<PAGE>   1
 
                       SECURITIES AND EXCHANGE COMMISSION
 
                             WASHINGTON, D.C. 20549
                               ------------------
 
                                   FORM 10-K/A
 
                 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997                COMM. FILE NO. 0-8483
 
                        CENTRAL RESERVE LIFE CORPORATION
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
                                      Ohio
                          ---------------------------
                        (STATE OR OTHER JURISDICTION OF
                         INCORPORATION OR ORGANIZATION)
                                   34-1017531
                       ---------------------------------
                     I.R.S. EMPLOYER IDENTIFICATION NUMBER
 
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<S>                                                      <C>
        17800 Royalton Road, Strongsville, Ohio                                   44136
      -------------------------------------------                               ---------
        (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                                (ZIP CODE)
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                                 (440) 572-2400
                ------------------------------------------------
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
 
       Securities Registered Pursuant to Section 12(b) of the Act:  None
 
          Securities Registered Pursuant to Section 12(g) of the Act:
 
                        Common Shares, without par value
                     -------------------------------------
                                (TITLE OF CLASS)
 
     Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
                                YES [X]  NO [ ]
 
     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.  [  ]
 
     State the aggregate market value of the voting stock held by non-affiliates
of the Registrant.
 
             $27,268,618 computed based on the closing price of the
                        Common Shares on March 26, 1998.
 
     The number of Common Shares, without par value, outstanding as of March 26,
1998:  4,195,172.
--------------------------------------------------------------------------------
 
                      DOCUMENTS INCORPORATED BY REFERENCE:
 
                                      None
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                                   SIGNATURES
 
     PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934, THE COMPANY HAS DULY CAUSED THIS REPORT TO BE SIGNED ON
ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY AUTHORIZED.
 
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<S>                                                   <C>
                                                      CENTRAL RESERVE LIFE CORPORATION
 
                                                                       By:   /s/ FRED LICK, JR.
                                                         -----------------------------------------------------
                                                                       Fred Lick, Jr., President
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     PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THIS
REPORT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS ON BEHALF OF THE COMPANY
AND IN THE CAPACITIES AND ON THE DATES INDICATED.
 
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<CAPTION>
                        DATE                                            SIGNATURE AND CAPACITY
                        ----                                            ----------------------
<S>                                                   <C>
 
         May 11, 1998                                                  By:   /s/ FRED LICK, JR.
                                                         -----------------------------------------------------
                                                          Fred Lick, Jr., Chairman of the Board of Directors
                                                              President, and Principal Executive Officer
 
         May 11, 1998                                                 By:   /s/ FRANK W. GRIMONE
                                                         -----------------------------------------------------
                                                           Frank W. Grimone, Senior Executive Vice President
                                                            and Principal Financial and Accounting Officer
 
         May 11, 1998                                                  By:   /s/ ANDREW A. BOEMI
                                                         -----------------------------------------------------
                                                                       Andrew A. Boemi, Director
 
         May 11, 1998                                                By:   /s/ MICHAEL A. CAVATAIO
                                                         -----------------------------------------------------
                                                                     Michael A. Cavataio, Director
 
         May 11, 1998                                                  By: 
                                                         -----------------------------------------------------
                                                                       John L. McKean, Director
 
         May 11, 1998                                               By:   /s/ JOHN F. NOVATNEY, JR.
                                                         -----------------------------------------------------
                                                                      John F. Novatney, Director
 
         May 11, 1998                                                     By:   /s/ VAL RAJIC
                                                         -----------------------------------------------------
                                                                          Val Rajic, Director
 
         May 11, 1998                                                  By:   /s/ DAVID L. ROSSIO
                                                         -----------------------------------------------------
                                                                       David L. Rossio, Director
 
         May 11, 1998                                                 By:   /s/ THOMAS D. SCHULTE
                                                         -----------------------------------------------------
                                                                      Thomas D. Schulte, Director
 
