EXHIBIT 10.48
AMENDMENT NUMBER 7 TO THE
AUTOMATIC FLEXIBLE PREMIUM VARIABLE LIFE REINSURANCE AGREEMENT NUMBER 2
(REFERRED TO AS THE AGREEMENT)
BETWEEN
WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO
ST. PETERSBURG, FLORIDA
(REFERRED TO AS THE REINSURED)
AND
GLOBAL PREFERRED RE LIMITED
(F/K/A WMA LIFE INSURANCE COMPANY LIMITED)
XXXXXXXX, BERMUDA
(REFERRED TO AS THE REINSURER)
Effective January 1, 2002
Pursuant to the terms and conditions of Automatic Flexible Premium Variable Life
Reinsurance Agreement No. 3 and this Agreement:
A. All policies and riders issued from April 1, 2001 through
December 31, 2001 and reinsured under Automatic Flexible
Premium Variable Life Reinsurance Agreement No. 3, shall be
converted to Automatic Flexible Premium Variable Life
Reinsurance Agreement No. 2 on a twenty percent (20%) quota
share basis.
B. Freedom Elite Builder policies and riders issued from July 1,
2001 through December 31, 2001, shall be reinsured under this
Agreement on a twenty percent (20%) quota share basis as
provided in the First Right Agreement and this Agreement, as
amended.
Except as expressed herein, all terms, covenants and provisions of this
Agreement, as amended, that are not in conflict with the provisions of this
Amendment Number 7 shall remain unaltered and in full force and effect.
In Witness Whereof, the Reinsured and the Reinsurer, by their respective
officers have executed this amendment in duplicate at the dates and places
indicated.
WESTERN RESERVE LIFE ASSURANCE GLOBAL PREFERRED RE LIMITED
CO. OF OHIO
at St. Petersburg, Florida at Duluth, Georgia
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on March 28, 2002 on March 28, 2002
By: /s/ Xxxxx Xxxxxxxx By: /s/ Xxxxxx XxXxxxxx
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Title: Vice President/ Title: Chief Executive
Managing Actuary Officer/President
By: /s/ Xxxxxxxxx X. Xxxxxx By:
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Title: Staff Actuary Title:
