FIDELITY BOND
JOINT INSUREDS AGREEMENT
THIS AGREEMENT is made as of September 26, 1996, by and among FBL Money Market
Fund, Inc. ("Money Fund"), FBL Series Fund, Inc. ("Series Fund") both Maryland
corporations; and FBL Variable Insurance Series Fund ("Insurance Series Fund"),
a Massachusetts business trust (collectively the "Funds").
The Funds, all of which are managed by FBL Investment Advisory Services, Inc.,
have acquired a joint insured brokers blanket bond issued by the Chubb Group of
insurance companies effective September 26, 1996 ("Bond"). The aggregate
amount of the Bond ("Bond Amount") is equal to the sum of the basic coverage for
each Fund, as indicated in Exhibit A attached hereto. The Funds desire to
provide herein for an allocation of the premium for the Bond and a manner of
allocating any proceeds received from the Bond.
The Funds hereto therefore agree that:
1. ALLOCATION OF PREMIUM. Each Fund shall pay a portion of the annual
joint bond premium as agreed to in writing no less often than
annually by the Funds and attached hereto as Exhibit A. These amounts
have been determined on the basis of the relative costs to each Fund
of a single insured bond in the amount of that Fund's Basic Coverage
as indicated in Exhibit A.
2. LOSS TO ONE FUND. In the event of an insured loss to only one Fund,
the entire proceeds for that loss shall be allocated to the Fund
incurring such loss.
3. LOSS TO MORE THAN ONE FUND.
(a) LOSS PERCENTAGES. For purposes of allocating the proceeds of
coverage of the Bond, each Fund shall have the loss percentage
as indicated in exhibit A, which percentages are based upon the
percentage of the total Bond coverage represented by the amount
of each Fund's basic coverage.
(b) INITIAL ALLOCATION. Each Fund involved in an insured loss which
involves another Fund shall receive a portion of the proceeds
from the Bond equal to the lesser of (i) the amount of that
Fund's loss or (ii) an amount equal to the product of the Bond
Amount multiplied by that Fund's Loss Percentage, which initial
allocation assures that each Fund shall receive the full amount
of its loss up to the amount of its Basic Coverage.
(c) SUBSEQUENT ALLOCATION. Any Bond proceeds unallocated after the
initial allocation shall be allocated to the Funds for which the
loss was not covered by the initial allocation.
4. AGENT. Series Fund is hereby appointed as the agent for the Funds
for the purpose of making, adjusting, receiving and enforcing payment
of all claims and otherwise dealing with the Bond. Any expenses
incurred by Series Fund in its capacity as agent in connection with a
claim shall be shared by the Funds in proportion to the proceeds
received by the Funds for the loss. All other expenses incurred by
Series Fund in its capacity as agent shall be shared by the Funds in
the same proportion as their Loss Percentages.
6. MODIFICATION AND TERMINATION. This Agreement may be modified or
amended from time to time by mutual written agreement among the Funds.
It may be terminated with respect to any one Fund by not less than 75
days' written notice to the other Funds. It shall terminate as of the
date that any Fund ceases to be an insured under the Bond; provided
that such termination shall not affect such Fund's rights and
obligations hereunder with respect to any claims on behalf of such
Fund which are paid under the Bond after the date such Fund ceases to
be an insured under the Bond.
7. FURTHER ASSURANCES. Each Fund agrees to perform such further acts and
execute such further documents as are necessary to effectuate the
purposes hereof.
IN WITNESS WHEREOF, the Funds have caused this Agreement to be executed as of
the day and year first above written.
Attest: FBL Series Fund, Inc.
/s/ Xxxxxx X. Xxxxxxxxxx By: /s/ Xxxxxx X. Xxxxxxxxxxx
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Its Assistant Secretary, Xxxxxx X. Xxxxxxxxxx
Attest: FBL Money Market Fund, Inc.
/s/ Xxxxxx X. Xxxxxxxxxx By: /s/ Xxxxxx X. Xxxxxxxxxxx
--------------------------------------------- ----------------------------
Its Assistant Secretary, Xxxxxx X. Xxxxxxxxxx
Attest: FBL Variable Insurance Series Fund
/s/ Xxxxxx X. Xxxxxxxxxx By: /s/ Xxxxxx X. Xxxxxxxxxxx
--------------------------------------------- ----------------------------
Its Assistant Secretary, Xxxxxx X. Xxxxxxxxxx
EXHIBIT A
FIDELITY BOND
JOINT INSUREDS AGREEMENT
2/15/98
For Bond Period February 15, 1998 through February 15, 1999.
1. Basic Coverage
Fund Basic Coverage
---- --------------
Series Fund 750,000
Money Fund 300,000
Insurance Series Fund 600,000
---------
Total 1,650,000
2. Allocation of Premium
Premium for Premium
Separate Allocation Bond
Fund Insured Bond Percentage Premium
---- ------------ ---------- -------
Series Fund 2,464.00 46.01% 2,053.10
Money Fund 964.00 18.00% 803.24
Ins. Series Fund 1,927.00 35.99% 1,605.66
-------- ------- --------
Total 5,355.00 100.00% 4,462.00
2. Allocation of Bond Proceeds (Primary Coverage)
Fund Loss Percentage
---- ---------------
Series Fund 45.46%
Money Fund 18.18%
Insurance Series Fund 36.36%
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Total 100.00%
FBL SERIES FUND, INC.
Attest: /s/ Xxxxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxxxx
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Its Assistant Secretary Its Vice President
FBL MONEY MARKET FUND, INC.
Attest: /s/ Xxxxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxxxx
---------------------------- ---------------------------
Its Assistant Secretary Its Vice President
FBL VARIABLE INSURANCE SERIES FUND
Attest: /s/ Xxxxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxxxx
---------------------------- ---------------------------
Its Assistant Secretary Its Vice President