         May 11, 1998                                                  By:   /s/ ROBERT E. BRUCE
                                                         -----------------------------------------------------
                                                                       Robert E. Bruce, Director
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<CAPTION>
                                                     INCORPORATED BY
                                                      REFERENCE TO
                                                     REGISTRATION OR   FORM OR               EXHIBIT
                     EXHIBITS                          FILE NUMBER     REPORT       DATE     NUMBER
                     --------                        ---------------   -------   ----------  -------
<C>   <C>   <S>                                      <C>               <C>       <C>         <C>
 (2)  Plan of acquisition, reorganization,
      arrangement, liquidation, or succession
       (1)  Stock Purchase Agreement, dated as of        0-8483          8-K     Dec. 1997    2.1
            November 26, 1997, by and between
            Strategic Partners and Central Reserve.
       (2)  Amendment No. 1 to Stock Purchase            0-8483          8-K     Dec. 1997    2.1
            Agreement, dated as of December 16,
            1997, by and between Strategic Partners
            and Central Reserve.
       (3)  Amended and Restated Stock Purchase          0-8483         10-K     Mar. 1998    2.2
            Agreement, dated March 30, 1998, by and
            among Strategic Partners, Insurance
            Partners, L.P., Insurance Partners
            Offshore (Bermuda), L.P. and Central
            Reserve.
 (3)  Articles of Incorporation and By-laws
       (1)  Amended Articles of Incorporation            0-8483         10-K     Mar. 1992   3(a)
       (2)  Code of Regulations                          0-8483         10-K     Mar. 1992   3(b)
       (3)  Amended Articles of Incorporation            0-8483         10-K     Mar. 1998   3(c)
(10)  Material Contracts
       (1)  Incentive Stock Option Plan                  0-8483         10-K     Mar. 1992   10(b)
       (2)  Agreement of Lease                           0-8483         10-K     Mar. 1992   10(c)
       (3)  Mortgage Note                                0-8483         10-K     Mar. 1992   10(d)
       (4)  Mortgage                                     0-8483         10-K     Mar. 1992   10(e)
       (5)  Employment Contract                          0-8483         10-K     Mar. 1993   10(a)
       (6)  Credit Agreement, dated as of December       0-8483          8-K     Dec. 1997   10.1
            16, 1997, by and between Central
            Reserve and Strategic Partners.
       (7)  Pledge Agreement, dated as of December       0-8483          8-K     Dec. 1997   10.2
            16, 1997, by and between Central
            Reserve and Strategic Partners
       (8)  Promissory Note, dated as of December        0-8483          8-K     Dec. 1997   10.3
            16, 1997, by Central Reserve in favor
            of Strategic Partners.
       (9)  Warrant to purchase Common Shares,           0-8483          8-K     Dec. 1997   10.4
            dated December 16, 1997, by Central
            Reserve in favor of Peter W. Nauert.
      (10)  Warrant to purchase Common Shares,           0-8483          8-K     Dec. 1997   10.5
            dated December 16, 1997, by Central
            Reserve in favor of the Turkey Vulture
            Fund XIII, Ltd.
      (11)  Employment Agreement, dated December         0-8483          8-K     Dec. 1997   10.6
            15, 1997, by and between Fred Lick, Jr.
            and Central Reserve
      (12)  Employment Agreement, dated December         0-8483          8-K     Dec. 1997   10.7
            15, 1997, by and between Fred Lick, Jr.
            and CRL.
      (13)  Employment Agreement, dated December         0-8483          8-K     Dec. 1997   10.8
            16, 1997, by and between Frank Grimone
            and Central Reserve and CRL.
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<TABLE>
<CAPTION>
                                                     INCORPORATED BY
                                                      REFERENCE TO
                                                     REGISTRATION OR   FORM OR               EXHIBIT
                     EXHIBITS                          FILE NUMBER     REPORT       DATE     NUMBER
                     --------                        ---------------   -------   ----------  -------
<C>   <C>   <S>                                      <C>               <C>       <C>         <C>
      (14)  The Central Reserve Life Insurance           0-8483          8-K     Dec. 1997   10.9
            Company Severance Benefit Plan.
      (15)  Reinsurance Agreement between Central        0-8483         10-K     Mar. 1998   10.10
            Reserve Life Insurance Company and
            Reassurance Company of Hannover.
      (16)  Amendment No. 1 to Credit Agreement,         0-8483         10-K     Mar. 1998   10.11
            dated as of March 25, 1998 by and
            between Central Reserve and Strategic
            Partners.
      (17)  Administrative Services Agreement,             *   
            dated March 25, 1998 by and between
            Mutual Management Company, Inc. and
            Central Reserve Life Insurance Company.
      (18)  Amendment No. 1 to Warrant to purchase       0-8483         10-K     Mar. 1998   10.13
            Common Shares, dated March 30, 1998 by
            Central Reserve in favor of Peter
            Nauert.
      (19)  Amendment No. 1 to Warrant to purchase       0-8483         10-K     Mar. 1998   10.14
            Common Shares, dated March 30, 1998 by
            Central Reserve in favor of the Turkey
            Vulture Fund XIII, Ltd.
(16)  Letter re: change in certifying accountant
       (1)  Letter regarding change in certifying        0-8483         10-K     Mar. 1993   16
            accountant.
(21)  Subsidiaries of the registrant
       (1)  Subsidiaries                                 0-8483         10-K     Mar. 1992   21
(27)  Financial Data Schedule
       (1)  Financial Data Schedule                      0-8483         10-K     Mar. 1998   27
(99)  Additional Exhibits
       (1)  Intent and Release                           0-8483          8-K     Oct. 1997   99.1
       (2)  Press Release dated November 13, 1997        0-8483          8-K     Nov. 1997   99
       (3)  Letter from Strategic Partners to            0-8483          8-K     Dec. 1997   99.1
            Central Reserve outlining the terms for
            the Interim Loan.
       (4)  Press Release dated December 2, 1997         0-8483          8-K     Dec. 1997   99.2
       (5)  Form of Meeting Voting Agreement, dated      0-8483          8-K     Dec. 1997   99.1
            December 16, 1997.
       (6)  Press Release dated December 17, 1997.       0-8483          8-K     Dec. 1997   99.2
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        * Filed herewith. 
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