THE MINNESOTA MUTUAL LIFE INSURANCE COMPANY
000 Xxxxx Xxxxxx Xxxxx Xxxx, Xxxxxxxxx
organized in 1880
XXXXXX AGREES TO THE TERMS AND PROVISIONS CONTAINED IN THIS POLICY
The Minnesota Mutual Life Insurance Company (herein called Minnesota Mutual)
agrees to pay at its Home Office in St. Xxxx, Minnesota, the benefits provided
by this contract.
This contract is issued in consideration of the application therefor and the
payment of purchase payments of at least $10 each, as hereinafter provided.
This contract is executed by Minnesota Mutual at its Home Office in St. Xxxx,
Minnesota, to take effect as of the Effective Date.
/s/ Xxxxxx X. Xxxxxxx /s/ Xxxxxxxx Xxxxxx
Secretary Registrar President
INDIVIDUAL ACCUMULATION ANNUITY CONTRACT
VARIABLE ANNUITY BENEFITS-FIXED DOLLAR ANNUITY BENEFITS-PARTICIPATING
ALL PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT, WHEN BASED ON
INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE
NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT
F. 16105 Rev. 3-70 Page 1
TABLE OF CONTENTS
SECTION DESCRIPTION PAGE
------- ----------- ----
1. . . . . . . . DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . 3
2. . . . . . . . ANNUITY PROVISIONS. . . . . . . . . . . . . . . . . . 3-5
2.01. . . . . Annuity Commencement Date . . . . . . . . . . . . . . . 3
2.02. . . . . Election of Optional Annuity Forms. . . . . . . . . . . 3
2.03. . . . . Application of Accumulation Value . . . . . . . . . . . 3
2.04. . . . . Optional Annuity Forms. . . . . . . . . . . . . . . . . 3
2.05. . . . . Determination of First Payment. . . . . . . . . . . . . 4
2.06. . . . . Variable and Fixed Dollar Annuities . . . . . . . . . . 5
2.07. . . . . Allocation of Annuity . . . . . . . . . . . . . . . . . 5
2.08. . . . . Lump Sum Settlement . . . . . . . . . . . . . . . . . . 5
3 . . . . . . . PURCHASE PAYMENTS . . . . . . . . . . . . . . . . . . . 6
3.01. . . . . . . .Amount of Purchase Payments. . . . . . . . . . . . 6
3.02. . . . . . . .Allocation of Purchase Payments. . . . . . . . . . 6
3.03. . . . . . . .Application of Purchase Payments . . . . . . . . . 6
4 . . . . . . . VALUATION . . . . . . . . . . . . . . . . . . . . . . 6-7
4.01. . . . . . . .Net Investment Rate and Net
Investment Factor. . . . . . . . . . . . . . . 6
4.02. . . . . . . .Accumulation Unit Value. . . . . . . . . . . . . . 6
4.03. . . . . . . .Annuity Unit Value . . . . . . . . . . . . . . . . 6
4.04. . . . . . . .Accumulation Value . . . . . . . . . . . . . . . . 7
4.05. . . . . . . .Valuation of Separate Account Assets . . . . . . . 7
5 . . . . . . . DEATH AND OTHER TERMINATION BENEFITS. . . . . . . . . . 7
5.01. . . . . . . .Death Benefits . . . . . . . . . . . . . . . . . . 7
5.02. . . . . . . .Cash Surrender . . . . . . . . . . . . . . . . . . 7
5.03. . . . . . . .Discontinuance of Purchase Payments. . . . . . . . 7
6 . . . . . . . GENERAL PROVISIONS. . . . . . . . . . . . . . . . . . 7-9
6.01. . . . . . . .Contract . . . . . . . . . . . . . . . . . . . . . 7
6.02. . . . . . . .Modification of Contract . . . . . . . . . . . . . 8
6.03. . . . . . . .Beneficiary. . . . . . . . . . . . . . . . . . . . 8
6.04. . . . . . . .Participation in Divisible Surplus . . . . . . . . 8
6.05. . . . . . . .Statements . . . . . . . . . . . . . . . . . . . . 8
6.06. . . . . . . .Information To Be Furnished. . . . . . . . . . . . 8
6.07. . . . . . . .Adjustments on Account of
Misstatements . . . . . . . . . . . . . . . . . 8
6.08. . . . . . . .Facility of Payment. . . . . . . . . . . . . . . . 8
6.09. . . . . . . .Evidence of Survival . . . . . . . . . . . . . . . 8
6.10. . . . . . . .Assignment and Transfer. . . . . . . . . . . . . . 9
6.11. . . . . . . .Reserves . . . . . . . . . . . . . . . . . . . . . 9
6.12. . . . . . . .Voting Rights. . . . . . . . . . . . . . . . . . . 9
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6.13. . . . . . . .Relation of This Contract to
Separate Account . . . . . . . . . . . . . . . . 9
6.14. . . . . . . .Deferment of Payments. . . . . . . . . . . . . . . 9
PARTICIPANT CONTRACT NO.
