Document:

FIRST GOLDEN AMERICAN                              Deferred Combination
LIFE INSURANCE COMPANY                             Variable and Fixed
OF NEW YORK                                        Annuity Group
                                                   Master Contract
A stock company.
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Contractholder: The Golden Investors Trust     Group Contract Number: G000020-0E

Issued in:      Delaware                  Contract Issue Date: September 2, 1997

In this Contract, "we", "our" and "us" refer to the First Golden American Life
Insurance Company of New York. Our home office is in New York, New York.

In consideration of application for this Contract and the payment of premiums,
we agree, subject to the terms and conditions of this Contract, to provide the
benefits described in this Contract to the persons eligible (herein called
"Annuitant[s]") under the terms of this Contract.

If this Contract is in force, we will make income payments to the Owner starting
on the Annuity Commencement Date shown in each Certificate. If the Owner or the
Annuitant (if the Owner is other than the Annuitant) dies prior to the Annuity
Commencement Date shown in each Certificate, we will pay a death benefit to the
Beneficiary. The amounts of such benefits are subject to the terms of this
Contract.

All death proceeds due under this Contract will be paid according to the
beneficiary designation and the provisions of this Contract. Payment of such
death proceeds by us will completely discharge our liability with respect to the
amounts so paid.

All provisions set forth on the following pages are a part of this Contract.

Signed for First Golden  American Life  Insurance  Company on the Contract Issue
Date.

President:   Terry L. Kendall                    Secretary: Myles R. Tashman

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Deferred Combination Variable and Fixed Annuity Group Master Contract - No
Dividends
  Variable Cash Surrender  Values while an Owner is living and prior to
  the Annuity Commencement  Date.  Death benefit  subject to guaranteed minimum.
  Additional premium payment option. Partial Withdrawal Option.
  Non-participating. Investment results reflected in values.

FG-MA-1000-08/97

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                             TABLE OF CONTENTS

The contents of this Contract appear in the following order:

SCHEDULE...................................................4

Premium Payment and Investment Information
Variable Separate Accounts
Contract Facts
Charges
Income Plan Factors

IMPORTANT TERMS............................................10

INTRODUCTION TO THE CONTRACT...............................12

Eligibility
The Owner
The Annuitant
The Beneficiary
Change of Owner or Beneficiary

PREMIUM PAYMENTS AND ALLOCATION CHANGES....................13

Initial Premium Payment
Additional Premium Payment Option
Reallocation of Accumulation Value
What Happens if a Division is Not Available

HOW WE MEASURE THE ACCUMULATION VALUE......................14

The Variable Separate Accounts
The General Account
Valuation Period
Accumulation Value
Accumulation Value in Each Division and Fixed Allocation
Fixed Account Guarantee Periods
Market Value Adjustments
Measurement of Investment Experience
Charges Deducted From Accumulation Value for Each Processing Period

THE OWNER'S BENEFITS.......................................19

Cash Value Benefit
Partial Withdrawal Option

DEATH BENEFIT PROCEEDS.....................................20

Proceeds Payable to the Beneficiary

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CHOOSING AN INCOME PLAN....................................21

Annuity Benefits
Annuity Commencement Date Selection
Frequency Selection
The Income Plan
The Annuity Options
Payment When Named Person Dies

GENERAL PROVISIONS.........................................23

Entire Contract
Sending Notice to Us
Reports to Owner
Assignment
Changing the Contract
Contract Changes - Applicable Tax Law Misstatement of Age or Sex
Non-Participating Payments We May Defer Authority to Make Agreements
Computations Facility of Payment Incontestability Certificates Conformity With
Law Records Owner's Right to Examine the Certificate

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                        THE SCHEDULE
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PREMIUM PAYMENT AND INVESTMENT INFORMATION

Investment
Initial Premium                        Minimum $10,000.
Accumulation Value                     As shown in each Certificate.

Additional Premium Payment
Minimum payment: Qualified plan        $250
                 Non-qualified plan    $500
Maximum Attained Age of Annuitants
and Owners                             85

Allocations
Maximum Divisions at any one time      Sixteen
Allocation changes per Certificate
Year without charge                    Twelve

The Variable Separate Accounts

Divisions Investing in Shares of Mutual Funds Separate Account NY-B (the
"Account") is a unit investment trust Separate Account, organized in and
governed by the laws of the State of New York, our state of domicile. The
Account is divided into Divisions. Each Division listed below invests in shares
of the mutual fund portfolio designated. Each portfolio is a part of the
Equi-Select Series Trust.

                             PORTFOLIO

                        OTC          TOTAL RETURN
                        RESEARCH

Each Division listed below invests in shares of the mutual fund portfolio (the
"Portfolio") designated. Each portfolio is a part of Travelers Series Fund Inc.,
a trust.

                             PORTFOLIO

                  INCOME AND GROWTH     HIGH INCOME
                  INTERNATIONAL EQUITY  MONEY MARKET

The Division listed below invests in shares of the mutual fund portfolio (the
"Portfolio") designated. The portfolio is a part of Smith Barney Series Fund, a
trust.

                             PORTFOLIO

                  APPRECIATION

Each Division  listed below invests in shares of the mutual fund  portfolio (the
"Portfolio") designated. Each portfolio is a part of Smith Barney Concert Series
Inc., a trust.

                             PORTFOLIO

                  HIGH GROWTH           GROWTH
                  BALANCED              CONSERVATIVE
                  INCOME

NOTE: PLEASE REFER TO THE PROSPECTUSES FOR THE CERTIFICATE AND THE TRUSTS FOR
       MORE DETAILS.

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                        The Schedule (continued)
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GENERAL ACCOUNT

Not available.

CONTRACT FACTS

Processing Dates                            As shown in each Certificate.
Specially Designated Division               Money Market Portfolio.
Annuity Commencement Date                   As shown in each Certificate.
Required Date of Annuity Commencement       As shown in each Certificate.
Guaranteed Death Benefit Option             As shown in each Certificate.
Maximum Guaranteed Death Benefit            As shown in each Certificate.
Guaranteed Death Benefit Interest Rate      As shown in each Certificate.

Minimum Annuity Income Payment              As shown in each Certificate.
Optional Benefit Riders                     None.

Conventional Partial Withdrawals
Minimum Withdrawal Amount                   $1,000.
Maximum Withdrawal Percentage               Factor: 15% of Accumulation Value as
                                            of the date of the withdrawal
                                            without being considered an Excess
                                            Partial Withdrawal. We will collect
                                            a Surrender Charge for Excess
                                            Partial Withdrawalss and a charge
                                            for any unrecovered premium taxes.
                                            In no event may a Partial Withdrawal
                                            be greater than 90% of a
                                            Certificate's Cash Surrender Value.
                                            Systematic Partial Withdrawals
                                            Systematic Partial Withdrawals may
                                            be elected to commence after 28 days
                                            from the Certificate Issue Date.
                                            Systematic Partial Withdrawals may
                                            be taken on a monthly or quarterly
                                            basis, as long as the minimum of
                                            $100 is met.

