<PAGE>   1
                                                                EXHIBIT 10(v)


                        AMERICAN BANKERS INSURANCE GROUP
                        EXECUTIVE COMPENSATION AGREEMENT


This agreement is hereby entered into between American Bankers Insurance Group,
Inc., a corporation organized under the laws of Florida (hereinafter the
"Corporation") and                                    (hereinafter "Employee").

In consideration of the mutual covenants set forth herein, the parties to this
contract agree as follows:

     1.     Definitions

            As used herein, the term:

            (a)   "Merged" or "Sold" shall mean the consummation of
                  any transaction or series of transactions in which a person
                  or group of related or affiliated persons obtains ownership
                  of stock of the Corporation sufficient to exercise control
                  over the operations of the Corporation and such person or
                  group does not presently have the ability to exercise such
                  control.  Such a merger or sale shall be deemed to have taken
                  place if:

                  (i)   a tender offer or series of offers has been
                        made to and accepted by 50 percent or more of the
                        Corporation's stockholders; or

                  (ii)  a transfer of stock has occurred which is
                        sufficient to allow the new purchaser (or group of
                        related or affiliated purchasers) to elect a majority
                        of directors other those proposed by the management of
                        the Corporation.

                  (ii)  a majority of the Board of Directors of the
                        Corporation is replaced in any one year; or

                  (iv)  a merger or reorganization is consummated
                        which results in existing shareholders of the
                        Corporation owning less than 50 percent of the voting
                        stock of the corporation acquiring the Corporation (or,
                        if the Corporation is the acquiring corporation,
                        results in existing shareholders of the Corporation
                        owning less than 50 percent of the voting stock of the
                        Corporation); or

                  (v)   more than 50 percent of the assets of the
                        Corporation are sold.

While a merger or sale shall be deemed to have taken place in the circumstances
described in (i) through (v) above, these circumstances shall not be construed
to be exclusive but rather as examples of circumstances described in the first
sentence of this subparagraph 1. (a).


<PAGE>   2




          (b)      "Current Annual Salary" shall mean the total amount of
                   salary (excluding any bonus or deferred compensation) to
                   which Employee was entitled during the last twelve months
                   prior to the Triggering Event, as defined in paragraph 3. If
                   Employee was not employed full-time by the Corporation for
                   the full twelve months before the Triggering Event, then his
                   Current Annual Salary shall be the total amount of salary to
                   which Employee was entitled in the last consecutive or
                   nonconsecutive twelve months of full time employment by the
                   Corporation prior to the Triggering Event.

          (c)      "Retirement" shall mean termination of employment
                   with the Corporation at or after attainment of age 65.

          (d)      "Termination for convenience of the Corporation" shall
                   mean termination of employment at the behest of the
                   Corporation, whether by dismissal or by requested
                   resignation, but shall not include termination for cause or
                   an unsolicited voluntary resignation.  A decrease in
                   Employee's salary for any year to a level which is less than
                   eighty (80) percent of his salary for any prior year shall,
                   if Employee resigns after such decrease, be deemed a
                   termination for the convenience of the Corporation.

          (e)      "Termination for cause" shall, as defined herein and
                   solely for purposes of this agreement, mean termination of
                   employment for reasons of abuse of alcohol or drugs, or the
                   like; or such illness, disability, or personal family
                   problems as preclude Employee from rendering satisfactory
                   services for a period of three months or more.

          (f)      "Termination for malfeasance" shall mean termination of
                   employment for reasons of fraud, misappropriation,
                   embezzlement, or other malfeasance.

          (g)      "Net Portfolio Rate" of the Corporation shall mean the
                   rate of return on new investments of American Bankers Life,
                   Assurance Company for the year in which the Triggering Event
                   with respect to the Employee occurs, net of all federal,
                   state or local taxes applicable to income from such
                   investments.

          (h)      "He" or "his" shall include "she" or "her," respectively.

2.    Obligations of Employee

      Employee agrees to continue to serve the Corporation in the capacity held
      by him on the date of this agreement, or in such capacity as may from
      time to time be mutually agreed, until the first occurrence of a
      Triggering Event, devoting his full time and best efforts to the needs
      and interests of the Corporation.


<PAGE>   3


3.    Obligations of Corporation

      Upon the first occurrence of any of the following conditions (hereinafter
      called "Triggering Events", the Corporation agrees to pay the amount
      specified in this paragraph (hereinafter called the "Designated Amount"),
      in addition to any other compensation otherwise owing, in accordance with
      the provisions of paragraphs 4 and 5 hereof:

      (a)   If, while the Employee is employed by the Corporation, the
            Corporation is Merged or Sold, the Designated Amount shall be an
            amount equal to twice the Employee's Current Annual Salary.  In any
            such merger or sale, the Corporation agrees to ensure that the
            surviving company or the purchaser assumes the obligation to pay
            such amount to the extent that it has not otherwise been paid.

      (b)   If the Employee dies while still employed by the Corporation,
            the Designated Amount (to be paid to his Designated Beneficiary
            described in paragraph 8 below) shall be an amount equal to one and
            one-half the Employee's Current Annual Salary.

      (c)   Upon the Retirement of the Employee, the Designated Amount
            shall be an amount equal to the Employee's Current Annual Salary.

      (d)   If the Employee is terminated for the convenience of the
            Corporation but not for cause, the Designated Amount shall be an
            amount equal to the Employee's Current Annual Salary.

      (e)   If the Employee is terminated for cause, the Designated Amount
            shall be an amount equal to the Employee's Current Annual Salary.

      (f)   If the Employee is terminated for malfeasance or voluntarily
            terminates employment in circumstances other than those described
            in subparagraphs l(c) or (d), the Designated Amount shall be zero.

