Document:

<PAGE>

                     STOCK PLEDGE AND SECURITY AGREEMENT
                     -----------------------------------

     THIS STOCK PLEDGE AND SECURITY AGREEMENT is made and entered into
effective as of December 11, 2000, by and between UNIFIED FINANCIAL
SERVICES, INC., a Delaware corporation, whose address is 220 Lexington Green
Circle, Suite 600, Lexington, Kentucky 40503 (hereinafter called "Obligor"),
and BANK ONE, KENTUCKY, NA, a national banking association, whose address is
416 West Jefferson Street, Louisville, Kentucky 40202 (hereinafter called
"Secured Party").

                            W I T N E S S E T H :
                            -------------------

     That, for and in consideration of credit extended by Secured Party, the
parties do hereby agree as follows:

1.   Deposit and Pledge of Stock.  As collateral security for:
     ---------------------------

     a.    The payment of all sums due to Secured Party from Obligor under
the terms of that certain Guaranty by Obligor in favor of the Bank dated as
of June 28, 2000 (the "Guaranty"), under which Obligor has guaranteed a note
payable by Commonwealth Premium Finance Corporation, payable to the Bank
in the principal amount of $2,500,000.00 dated as of June 28, 2000 (the
"Commonwealth Note"); and

     b.    The payment of all sums due to Secured Party from Obligor under
the terms of that certain note payable by Obligor to the Bank in the
principal amount of $1,893,750.00 dated as of June 28, 2000 (the "Unified
Note"); and

     c.    All other liabilities and obligations of whatever kind or type of
Obligor to Secured Party, including any guarantees of the Obligor to Secured
Party, whether created directly or acquired by Secured Party by assignment
or otherwise, whether now existing or hereafter created, arising or
acquired, absolute or contingent, joint or several, due or to become due
(the foregoing obligations are herein collectively referred to as
"Indebtedness");

Obligor, pursuant to the provisions of the Uniform Commercial Code of the
State of Kentucky, hereby grants to Secured Party a first and prior security
interest in and lien on all of the following (all of which is hereinafter
collectively called the "Collateral"):

     d.    all property delivered to and deposited with Secured Party or its
designee/bailee, including all of the property specified on Schedule "A"
attached hereto and incorporated herein by reference (the "Stock");

     e.    all money and property heretofore delivered to, or which shall
hereafter be delivered by Obligor to or under the custody or control of
Secured Party in any manner or for any purpose whatever during the existence
of this Security Agreement, and whether held in a general or special account
or deposit or for safekeeping or otherwise; and

<PAGE>
<PAGE>

     f.    together with any and all stock rights, rights to subscribe,
liquidating dividends, stock dividends, dividends paid in stock, new
securities or other property to which Obligor is or may hereafter become
entitled to receive on account of any or all of the Stock or such other
property, and in the event that Obligor hereafter receives any such rights,
dividends, new securities or other property, Obligor will immediately
deliver such property to Secured Party to be held by Secured Party hereunder
in the same manner as the property originally delivered hereunder.

2.   Delivery of Stock Power Agreements. Contemporaneously with the
     ----------------------------------
execution of this Security Agreement, the Obligor shall deliver to Secured
Party duly executed irrevocable stock power agreements with respect to the
aforementioned Stock, subject to the provisions contained in this Agreement,
to the extent same have not already been delivered to Secured Party.

3.   Voting. So long as there is no default in the payment and performance of
     ------
the Indebtedness or of any of the terms, provisions and conditions of this
Security Agreement, the Loan Agreement, or any other agreement securing
repayment of the Indebtedness, Obligor shall be entitled to vote the Stock
pledged, provided, however, upon the occurrence of an Event of Default as
defined in Section 7 hereof, Secured Party shall be entitled to vote the
Stock pledged hereunder.