OWNER SEX
JURISDICTION DATE OF BIRTH
BENEFICIARY EFFECTIVE DATE
(the beneficiary shall be as designated in the application unless subsequently
changed)
SECTION 1. DEFINITIONS
1.01 CONTRACT ANNIVERSARY
An anniversary of the Effective Date of this contract.
1.02 CONTRACT YEAR
A period of one year commencing with the Effective Date or with any Contract
Anniversary.
1.03 ANNUITY PAYMENTS
A series of payments purchased under this contract for the Participant by
application of the Accumulation Value.
1.04 ANNUITY COMMENCEMENT DATE
The date upon which Annuity Payments begin, as determined in accordance with
Section 2.01.
1.05 SEPARATE ACCOUNT
Those assets of Minnesota Mutual in a separate investment account entitled
"Minnesota Mutual Variable Fund D" established by Minnesota Mutual for this
class of contracts in accordance with the laws of Minnesota.
1.06 GENERAL ACCOUNT
All assets of Minnesota Mutual other than those in "Variable Fund D" or in other
separate accounts established by Minnesota Mutual.
1.07 VALUATION DATE
Each date on which the New York Stock Exchange is open for trading, with the
valuation occurring as of the close of business of the Exchange. A valuation
period is the period between successive Valuation Dates.
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1.08 INDIVIDUAL ACCOUNT
The sum of the accumulation units credited to the Participant.
1.09 ACCUMULATION VALUE
The dollar value of the Individual Account, as determined in accordance with
Section 4.04.
SECTION 2. ANNUITY PROVISIONS
2.01 ANNUITY COMMENCEMENT DATE
The Owner shall notify Minnesota Mutual in writing at its Home Office to effect
Annuity Payments for the Participant, specifying the date such Annuity Payments
are to commence. Unless prohibited by an endorsement to this contract, such
date may be the first day of any calendar month following the Participant's 50th
birthday, provided that it may not be earlier than 30 days following the date
such notice is given, and provided further that it may not be later than the
Participant's 75th birthday. If no such notice is given to Minnesota Mutual by
the Owner prior to the Participant's 65th birthday, the Annuity Commencement
Date shall be the first day of the calendar month next following the
Participant's 65th birthday.
2.02 ELECTION OF OPTIONAL ANNUITY FORMS
The Owner may elect to have Annuity Payments made under any of the Optional
Annuity Forms prescribed in Section 2.04, provided such election is received in
writing by Minnesota Mutual at its Home Office at least 30 days prior to the
Annuity Commencement Date. If no such election is received by Minnesota Mutual,
Annuity Payments will be made in accordance with Optional Annuity Form 2A (Life
Annuity with a Period Certain of 120 months).
2.03 APPLICATION OF ACCUMULATION VALUE
As of the Annuity Commencement Date, Minnesota Mutual shall apply the
Accumulation Value to provide Annuity Payments under the Optional Annuity Form
determined in accordance with Section 2.02; provided, however, that the first
monthly payment under such Optional Annuity Form must be at least $20.00 in
amount. If such first monthly payment would be less than $20,00 in amount, the
Accumulation Value will be paid to the Participant in a lump sum as of his
Annuity Commencement Date, and the Participant shall have no further rights
under this contract. The requirement that the first monthly payment be at least
$20.00 shall be imposed separately for that portion of Annuity Payments payable
as a fixed dollar annuity and as a variable annuity.
2.04 OPTIONAL ANNUITY FORMS
Option 1--Life Annuity--An annuity payable monthly during the lifetime of the
Participant and terminating with the last monthly payment preceding the death of
the Participant.
