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EXHIBIT A(3)(a)
Principal Underwriter's Agreement
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PRINCIPAL UNDERWRITER'S AGREEMENT
IT IS HEREBY AGREED by and between SENTRY LIFE INSURANCE COMPANY
("INSURANCE COMPANY") on behalf of SENTRY VARIABLE LIFE ACCOUNT I (the "Variable
Life Account") and SENTRY EQUITY SERVICES, INC. ("PRINCIPAL UNDERWRITER") as
follows:
I
INSURANCE COMPANY proposes to issue and sell Flexible Premium Variable Life
Insurance Policies ("the Policies") to the public through PRINCIPAL UNDERWRITER.
The PRINCIPAL UNDERWRITER agrees to provide sales service subject to the terms
and conditions hereof. The Policies to be sold are more fully described in the
registration statement and the prospectus hereinafter mentioned. Such Policies
will be issued by INSURANCE COMPANY through the Variable Life Account.
II
INSURANCE COMPANY grants PRINCIPAL UNDERWRITER the exclusive right, during
the term of this Agreement, subject to registration requirements of the
Securities Act of 1933 and the Investment Company Act of 1940 and the provisions
of the Securities Exchange Act of 1934, to be the distributor of the Policies
issued through the Variable Life Account. PRINCIPAL UNDERWRITER will sell the
Policies under such terms as set by
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INSURANCE COMPANY and will make such sales to purchasers permitted to buy such
Policies as specified in the prospectus.
III
PRINCIPAL UNDERWRITER agrees that it shall undertake at its own expense, to
perform all duties and functions which are necessary and proper for the
distribution of the Policies.
IV
PRINCIPAL UNDERWRITER shall be compensated for its distribution service
based on all commissions and overwrites attributable to Policy Premiums accepted
by INSURANCE COMPANY on the Policies covered hereby according to the schedule
below;
Calendar Year Commissions
and Overwrites Compensation Rate
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First 750,000 115%
Next 750,000 110%
Over 1,500,000 105%
V
On behalf of the Variable Life Account, INSURANCE COMPANY shall furnish
PRINCIPAL UNDERWRITER with copies of all prospectuses, financial statements and
other documents with PRINCIPAL UNDERWRITER reasonably requests for use in
connection with the distribution of the Policies. INSURANCE COMPANY shall
provide to PRINCIPAL UNDERWRITER such number of copies of the current effective
prospectus as PRINCIPAL UNDERWRITER shall request.
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VI
PRINCIPAL UNDERWRITER is not authorized to give any information, or to make
any representations concerning the Policies or the Variable Life Account of
INSURANCE COMPANY other than those contained in the current registration
statement or prospectus filed with the Securities and Exchange Commission or
such sales literature as may be authorized by INSURANCE COMPANY.
VII
Both parties to this Agreement agree to keep the necessary records as
indicated by applicable state and federal law and to render the necessary
assistance to one another for the accurate and timely preparation of such
records.
VIII
This Agreement shall be effective upon the execution hereof and will remain
in effect unless terminated as hereinafter provided. This Agreement shall
automatically be terminated in the event of its assignment by PRINCIPAL
UNDERWRITER.
This Agreement may at any time be terminated by either party hereto upon
not less than 60 days' written notice to the other party.
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IX
All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be deemed to have been given on the date
of service if served personally on the party to whom notice is to be given, or
on the date of mailing if sent by First Class Mail, Registered or Certified,
postage prepaid and properly addressed.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
signed on their behalf by their respective officers thereunto duly authorized.
EXECUTED this 28 day of February, 1986.
INSURANCE COMPANY
SENTRY LIFE INSURANCE COMPANY
BY: /s/ Xxxxx X. Xxxxx
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President
ATTEST: /s/ Xxxxxxxx X. Xxxxxxxx
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Secretary
PRINCIPAL UNDERWRITER
SENTRY EQUITY SERVICES, INC.
BY: /s/ X.X. Xxxxxxx
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President
ATTEST: /s/ Xxxxxxxx X. Xxxxxxxx
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Secretary
(VL-1)
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