4.   Status of Stock. Obligor hereby represents and warrants to Secured
     ---------------
Party that (a) the Stock described on Schedule A is validly issued and
outstanding, is fully paid and nonassessable, and Obligor is the registered,
absolute, legal and beneficial owner of all shares of the Stock, free and
clear of all liens, charges, equities and encumbrances, except for the lien
and encumbrance created by this Security Agreement; (b) Obligor has received
all necessary approvals from all appropriate regulatory authorities with
respect to Obligor's acquisition of the Stock and acquisition of control of
the companies issuing such Stock; and (c) Obligor has the full power and
authority to pledge the Stock to Secured Party pursuant to this Security
Agreement, and the Stock is not subject to any restrictions imposed by law,
regulation, agreement or otherwise against public or private sale.

5.   Maintenance of Priority of Pledge. Obligor shall be liable for, and
     ---------------------------------
shall from time to time pay and discharge, all intangible and other taxes,
assessments and governmental charges imposed upon any of the Stock by any
federal, state or local authority, the liens of which would or might be held
prior to the security interest and rights of Obligor in and to the Stock.
Obligor shall not, at any time while this Security Agreement is in effect, do
or suffer any act or thing whereby the rights of Secured Party in and to the
Stock would or might be impaired or diminished. Obligor shall execute and
deliver such further documents and instruments and take such further actions
as may be required to confirm the rights of Secured Party in and to the Stock
or otherwise to effectuate the intention of this Security Agreement.

6.   Transfer of Encumbrance of the Stock. Obligor shall not transfer, sell,
     ------------------------------------
pledge, assign or further encumber the Stock or any part thereof without the
prior written consent of Secured Party, which consent may be withheld by
Secured Party for any reason whatsoever so long as this Security Agreement
is in effect. Obligor shall not vote the Stock in favor of any merger,
consolidation, share exchange agreement, reorganization or other business
combination involving, relating to or affecting any of the companies which
have issued the Stock, or in favor of any amendment to the Articles or

                                     2

<PAGE>
<PAGE>

Incorporation of any of the companies which have issued the Stock whereby any
of the companies which have issued the Stock would be authorized to issue any
additional capital stock or securities convertible into or exchangeable for
any capital stock of such companies without the prior written consent of
Secured Party, except no consent of Secured Party shall be required for a
transfer of substantially all of the assets of Commonwealth Premium Finance
Company to Unified Banking Company, a subsidiary of Obligors.

7.   Events of Default. Each of the following shall constitute an Event of
     -----------------
Default hereunder:

     a.    If any warranty or representation made by Obligor herein or by the
Obligor or any parties other than Secured Party (which, along with Obligor
are hereinafter sometimes referred to as the "Obligated Parties") under the
Loan Agreement dated as of December 28, 1999, as amended by that First
Amendment to Loan Agreement dated as of June 28, 2000, and Second Amendment
entered dated of even date herewith (the "Loan Agreement"), shall prove to
be untrue or incorrect in any material respect when made or effected and
said default shall continue unremedied for a period of thirty (30) calendar
days after date of written notice to Obligor.

     b.    If any covenant made by Obligor herein or by the Obligated Parties
in the Loan Agreement shall be broken or breached at any time and said default
shall continue unremedied for a period of thirty (30) calendar days after date
of written notice to Obligor.

     c.    Failure of the Borrowers or the Obligated Parties to make any
payment of the Indebtedness when due.

     d.    The insolvency, the filing of voluntary or involuntary bankruptcy
or for relief under the provisions of the National Bankruptcy Act, of, by or
against any of the Borrowers or the Obligated Parties.

     e.    The occurrence of any Event of Default as defined in the Loan
Agreement.