Maximum Percentage:
Separate Account Divisions                  1.25% Monthly or 3.75% Quarterly.
Fixed Allocations                           Interest earned in prior month or
                                            prior quarter.

We will collect a surrender charge for excess Partial Withdrawals. A Systematic
Partial Withdrawal from a Fixed Allocation is not subject to Market Value
Adjustment.

IRA Partial Withdrawals for Qualified Certificates Only
IRA Partial Withdrawals may be taken on a monthly, quarterly or annual basis, as
long as the minimum of $100 is met.

Fixed Account
Minimum Fixed Allocation                    As shown in each Certificate.
Guaranteed Minimum Interest Rate            As shown in each Certificate.

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                        The Schedule (continued)
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Guarantee Periods: We currently offer Guarantee Periods of 1, 3, 5, 7 and 10
year(s). We reserve the right to offer Guarantee Periods of durations other than
those available on the Contract Issue Date. We also reserve the right to cease
offering a particular Guarantee Period or Periods.

Index Rate
The Index Rate is the average of the Ask Yields for U.S. Treasury
Strips as reported by a national quoting service for the applicable maturity.
The average is based on the period from the 22nd day of the calendar month two
months prior to the calendar month of Index Rate determination to the 21st day
of the calendar month immediately prior to the month of determination. The
applicable maturity date for these U.S. Treasury Strips is on or next following
the last day of the Guarantee Period. If these Ask Yields are no longer
available, the Index Rate will be determined using a suitable replacement
method. Such substitute Index Rate will have the prior approval of the
Superintendent of the New York Insurance Department.

We currently set the Index Rate once each calendar month. However, we reserve
the right to set the Index Rate more frequently than monthly, but in no event
will such Index Rate be based on a period of less than 28 days.

CHARGES

Charge Deduction Division                   Money Market Portfolio.

Expense Charges
---------------

Deduction from Premium Payments             None.

Deductions from Accumulation Value
Initial Administrative Charge               None.

Administrative Charge                       $30 per Certificate Processing
                                            Period. For Certificates with an
                                            Accumulation Value of at least
                                            $100,000 or where the sum of
                                            premiums paid is at least $100,000,
                                            the charge is zero. This charge is
                                            to cover a portion of our ongoing
                                            administrative expenses for each
                                            Certificate Processing Period. The
                                            charge is incurred at the beginning
                                            of the Certificate Processing Period
                                            and deducted on the Certificate
                                            Processing Date at the end of each
                                            Certificate Processing Period.

Excess Allocation Charge                    Currently none. However, we reserve
                                            the right to charge $25 to cover the
                                            cost of allocations in excess of the
                                            twelve free allocation changes
                                            allowed per year. Limitations as
                                            shown in each Certificate.

Surrender Charges                           As shown in the Certificate.

Premium Taxes                               We deduct from the Accumulation
                                            Value the amount of any premium or
                                            other state and local taxes levied
                                            by any state or governmental entity
                                            when such taxes are incurred. We
                                            reserve the right to change the
                                            amount of the deduction to conform
                                            with changes in the law or if the
                                            Owner changes state of residence.

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                        The Schedule (continued)
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Deductions from the Divisions
Mortality and Expense Risk Charge   As shown in each Certificate.

Asset Based Administrative Charge   As shown in each Certificate.

INCOME PLAN FACTORS

These factors are shown in each Certificate.

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                        Important Terms
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Accumulation Value - The amount that a Certificate provides for investment at
any time. Initially, this amount is equal to the premium paid.

Annuitant - The person designated by the Owner to be the measuring life in
determining annuity payments.

Annuity Commencement Date - For each Certificate, the date on which annuity
payments begin.

Annuity Options - Options the Owner selects that determine the form and amount
of Annuity Payments.

Annuity Payment - The periodic payment an Owner receives. It may be either a
fixed or a variable amount based on the annuity option chosen.

Attained Age - The issue age of the annuitant or Owner plus the number of full
years elapsed since the certificate date. Beneficiary - The person designated to
receive benefits in the case of the death of the Owner.

Business Day - Any day the New York Stock Exchange ("NYSE") is open for trading
exclusive of federal holidays, or any day on which the Securities and Exchange
Commission ("SEC") requires that mutual funds, unit investment trusts or other
investment portfolios be valued.

Cash Surrender Value - The amount the Owner receives upon surrender of the
Certificate.

Certificate - This is a summary of the benefits and provisions provided by this
Contract.

Certificate Anniversary - The anniversary of the certificate date.

Certificate Date - The date we received the Initial Premium an upon which we
begin determining the Certificate values. It may or may not be the same as the
certificate issue date. This date is used to determine Certificate months,
processing dates, years, and anniversaries.

Certificate Issue Date - The date the Certificate is issued at our Variable
Products Customer Service Center.

Certificate Processing Dates - The days when we deduct certain charges from the
accumulation value. If the Certificate Processing Date is not a Valuation Date,
it will be on the next succeeding Valuation Date. The Certificate Processing
Date will be on the Certificate Anniversary of each year.

Certificate Processing Period - The period between successive certificate
processing dates unless it is the first certificate processing period. In that
case, it is the period from the certificate date to the first certificate
processing date.

Certificate Year - The period between certificate anniversaries.

Charge Deduction Division - The Division from which all charges are deducted if
so designated on the enrollment form or later elected by the Owner.

Contingent Annuitant - The person designated by the Owner who, upon the
annuitant's death prior to the annuity commencement date, becomes the annuitant.

FG-MA-1000-08/97

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                        Important Terms (continued)
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Contract Issue Date - The date this Contract is issued at our Customer Service
Center.

Contractholder - The entity to whom this Contract is issued.

Customer Service Center - The entity that provides service to our
contractholders and Owners. It is located at 230 Park Avenue, Suite 966, New
York City, New York 10169 and may be reached by phone at 1-800-963-9539.

Division - An investment option available in the Variable Separate Accounts
shown in each Certificate.

Endorsements - Endorsements add provisions or change the terms of this Contract
or Certificate.

Experience Factor - The factor which reflects the investment experience of the
portfolio in which a Division invests and also reflects the charges assessed
against the Division for a valuation period.

Fixed Account - This is the Separate Account established to support Fixed
Allocations.

Fixed Allocation - An amount allocated to the Fixed Account that is credited
with a Guaranteed Interest Rate for a specified Guarantee Period.

General Account - The account which contains all of our assets other than those
held in our separate accounts.

Guaranteed Death Benefit Interest Rate - The annual rate at which the Guaranteed
Death Benefit is calculated.

Guarantee Period - The period of years a rate of interest is guaranteed to be
credited to a fixed allocation.

Guaranteed Interest Rate - The effective annual interest rate which we will
credit for a specified Guarantee Period.

Guaranteed Minimum Interest Rate - The minimum interest rate which can be
declared by Us for Fixed Allocations.

Index of Investment Experience - The index that measures the performance of a
Division.

Initial Premium - The payment amount required to put each Certificate in effect.

Issue Age - The annuitant's or Owner's age on the last birthday on or before the
certificate date.

