Qualified Refund definition

Qualified Refund. A refund made (1) because the Beneficiary received a full scholarship, or (2) as a result of the Beneficiary’s death or Disability
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Examples of Qualified Refund in a sentence

  • If acceptable documentation is provided within the required timeframe and approved by the Program Administrator, the Program will amend the Contract to change the identity of the Beneficiary of the Contract under the conditions provided in Section 6.B or 6.C, or the Purchaser may choose to terminate the Contract pursuant to Section 10.B and receive a Qualified Refund.

  • Upon submittal of a Refund Request Form and acceptable documentation of the death or Disability, the Program will issue a Qualified Refund of the cumulative Monthly Purchase Amount or Lump Sum paid into the Contract, less any Program fees and contract benefits distributed on the Beneficiary’s behalf.

  • If acceptable documentation is provided within the required timeframe and approved by the Program Administrator, the Program will amend the contract to change the identity of the Beneficiary of the Contract under the conditions provided in Section 6.B, or the Purchaser may choose to Terminate the Contract pursuant to Section 10.B and receive a Qualified Refund.

  • In the event of the Beneficiary's death, disability, receipt of a full scholarship, or attendance at a U.S. service academy that renders the Program educational benefits unusable, the Purchaser may receive a Qualified Refund of the plan contributions.

  • Any earnings on a Qualified Refund are subject to federal income tax but not subject to the additional 10% federal penalty tax on earnings.

  • Qualified and Non-qualified Refunds and Termination disbursements will be made as soon as practicable following the end of the calendar month of the request to a Purchaser who has agreed to accept in full satisfaction a Qualified Refund, Non-qualified Refund, or Termination claim.

  • If acceptable documentation is provided within the required timeframe and approved by the Program Administrator, the Program will amend the Contract to change the identity of the Beneficiary of the Contract under the conditions provided in Section 6.B, or the Purchaser may choose to terminate the Contract pursuant to Section 10.B and receive a Qualified Refund.