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 Chapter 9 Rule 9.3.
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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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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.


More Definitions of Substitute Beneficiary

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

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

  • 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.

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

  • Eligible beneficiary means a resident of this state who:

  • 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.

  • Alternate Payee means any spouse, former spouse, child, or other dependent of a Participant who is recognized by a qualified domestic relations order as having a right to receive all, or a portion of, the benefits payable under a Plan with respect to such Participant.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.