8.   Remedies Upon Occurrence of Default.
     -----------------------------------

     a.    Upon the occurrence of any Event of Default as defined in Section
7 hereof, Secured Party shall have the following rights and remedies, in
addition to all other rights and remedies provided by law or at equity, the
Loan Agreement and any other document or instrument relating to, securing or
evidencing the Indebtedness, all of which shall be cumulative and may be
exercised from time to time, either successively or concurrently:

           i.    To sell all or any of the Stock in one (1) or more lots,
and from time to time, upon ten (10) days' prior written notice to Obligor
of the time and place of sale (which notice Obligor hereby agrees is
commercially reasonable), for cash or upon credit or for future delivery,
Obligor hereby waiving all rights, if any, of marshalling the Stock and
any other security for the payment of the Indebtedness, and at the option
and in the complete discretion of Secured Party, either (a) at a public
sale or sales, including a sale at or over any broker's board or exchange,
and in one or more

                                     3

<PAGE>
<PAGE>

lots; or (b) at a private sale or sales, and in one or more lots. Secured
Party may bid for and acquire the Stock or any portion thereof at any public
sale, free from any redemption rights of Obligor, all of which are hereby
waived by Obligor.

           ii.   To exercise all rights of a secured party under the Uniform
Commercial Code of Kentucky and all other applicable law.

     b.    From time to time, Secured Party may, but shall not be obligated
to, postpone the time of any proposed sale of any of the Stock, which has
been subject of a notice as provided above, and also, upon ten (10) days'
prior written notice to Obligor (which notice Obligor hereby agrees is
commercially reasonable), may change the time and/or place of such sale.

     c.    In the case of any sale by Secured Party of the Stock or any
portion thereof on credit or for future delivery, which may be elected at
the option and in the complete discretion of Secured Party, the Stock so
sold may, at Secured Party's option, either be transferred and/or delivered
to the purchaser or retained by Secured Party until the selling price
therefor is paid by the purchaser, but in either event Secured Party shall
not incur any liability to Obligor in case of failure of the purchaser to
pay for the Stock so sold. In case of any such failure, such Stock may be
again sold by Secured Party in the manner provided in this Paragraph 8.

     d.    After deducting all of Secured Party's costs and expenses of every
kind, including, without limitation, legal fees and registration fees and
expenses, if any, in connection with the sale of the Stock, Secured Party
shall apply the remainder of the proceeds of any sale or sales of the Stock
to the Indebtedness in such order Secured Party may select in its sole and
absolute discretion. All sales of Stock shall be made in a commercially
reasonable manner. Secured Party shall not incur any liability as a result
of the sale of the Stock or any part thereof at any private sale or sales,
and Obligor hereby waives any claim arising by reason of (i) the fact that
the price or prices for which the Stock or any portion thereof is sold at
any private sale or sales is less than the price which would have been
obtained at a public sale or sales or is less than the Indebtedness, even if
Secured Party accepts the first offer received and does not offer the Stock
or any portion thereof to more than one offeree; (ii) any delay by Secured
Party in selling the Stock following an Event of Default hereunder, even if
the price of the Stock thereafter declines; or (iii) the immediate sale of
the Stock upon the occurrence of an Event of Default hereunder, even if the
price of the Stock should thereafter increase.

9.   Miscellaneous.
     -------------

     a.    Secured Party shall be under no duty or obligation to give Obligor
notice of, or to exercise, any subscription rights or privileges, any rights
or privileges to exchange, convert or redeem or any other rights or
privileges relating to or affecting any Collateral held by Secured Party
other than those notices required under the Loan Agreements.

     b.    All advances, charges, costs and expenses including reasonable
attorney's fees, to the extent allowed by law, incurred or paid by Secured
Party in exercising any right, power or remedy conferred by the Notes, this
Security Agreement or the Loan Agreement, or in the enforcement

                                     4

<PAGE>
<PAGE>

thereof, shall become a part of the indebtedness secured hereunder and shall
be paid to Secured Party by Obligor immediately and without demand, with
interest thereon at twelve (12%) percent per annum, or at the highest rate
charged on any of the Indebtedness, whichever rate is greater.

     c.    Obligor waives any right to require Secured Party to (a) proceed
against any person, (b) proceed against or exhaust any Collateral, or (c)
pursue any other remedy in Secured Party's power.

     d.    Secured Party may at any time deliver the Collateral or any part
thereof to Obligor and the receipt of Obligor shall be a complete and full
acquittance for the Collateral so delivered, and Secured Party shall
thereafter be discharged from any liability or responsibility therefor.