Market Value Adjustment - A positive or negative adjustment to Fixed Allocation.
It may apply if all or part of a Fixed Allocation is withdrawn, transferred, or
applied to an Annuity Option prior to the end of the Guarantee Period.

Maturity Date - The date on which a Guarantee Period matures.

Owner - The person who owns a Certificate and is entitled to exercise all rights
of the Certificate. This person's death also initiates payment of the death
benefit.

Specially Designated Division - Distributions from a portfolio underlying a
Division in which reinvestment is not available will be allocated to this
Division unless the Owner specifies otherwise.

Valuation Date - The day at the end of a valuation period when each Division is
valued.

Valuation Period - Each business day together with any non-Business Days before
it.

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                        Introduction to the Contract
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Eligibility

Eligible persons as stated in the application for this Contract and who have
enrolled and for whom the Initial Premium has been paid are eligible to receive
the benefits under this Contract.

The Owner

The Owner is also the Annuitant unless another Annuitant has been named and is
shown in the Certificate. The Owner has the rights and options described in this
Contract.

One or more people may own a Certificate. If there are multiple Owners named,
the age of the oldest Owner shall be used to determine the applicable death
benefit. In the case of a sole Owner who dies prior to the annuity commencement
date, we will pay the Beneficiary the death benefit then due. If the sole Owner
is not an individual, we will treat the annuitant as the Owner for purposes of
determining when the Owner dies under the death benefit provision (if there is
no Contingent Annuitant), and the Annuitant's Issue Age will determine the
applicable death benefit payable to the Beneficiary. The sole Owner's estate
will be the beneficiary if no beneficiary designation is in effect, or if the
sole designated beneficiary has predeceased the Owner. In the case of a joint
Owner dying prior to the annuity commencement date, the surviving Owner(s) shall
be deemed the beneficiary(ies).

The Annuitant

The Annuitant is the measuring life of the annuity benefits provided under a
Certificate. The annuitant may not be changed during the annuitant's lifetime.
The Owner may name a contingent annuitant. The contingent annuitant becomes the
annuitant if the annuitant dies while a Certificate is in effect prior to the
Annuity Commencement Date. The Owner will be the contingent annuitant unless the
Owner names someone else. The annuitant must be a natural person. If the
annuitant dies and no contingent annuitant has been named, we will allow the
Owner sixty days to designate someone else as annuitant. If all Owners are not
individuals and, through operation of this provision, an Owner becomes the
Annuitant, we will pay the death benefit proceeds to the Beneficiary. If there
are joint Owners, we will treat the youngest of the Owners as the Contingent
Annuitant designated, unless elected otherwise.

The Beneficiary

The beneficiary is the person to whom we pay death proceeds if the Owner dies
prior to the annuity commencement date. See Death Benefit Proceeds for more
information. We pay death proceeds to the primary beneficiary (unless there are
joint Owners in which case the death benefit proceeds are payable to the
surviving Owners). If the primary beneficiary dies before the Owner, the death
proceeds are paid to the contingent beneficiary, if any. If there is no
surviving beneficiary, we pay the death proceeds to the Owner's estate.

One or more persons may be named as primary beneficiary or contingent
Beneficiary. In the case of more than one beneficiary, we will assume any death
proceeds are to be paid in equal shares to the surviving beneficiaries. Other
than equal shares may be specified by the Owner.

The Owner has the right to change beneficiaries during the Owner's lifetime,
unless the primary beneficiary is designated irrevocable. When an irrevocable
Beneficiary has been designated, the Owner and the irrevocable Beneficiary may
have to act together to exercise the rights and options under a Certificate.

Change of Owner or Beneficiary

During the Owner's lifetime and while a Certificate is in effect under this
Contract, the Owner can transfer ownership of a Certificate or change the
beneficiary. To make any of these changes, we require written notice of the
change in a form satisfactory to us. The change will take effect as of the day
the notice is signed. The change will not affect any payment made or action
taken by us before recording the change at our Variable Products Customer
Service Center. A change of Owner may affect the amount of death benefit payable
under the Certificate. See Proceeds Payable to Beneficiary.

FG-MA-1000-08/97

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                        Premium Payments and Allocation Changes
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Initial Premium Payment

The Initial Premium payment is required to put a Certificate in effect. The
amount and allocation of the Initial Premium payment is shown in each
Certificate.

Additional Premium Payment Option

Additional premium payments may be made at any time before the annuity
commencement date. Satisfactory notice to us must be given for additional
premium payments. Restrictions on additional premium payments, such as the
attained age of the annuitant or Owner and the timing and amount of each
payment, are shown in each Certificate. We reserve the right to defer acceptance
of or to return any additional premium payments.

As of the date we receive and accept the Owner's additional premium payment:

     (1) The  accumulation  value will  increase  by the  amount of the  premium
     payment less any premium deductions as shown in each Certificate.
     (2) The  increase in the  accumulation  value will be  allocated  among the
     Divisions  and  the  Fixed  Allocations  in  accordance  with  the  Owner's
     instructions.  If the Owner does not provide such instructions,  allocation
     will be among the Divisions and in proportion to the amount of accumulation
     value in each Division as of the date we receive and accept the  additional
     premium  payment.  Allocations  to the Fixed Account will be made only upon
     specific written request.

Where to Make Payments
Additional premium payments are to be sent to our Customer Service Center. On
request, a receipt signed by one of our officers will be provided.

Reallocation of Accumulation Value

The accumulation value may be reallocated among the Divisions and the Fixed
Allocations prior to the Annuity Commencement Date. The number of free
allocation changes each certificate year that we will allow is shown in each
Certificate. To make an allocation change, we must receive satisfactory notice
at our Customer Service Center. The change will take effect when we receive the
notice. Restrictions for reallocation into and out of the Divisions are shown in
each Certificate. Some Divisions may have restrictions on allocations. An
allocation from the Fixed Allocation may be subject to a Market Value
Adjustment. See Market Value Adjustment.

What Happens if a Division is Not Available

When a distribution is made from an investment portfolio supporting a unit
investment trust Division of the Variable Separate Account or from a Division of
a managed separate account in which reinvestment is not available, we will
allocate the distribution to the Specially Designated Division shown in each
Certificate unless the Owner specifies otherwise.

Such a distribution may occur when an investment portfolio or Division matures,
when distribution from a portfolio or Division cannot be reinvested in the
portfolio or Division due to the unavailability of securities, or for other
reasons. When this occurs because of maturity, we will send written notice 30
days in advance of such date. To elect an allocation to other than the Specially
Designated Division shown in each Certificate, we must receive satisfactory
notice at least seven days prior to the date the investment matures. Such
allocations will not be counted as an allocation change of the accumulation
value for purposes of the number of free allocations permitted.

FG-MA-1000-08/97

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                        How We Measure the Accumulation Value
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The Variable Separate Accounts

These accounts, which are designated in each Certificate, are kept separate from
our General Account and any other separate accounts we may have. They are used
to support variable annuity contracts and may be used for other purposes
permitted by applicable laws and regulations. We own the assets in the Variable
Separate Accounts. Assets equal to the reserves and other liabilities of the
accounts will not be charged with liabilities that arise from any other business
we conduct; but, we may transfer to our General Account assets which exceed the
reserves and other liabilities of the Variable Separate Accounts. Income and
realized and unrealized gains or losses from assets in these separate accounts
are credited to or charged against the account without regard to other income,
gains or losses in our other investment accounts.

