Document:

<PAGE>   1

                                  EXHIBIT 10.43

                        ADMINISTRATIVE SERVICES AGREEMENT

         This Administrative Services Agreement (the "Agreement") is made as of
the 1st day of January, 2000, by and between AmerUs Life Holdings, Inc.
("Services Provider"), an Iowa corporation having its corporate offices at 699
Walnut Street, Des Moines, Iowa 50309 and the following affiliated or subsidiary
companies: American Mutual Holding Company, an Iowa mutual insurance holding
company having its corporate offices at 699 Walnut Street, Des Moines, Iowa
50309 ("AMHC"); AmerUs Group Co., an Iowa corporation having its corporate
offices at 699 Walnut Street, Des Moines, Iowa 50309; AmerUs Home Equity, Inc.,
an Iowa corporation having its corporate offices at 1901 Bell Avenue, Des
Moines, Iowa 50315; AmerUs Mortgage, Inc., an Iowa corporation having its
corporate offices at 699 Walnut street, Des Moines, Iowa 50309; AmerUs
Properties, Inc., an Iowa corporation having its corporate offices at 699 Walnut
Street, Des Moines, Iowa 50309; AmerUs Capital Management Group, Inc. ("ACM"),
an Iowa corporation having its corporate offices at 699 Walnut Street, Des
Moines, Iowa 50309; AmerUs Life Insurance Company ("AmerUs Life") an Iowa
corporation having its corporate offices at 611 Fifth Avenue, Des Moines, Iowa;
AmVestors Financial Corporation, a Kansas corporation having its corporate
offices at 555 South Kansas Avenue, Topeka, Kansas 66603; Delta Life and Annuity
Company, an Iowa corporation having its corporate offices at 611 Fifth Avenue,
Des Moines, Iowa 50309 (collectively, the "AmerUs Companies" and, individually,
an "AmerUs Company").

         WHEREAS, in the course of the operation and administration of the
business of the AmerUs Companies, an AmerUs Company may require certain services
from the Services Provider; and

         WHEREAS, the AmerUs Companies desire to receive such services from the
Services Provider on the basis described in this Agreement.

         NOW, THEREFORE, in consideration of the mutual promises and covenants
set forth herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties do hereby agree as
follows:

ARTICLE I.  SERVICES TO BE PROVIDED

         Section 1.01. For a period from the date hereof through December 31,
2002 (hereinafter referred to as the "Services Period") and from month to month
thereafter until terminated in accordance with the provisions contained in
Article V hereof, the Services Provider shall provide to each of the other
AmerUs Companies those services described in the Schedule of Services attached
hereto as Schedule I.

         Section 1.02. The parties agree that any ancillary or support services
necessary or, in the usual and customary manner and the normal course of
business, associated with the specific services described in Schedule I shall be
deemed to be included in, and governed by, this Agreement unless specifically
excluded.

<PAGE>   2

         Section 1.03. The parties agree that on sixty (60) days' prior written
notice to the AmerUs Company affected thereby, the Services Provider may modify
the services described in Schedule I pertaining to such company, provided that:

         (a)  Such modified services shall be equivalent to or better than the
services being replaced; and

         (b)  Each affected AmerUs Company consents to the modified services,
such consent not to be unreasonably withheld.

         Section 1.04. The services provided by the Services Provider under this
Agreement shall be performed in a professional and commercially reasonable
manner consistent with industry standards and in accordance with applicable laws
and regulations.

         Section 1.05. The services rendered by the Services Provider shall in
no way constitute the relinquishment of the management's responsibility of the
AmerUs Company receiving such service, which shall not be relieved of any
obligation or liability which it would otherwise be subject by law as a result
of those services being rendered.

ARTICLE II.  ADEQUATE STAFF AND FACILITIES

         Section 2.01. During the Service Period, the Services Provider shall
maintain adequate staff, support services and facilities as may be necessary to
perform its responsibilities under this Agreement.

ARTICLE III.  RESPONSIBLE PERSONS

         Section 3.01. Each of the AmerUs Companies shall each appoint in
writing one or more individuals who shall serve as contact person(s) for
purposes of the carrying out of this Agreement. Such contact person(s) shall be
authorized to act on behalf of their respective parties as to matters pertaining
to this Agreement.

ARTICLE IV.  COMPENSATION

         Section 4.01. In connection with the services to be performed under
this Agreement, the AmerUs Companies shall compensate the Services Provider as
set forth in this Article IV.

         Section 4.02. For the services described in Schedule I, the AmerUs
Companies agree to pay to the Services Provider the compensation set forth in
Schedule II. Costs for each service will be allocated, using an appropriate
allocation mechanism (e.g., number of personnel for human resource services and
P.C. support services or mainframe run time for mainframe services) to each
service recipient in a manner that is consistent with the benefits received by
each service recipient. No provision of this Agreement shall require the payment
of any charges or fees in excess of the maximum approved by the Iowa Insurance
Division pursuant to Section 521A.5 of the Iowa Code and any such excess charges
or fees are hereby rescinded and shall not be considered to have been paid. Any
charges or fees determined to be in excess of those approved by the Iowa
Insurance Division shall be returned promptly by the service provider to the
service user.

         Section 4.03. If an AmerUs Company determines that the services
performed hereunder are not satisfactory or that the fees charged are in excess
of those provided for in this Agreement,

                                       2
<PAGE>   3

the affected AmerUs Company is hereby authorized to withhold payment for such
service until the matter in dispute is resolved or the fees charged are
substantiated or adjusted appropriately. Adjustments for errors and a final
settlement shall be made no more than sixty (60) days after this Agreement
terminates.

ARTICLE V.  TERM AND TERMINATION

         Section 5.01. Unless this Agreement is otherwise terminated according
to its provisions, the Service Provider shall be obligated to provide, and each
recipient of such services shall be obligated to pay for, the services described
in Schedule I during the Service Period.

         Section 5.02. Except as otherwise provided in this Agreement, during
the Service Period or any extension thereof, an AmerUs Company may terminate
with respect to itself this Agreement at its option, at any time, upon ninety
(90) days' written notice to the Services Provider. In addition, the Services
Provider, upon ninety (90) days' written notice may terminate any one or more of
the services to be furnished hereunder by it, but such termination shall not be
deemed to terminate this Agreement in its entirety.

         Section 5.03. This Agreement, or any service provided hereunder, may be
terminated or substantially reduced at any time by mutual consent of the
parties.

ARTICLE VI.  MISCELLANEOUS

         Section 6.01. This Agreement is the complete and exclusive statement of
the agreement between the parties and supersedes all prior agreements and
representations between them relating to the subject matter of this Agreement,
except as set forth in the Schedules. Subject to the prior approval of the Iowa
Insurance Division, this Agreement may be amended at any time by written
agreement of the parties.

         Section 6.02. Any notice or other communication given pursuant to this
Agreement shall be given in writing to the other party at the address stated
herein or at such other address as such party shall specify by notice hereunder.
Such notice shall be conclusively deemed to be served when delivered personally
or three (3) calendar days after sending by registered mail or one (1) business
day after sending by telecopy or telex or similar electronic means.

         Section 6.03. This Agreement and the rights and duties of the parties
shall be governed by and construed in accordance with the laws of the State of
Iowa, without regard to principles of conflicts of laws.

         Section 6.04. No delay or failure by any party to exercise any of its
rights or remedies hereunder shall operate as a waiver thereof. Each party shall
reimburse the other parties for all expenses, including reasonable attorneys'
fees, incurred by the other party in exercising any of its rights or remedies
hereunder, or resulting from any default by the reimbursing party.

         Section 6.05. This Agreement shall be binding upon the parties and
their respective successors and assigns and shall inure to the benefit of the
parties and to the benefit of their successors and assigns.

         Section 6.06. Nothing herein contained is intended to confer upon any
person, other than the parties and their respective successors and assigns, any
rights, remedies, obligations or liabilities under or by reason of this
Agreement.

                                       3
<PAGE>   4

         IN WITNESS WHEREOF, the parties hereto have executed this
Administrative Services Agreement effective as of the day and year first above
written.

<TABLE>
<S>                                        <C>
AMERUS LIFE HOLDINGS, INC.                  AMERICAN MUTUAL HOLDING COMPANY

By:   s/ Roger K. Brooks                    By:   s/ Roger K. Brooks
      ------------------------------              ------------------------------
      Roger K. Brooks, Chairman,                  Roger K. Brooks, Chairman,
       President and Chief                         President and Chief Executive
        Executive Officer                           Officer

AMERUS GROUP CO.                            AMERUS HOME EQUITY, INC.

By:   s/ Roger K. Brooks                    By:   s/ Lee Griffin
      ------------------------------              ------------------------------
      Roger K. Brooks, Chairman,                  Lee Griffin, President,
       President and Chief
        Executive Officer

AMERUS PROPERTIES, INC.                     AMERUS LIFE INSURANCE COMPANY

By:   s/ Gene C. Harris                     By:   s/ Gary R. McPhail
      ------------------------------              ------------------------------
      Gene C. Harris, President and               Gary R. McPhail, President and
       Chief Executive Officer                     Chief Executive Officer

AMERUS CAPITAL MANAGEMENT                   AMVESTORS FINANCIAL CORPORATION
GROUP, INC.

By:   s/ Thomas C. Godlasky                 By:   s/ Mark V. Heitz
      ------------------------------              ------------------------------
      Thomas C. Godlasky, President               Mark V. Heitz, President and
       and Chief Executive Officer                 Chief Executive Officer

DELTA LIFE AND ANNUITY
COMPANY

By:   s/ Gary R. McPhail
      ------------------------------
      Gary R. McPhail, President and
       Chief Executive Officer
</TABLE>

                                       4
<PAGE>   5

                                   SCHEDULE I

                              Schedule of Services

         Following is a description of each of the services that AmerUs Life
Holdings (ALH) provides to its subsidiaries:

         1.  Human Resources

             Functions performed by ALH include corporate compensation,
             management development, benefits, and payroll. The corporate
             compensation function involves establishing compensation levels,
             administering stock option programs, and implementing salary
             programs. The benefits function revolves around policy setting,
             negotiating with vendors, administering retiree benefits and pay,
             and administering 401(k) and ESOP programs. Management development
             involves the design and development of management training
             programs, internship programs, and corporate orientation. The
             payroll function includes account reconciliation, preparation of
             W-2's, preparation of paychecks, and a variety of other activities.

         2.  Air Transportation

             The AmerUs Group of companies lease a corporate airplane. The
             corporate airplane is utilized to provide air transportation to
             Company personnel for business purposes. The senior management,
             investment, and distribution areas of the Company primarily utilize
             the corporate airplane.

         3.  Legal

             The services offered by the legal group include contract
             structuring and review, structured finance activities, litigation
             support (making strategic decisions and liaisons with outside
             counsel), trademark protection, and other services.

         4.  Facilities Management

             The facilities management group within ALH manages and maintains
             the facilities that the Company and its affiliates occupy. This
             group is responsible for drawing up and administering workspace
             allocations and designs, managing leasehold improvements,
             coordinating internal moves, and overseeing the maintenance
             functions.

         5.  Tax

             The tax function at ALH includes activities such as tax
             compliance, tax research, planning and consulting, benefit and
             pension services, and related activities.

         6.  Audit Services

             Audit services include internal audit activities such as internal
             control, EDP and operational reviews. Audit services also include
             coordinating and providing assistance with the Company's external
             audits and regulatory examinations.

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<PAGE>   6

         7.  Communications

             Communications services include activities such as the preparation
             and publication of internal newsletters, human resource recruiting
             materials, and training materials. The communications group is also
             responsible for establishing and maintaining the Company's internal
             and external web sites.

         8.  Printing and Supplies

             Printing performs the function of printing internally produced
             materials. Supplies is responsible for obtaining office and related
             supplies.

         9.  Telecommunications

             Services in this area include local telephone service,
             analyst/technician services, clerical/switchboard assistance, and
             installation services.

        10.  Mail

             Activities in this area include collecting and sorting mail,
             scanning and indexing insurance policy information, and other
             related activities.

        11.  Mainframe and Personal Computer Support and Computer Programming

             The computer services functions include administering, maintaining
             and operating the mainframe computer, providing support for
             personal computer and network applications and users, and offering
             computer support for personal computer and network applications and
             users, and offering computer programming services on a project
             basis.

        12.  Strategic Management

             ALH provides strategic management functions for the AmerUs Group of
             companies. These services, the costs of which are captured in a
             management fee charged to the other entities, include strategic
             management, mergers and acquisitions strategy, and other activities
             related to the strategic position of the Company.