     e.    This is a continuing Security Agreement and all the rights, powers
and remedies hereunder shall apply to all past, present and future
Indebtedness of Obligor to Secured Party, including that arising under
successive transactions which shall either continue, increase or decrease
the Indebtedness, or from time to time create new Indebtedness after all or
any prior Indebtedness has been satisfied.

     f.    Until all of the Indebtedness shall have been paid in full the
power of sale and all other rights, powers and remedies granted to Secured
Party hereunder shall continue to exist and may be exercised by Secured
Party at any time.

     g.    The rights, powers and remedies given to Secured Party by this
Security Agreement shall be in addition to all rights, powers and remedies
given to Secured Party by virtue of the Loan Agreement, any other prior
Security Agreements, any other agreement relating to the indebtedness, and
any statute or rule of law. Secured Party may exercise its right of setoff
with respect to the Indebtedness in the same manner as if the Indebtedness
were unsecured. Any forbearance or failure or delay by Secured Party in
exercising any right, power or remedy hereunder shall not be deemed to be a
waiver of such right, power or remedy, and any single or partial exercise of
any right, power or remedy hereunder shall not preclude the further exercise
thereof; and every right, power and remedy of Secured Party shall continue
in full force and effect until such right, power or remedy is specifically
waived by an instrument in writing executed by Secured Party.

     h.    In all cases where more than one party executes this Security
Agreement, all words used herein in the singular shall be deemed to have
been used in the plural where the context and construction so require, and
the obligations and undertakings hereunder are joint and several.

     i.    The law of the Commonwealth of Kentucky applies to this Agreement
and its construction and interpretation.

     j.    This Security Agreement shall bind Obligor and its successors and
assigns and shall inure to the benefit of Secured Party and its successors
and assigns.

                                     5

<PAGE>
<PAGE>

     k.    Time shall be of the essence in the performance of each and every
one of the obligations hereunder.

     l.    All notices and other communications given to or made upon any
party hereto in connection with this Security Agreement, the Notes or any
other Loan Documents shall, except as herein or therein otherwise expressly
provided, be in writing, sent by certified or registered mail return receipt
requested, as follows:

<TABLE>

         <S>                   <C>
         If to Obligor:        Unified Financial Services, Inc.
                               220 Lexington Green Circle, Suite 600
                               Lexington, Kentucky 40503
                               ATTN: President

         with a copy to:       Charlie Binger, Esq.
                               One Firstar Plaza, Suite 2605
                               St. Louis, Missouri 63101

         If to Secured Party:  Bank One, Kentucky, NA
                               416 West Jefferson Street
                               Louisville, Kentucky 40202

         with a copy to:       Mark Boison
                               Bank One, Kentucky, NA
                               201 East Main Street
                               Lexington, Kentucky 40507
</TABLE>

     IN WITNESS WHEREOF, the parties hereto have entered into this
Security Agreement effective as of the first date indicated above.

                                            BANK ONE, KENTUCKY, NA

                                            BY: /s/ Mark Boison
                                               ---------------------------------
                                            TITLE: First Vice President
                                                  ------------------------------

                                            UNIFIED FINANCIAL SERVICES, INC.

                                            BY: /s/ John S. Penn
                                               ---------------------------------
                                            TITLE: President
                                                  ------------------------------

                                     6

<PAGE>
<PAGE>

                                 SCHEDULE A
                                 ----------
<TABLE>
<CAPTION>

                                      Certificate No.         No. Of Shares
                                      ---------------         -------------
<S>                                          <C>              <C>
COMMONWEALTH PREMIUM                            8               100
FINANCE CORPORATION

EQUITY INSURANCE MANAGERS, INC.                 18              100

EQUITY INSURANCE
ADMINISTRATORS, INC.                            3             1,000

21ST CENTURY CLAIMS SERVICE, INC.               4               500

</TABLE>

                                     7<PAGE>

                      THIRD AMENDMENT TO LOAN AGREEMENT
                      ---------------------------------

         This Third Amendment to Loan Agreement (the "Amendment") is dated
and effective as of February 27, 2001, by, between and among BANK ONE,
KENTUCKY, NA, a national banking association and its successors and assigns,
whose address is 416 West Jefferson Street, Louisville, Kentucky 40202
(referred to herein as "Bank"), COMMONWEALTH PREMIUM FINANCE CORPORATION, a
Kentucky corporation, whose address is 220 Lexington Green Circle, Suite
600, Lexington, Kentucky 40503 ("Commonwealth"), UNIFIED FINANCIAL SERVICES,
INC., a Delaware corporation, whose address is 2424 Harrodsburg Road,
Lexington, Kentucky 40503 ("Unified")(Commonwealth and Unified are herein
sometimes collectively referred to as "Borrowers"), EQUITY INSURANCE
MANAGERS, INC., 220 Lexington Green Circle, Suite 600, Lexington, Kentucky
40503 ("EIM"), EQUITY INSURANCE ADMINISTRATORS, INC., 220 Lexington Green
Circle, Suite 600, Lexington, Kentucky 40503 ("EIA"), and 21ST CENTURY
CLAIMS SERVICE, INC., 220 Lexington Green Circle, Suite 600, Lexington,
Kentucky 40503 ("21st Century").

                                  RECITALS
                                  --------

         1.    Borrowers, EIM, EIA, 21st Century and Bank are parties to that
certain Loan Agreement dated as of December 28, 1999, as amended by that
First Amendment to Loan Agreement dated as of June 28, 2000 and that Second
Amendment to Loan Agreement dated as of December 11, 2000 (as amended, the
"Loan Agreement"), under which Commonwealth and Unified are obligated to
Bank for payment of the Notes, as defined therein, which are guaranteed
pursuant to the Guaranties made and executed by Commonwealth, Unified, EIM,
EIA and 21st Century;

         2.    One of the Notes is that Renewal Term Note dated June 28, 2000,
made by Unified payable to the Bank in the face principal amount of
$1,893,750.00 (the "Unified Note"); and

         3.    The parties hereto desire for the Bank to renew the Unified Note
in the face principal amount of $1,893,750.00 pursuant to the terms of that
certain renewal term note dated as of the date hereof in such amount payable
by Unified to Bank (the "Unified Renewal Note"); and

         4.    Bank is willing to renew the obligations evidenced by the
Unified Renewal Note provided that the Borrowers, EIM, EIA and 21st Century
enter into this Third Amendment to the Loan Agreement for the purpose of
modifying the Loan Documents, and provided further that each of Commonwealth,
Unified, EIM, EIA and 21st Century execute guaranties in which each guaranties
the Notes and all other obligations of each of Borrowers to Bank, all upon the
terms and conditions of this Third Amendment;

         NOW, THEREFORE, the parties hereto, in consideration of the mutual
covenants and agreements contained herein and in the Loan Agreement, and
intending to be legally bound hereby, covenant and agree as follows:

1.       CERTAIN DEFINITIONS
         -------------------

<PAGE>
<PAGE>

         All capitalized words herein not otherwise defined shall have the
same meaning given to such words in the Loan Agreement, except as the
definition of such capitalized words is amended herein.

         The following definitions in Article 1 of the Loan Agreement are
hereby deleted and replaced with the following definitions:

         1.08. Guaranties mean collectively (i) the Guaranty dated February
               ----------
27, 2001, of the Renewal Revolving Credit Note and all of Commonwealth's
obligations under the Loan Documents, made and executed by Unified, and (ii)
the Guaranty dated February 27, 2001, of the Unified Renewal Note and all of
Unified's obligations under the Loan Documents, made and executed by
Commonwealth, and (iii) the Guaranties dated February 27, 2001, of the
Unified Renewal Note, the Renewal Revolving Credit Note and all of Unified's
and Commonwealth's obligations under the Loan Documents, made and executed
by each of EIM, EIA and 21st Century.