One type of Variable Separate Account will invest in mutual funds, unit
investment trusts and other investment portfolios which we determine to be
suitable for this Contract's purposes. This separate account is treated as a
unit investment trust under Federal securities laws. It is registered with the
SEC under the Investment Company Act of 1940. This separate account is also
governed by state laws as designated in each Certificate. The trust may offer
unregistered series.

We may offer certain non-registered series or Variable Separate Accounts. Any
such Series or Variable Separate Account is shown in each Certificate.

Divisions of the Variable Separate Account
A unit investment trust Variable Separate Account includes Divisions, each
investing in a designated investment portfolio. The Divisions and the investment
portfolios in which they invest, if applicable, are specified in each
Certificate. Some of the portfolios designated may be managed by a separate
investment adviser. Such adviser will be registered under the Investment
Advisers Act of 1940 if required.

Changes Within the Variable Separate Accounts
We may, from time to time, make additional separate account Divisions available.
These Divisions will invest in investment portfolios we find suitable for this
Contract. We also have the right to eliminate Divisions from a separate account,
to combine two or more Divisions or to substitute a new portfolio for the
portfolio in which a Division invests. A substitution may become necessary if,
in our judgment, a portfolio or Division no longer suits the purposes of this
Contract. This may happen due to a change in laws or regulations, or a change in
a portfolio's investment objectives or restrictions, or because the portfolio or
Division is no longer available for investment, or for some other reason. We
will get prior approval from the insurance department of our state of domicile
before making such a substitution.

This approval process is on file with the insurance department of the
jurisdiction in which this Contract is delivered. We will also get any required
approval from the SEC and any other required approvals before making such a
substitution.

Subject to any required regulatory approvals, we reserve the right to transfer
assets of the Divisions of the Variable Separate Account, which we determine to
be associated with the class of Contracts to which this Contract belongs, to
another Variable Separate Account or Division.

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                        How We Measure the Accumulation Value (continued)
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 When permitted by law, we reserve the right to:

     (1) Deregister a separate account under the Investment Company Act of 1940;
     (2) Operate a separate account as a management company under the Investment
     Company Act of 1940,  if it is operating as a unit  investment  trust;
     (3) Operate a separate  account as a unit investment trust under the
     Investment Company Act of 1940, if it is operating as a managed separate
     account;
     (4) Restrict or eliminate any voting rights of Owners, or other persons who
     have voting  rights as to a separate  account;  and,
     (5) Combine a separate account with other separate accounts.

Valuation Period

Each Division will be valued at the end of each valuation period on a valuation
date. A valuation period is each business day together with any non-Business
Days before it. A business day is any day the NYSE is open for trading, and the
SEC requires mutual funds, unit investment trusts, or other investment
portfolios to value their securities.

Accumulation Value

The accumulation value of a Certificate is equal to the sum of the amounts in
each Division and the Fixed Allocations. The Owner selects how the accumulation
value is allocated. The maximum number of Divisions and Fixed Allocations to
which the Accumulation Value may be allocated at any one time is shown in each
Certificate.

Accumulation Value in each Division and Fixed Allocation

On the Certificate Date
On the certificate date, the accumulation value is allocated to each Division
and the Fixed Allocations as shown in each Certificate.

On each Valuation Date
At the end of each subsequent valuation period, the amount of accumulation value
in each Division and fixed allocation will be calculated as follows:

     (1) We take the  accumulation  value in the Division or Fixed Allocation at
     the end of the preceding Valuation Period.
     (2) We multiply  (1) by the  Division's  net rate of return for the current
     valuation  period,  or we calculate  the interest to be credited to a Fixed
     Allocation for the current Valuation Period.
     (3) We add (1) and (2).
     (4) We add to  (3)  any  additional  premium  payments  (less  any  premium
     deductions as shown in each Certificate) allocated to the Division or Fixed
     Allocation during the current valuation period.
     (5) We add or  subtract  allocations  to or from  that  Division  or  Fixed
     Allocation during the current valuation period.
     (6) We subtract from (5) any partial withdrawals which are allocated to the
     Division or Fixed Allocation during the current valuation period.
     (7) We subtract  from (6) the amounts  allocated to that  Division or Fixed
     Allocation for:
        (a) any charges due for optional benefit riders as shown in
            each Certificate;
        (b) any Certificate fees as shown in each Certificate;

All amounts in (7) are allocated to each Division or Fixed Allocation as shown
in each Certificate.

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                        How We Measure the Accumulation Value (continued)
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Fixed Account

The Fixed Account is a Separate Account under state law and is not required to
be registered with the Securities and Exchange Commission under the Investment
Company Act of 1940. The Fixed Account includes various Fixed Allocations which
we credit with fixed rates of interest for the Guarantee Period (or Periods) the
Owners select. We reset the interest rates for new Fixed Allocations
periodically, based on our sole discretion.

Guarantee Periods
Each Fixed Allocation is guaranteed an interest rate for a period, a Guarantee
Period. The Guaranteed Interest Rate for a fixed allocation is effective for the
entire period. The Maturity Date of a Guarantee Period will be the last day of a
calendar month in which the Guarantee Period ends. Withdrawals and transfers
made during a Guarantee Period may be subject to a Market Value Adjustment
unless made thirty days or less prior to the Maturity Date.

Upon the expiry of a Guarantee Period, we will transfer the Accumulation Value
of the expiring Fixed Allocation to a Fixed Allocation with a Guarantee Period
equal in length to the expiring Guarantee Period, unless the Owner selects
another period prior to a Maturity Date. We will notify the Owner at least
thirty days prior to a Maturity Date of options for renewal. If the period
remaining from the expiry of the previous guarantee period to the annuity
commencement date is less than the period elected or the period expiring, the
next shortest period then available that will not extend beyond the Annuity
Commencement Date will be offered. If a period is not available, the
Accumulation Value will be transferred to the Specially Designated Division.

We will declare guaranteed interest rates for the then available Fixed
Allocation Guarantee Periods. These interest rates are based solely on our
expectation as to our future earnings. Declared guaranteed interest rates are
subject to change at any time prior to application to specific fixed
allocations, although in no event will the rates be less than the Minimum
Guaranteed Interest Rate shown in the Certificate.

Market Value Adjustments
A Market Value Adjustment will be applied to a Fixed Allocation upon withdrawal,
transfer or application to an Income Plan if made more than thirty days prior to
such Fixed Allocation's Maturity Date, except on Systematic Partial Withdrawals
and IRA Partial Withdrawals. The Market Value Adjustment is applied to each
Fixed Allocation separately.