                                       6

<PAGE>   7

                                   SCHEDULE II

Schedule of Fees

<TABLE>
<CAPTION>
             SERVICE                                           ALLOCATION METHOD
             -------                                           -----------------
<S>                                                           <C>
             1. Human Resources                                Cost plus 7%
             2. Air Transportation                             Cost plus 7%
             3. Legal                                          Cost plus 7%
             4. Facilities Management                          Cost plus 7%
             5. Tax                                            Cost plus 7%
             6. Audit Services                                 Cost plus 7%
             7. Communications                                 Cost plus 7%
             8. Printing and Supplies                          Cost plus 7%
             9. Telecommunications                             Cost plus 7%
             10. Mail                                          Cost plus 7%
             11. Mainframe and Personal                        Cost plus 7%
                 Computer Support and
                 Computer Programming
             12. Strategic Management                          Cost plus 7%
</TABLE>

                                       7<PAGE>   1

                                  EXHIBIT 10.44

                      AMENDMENT NO. 2 TO FACILITY AGREEMENT

         This AMENDMENT NO. 2 TO FACILITY AGREEMENT (this "Amendment") is
entered into as of January 25, 2000 by and among AmerUs Life Holdings, Inc. (the
"Company"), Bank One, NA (f/k/a The First National Bank of Chicago),
individually and as agent ("Agent"), and the other finanial institutions
signatory hereto (the "Lenders").

                                    RECITALS

         A. The Company, the Agent and the Lenders are party to that certain
$27,500,000 Facility and Guaranty Agreement dated as of February 12, 1999 (as
previously amended, the "Facility Agreement"). Unless otherwise specified
herein, capitalized terms used in this Amendment shall have the meanings
ascribed to them by the Facility Agreement.

         B. The Company, the Agent and the undersigned Lenders wish to amend the
Facility Agreement on the terms and conditions set forth below in order to
accommodate, among other things, the merger (the "Merger") of the Company with
and into the reorganized stock company which results from the demutualization of
American Mutual Holding Company, the name of which is to be determined (the
"Reorganized Company").

         Now, therefore, in consideration of the mutual execution hereof and
other good and valuable consideration, the parties hereto agree as follows:

              1.   Amendment to Facility Agreement. Upon the Effective Date
(as defined below) or the Delayed Effective Date (as defined below), as
applicable, the Facility Agreement shall be amended as follows:

                   (a)  Article I is amended as follows:

                   (i)  by deleting the definitions of "Change of Control",
         "Company" and "Subsidiary" and replacing each in its entirety to read
         as follows:

                   "Change of Control" shall mean the occurrence of any of the
              following events: (i) the Company shall cease to own, directly, or
              indirectly through Wholly-Owned Subsidiaries, 100% of the issued
              and outstanding voting stock of AmerUs Life ordinarily entitled to
              vote for the election of directors, or any other class of stock of
              AmerUs Life of which the Company owns 50% or less shall become
              entitled to elect a majority of AmerUs Life's board of directors;
              or (ii) during any period of 25 consecutive calendar months,
              individuals who at the beginning of such period constituted the
              Board of Directors of the Company (together with any new directors
              whose election by such Board of Directors or whose nomination for
              election by the stockholders or members, as the case may be, of
              the Company was approved by a vote of a majority of the directors
              then

<PAGE>   2

              still in office who were either directors at the beginning of such
              period or whose election or nomination for election was previously
              so approved) cease for any reason to constitute a majority of such
              Board of Directors then in office.";

                   "Company" means the reorganized stock company which results
              from the demutualization of American Mutual Holding Company, the
              name of which is to be determined, and the successor by merger to
              AmerUs Life Holdings, Inc.";

                   "Subsidiary" of any Person shall mean and include (a) any
              corporation more than 50% of whose stock of any class or classes
              having by the terms thereof ordinary voting power to elect a
              majority of the directors of such corporation (irrespective of
              whether or not at the time stock of any class or classes of such
              corporation shall have or might have voting power by reason of the
              happening of any contingency) is at the time owned by such Person
              directly or indirectly through Subsidiaries and (b) any
              partnership, association, joint venture or other entity in which
              such Person directly or indirectly through Subsidiaries has more
              than a 50% equity or voting interest at the time. Unless otherwise
              expressly provided, all references herein to "Subsidiary" shall
              mean a Subsidiary of the Company; provided that, notwithstanding
              the foregoing provisions of this definition (x) any grantor trust
              or limited liability company established by the Company and/or its
              Subsidiaries in order to effectuate the lease/leaseback
              transaction with Linzer Elektrizitats-, Fernwarme- und
              Verkehrsbetriebe Aktiengesellschaft ("ESG") with respect to a
              cogeneration facility in Linz, Austria as described in the summary
              of terms and structure delivered to the Administrative Agent and
              the Banks prior to the Fourth Amendment Effective Date (all as
              defined in the Existing Credit Agreement), and any trust or
              limited liability company formed by the Company and/or its
              Subsidiaries after the Fourth Amendment Effective Date to
              effectuate transactions with ESG or any other Person in which the
              Indebtedness of the Company and its Subsidiaries incurred in
              connection therewith is comprised solely of (i) obligations which
              are non-recourse to the Company or any of its Subsidiaries and
              (ii) other obligations which are or will be 100% defeased by U.S.
              Government obligations (each such transaction, including the
              lease/leaseback with ESG, a "Permitted Transaction") and (y) any
              Person which is at the relevant time of determination an
              Unrestricted Subsidiary (as such term is defined in the Existing
              Credit Agreement, as amended by the Sixth Amendment thereto dated
              as of May 18, 1999), shall not constitute a Subsidiary for
              purposes of this Agreement."

