Substitute Beneficiary definition

Substitute Beneficiary means an assignee of a Beneficiary Interest who becomes a Beneficiary pursuant to Section 9.3.
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Substitute Beneficiary means an individual named by the MPACT Contract Purchaser to receive, in place of the originally named Qualified Beneficiary, the benefits guaranteed under the MPACT Contract and who meets the eligibility criteria specified in Rule 9.3.
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Substitute Beneficiary means any person appointed by the BENEFICIARIES in the OPTION agreements.
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Examples of Substitute Beneficiary in a sentence

  • A similar power of attorney shall be one of the instruments which the Managing Trustee shall require an assignee of a Beneficiary to execute as a condition to the admission of such assignee as a Substitute Beneficiary.

  • Any Beneficiary who shall assign all of his Interests shall cease to be a Beneficiary and shall no longer have any of the rights or privileges of a Beneficiary, except that unless and until a Substitute Beneficiary is admitted in his place such assigning Beneficiary shall retain any statutory rights of an assignor of a Beneficiary Interest under the Business Trust Act.

  • In the event of the withdrawal of a Beneficiary because of death, legal incompetence, dissolution or other termination, the estate, legal representative or successor of such withdrawn Beneficiary shall be deemed to be the assignee of such withdrawn Beneficiary's Interest and may become a Substitute Beneficiary upon compliance with the provisions of Section 9.3.

  • The rights of a Transferee who does not become a Substitute Beneficiary shall be limited to the receipt of his share of Profits, Losses and Distributions, as determined under Article VIII.

  • Except where this Agreement otherwise requires, a Substitute Beneficiary or Substitute Special Beneficiary shall be deemed to have received the Capital Account and made the Capital Contributions to the Trust which were made by the Beneficiary or Special Beneficiary whom such Substitute Beneficiary or Substitute Special Beneficiary succeeds, and to have received from the Trust the Distributions and allocations received from the Trust by such former Beneficiary or Special Beneficiary.

  • The request for substitution includes payment of a Substitute Beneficiary Administrative Fee of twenty five dollars ($25) and any Actuarial Assessment calculated by MPACT.

  • Subject to the terms of the Plan, the Substitute Beneficiary may elect to receive the death benefit payable under Section 2.11 in the form of an Annuity Benefit rather than as a single sum.

  • State the relevant Asset followed by who would be the Substitute Beneficiary No.1 and Share.

  • Upon the Annuitant's death you may, by written request to our Processing Office, at any time up to and including provision of due proof of such death, change the beneficiary designation for the Section 2.11 death benefit from you to the Substitute Beneficiary.

  • In either case, the Purchaser may request a refund of Contract payments or name a qualifying Substitute Beneficiary subject to certain Program requirements.


More Definitions of Substitute Beneficiary

Substitute Beneficiary means an Immediate Family Member of the Beneficiary named by the Contract Purchaser to receive, in place of the originally named Beneficiary, the benefits provided under the PACT Contract.
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Substitute Beneficiary means a Member of the Family who is eligible as a Beneficiary and replaces the immediately prior Beneficiary as provided by the Account Owner Agreement.
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Related to Substitute Beneficiary

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • Substitute Limited Partner means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3 hereof.

  • Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4.

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Qualified Beneficiaries has the meaning set forth in Section 4.12.

  • Eligible beneficiary means a resident of this state who:

  • primary beneficiary means the individual for whose primary benefit the trust is then held.

  • Substitute employee is a person hired to perform the duties of a position in the temporary absence of the employee who is regularly assigned to that position.

  • land reform beneficiary , in relation to a property, means a person who -

  • Initial Beneficiary means ALF LLC, as initial beneficiary under the Titling Trust Agreement and its permitted successors and assigns.

  • Alternate Payee means a spouse, former spouse, child, or other dependent of a participant, who is designated to be paid retirement benefits in a qualified domestic relations order;

  • Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.

  • Substitute Member means a Person who is admitted as a Member of the Company pursuant to Section 2.7 as a result of a Transfer of Shares to such Person.

  • Beneficiary(ies means the beneficiary(ies) designated by the Participant who are entitled to receive any distributions from the Plan payable upon the death of the Participant.

  • Eligible Family Member means a member of the Subscriber’s family that is or becomes eligible to enroll for coverage under this Plan as a Dependent.

  • Surviving beneficiary or “surviving descendant” means a beneficiary or a descendant who did not predecease the decedent and is not considered to have predeceased the decedent under section 2702.

  • Refund beneficiary means an individual nominated by a qualified participant or a former qualified participant under section 66 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 67.

  • UTI Beneficiary means NILT Trust, in its capacity as the initial beneficiary of the Titling Trust.

  • Financial Beneficiary means any Principal of the Developer or Applicant entity who receives or will receive any direct or indirect financial benefit from a Development, except as further described in Rule 67-21.0025, F.A.C.

  • Substitute Check means a paper reproduction of an Item that satisfies the requirements and definition of “substitute check” set forth in Regulation CC.

  • Dependent adult means a person 18 years of age or older who is unable to protect the person’s own interests or unable to adequately perform or obtain services necessary to meet essential human needs, as a result of a physical or mental condition which requires assistance from another.

  • Settlor means a person, including a testator, who creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion.

  • Dependent child means a child residing in an individual’s household who may legally be claimed as a dependent on the federal income tax of such individual.

  • Third Party Beneficiary means each of the non-NHS bodies set out in the list attached at Schedule 1, as supplied from time to time by the Authority to the Contractor;

  • Substitute care means the out-of-home placement of a child or young adult who is in the legal or physical custody and care of the Department.

  • Substitute teacher means a person employed to perform the normal duties of a teacher who is absent.