         1.12. Loan Documents means the Loan Agreement, as amended, the
               --------------
Notes, the Guaranties, the Security Agreements, the UCC-1's, and any other
instruments, certificates or documents previously, concurrently or hereafter
delivered or to be delivered by Unified, Commonwealth, EIM, EIA, and 21st
Century under this Agreement, or otherwise, evidencing, securing or relating
to the Loans.

         1.15. Notes means the Unified Renewal Note and the Renewal Revolving
               -----
Credit Note.

         1.23. Unified Renewal Note means the Note dated February 27, 2001,
               --------------------
in the principal amount of One Million Eight Hundred Ninety Three Thousand
Seven Hundred Fifty and 00/100 Dollars ($1,893,750.00), executed by Unified
and payable to the order of Bank.

2.       THE UNIFIED RENEWAL NOTE. Simultaneously with the execution of this
         ------------------------
Amendment, Unified shall execute and deliver to Bank the Unified Renewal
Note in the original principal sum of One Million Eight Hundred Ninety Three
Thousand Seven Hundred Fifty and 00/100 Dollars ($1,893,750.00). The
outstanding principal balance of the Unified Renewal Note shall bear
interest and be repayable in accordance with the terms thereof.

3.       SECURITY FOR UNIFIED RENEWAL NOTE AND GUARANTIES. Each and all of the
         ------------------------------------------------
Borrowers' obligations under this Amendment, the Notes and all other sums
that are recoverable by Bank under the Loan Documents shall be and hereby
are secured by the security interests granted to Bank under the Security
Agreements (as defined in the Loan Agreement, as hereby amended), and it is
agreed that all references to Renewal Term Note in each of the Loan
Documents shall hereafter mean the Unified Renewal Note, which shall
hereafter be secured by all of the collateral that secured the Renewal Term
Note. Simultaneously with the execution of this Amendment, Commonwealth,
EIM, Unified, EIA and 21st Century shall each enter into a guaranty of the
Notes of which it is not the maker in form and substance satisfactory to
Bank. The Security Agreements and the other Loan Documents are hereby
amended to incorporate therein the Unified Renewal Note as part of the
indebtedness secured by, and entitled to the other benefits of, the Loan
Documents.

                                     2

<PAGE>
<PAGE>

4.       LIMITED WAIVER BY BANK OF BREACH OF COVENANT; AMENDMENT OF COVENANT.
         -------------------------------------------------------------------
The negative covenant of Commonwealth contained in section 6.03 of the Loan
Agreement is hereby waived by Bank with respect to debt of $113,000 advanced
to Commonwealth prior to this date by an affiliate, but shall otherwise
continue in effect and be binding on Commonwealth.

5.       ADDITIONAL COVENANTS BINDING ON UNIFIED.
         ---------------------------------------

         a.    The following section 6.05 is hereby added to the Loan Agreement:

         6.05. No Dividends by Unified. Unified shall not declare or pay any
               -----------------------
         dividends, payable in cash, property, stock or otherwise, with
         respect to its outstanding common stock without the prior written
         consent of Bank.

         b.    The following section 6.06 is hereby added to the Loan Agreement:

         6.06. Debt Limitations of Unified and Subsidiaries. Neither Unified
               --------------------------------------------
         nor any of its subsidiaries shall create, incur, assume or suffer
         to exist any additional indebtedness in excess of $100,000, without
         the prior written consent of Bank, except:

               a.   Bank Debt. Debt payable to Bank under this Agreement and
                    ----------
               the Notes.

               b.   Accounts Payable, Bank Deposit Liabilities, etc. Accounts
                    -----------------------------------------------
               payable to trade creditors in accordance with prior practice
               including, without limitation, amounts payable under service
               contracts and for goods and services incurred in the ordinary
               course of business that are paid within the specified time,
               unless contested in good faith and by appropriate proceedings
               diligently conducted, and liabilities of Unified Banking
               Company to its depositors for the money deposited with Unified
               Banking Company.

