Examples of Substitute Beneficiary in a sentence
In general, transfer of MPACT Contract benefits to a Substitute Beneficiary is limited to transfer to a Qualified Beneficiary whose Projected College Entrance Date is the same date or a later date than the Projected College Entrance Date of the originally named Beneficiary.
The Purchaser will be required to pay off the monthly payments, in full, and any outstanding Administrative Fees, in order for the Substitute Beneficiary to utilize any MPACT Contract benefits.
The benefits of an MPACT Contract may be transferred to an Eligible Substitute Beneficiary.
All requests for Beneficiary substitutions should be submitted with documentation evidencing the relationship of the Substitute Beneficiary to the Purchaser or the original Qualified Beneficiary.
Once a portion of Contract benefits have been used, Beneficiary substitution may be allowed only if the proposed Substitute Beneficiary meets the requirements for substitution as set out in Rule 9.3, at least fifteen (15) semester hours of tuition benefits remain on the contract, and the Substitute Beneficiary does not already have an MPACT contract.
Requests for transfer of the MPACT Contract benefits to an eligible Substitute Beneficiary must be in writing.
The Substitute Beneficiary must be a member of the Immediate Family of the original Qualified Beneficiary as defined in Rule 6.1M.
Requests for modifications, may include, but are not limited to, a change in Contract Purchaser or transfer of the Contract benefits to an eligible Substitute Beneficiary.
Once this additional amount is paid, the Contract Purchaser may resume making payments as originally scheduled before the substitution occurred.If the Contract Purchaser has established a monthly payment plan, and the MPACT Contract benefits are transferred to an eligible Substitute Beneficiary whose college entrance date precedes the final Contract Payment under the monthly payment schedule, the Substitute Beneficiary may not use any MPACT Contract benefits unless the Contract is paid in full.
Substitution of Beneficiary Fee - A twenty dollar ($20.00) fee will be assessed to transfer MPACT Contract benefits to a Substitute Beneficiary.