Option 2--Life annuity with a Period Certain of 120 months (Option 2A), 180
months (Option 2B), or 240 months Option 2C)--An annuity payable monthly during
the lifetime of the Participant, with the guarantee that if the Participant dies
before payments have been made for
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the Period Certain elected, payments will continue to the beneficiary during the
remainder of such Period Certain; or, if the beneficiary so elects, the present
value of the remaining guaranteed number of payments, based on the then current
dollar amount of one such payment and commuted on the basis of 3.5% interest
compounded annually, shall be paid in a single sum to the beneficiary.
Option 3--Joint and Last Survivor Annuity--An annuity payable monthly during the
joint lifetime of the Participant and a designated Joint Annuitant and
continuing thereafter during the remaining lifetime of the survivor.
Option 4--Period Certain Annuity--An annuity payable monthly for a Period
Certain of from 1 to 15 years, as elected. If the Participant dies before
payments have been made for the Period Certain elected, payments will continue
to the beneficiary during the remainder of such Period Certain. At any time
during the payment period, the payee may elect that (1) the present value of the
remaining guaranteed number of payments, based on the then current dollar amount
of such payment and commuted on the basis of 3.5% interest compounded annually,
shall be paid in a single sum, or (2) such commuted amount shall be applied to
effect a life annuity under Option 1 or Option 2.
The first payment under any of these Optional Annuity Forms will be determined
in accordance with Section 2.05. The second and subsequent payments will be
determined in accordance with Section 2.06. Minnesota Mutual reserves the right
to require proof satisfactory to it of the age of the Participant and any Joint
Annuitant prior to making the first payment under any Optional Annuity Form.
2.05 DETERMINATION OF FIRST PAYMENT
The tables contained herein are used to determine the first monthly annuity
payment. they show the dollar amount of the first monthly payment which can be
purchased with each $1,000 of Accumulation Value, after deduction of any
applicable premium taxes not previously deducted under the provisions of Section
3.03. Amounts shown in the tables are based on the Progressive Annuity Table
with interest at the rate of 3.5% per annum and assume births in the year 1900.
The amount of each payment depends upon the sex and adjusted age of the
Participant and any Joint Annuitant. The adjusted age is determined from the
actual age nearest birthday at the time and the first payment is due in the
following manner:
CALENDAR YEAR ADJUSTED AGE IS
OF BIRTH EQUAL TO----
------------- ----------------
Prior to 1900 Actual Age Plus 1
1900-1919 Actual Age
1920-1939 Actual Age Minus 1
1940-1959 Actual Age Minus 2
1960 and Later Actual Age Minus 3
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DOLLAR AMOUNT OF THE FIRST MONTHLY PAYMENT WHICH IS PURCHASED
WITH EACH $1,000 OF VALUE APPLIED
ADJUSTED AGE
OF ANNUITANT SINGLE LIFE ANNUITIES
------------ -----------------------------------------------------
MALE FEMALE OPTION 1 OPTION 2A OPTION 2B OPTION 2C
---- ------ -------- --------- --------- ---------
50 54 $4.74 $4.69 $4.62 $4.52
51 55 4.84 4.78 7.70 4.58
52 56 4.94 4.87 4.78 4.65
53 57 5.04 4.97 4.87 4.71
54 58 5.16 5.07 4.95 4.78
55 59 5.28 5.18 5.04 4.85
56 60 5.40 5.29 5.13 4.91
57 61 5.54 5.41 5.23 4.98
58 62 5.69 5.53 5.33 5.05
59 63 5.84 5.66 5.43 5.11
60 64 6.01 5.79 5.53 5.18
61 65 6.18 5.94 5.63 5.24
62 66 6.37 6.08 5.74 5.30
63 67 6.57 6.24 5.84 5.36
64 68 6.79 6.40 5.95 5.41
65 69 7.02 6.57 6.05 5.46
66 70 7.27 6.74 6.15 5.51
67 71 7.54 6.91 6.26 5.55
68 72 7.83 7.10 6.35 5.59
69 73 8.14 7.28 6.45 5.62
70 74 8.48 7.47 6.54 5.65
71 75 8.84 7.66 6.62 5.68
72 76 9.23 7.85 6.70 5.70
73 77 9.65 8.04 6.77 5.71
74 78 10.11 8.23 6.83 5.72
75 79 10.61 8.41 6.88 5.73
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OPTION 3-JOINT AND LAST SURVIVOR LIFE ANNUITY
ADJUSTED AGED OF
JOINT ANNUITANT* ADJUSTED AGE OF ANNUITANT*
------------------- -----------------------------------------------------------------------------------------------
M-51 M-56 M-58 M-61 M-63 M-66 M-71
MALE FEMALE F-55 F-60 F-62 F-65 F-67 F-70 F-75
------------------- ----- ----- ----- ----- ----- ----- ------
50 54 $4.21 $4.35 $4.40 $4.47 $4.51 $4.57 $4.64
55 59 4.37 4.58 4.66 4.78 4.85 4.94 5.07
57 61 4.43 4.67 7.77 4.90 4.99 5.10 5.26
60 64 4.51 4.80 4.92 5.09 5.20 5.36 5.59
62 66 4.55 4.88 5.01 5.22 5.35 5.54 5.82
65 69 4.62 4.99 5.15 5.39 5.56 5.81 6.19
70 74 4.70 5.14 5.34 5.65 5.88 6.23 6.83
* Dollar amounts of the first monthly payments for ages not shown in this
table will be calculated on the same basis as those shown and may be obtained
from Minnesota Mutual.
