your values under this contract. They may be in the general account
and/or the separate account. In the general account we call this the general
account accumulation value. In the separate account we call this the separate
account accumulation value. It is composed of the individual account values in
one or more sub-accounts of the separate account. The total of these values
will be the separate account accumulation value. Interests in the sub-accounts
will be valued separately.
FUND
A mutual fund or separate investment portfolio within a series mutual fund. It
must be designated as an eligible investment for the separate account.
PURCHASE PAYMENTS
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HOW ARE PURCHASE PAYMENTS ALLOCATED?
They are allocated either to the general account or to the separate account and
its sub-accounts. We will follow your direction. Initially, you indicate your
allocation in the application. You may change your allocation by giving us
written notice. A change will apply to subsequent purchase payments. We may
receive a purchase payment without allocation instructions. If we do, we will
allocate it to the general account.
The separate account is divided into sub-accounts. For each there is a fund for
the investment of that sub-account's assets. Amounts are invested in the funds
at their net asset value.
The separate account is composed of the several sub-accounts. Currently, they
are as follows: Stock Sub-Account; Index Sub-Account; Bond Sub-Account;
Mortgage Securities Sub-Account; Money Market Sub-Account and Managed
Sub-Account.
Purchase payments may be applied to one or more of these sub-accounts. They may
also be applied to any other sub-account which may be established by us. We
must do so under the
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separate account for contracts of this class. We reserve the right to add,
combine or remove any sub-accounts of the separate account.
If investment in a fund should no longer be possible, we may substitute another
fund. We may do the same if we determine that a fund is inappropriate for
contracts of this class. Substitution may be with respect to existing
accumulation values and future purchase payments.
VALUATION
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WHAT IS THE NET INVESTMENT FACTOR FOR THE SEPARATE ACCOUNT?
The separate account net investment factor describes the investment performance
of a sub-account of the separate account. It is for the period from one
valuation period to the next. For any such sub-account, the net investment
factor for a valuation period is the gross investment rate for such sub-account
for the valuation period less a deduction for the mortality and expense risk
charge at the rate of .795%. The net investment factor for each sub-account
other than the sub-account holding shares of the Stock Portfolio of MIMLIC
Series Fund, Inc. ("Series Fund"), shall be increased by Minnesota Mutual. It
will be increased to the extent that on an annual basis the investment advisory
fee accrued by the Portfolio in which the sub-account invests, as a percentage
of the value of the average net assets of such Portfolio, exceeds a .265% per
annum. The net investment factor for the sub-account holding shares of the
Stock Portfolio of the Series Fund shall also be adjusted by Minnesota Mutual.
It will be adjusted so that on an annual basis the expenses, including the
investment advisory fee, of that Portfolio, as a percentage of the average net
assets of such Portfolio, exceed .265% per annum. For purposes of this
computation, "expenses" shall be determined on the basis of generally accepted
accounting principles applicable to registered investment companies. However,
they shall exclude any expenses of the Stock Portfolio which are reimbursed by
Minnesota Mutual or any other person, any interest expense or amortization of
debt discount or any income tax expense.
The gross investment rate is equal to: (1) the net asset value per share of a
fund share held in a sub-account of the separate account determined at the end
of the current valuation period; plus (2) the per share amount of any dividend
or capital gain distribution by such fund if the "ex-dividend" date accrues
during the current valuation period; divided by (3) the net asset value per
share of that fund share determined at the end of the preceding valuation
period. The gross investment rate may be positive or negative.
TRANSFER PROVISIONS
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WHAT IS A TRANSFER?
A transfer is a reallocation of amounts held under this contract. It may be
between the general account and the separate account. It may be among the
sub-accounts of the separate account.
MAY YOU MAKE TRANSFERS OF AMOUNTS UNDER THE CONTRACT?
Yes. Transfers may be made. We need your written request. For transfers out
of the separate account or among the sub-accounts of the separate account, we
will make the transfer on the basis of sub-account unit values as of the end of
the valuation period during which your written request is received at our home
office.
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DOES A DOLLAR AMOUNT LIMIT APPLY TO TRANSFERS?
Yes. In every case, an amount to be transferred must be $250. A lesser amount
may be transferred if it is the entire cash value attributable to that
sub-account or the general account. In that case, such entire cash value must
be transferred.
If any transfer would reduce the accumulation value in the sub-account from
which the transfer is to be made to less than $ 250 we reserve the right to
transfer that remaining amount as well.
/s/ Xxxxxx X. Xxxxxxx /s/ Xxxxxxx X. Xxxxx
Secretary President
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