The Market Value Adjustment is determined by multiplying the amount of
Accumulation Value withdrawn, transferred or applied to an Income Plan by the
following factor:

                 (     1 + I   )  N/365
                 ---------------
                 (1 + J + .0025)       - 1

Where I is the Index Rate for a Fixed Allocation on the first day of the
applicable Guarantee Period; J is the Index Rate for new Fixed Allocations with
Guarantee Periods equal to the number of years (fractional years rounded up to
the next full year) remaining in the Guarantee Period at the time of
calculation; and N is the remaining number of days in the Guarantee Period at
the time of calculation. (The Index Rate is described in the Schedule.)

FG-MA-1000-08/97

<PAGE>

                        How We Measure the Accumulation Value (continued)
--------------------------------------------------------------------------------
Market Value Adjustments will be applied as follows:

     (1) The Market  Value  Adjustment  will be applied to the amount  withdrawn
     before deduction of any applicable surrender charge.
     (2) For a  partial  withdrawal,  partial  transfer  or in the case  where a
     portion of a Fixed  Allocation  is applied  to an Income  Plan,  the Market
     Value  Adjustment  will be  calculated  on the  total  amount  that must be
     withdrawn, transferred or applied to an Income Plan in order to provide the
     amount requested.
     (3) If the Market Value  Adjustment is negative,  it will be assessed first
     against any remaining  Accumulation Value in a particular Fixed Allocation.
     Any remaining  Market Value  Adjustment  will be applied against the amount
     withdrawn, transferred or applied to an Income Plan.
     (4) If the Market Value Adjustment is positive,  it will be credited to the
     Accumulation  Value of a particular Fixed Allocation.  If a cash surrender,
     or full transfer, or application to an Income Plan has been requested,  the
     Market Value Adjustment is added to the amount being withdrawn, transferred
     or applied to an Income Plan.

Measurement of Investment Experience

Index of Investment Experience
The investment experience of a Division is determined on each valuation date. We
use an index to measure changes in each Division's experience during a valuation
period. We set the index at $10 when the first investments in a Division are
made. The index for a current valuation period equals the index for the
preceding valuation period multiplied by the Experience Factor for the current
valuation period.

How We Determine the Experience Factor
For Divisions of a unit investment trust separate account the Experience Factor
reflects the investment experience of the portfolio in which the Division
invests as well as the charges assessed against the Division for a valuation
period. The factor is calculated as follows:

     (1) We take the net asset  value of the  portfolio  in which  the  Division
     invests at the end of the current valuation period.
     (2) We add to (1) the amount of any dividend or capital gains  distribution
     declared for the  investment  portfolio and  reinvested  in such  portfolio
     during the current  valuation period. We subtract from that amount a charge
     for our taxes, if any.
     (3) We divide (2) by the net asset value of the portfolio at the end of the
     preceding valuation period.
     (4) We  subtract  the daily  mortality  and  expense  risk  charge for each
     Division shown in each  Certificate  for each day in the valuation  period.
     This charge is to cover expense and mortality risks that we are assuming.
     (5) We subtract the daily asset based  administrative  charge shown in each
     Certificate for each day in the Valuation Period.

Calculations for Divisions investing in unit investment trusts are on a per unit
basis.

Net Rate of Return for a Variable Separate Account Division
The net rate of return for a Division during a valuation period is the
Experience Factor for that valuation period minus one.

FG-MA-1000-08/97

<PAGE>

                        How We Measure the Accumulation Value (continued)
--------------------------------------------------------------------------------

Interest Credited to a Fixed Allocation
A Fixed Allocation will be credited with the Guaranteed Interest Rate for the
Guarantee Period in effect on the date the premium or reallocation is applied.
Once applied, such rate will be guaranteed until that Fixed Allocation's
Maturity Date. Interest will be credited daily at a rate to yield the declared
annual Guaranteed Interest Rate. We periodically declare Guaranteed Interest
Rates for then available Guarantee Periods. No Guaranteed Interest Rate will be
less than the Minimum Guaranteed Interest Rate shown in each Certificate.

Charges Deducted from Accumulation Value for each Processing Period

All charges and fees are shown in each Certificate.

Charge Deduction Division Option
We will deduct all charges against the accumulation value of a Certificate from
the Charge Deduction Division if the Owner elected this option. If this option
was not elected or if the charges are greater than the amount in the Charge
Deduction Division, the charges against the Accumulation Value will be deducted
as follows:

     (1) If these charges are less than the accumulation value in the Divisions,
     they will be  deducted  proportionately  from all  Divisions.
     (2) If these charges exceed the  Accumulation  Value in the Divisions,  any
     excess over such value will be deducted from the Fixed Account.

Any charges deducted from the Fixed Account will be taken from the Fixed
Allocation, starting with the Guarantee Period nearest its Maturity Date until
such charges have been paid.

The Owner may at any time while the Certificate is in effect change the election
of this option. To do so, the Owner must send a written request to our Customer
Service Center. Any change will take effect within seven days of the date we
receive the request.

FG-MA-1000-08/97

<PAGE>

                        The Owner's Benefits
--------------------------------------------------------------------------------

While a Certificate is in effect, the Owner has important rights and benefits
available. We discuss these rights and benefits in this section.

Cash Value Benefit

Cash Surrender Value
The cash surrender value before the annuity commencement date, is determined as
follows:
     (1) We take a Certificate's accumulation value;
     (2) We adjust for any applicable Market Value Adjustment;
     (3) We deduct any Surrender Charges;
     (4) We  deduct  any  charges  as shown in each  Certificate  that have been
         incurred but not yet deducted, including:
         (a) any quarterly administrative fee to be deducted on the next
           certificate processing date;
         (b) the pro rata part of any charges for optional benefit riders; and
         (c) any applicable premium or similar tax.

Cancelling to Receive the Cash Surrender Value
The Owner may, at any time before the annuity commencement date, surrender a
Certificate to us. To do this, the Owner must return the Certificate with a
signed request for cancellation to our Customer Service Center.

The cash surrender value will vary daily. We will determine the cash surrender
value as of the date we receive the Certificate and the signed request in our
Customer Service Center. All benefits under the Certificate will then end.

We will usually pay the cash surrender value within seven days; but, we may
delay payment as described in the Payments We May Defer provision.

Partial Withdrawal Option

After the first certificate anniversary, a partial withdrawal may be made once
in each certificate year without incurring a Partial Withdrawal Charge. Any
additional Partial Withdrawals in a Certificate Year are subject to a Partial
Withdrawal Charge. The minimum amount that may be withdrawn is shown in each
Certificate. The maximum amount that may be withdrawn is shown in each
Certificate. Any withdrawal made will not be treated as premium only for the
purposes of calculating the Surrender Charge. To take a partial withdrawal,
satisfactory notice must be sent to our Variable Products Customer Service
Center.

FG-MA-1000-08/97

<PAGE>

                        Death Benefit Proceeds
--------------------------------------------------------------------------------
Proceeds Payable to the Beneficiary

Prior to the Annuity Commencement Date
If the sole Owner dies prior to the annuity commencement date, we will pay the
beneficiary the death benefit. If there are joint Owners and any Owner dies, we
will pay the surviving Owners the death benefit. We will pay the amount on
receipt of due proof of the Owner's death at our Variable Products Customer
Service Center. Such amount may be received in a single lump sum or applied to
any of the Annuity Options (see Choosing an Income Plan). When the Owner (or all
Owners where there are joint Owners) is not an individual, the proceeds become
payable on the death of the annuitant prior to the Annuity Commencement Date
(unless a contingent annuitant survived the annuitant). Only one death benefit
is payable under a Certificate. In all events, distributions under the
Certificate must be made as required by applicable law.