OPTION 4-- PERIOD CERTAIN ANNUITY
PERIOD CERTAIN DOLLAR AMOUNT PERIOD CERTAIN DOLLAR AMOUNT
(YEARS) OF FIRST PAYMENT (YEARS) OF FIRST PAYMENT
--------------- ---------------- -------------- ----------------
1 $84.65 9 $10.75
2 43.05 10 9.83
3 29.19 11 9.09
4 22.27 12 8.46
5 18.12 13 7.94
6 15.35 14 7.49
7 13.38 15 7.10
8 11.90
2.06 VARIABLE AND FIXED DOLLAR ANNUITIES
(a) Variable Annuity--A variable annuity is an annuity with payments
varying in amount in accordance with the net investment result of the
Separate Account. A number of Separate Account annuity units is determined
by dividing the first monthly payment, determined as described in Section
2.05, by the Separate Account annuity unit value at the Annuity
Commencement Date. The number of such annuity units remains unchanged
during the period of Annuity Payments.
The dollar amount of the second and subsequent payments is not
predetermined, and may change from month to month. The dollar amount of
each such payment is determined by multiplying the number of Separate
Account annuity units by the Separate Account annuity unit value at the due
date of such payment.
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Minnesota Mutual guarantees that the dollar amount of each payment after
the first will not be affected by adverse mortality experience or by an
increase in Minnesota Mutual's expenses in excess of the expense deductions
provided for in the contract.
(b) Fixed Dollar Annuity--A fixed dollar annuity is an annuity payable
from the General Account, with payments which remain fixed as to dollar
amount throughout the period of Annuity Payments. A number of General
Account annuity units is determined when payments commence, but the General
Account annuity unit value is always $1.00. The number of such annuity
units remains unchanged during the period of Annuity Payments.
2.07 ALLOCATION OF ANNUITY
Unless Minnesota Mutual shall be notified in writing to the contrary by the
Owner at least 30 days prior to the Annuity Commencement Date, General Account
accumulation units will be applied to provide a fixed dollar annuity and
Separate Account accumulation units will be applied to provide a variable
annuity.
2.08 LUMP SUM SETTLEMENT
By written notice to Minnesota Mutual by the Owner at least 30 days prior to the
Annuity Commencement Date, a lump sum settlement of the Accumulation Value may
be elected in lieu of the application of such value to provide Annuity Payments
under an Optional Annuity Form. After such lump sum settlement has been made,
the Participant shall have no further rights under this contract.
SECTION 3. PURCHASE PAYMENTS
3.01 AMOUNT OF PURCHASE PAYMENT
Each Contract Year Minnesota Mutual shall receive at its Home Office such
purchase payments as are made under the contract. Such purchase payments will
be applied by Minnesota Mutual to provide accumulation units for the Annuitant
in accordance with Section 3.03.
Each purchase payment must be at least $10 if all of such purchase payment will
be allocated, pursuant to Section 3.02, either to the General Account or the
Separate Account, or must be at least $10 for each account if such purchase
payment will be allocated, pursuant to Section 3.02, to both the General Account
and the Separate Account.
Minnesota Mutual may limit the maximum purchase payments which will be accepted
under the contract for any Contract Year to the greater of (a) the purchase
payments made under the contract for the immediately preceding Contract Year, or
(b) the average purchase payments made under the contract for all prior Contract
Years.