                   (ii)  by deleting the definition of "Group".

                   (iii) by adding the following definition for "Bank One" in
              its proper alphabetical order:

                   "Bank One" means Bank One, NA, a national banking
              association having its principal office in Chicago, Illinois, in
              its individual capacity, and its successors."

                                       2
<PAGE>   3

                   (b)  Each reference therein to "First Chicago" is amended to
         be a reference to "Bank One" and each reference to "The First National
         Bank of Chicago" is amended to be a reference to "Bank One, NA."

                   (c)  Section 5.01(a) is amended by adding the following at
         the end of such section:

                   "; provided, however, that AmerUs Life Holdings, Inc. may
              merge into the reorganized stock company which results from the
              demutualization of American Mutual Holding Company,  the name of
              which is to be determined.

                   (d)  Section 6.01(g) is amended in its entirety to read as
         follows:

                   "(g) The Company shall default in the performance or
         observance of Section 5.01(e) or (h) herein or Section 7.10 or 7.11 of
         the Existing Credit Agreement (as amended by the Sixth Amendment
         thereto dated as of May 18, 1999)."

                   (e)  the first sentence of Section 10.01 is amended to add
the  following  at the conclusion thereof before the period:

         "and further provided that AmerUs Life Holdings, Inc. may assign such
         rights and obligations to the reorganized stock company which results
         from the demutualization of American Mutual Holding Company in
         connection with the Merger of AmerUs Life Holdings, Inc. into such
         reorganized stock company".

         2.   Representations and Warranties of the Company. The Company
represents and warrants that:

              (a) The execution, delivery and performance by the Company of this
    Amendment and by the Reorganized Company of the Affirmation Agreement
    attached hereto as Exhibit A (the "Affirmation") has been (or in the case of
    the Reorganized Company, will be) duly authorized by all necessary corporate
    action on the part of the Company or the Reorganized Company, as applicable,
    and that this Amendment and the Affirmation are (or in the case of the
    Affirmation Agreement, will be) the legal, valid and binding obligation of
    the Company or the Reorganized Company, as applicable, enforceable against
    the Company or the Reorganized Company, as applicable, in accordance with
    their respective terms, except as the enforcement thereof may be subject to
    the effect of any applicable bankruptcy, insolvency, reorganization,
    moratorium or similar law affecting creditors' rights generally;

              (b) Neither the execution, delivery and performance by the Company
    or the Reorganized Company of this Amendment or the Affirmation, as
    applicable, nor compliance with the terms and provisions hereof, nor the
    consummation of the transactions contemplated herein (including the Merger),
    (i) will contravene any applicable provision of any law, statute, rule,
    regulation, order, writ, injunction or decree of any court or governmental
    instrumentality, (ii) will conflict or be inconsistent with or result in any
    breach of any of the terms, covenants, conditions or provisions of, or
    constitute a default under, or result in the creation or imposition of (or
    the obligation to

                                       3
<PAGE>   4

    create or impose) any lien upon any of the property or assets of the
    Reorganized Company (after giving effect to the Merger), the Company or any
    of their respective Subsidiaries pursuant to the terms of, any indenture,
    mortgage, deed of trust, loan agreement, credit agreement (including without
    limitation the Existing Credit Agreement) or any other material instrument
    to which the Reorganized Company (after giving effect to the Merger), the
    Company or any of their respective Subsidiaries is a party or by which the
    Reorganized Company, the Company or any of their respective property or
    assets are bound or to which the Reorganized Company (after giving effect to
    the Merger) or the Company may be subject (it being understood that the
    prior existence and continuation of Liens on the assets of the Reorganized
    Company and its Subsidiaries shall not violate this representation) or (iii)
    will violate any provision of the Certificate of Incorporation or By-Laws of
    the Reorganized Company, the Company or any of their respective
    Subsidiaries.