How to Claim Payments to Beneficiary
We must receive proof of the Owner's (or annuitant's) death before we will make
any payments to the beneficiary. We will calculate the death benefit as of the
date we receive due proof of death. The beneficiary should contact our Customer
Service Center for instructions.

Guaranteed Death Benefit
On the certificate date, the guaranteed death benefit is equal to the premium
paid. On subsequent valuation dates, the guaranteed death benefit is calculated
as shown in each Certificate. A change of Owner will effect the Guaranteed Death
Benefit, as shown in each Certificate.

FG-MA-1000-08/97

<PAGE>

                        Choosing an Income Plan
--------------------------------------------------------------------------------
Annuity Benefits

If the annuitant and Owner are living on the annuity commencement date, we will
begin making payments to the Owner. We will make these payments under the
annuity option (or options) as chosen initially or as subsequently selected. An
annuity option may be chosen or changed by making a written request at least 30
days prior to the annuity commencement date. Unless chosen otherwise, Option 2
on a 10-year period certain basis will become effective. The amount of the
payments will be determined by applying the accumulation value on the annuity
commencement date in accordance with the Annuity Options section below (See
Payments We May Defer). See each Certificate for certain restrictions which may
apply. Before we pay any annuity benefits, we require the return of the
Certificate. If a Certificate has been lost, we require the applicable lost
certificate form.

Annuity Commencement Date Selection

The Owner selects the Annuity Commencement Date. Any date may be elected
following the third certificate anniversary but before the required date of
annuity commencement as shown in each Certificate. If a date is not selected,
the annuity commencement date will be in the month following the required date
of annuity commencement.

Frequency Selection

The Owner chooses the frequency of the Annuity Payments. They may be monthly,
quarterly, semi-annually, or annually. If we do not receive written notice, the
payments will be made monthly.

The Income Plan

While a Certificate is in effect and before the annuity commencement date, the
Owner may choose one or more annuity options to which death benefit proceeds may
be applied. If, at the time of the Owner's death, no option has been chosen for
paying death benefit proceeds, the beneficiary may choose an option within one
year. An annuity option on surrender of the Certificate for its cash surrender
value may also be elected. For each option we will issue a separate written
agreement putting the option into effect.

Our approval is needed for any option where:
             (1) The person named to receive payment is other than the Owner or
                 beneficiary; or
             (2) The person named is not a natural person, such as a
                 corporation; or
             (3) Any income payment would be less than the minimum annuity
                 income payment shown in each Certificate.

The Annuity Options

There are four options to choose from.  They are:

Option 1.  Income for a Fixed Period
Payment is made in equal installments for a fixed number of years. We guarantee
each monthly payment will be at least the Income For Fixed Period amount shown
in each Certificate. Values for annual, semiannual or quarterly payments are
available on request.

Option 2.  Income for Life
Payment is made to the person named in equal monthly installments and guaranteed
for at least a period certain. The period certain can be 10 or 20 years. Other
periods certain are available on request. A refund certain may be chosen
instead. Under this arrangement, income is guaranteed until payments equal the
amount applied. If the person named lives beyond the guaranteed period, payments
continue until his or her death.

FG-MA-1000-08/97

<PAGE>

                        Choosing an Income Plan (continued)
--------------------------------------------------------------------------------

We guarantee each payment will be at least the amount shown in the Income for
Life Table in each Certificate. By age we mean the named person's age on his or
her last birthday before the option's effective date. Amounts for ages not shown
are available on request.

Option 3.  Joint Life Income
This option is available if there are two persons named to receive payments. At
least one of the persons named must be either the Owner or beneficiary of the
Certificate. Monthly payments are guaranteed and are made as long as at least
one of the named persons is living. The monthly payment amounts are available
upon request. Such amounts are guaranteed and will be calculated on the same
basis as the Table for Income for Life, however, the amount will be based on two
lives.

Option 4.  Annuity Plan
An amount can be used to buy any single premium annuity we offer on the option's
effective date.

The current annuity payment rates available when the value of the Certificate is
applied to an income plan will be no less than single premium immediate annuity
rates of the same rating class we then offer.

The minimum rates for Option 1 are based on 3% interest, compounded annually.
The minimum rates for Options 2 and 3 are based on 3% interest, compounded
annually, and the Annuity 2000 Mortality Table. We may pay a higher rate at our
discretion.

Payment When Named Person Dies

When the person named to receive payment dies, we will pay any amounts still due
as provided by the option agreement. The amounts still due are determined as
follows:

     (1) For Option 1 or for any remaining  guaranteed  payments under Option 2,
         payments will be continued.
     (2) For Option 3, no amounts  are  payable  after both named  persons  have
         died.
     (3) For Option 4, the annuity agreement will state the amount due, if any.

FG-MA-1000-08/97

<PAGE>

                        General Provisions
--------------------------------------------------------------------------------

Entire Contract

This Contract, including any attached rider, Endorsement, amendment and the
application of the contractholder, constitute the entire Contract between the
contractholder and us. All statements made by the contractholder, any Owner or
any annuitant will be deemed representations and not warranties. No such
statement will be used in any contest unless it is contained in the application
signed by the contractholder or in a written instrument signed by the Owner, a
copy of which has been furnished to the Owner, the beneficiary or to the
contractholder.

Sending Notice to Us

Any written notices or requests should be sent to our Customer Service Center.
The address of our Variable Products Customer Service Center is shown in
Important Terms.

Reports to Owner

We will send the Owner a report, at least once during each Certificate year,
showing the accumulation value, the Death Benefit and the cash surrender value
of each Certificate as of the end of the certificate processing period. The
report will also show the allocation of the accumulation value as of such date
and the amounts deducted from or added to the accumulation value since the last
report. The report will also include any other information that may be currently
required by the insurance supervisory official of the jurisdiction in which the
Certificate is delivered.

We will also send copies of any shareholder reports of the portfolios in which
the Divisions of the separate accounts invest, as well as any other reports,
notices or documents required by law to be furnished to Owners.

Assignment

Benefits under a Certificate may be assigned as collateral security for a loan
or other obligation. This does not change the Certificate ownership. The Owner's
rights and any Beneficiary's rights are subject to the terms of the assignment.
To make or release an assignment, we must receive written notice satisfactory to
us, at our Variable Products Customer Service Center. We are not responsible for
the validity of any assignment.

Changing the contract

This Contract or any additional benefit riders may be changed to another annuity
plan according to our rules at the time of the change.

Contract Changes - Applicable Tax Law

We reserve the right to make changes in this Contract or its riders to the
extent we deem it necessary to continue to qualify this Contract as an annuity.
Any such changes will apply uniformly to all Certificates that are affected. The
Contractholder and the Owner will be given advance written notice of such
changes.