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3.02 ALLOCATION OF PURCHASE PAYMENTS
The initial allocation of purchase payments to the General Account or the
Separate Account shall be as specified in the application. Such allocation may
be changed as to future purchase payments by written notice to Minnesota Mutual
by the Owner, provided such notice is received by Minnesota Mutual at its Home
Office on or prior to the date of receipt of such purchase payments.
3.03 APPLICATION OF PURCHASE PAYMENTS
Deductions totaling 7% plus any applicable premium taxes on the purchase
payments shall be made by Minnesota Mutual from each purchase payment received.
The balance of each purchase payment remaining after these deductions is
hereinafter called the net purchase payment. Minnesota Mutual shall determine
the number of accumulation units provided by the net purchase payment by the
then current accumulation unit value. Such determination shall be made as of
the Valuation Date coincident with or next following the date on which such
purchase payment is received by Minnesota Mutual at its Home Office, and shall
be made separately for net purchase payments allocated to the General Account
and the Separate Account. the number of accumulation units so determined shall
not be affected by any subsequent change in the accumulation unit value. The
General Account accumulation unit value will increase at the net investment rate
specified in Section 4.01(a), but the Separate Account accumulation unit value
may vary from period to period.
SECTION 4. VALUATION
4.01 NET INVESTMENT RATE AND NET INVESTMENT FACTOR
(a) The General Account net investment rate for each valuation period
shall not be less than the equivalent of an investment rate of 4 1/2%
compounded annually during the first 5 Contract Years, 4% compounded
annually during the 6th through 10th Contract Years, and 3 1/2% compounded
annually thereafter.
(b) The Separate Account net investment rate for any valuation period is
equal to the gross investment rate expressed in decimal form to six places,
less a deduction of not more than .0106 per annum. the amount of the
deduction may be changed from time to time by Minnesota Mutual, but not
more often than annually, and in no event will the deduction exceed .0106
per annum. Such gross investment rate is equal to (1) the investment
income and capital gains and losses, whether realized or unrealized, on the
assets of the Separate Account during such valuation period, less a
deduction for any applicable income taxes arising from such income and
realized and unrealized capital gains, divided by (2) the value of such
assets at the beginning of the valuation period. Such gross investment
rate may be either positive or negative.
(c) The net investment factor for each Account is the sum of 1.000000 plus
the net investment rate for the Account.
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4.02 ACCUMULATION UNIT VALUE
The General Account and Separate Account accumulation unit values were set at
$1.000000 on the first Valuation Date of the Separate Account. The respective
accumulation unit values in each Account on any subsequent Valuation Date are
determined by multiplying the accumulation unit value on the immediately
preceding Valuation Date by the net investment factor for that Account for the
valuation period just ended. The accumulation unit value as of any date other
than a Valuation Date is equal to its value on the next succeeding Valuation
Date.
4.03 ANNUITY UNIT VALUE
The value of a General Account annuity unit will always be $1.00. the value of
a Separate Account annuity unit is determined monthly as of the first day of
each month. The value of a Separate Account annuity unit on the first day of
each month is equal to its value on the first day of the preceding month
multiplied by the product of (a) .997137, and (b) the ratio of the Separate
Account accumulation unit value for the valuation Date next following the
fourteenth day of the preceding month to the corresponding accumulation unit
value for the Valuation Date next following the fourteenth day of the second
preceding month. The value of an annuity unit on any date other than the first
day of a month is equal to its value on the first day of the next succeeding
month.
4.04 ACCUMULATION VALUE
The Accumulation Value as of any Valuation Date is equal to the product of (a)
the Individual Account, and (b) the accumulation unit value. Such calculation
shall be made separately for the portions of the Individual Account made up on
General Account and Separate Account accumulation units. The applicable General
Account or Separate Account accumulation unit value is the accumulation unit
value calculated for the Valuation Date as of which the Accumulation Value is
being determined; provided, however that for purposes of determining the monthly
Annuity Payment pursuant to Section 2.05, the applicable accumulation unit value
is the value on the Valuation Date next following the fourteenth day of the
month preceding the Annuity Commencement Date.
4.05 VALUATION OF SEPARATE ACCOUNT ASSETS
The valuation of all assets in the Separate Account shall be determined in
accordance with the provisions of the rules and regulations of the Separate
Account.
