Refund in the Event of Death or Disability of the Qualified Beneficiary

Refund in the Event of Death or Disability of the Qualified Beneficiary. Refunds may exceed the amounts paid into the Trust Fund and the minimum interest as specified in Rule 15.1 in the following circumstances: In the event of death or disability of a Qualified Beneficiary. In any of these circumstances, the Purchaser shall receive a refund equal to the sum of all MPACT Contract payments paid to date, excluding all Administrative Fees, minus any amount paid by the Trust Fund to Postsecondary Institutions on behalf of the Qualified Beneficiary, with such net amounts adjusted to reflect the increase in Current Tuition Value over the period from the purchase of the MPACT Contract to the date the refund calculation is made. For the refund provisions stated herein to apply, the Purchaser must submit a written request for Cancellation of the MPACT Contract. The written request should be submitted within one hundred eighty (180) days of the death or disability of the Qualified Beneficiary. Furthermore, proof of death, disability, or qualification must be submitted in such form as is deemed acceptable by the State Treasurer. If the written request and required documentation are not submitted within the one hundred eighty (180) day deadline, the refund provisions of Rule 15.8 may apply.