Misstatement of Age or Sex

If an age or sex has been misstated, the amounts payable or benefits provided
under the Contract, as described in each Certificate, will be those that the
premium payment made would have bought at the correct age or sex.

Non-Participating

Neither this Contract, nor its Certificates, participates in the divisible
surplus of First Golden American Life Insurance Company of New York.

FG-MA-1000-08/97

<PAGE>

                        General Provisions (continued)
--------------------------------------------------------------------------------

Payments We May Defer

We may not be able to determine the value of the assets of the Divisions
because:

     (1) The NYSE is closed for trading;
     (2) The SEC determines that a state of emergency exists; or
     (3) An order or pronouncement of the SEC permits a delay for the protection
         of Owners.
     (4) The check used to pay the premium  has not cleared  through the banking
         system. This may take up to 15 days.

During such times, as to amounts allocated to the Divisions, we may delay:

     (1) Determination and payment of the cash surrender value;
     (2) Determination  and payment of any death benefit if death occurs before
         the annuity commencement date;
     (3) Allocation changes of the accumulation value; or,
     (4) Application of the accumulation value under an income plan.

We reserve the right to delay payment of amounts allocated to the Fixed Account
for up to six months.

Authority to Make Agreements

All agreements made by us must be signed by one of our officers. No other
person, including an insurance agent or broker, can:

     (1) Change any of the Contract's terms;
     (2) Extend the time for premium payments; or
     (3) Make any agreement binding on us.

Computations

We have filed a detailed statement of our computations with the insurance
supervisory official in appropriate jurisdictions. The values are not less than
those required by the law of that state or jurisdiction. Any benefit provided by
an attached optional benefit rider will not increase these values unless
otherwise stated in that rider.

Facility of Payment

If no beneficiary is named, we reserve the right to pay an amount not to exceed
$2,000 to any person we determine to be entitled to such amount by reason of
incurred expenses incident to the last illness or death of an Owner.

Incontestability

The benefits under this Contract will not be contested, except for nonpayment of
premiums, after it has been in effect during the annuitant's lifetime for two
years from the certificate date.

Certificates

Certificates will be furnished by us.

Conformity with Law

If any provision of this Contract is contrary to any law to which it is subject,
such provision is considered amended to conform to such law.

FG-MA-1000-08/97

<PAGE>

                        General Provisions (continued)
--------------------------------------------------------------------------------
Records

The Contractholder will furnish us information relative to this Contract as we
may require to administer this Contract. Such records, which in our opinion have
a bearing on this Contract, will be open to us for inspection at all reasonable
times.

Owner's Right to Examine the Certificate

An Owner may return a Certificate to us or the agent through whom it was
purchased within 10 days of receipt. If so returned, we will treat the
Certificate as though it was never issued. Upon receipt we will promptly refund
the Accumulation Value plus any charges we have deducted as of the date the
returned Certificate is received by us.

FG-RA-1002-08/97

<PAGE>

FIRST GOLDEN AMERICAN
LIFE INSURANCE COMPANY
OF NEW YORK                                SECTION 72 RIDER
A stock company
--------------------------------------------------------------------------------

Required Distribution of Proceeds on Death of Owner

This Rider is required to qualify the Contract/Certificate to which it is
attached as an annuity under Section 72 of the Internal Revenue Code of 1986, as
amended (the "Code"). Where the terms of this Rider are in conflict with the
terms of the Contract/Certificate, the Rider will control. First Golden American
Life Insurance Company of New York, "First Golden American", reserves the right
to amend or administer the Contract/Certificate and Rider as necessary to comply
with applicable tax requirements. This Rider and the Contract/Certificate should
be construed so that they comply with applicable tax requirements.

Death of Owner On Or After Annuity Commencement Date

IF ANY OWNER DIES ON OR AFTER the Annuity Commencement Date but prior to the
time the entire interest in the Contract/Certificate has been distributed, the
remaining portion will be distributed at least as rapidly as under the method of
distribution being used as of the date of the Owner's or Annuitant's death.

Death of Owner Prior to Annuity Commencement Date

         IF ANY OWNER DIES PRIOR TO the Annuity Commencement Date, the entire
interest in the Contract/Certificate will be distributed within five years of
the Owner's death.
         However, this distribution requirement will be considered satisfied as
to any portion of the Owner's interest in the Contract/Certificate which is
payable to or for the benefit of a Designated Beneficiary and which will be
distributed over the life of such Designated Beneficiary or over a period not
extending beyond the life expectancy of that Designated Beneficiary, provided
such distributions begin within one year of the Owner's death. If the Designated
Beneficiary is the surviving spouse of the decedent, the Contract/Certificate
may be continued in the name of the spouse as Owner and these distribution rules
are applied by treating the spouse as the Owner. However, on the death of the
surviving spouse, this provision regarding spouses may not be used again.
     If any Owner is not an individual, the death or change (where permitted) of
     the Annuitant will be treated as the death of an Owner.
The Designated Beneficiary is the person entitled to ownership rights
under the Contract/Certificate. Thus, where no death benefit has become payable,
the Designated Beneficiary, for the purposes of applying this Rider, will be the
Owner(s). Where a death benefit has become payable, the Designated Beneficiary,
for the purposes of applying this Rider, is the person(s) entitled to the death
benefit, generally the Beneficiary or surviving Owners, as appropriate. Upon the
death of any Owner, the Designated Beneficiary will become the Owner or, if an
individual, will become the Annuitant.
                          *        *        *
An Owner may notify First Golden American as to the manner of payment under this
Rider. If such Owner has not so notified First Golden American prior to his or
her death, the Designated Beneficiary under the Contract/Certificate may so
notify First Golden American.

         FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK

         President  Terry L. Kendall        Secretary  Myles R. Tashman

FG-RA-1002-08/97

<PAGE>

<PAGE>

<PAGE>

Deferred Combination Variable and Fixed Annuity Group Master
Contract - No Dividends

Variable Cash Surrender Values while an Owner is living and prior to the Annuity
Commencement  Date.  Death  benefit  subject to guaranteed  minimum.  Additional
premium payment option. Partial withdrawal option. Non-participating. Investment
results reflected in values.

FG-MA-1000-08/97

<PAGE>FIRST GOLDEN AMERICAN                        Individual Retirement
LIFE INSURANCE COMPANY                       Annuity Rider
OF NEW YORK
A stock company.
------------------------------------------------------------------------------

   On the basis of the application for the Contract to which this Rider
   is attached, this Contract is issued as an Individual Retirement
   Annuity ("IRA") intended to qualify as such under Section 408(b) of
   the Internal Revenue Code, as amended (the "Code").  This Contract is
   established for the exclusive benefit of the Owner and the
   beneficiaries named.