SECTION 5. DEATH AND OTHER TERMINATION BENEFITS
5.01 DEATH BENEFITS
In the event of the death of the Participant prior to his Annuity Commencement
Date, the beneficiary of the Participant will receive as a death benefit the
Accumulation Value determined as of the valuation Date coincident with or next
following the date due proof of death is received by Minnesota Mutual at its
Home Office. The death benefit will be paid in a single sum; or, at the option
of the beneficiary, may be applied under Option 1, Option 2, or Option 4, of the
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Optional Annuity Forms specified in Section 2.04, subject to the minimum payment
requirements of Section 2.03.
5.02 CASH SURRENDER
Upon written request by the Owner prior to the Annuity Commencement Date, all or
a portion of the Accumulation Value, determined as of the Valuation Date
coincident with or next following the date such written request is received by
Minnesota Mutual at its Home Office, shall be paid to the Owner in a single sum.
The contract must be surrendered, and must accompany such written request if the
entire Accumulation Value is to be paid. No partial withdrawal of the
Accumulation Value will be allowed for an amount of less than $250. In the
event of any withdrawal, that portion of the Individual Account having an
Accumulation Value equal to the dollar amount withdrawn shall be cancelled.
5.03 DISCONTINUANCE OF PURCHASE PAYMENTS
Purchase payments may be discontinued under either of the following
circumstances:
(1) The owner may discontinue purchase payments as of a date specified in
a written notice to Minnesota Mutual at its Home Office, provided that such
date may not be earlier than the date of receipt of such notice by
Minnesota Mutual.
(2) Minnesota Mutual may discontinue acceptance of purchase payments as of
a date specified in a written notice to the Owner if the contract is no
longer part of a plan qualified under Section 401 (a), 403(a), 403(b), or
other provision of the Internal Revenue Code allowing similar tax
treatment.
Upon discontinuance of purchase payments, the Individual Account shall
remain under the contract for application of the Accumulation Value thereof
to provide Annuity Payments at the annuity Commencement Date under the
provisions of Section 2. Purchase payments may be resumed at any date
prior to the Annuity Commencement Date unless the contract has previously
been surrendered and the Accumulation Value paid in cash.
SECTION 6. GENERAL PROVISIONS
6.01 CONTRACT
This contract and the application therefor, a copy of which is attached hereto,
constitute the entire contract. All statements in the application shall, in the
absence of fraud, be deemed representations and not warranties. Page 2 hereof.
With respect to all transactions regarding this contract, except as may be
otherwise specifically provided, Minnesota Mutual may deal with the Owner on the
basis that the Owner has full ownership and control of the contract.
6.02 MODIFICATION OF CONTRACT
This contract may be modified at any time by written agreement between Minnesota
Mutual and the Owner. However, no such modification will adversely affect the
rights of the
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Participant under this contract unless the modification is made to comply with a
law or government regulation.
No person except the President, a Vice President, the Secretary, or an Assistant
Secretary of Minnesota Mutual has authority on behalf of Minnesota Mutual to
modify the contract or to waive any requirement of the contract. Minnesota
Mutual shall not be bound by any promise or representation made by or to any
agent or person other than as above.
6.03 BENEFICIARY
The beneficiary designation contained in the application will remain in effect
until changed. The participant may designate or change the designation of his
beneficiary at any time during his lifetime by filing satisfactory written
notice with Minnesota Mutual at its Home Office. The new designation shall take
effect only upon being recorded by Minnesota Mutual at its Home Office. When so
recorded, even if the Participant is not then living, it shall take effect as of
the date the notice was signed, subject to any payment made by Minnesota Mutual
before recording the change.
The interest of any beneficiary who dies before the Participant shall terminate
at the death of that beneficiary. If the interest of all designated
beneficiaries has terminated, any proceeds payable at the Participant's death
shall be paid to the persons who, by evidence satisfactory to Minnesota Mutual,
appear to be the lawful children of the Participant. The proceeds shall be
divided equally among those children. If no child is living, the proceeds shall
be payable to the Participant's estate. "Child" and "children" refer only to
the first generation.
6.04 PARTICIPATION IN DIVISIBLE SURPLUS
This is a participating contract. The portion, if any, of the divisible surplus
of Minnesota Mutual accruing upon this contract shall be determined annually by
Minnesota Mutual and credited to the contract on such basis as is determined by
Minnesota Mutual.
