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 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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Examples of Substitute Beneficiary in a sentence

  • If special permission is granted by MPACT to transfer the Contract benefits to a Substitute Beneficiary whose Projected College Entrance Date is earlier than that of the original Qualified Beneficiary, the Purchaser must pay an Actuarial Assessment calculated by MPACT before the substitution will be made.

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

  • 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.

  • 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.


More Definitions of Substitute Beneficiary

Substitute Beneficiary means any person appointed by the BENEFICIARIES in the OPTION agreements.
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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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