4.    Method of Payment

      The Designated Amount shall, upon the occurrence of a Triggering Event,
      be credited to an account on the books of the Corporation.  Such account
      shall be for bookkeeping purposes only, and neither Employee nor his
      Designated Beneficiary shall have any right, title, interest or priority
      therein.  Such account shall also be credited not less than annually with
      interest on the unpaid amount credited thereto at the Corporation's Net
      Portfolio Rate.  Except as provided below, the amounts credited to such
      account shall be paid to Employee ore upon his death to his Designated
      Beneficiary, in        monthly installments.  Such installments, the
      precise amounts of which shall be determined in accordance with this
      agreement by the Planning and Compensation Committee of the Board of
      Directors of the Corporation (hereinafter "the Committee"), shall be as
      nearly 



<PAGE>   4



      equal in amount as is feasible, and shall commence on February 1
      of the calendar year immediately following the year in which the
      Triggering Event occurs.

      At the time of entering into this agreement, Employee may, by executing
      the election contained in paragraph 11 hereof, elect to have any amount 
      to which he or his Designated Beneficiary may become entitled under this 
      agreement paid as a lump sum (rather than in                
      monthly installments) either as soon as practical after the occurrence 
      of the Triggering Event or on February 1 of the calendar year 
      immediately following the year in which the Triggering Event occurs.

      If at any time, the Internal Revenue Service determines that Employee or
      his Designated Beneficiary are subject to federal income tax an unpaid
      amounts to which Employee or his Designated Beneficiary have become
      entitled under this agreement, and Employee or his Designated Beneficiary
      agree to such determination, then all such unpaid amounts shall be paid
      forthwith to Employee or his Designated Beneficiary.

5.    Right to Request Modification of Method of Payment

      Employee, or in the event of his death his Designated Beneficiary, may at
      any time request that the Corporation alter the method of payment
      applicable under paragraph 4 of this agreement with respect to the
      payment of any amounts not yet due.  Any such request should be in
      writing, addressed to the Committee, and should specify the alteration in
      the otherwise applicable method of payment requested.  The Committee
      shall have absolute discretion to determine whether to grant or deny any
      such request.

6.    Source of Payment

      All amounts paid hereunder shall be paid in cash from the general funds
      of the Corporation and no special or separate fund shall be established
      and no segregation of assets shall be made to assure the payment of such
      amounts, nor shall the existence of any bookkeeping account with respect
      to such amounts be construed to imply the existence of any such separate
      fund or segregation of assets.  Employee and his Designated Beneficiary
      shall have no right, title, interest, or priority whatever in or to any
      investments which the Corporation may make to aid it in meeting its
      obligations hereunder.  Nothing contained in this agreement, and no
      action taken pursuant to its provisions, shall create or be construed to
      create a trust of any kind, or a fiduciary relationship, between the
      Corporation and Employee or any other person.  To time extent that any
      person acquires a right to receive payments from the Company, such right
      shall be no greater than the right of an unsecured creditor.

7.    Employment by Subsidiary

      For purposes of this agreement, employment with any corporation or other
      entity more than one-half of the ownership interest in which is held by
      the Corporation shall be treated as employment with the Corporation.



<PAGE>   5




8.   Designated Beneficiary

     (a)    Employee shall designate in a written statement delivered to
            the Committee the person (or persons), herein referred to as his
            Designated Beneficiary, entitled to receive any amounts due under 
            this agreement in the event of Employee's death.  Employee shall 
            have the right to change his Designated Beneficiary at any time.

     (b)    Employee may name more than one person as Designated
            Beneficiary to share in such proportion as Employee elects.

     (c)    Employee may name a hierarchy of persons as Designated
            Beneficiary, each level becoming entitled to the rights of a
            Designated Beneficiary only if all persons on higher levels shall
            predecease Employee.

     (d)    If Employee fails to name a Designated Beneficiary or if all
            such persons predecease Employee, then upon the death of the
            Employee any amounts payable under this agreement shall be paid to
            Employee's estate in a lump sum.

     (e)    If the Designated Beneficiary dies while receiving payments
            under an annuity payout option, then such payments shall continue
            to the next living level of the hierarchy described in subparagraph
            (c) of this paragraph, if any.  If no such person or persons are
            alive, then payments shall continue to any person the Designated
            Beneficiary may have designated while alive.  If none exists, then
            the balance of the account shall be paid to the estate of the
            Designated Beneficiary.

9.   This agreement is a personal agreement, and the rights of Employee or his
     Designated Beneficiary hereunder may not be sold, transferred, assigned,
     pledged, hypothecated, or otherwise encumbered.  This agreement shall be
     binding on and inure to the benefit of the successors and assigns of the
     Corporation.  During Employee's lifetime the parties hereto by mutual
     agreement may amend, modify, or rescind this agreement without the consent
     of any other person.

10.  If Employee voluntarily terminates his employment with the Corporation in
     circumstances other than those described in paragraph 1.(d) before the
     occurrence of a Triggering Event, all his rights hereunder shall be
     forfeited.

11.  [Optional Election] I hereby elect in accordance with paragraph 4 of this
     agreement to have any amount to which I may become entitled under this
     agreement paid to me or to any Designated Beneficiary as a lump sum.


<PAGE>   6



                             as soon as feasible after the occurrence of the
-------------------          Triggering Event or
(Employee initials)



                             on February I of the calendar year immediately
-------------------          following the year in which the Triggering
(Employee initials)          Event occurs.


In witness whereof, the parties hereto have executed
this agreement on this         day of                       , Nineteen
Hundred and Eighty-eight.


American Bankers Insurance Group, Inc.



By:
   ---------------------------------------------
                    (Title)


------------------------------------------------
                   Employee