6.05 STATEMENTS
At least once in each Contract Year, Minnesota Mutual will furnish the Owner a
statement of the Individual Account, the current accumulation unit value, and
the Accumulation Value. such statement shall be as of a date within four months
of the mailing of the statement.
6.06 INFORMATION TO BE FURNISHED
The Owner shall furnish any information or evidence which Minnesota Mutual may
reasonably require in order to administer this contract. If the Owner cannot
furnish any required item of information, Minnesota Mutual may request the
person concerned to furnish such information. Minnesota Mutual shall not be
liable for the fulfillment of any obligation in any way dependent on such
information until it receives such information in a form satisfactory to it.
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Information furnished to Minnesota Mutual may be corrected for demonstrated
errors therein except that such correction will be at the option of Minnesota
Mutual when it has already acted to its prejudice by relying on such
information.
6.07 ADJUSTMENTS ON ACCOUNT OF MISSTATEMENTS
If it shall be found that the age or sex of any person with respect to whom an
annuity shall have been purchased hereunder shall have been misstated, the
amount of the annuity payable by Minnesota Mutual shall be that provided by the
number of accumulation units allocated to effect such annuity on the basis of
the corrected information without changing the date of the first payment of the
annuity. The dollar amount of any underpayment made by Minnesota Mutual shall
be paid in full with the next payment due such person or his beneficiary. the
dollar amount of any overpayment made by Minnesota Mutual shall be deducted from
payments subsequently accruing to such person or his beneficiary under this
contract.
6.08 FACILITY OF PAYMENT
If Minnesota Mutual receives evidence satisfactory to it that any person is
legally, physically or mentally incapable of giving a valid release for any
payment due such person under this contract, Minnesota Mutual may make payment
thereof to such other person, persons, or institution who appear to Minnesota
Mutual as having assumed the custody and principal support of the person to whom
such payment is due. Minnesota Mutual shall be released from liability to the
extent of such payment.
6.09 EVIDENCE OF SURVIVAL
When any payment under this contract is contingent upon the survival of any
person, evidence of such person's survival must be furnished to Minnesota Mutual
either by personal endorsement of the check drawn for said payment or by other
means satisfactory to Minnesota Mutual.
6.10 ASSIGNMENT AND TRANSFER
This contract may not be assigned, sold, transferred, discounted, or pledged as
collateral for a loan or as security for the performance of an obligation or for
any other purpose, and, to the maximum extent permitted by law, benefits payable
under this contract shall be exempt from the claims of creditors.
6.11 RESERVES
The reserve held by Minnesota Mutual for any Annuity Payments hereunder shall be
not less than the reserve liability determined by Minnesota Mutual in accordance
with the mortality table and interest rate used to establish the amount of the
first such ANNUITY PAYMENT.
6.12 VOTING RIGHTS
The Participant shall have the right to vote at the meetings of owners of
contracts for which reserves are maintained in the Separate Account, and shall
cast the votes attributable to this contract in conformity with the provisions
of the rules and regulations of the Separate Account.
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6.13 RELATION OF THIS CONTRACT TO SEPARATE ACCOUNT
Minnesota Mutual shall have exclusive and absolute ownership and control of the
assets of both its General Account and its Separate Account.
6.14 DEFERMENT OF PAYMENTS
Whenever any payment under this contract is to be made in a single sum, payment
will be made within 7 days after the date written request for such payment is
received by Minnesota Mutual at its Home Office, except that payment in a single
sum of any death benefit payable to a beneficiary will be made within 7 days
after the date due proof of death is received by Minnesota Mutual at its Home
Office and except as Minnesota Mutual may be permitted to defer any payment
under the Investment Company Act of 1940.
The owner is hereby notified that by virtue of his Policy he is a member of the
Minnesota Mutual Life Insurance Company, and that the Annual Meetings of said
company are held at its Home Office on the first Tuesday in March of each year
at three o'clock in the afternoon.
MINNESOTA MUTUAL LIFE
INDIVIDUAL ACCUMULATION
ANNUITY CONTRACT
VARIABLE ANNUITY BENEFITS-
FIXED DOLLAR ANNUITY BENEFITS-
PARTICIPATING
THE MINNESOTA MUTUAL LIFE INSURANCE COMPANY
000 Xxxxx Xxxxxx Xxxxx Xxxx, Xxxxxxxxx 00000
XXXXXXXXX IN 1880
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