              (c) No order, consent, approval, license, authorization, or
    validation of, or filing, recording or registration with, or exemption by,
    any Governmental Authority (including without limitation the Iowa Insurance
    Division) is required to authorize or is required in connection with (i) the
    execution, delivery and performance of this Amendment, the Affirmation or
    the Merger or (ii) the legality, validity, binding effect or enforceability
    of this Amendment or the Affirmation, other than those which shall have been
    obtained and shall be in effect as of (x) the Effective Date in connection
    with this Amendment and (y) the Delayed Effective Date in connection with
    the Affirmation and the Merger.

              (d) Immediately after giving effect to this Amendment and the
    Merger, each of the representations and warranties contained in the Facility
    Agreement will be true and correct in all material respects as if made at
    such time; and

              (e) Immediately after giving effect to this Amendment and the
    Merger, no Program Event of Default or Unmatured Default will have occurred
    and be continuing.

         3.   Effective Date. The Immediate Amendments (as defined below) shall
become effective on the date (the "Effective Date") of the execution and
delivery hereof by the Company, the Agent and each of the Lenders. The Delayed
Amendments (as defined below) shall become effective upon such date (the
"Delayed Effective Date") as the Effective Date has occurred and the following
additional conditions have been satisfied:

              (a)  receipt by the Agent substantially contemporaneously with the
    Merger of the Affirmation duly executed by the Reorganized Company;

              (b)  consummation of the Merger;

              (c)  receipt by the Agent substantially contemporaneously with the
    Merger of a certificate, executed by the Secretary or Assistant Secretary of
    the Reorganized Company, certifying an attached copy of the Board of
    Directors' resolutions for the Reorganized Company authorizing, either
    generally or specifically, the execution, delivery and performance under the
    Affirmation;

                                       4
<PAGE>   5

              (d) receipt by the Agent of such other documents relating to the
    Merger as the Agent or its counsel may have reasonably requested.

    In the event the Delayed Effective Date has not occurred on or before
    August 31, 2000, the Delayed Amendments shall not become operative and shall
    be of no force or effect. "Immediate Amendments" means the amendments to the
    Facility Agreement set forth in Sections 1(a)(i) (as to the definition of
    "Subsidiary" only) and 1(a)(iii), 1(b) and 1(d) above. "Delayed Amendments"
    means all other amendments to the Facility Agreement set forth in Section 1
    above.

         4.   Reference to and Effect Upon the Facility Agreement.

              (a)  Except as specifically amended above, the Facility Agreement
    and the other Loan Documents shall remain in full force and effect and are
    hereby ratified and confirmed.

              (b)  The execution, delivery and effectiveness of this Amendment
    shall not operate as a waiver of any right, power or remedy of the Agent or
    any Lender under the Facility Agreement or any Loan Document, nor constitute
    a waiver of any provision of the Facility Agreement or any Loan Document,
    except as specifically set forth herein. Upon the effectiveness of this
    Amendment, each reference in the Facility Agreement to "this Agreement",
    "hereunder", "hereof", "herein" or words of similar import shall mean and be
    a reference to the Facility Agreement as amended hereby.

         5.   Costs and Expenses. The Company hereby affirms its obligations
under Section 12.08 of the Facility Agreement to reimburse the Agent for all
reasonable costs, internal charges and out-of-pocket expenses paid or incurred
by the Agent in connection with the preparation, negotiation, execution and
delivery of this Amendment, including but not limited to the attorneys' fees and
time charges of attorneys for the Agent with respect thereto.

         6.   CHOICE OF LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS (INCLUDING, WITHOUT LIMITATION, 735 ILCS SECTION 105/5-1
ET SEQ, BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF THE
STATE OF ILLINOIS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL
BANKS.

         7.   Headings. Section headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this
Amendment for any other purposes.

         8.   Counterparts. This Amendment may be executed in any number of
counterparts, each of which when so executed shall be deemed an original but all
such counterparts shall constitute one and the same instrument.

                           [signature page to follow]

                                       5
<PAGE>   6

              IN WITNESS WHEREOF, the parties have executed this Amendment as of
the date and year first above written.

                             AMERUS LIFE HOLDINGS, INC.

                             By:    s/ Michael G. Fraizer
                                    ---------------------------------
                             Name:     Michael G. Fraizer

                             Title:    Senior Vice President and Chief Financial
                                       Officer

                             BANK ONE, NA,
                             Individually and as Agent

                             By:  s/ Cynthia Priest
                                  -----------------------------------
                                     Cynthia Priest
                                     Vice President

                                       6

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