   In the event of any conflict between the provisions of this Rider and
   the Contract to which it is attached, the provisions of this Rider
   will control.  First Golden American Life Insurance Company of New
   York, ("First Golden"), reserves the right to amend or administer the
   Contract and Rider as necessary to comply with applicable tax
   requirements.  The Owner will be given advance written notice of such
   changes.  First Golden will assume that the Owner has accepted the
   change if written notice of the objection to the change is not
   received prior to its effective date.  If written notice of the
   objection to the change is received prior to the effective date, the
   Owner will have two options:  (1) to annuitize the Contract and select
   an annuity option; or (2) to continue the Contract unchanged.  Either
   of these options may result in tax consequences for either the
   annuitant or the Owner.  The Owner should consult a tax advisor before
   electing either of these options.  If the election is not received by
   First Golden within 30 days of the date of the Owner's notice to First
   Golden, First Golden will assume the Owner has elected to continue the
   Contract unchanged.

CONTRIBUTIONS

   Except in the case of a rollover contribution or a contribution made
   in accordance with the terms of a simplified employee pension ("SEP"),
   no contributions will be accepted unless they are in cash, and the
   total of such contributions will not exceed $2,000 for any taxable
   year.

NONFORFEITABILITY AND NONTRANSFERABILITY

   The Owner's IRA account will be 100% nonforfeitable at all times and
   will be maintained for the exclusive benefit of the Owner and the
   beneficiaries named.  This IRA may not be attached or alienated except
   where permitted by law.

   The Owner may not transfer ownership of any part or all of this IRA at
   any time, or pledge any part of it or use any part of it as
   collateral.

ROLLOVERS

   The Owner may make rollover premium purchase payments under the IRA as
   permitted by Section 402(c), 403(a)(4), 403(b)(8), 408(p)(7) or
   408(d)(3).  The Insurer may require that the Owner furnish
   documentation that a rollover premium purchase payment qualifies as a
   rollover under the Code.

SIMPLIFIED EMPLOYEE PENSIONS

   This IRA will accept premium purchase payments made on behalf of the
   Owner by the Owner's employer pursuant to a simplified employee
   pension plan ("SEP") under Code Section 408(k).

FG-RA-1009-04/95                        1
<PAGE>
MINIMUM DISTRIBUTION RULES

   (a) IRA required minimum annual distributions must commence to the
       Owner no later than April 1st of the calendar year following the
       calendar year in which the Owner attains age 70 1/2.  The method
       of distribution elected must insure that the entire interest of
       the Owner must be distributed by that date.  Alternatively, the
       distribution method elected must commence by that date and
       provide that the Owner's entire interest be distributed over a
       period not to exceed:

       (i)  the life expectancy of the Owner or the joint and last
            survivor expectancy of the Owner and the designated
            beneficiaries; or,
       (ii) a period certain not in excess of the life expectancy of
            the Owner or the joint and last survivor expectancy of the
            Owner and the designated beneficiaries.

       All distributions made hereunder will be made in accordance with
       the requirements of section 401(a) (9) of the Code, including the
       incidental death benefit requirements of section 401(a) (9) (G)
       of the Code, and the regulations thereunder, including the
       minimum distribution incidental benefit requirement of section
       1.401(a) (9)-2 of the Proposed Income Tax Regulations.

       In addition, payments must be either nonincreasing or they may
       increase only as provided in Q&A F-3 of section 1.401(a) (9)-1 of
       the Proposed Income Tax Regulations.

   (b) All payments are to be made in equal annual installments,
       except where a cashout accelerates payment.  There is no account
       balance, which would vary from year to year, as in a 408(a) IRA.

   (c) Life expectancy is computed by use of the expected return
       multiples in Tables V and VI of section 1.72-9 of the Income Tax
       Regulations.  Unless otherwise elected by the individual by the
       time distributions are required to begin, life expectancies will
       be recalculated annually.  Such election will be irrevocable by
       the individual and will apply to all subsequent years.  The life
       expectancy of non-spouse beneficiary may not be recalculated.
       Instead, life expectancy will be calculated using the attained
       age of such beneficiary during the calendar year in which the
       beneficiary attains age 70 1/2, and payments for subsequent years
       will be calculated based on such life expectancy reduced by one
       for each calendar year which has elapsed since the calendar year
       life expectancy was first calculated.

   (d) In the event the Owner dies before distribution of his or her
       interest commences under this IRA, 100% of the balance under the
       IRA will be distributed to the beneficiaries named.  Distribution
       will be completed no later than the last day of the calendar year
       in which the fifth anniversary of the Owner's death occurs.  If
       the individual's interest is payable to a designated beneficiary,
       then the entire interest of the individual may be distributed
       over the life or over a period certain not greater than the life
       expectancy of the designated beneficiary commencing on or before
       December 31 of the calendar year immediately following the
       calendar year in which the individual died.  The designated
       beneficiary may elect at any time to receive greater payments.

   (e) In the event the Owner dies after the commencement of benefits
       to him under this IRA, distribution of the remaining benefits
       under the IRA will be made to the beneficiaries named in a method
       at least as rapid as that in effect as of the date of the Owner's
       death.  Commencement of distributions under this section to the
       beneficiaries must be no later than the last day of the calendar
       year in which occurs the first anniversary of the Owner's death.

   (f) The provisions of (d) and (e) will not apply where the
       beneficiary is the Owner's surviving spouse.  The surviving
       spouse may elect to delay commencement of required distributions
       until the December 31st of the calendar year in which the
       deceased Owner would have attained age 70 1/2.  Alternatively,
       the surviving spouse may elect to rollover the entire balance of
       the deceased Owner's IRA to the surviving spouse's own IRA.

       Life expectancy is computed by use of the expected return
       multiples in Tables V and VI of section 1.72-9 of the Income Tax
       Regulations.  For purposes of distributions beginning after the
       individual's death, unless otherwise elected by the surviving
       spouse by the time distributions are required to begin, life
       expectancies will be recalculated annually.

FG-RA-1009-04/95                        2
<PAGE>
MINIMUM DISTRIBUTION RULES (CONTINUED)

       Such election will be irrevocable by the surviving
       spouse and will apply to all subsequent years.  In
       the case of any other designated beneficiary, life
       expectancies will be calculated using the attained
       age of such beneficiary during the calendar year
       in which distributions are required to begin
       pursuant to this section, and payments for any
       subsequent calendar year will be calculated based
       on such life expectancy reduced by one for each
       calendar year which has elapsed since the calendar
       year life expectancy was first calculated.

       Distributions under this section are considered to
       have begun if distributions are made on account of
       the individual reaching his or her required
       beginning date or if prior to the required
       beginning date distributions irrevocably commence
       to an individual over a period permitted and in an
       annuity form acceptable under section 1.401(a) (9)
       of the Regulations.

   (g) The designated beneficiary may elect to receive
       greater payments than those required under this
       section.  If there is more than one beneficiary,
       the designated beneficiary will be that person
       with the shortest life expectancy for the purposes
       of determining the distribution period.
   (h) For purposes of this Section, any amounts paid
       to a minor child of the Owner will be treated as
       having been paid to the surviving spouse if the
       remainder of the IRA is payable to the surviving
       spouse when the child attains the age of majority.

REPORTS

       The issuer of an individual retirement annuity
       will furnish annual calendar year reports
       concerning the status of the annuity.

FG-RA-1009-04/95                    3

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