         C.    The following section 5.05 is hereby added to the Loan Agreement:

         5.05. Profitability of Unified. Unified shall earn a profit
               ------------------------
         (computed in accordance with GAAP) on a cumulative basis for each
         of its fiscal years to date from and after the date of this Third
         Amendment, which year to date profit shall be determined quarterly
         beginning as of the end of the first fiscal quarter of Unified
         ending after the date of this Third Amendment.

6.       REPRESENTATIONS AND WARRANTIES. Borrowers, EIM, EIA and 21st Century
         ------------------------------
jointly and severally reiterate as of this date all representations and
warranties contained in the Loan Agreement (each of which shall be deemed to
be continuing warranties and representations until such time as all
indebtedness evidenced by the Loan Agreement, as hereby amended, shall have
been paid in full and neither of Borrowers nor EIM, EIA and 21st Century
have any further liability to Bank).

                                     3

<PAGE>
<PAGE>

7.       COVENANTS. Borrowers, EIM, EIA and 21st Century agree that all
         ---------
covenants contained in the Loan Agreement, as hereby amended, are and
hereafter shall be binding upon Borrowers, EIM, EIA and 21st Century until
payment in full of all obligations to Bank under the Loan Documents, unless
otherwise consented to in writing by Bank.

8.       NO DEFENSES OR SETOFFS. There are no defenses, credits, or setoffs to
         ----------------------
the payment of the indebtedness evidenced by the Notes or the enforceability
of the Notes or the Loan Agreement or any of the Loan Documents against
Borrowers, EIM, EIA and 21st Century, nor are there any claims, actions or
causes of action which could be asserted against the Bank relating to the
transactions evidenced by the Notes, the Loan Agreement, this Amendment or
the transactions relating thereto. The obligations described herein and in
the Notes are absolute and non-contingent.

9.       LIMITED EFFECT OF AMENDMENT. Except as specifically amended herein,
         ---------------------------
the terms and conditions of the Notes, the Loan Agreement and all other existing
agreements between the parties are unaffected by this Amendment, are valid
and enforceable in accordance with their terms and shall continue to remain
in full force and effect.

10.      GOVERNING LAW. This Amendment  shall be governed by and construed and
         -------------
enforced in accordance with the substantive law of the Commonwealth of Kentucky.

11.      ENTIRE AGREEMENT; MODIFICATIONS. This Amendment and the other Loan
         -------------------------------
Documents contain the entire agreement and understanding of the parties
herein. The terms of this Amendment may not be changed, modified, waived,
discharged or terminated orally, but only by an instrument or instruments in
writing, signed by the party against whom the enforcement of the change,
modification, waiver, discharge or termination is asserted.

12.      COUNTERPART EXECUTION. This Amendment may be signed by each party upon
         ---------------------
a separate copy, and in such case one counterpart of this Amendment shall
consist of enough of such copies to reflect the signature of each party.
This Amendment may be executed in two or more counterparts, each of which
shall be deemed an original.

                                   BANK ONE, KENTUCKY, NA

                                   BY: /s/ Mark Boison
                                      -----------------------------------------
                                   TITLE: First Vice President
                                         --------------------------------------

                                   UNIFIED FINANCIAL SERVICES, INC.

                                   BY: /s/ John S. Penn
                                      -----------------------------------------
                                   TITLE: President
                                         --------------------------------------

                                     4

<PAGE>
<PAGE>

                                   COMMONWEALTH PREMIUM FINANCE
                                   CORPORATION

                                   BY: /s/ John R. Owens
                                      -----------------------------------------
                                   TITLE: Vice President
                                         --------------------------------------

                                   EQUITY INSURANCE MANAGERS, INC.

                                   BY: /s/ John R. Owens
                                      -----------------------------------------
                                   TITLE: President
                                         --------------------------------------

                                   EQUITY INSURANCE ADMINISTRATORS, INC.

                                   BY: /s/ John R. Owens
                                      -----------------------------------------
                                   TITLE: President
                                         --------------------------------------

                                   21ST CENTURY CLAIMS SERVICE, INC.

                                   BY: /s/ John R. Owens
                                      -----------------------------------------
                                   TITLE: Vice President
                                         --------------------------------------

                                     5

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