Document:

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                                                                   EXHIBIT 10.45

                                     [LOGO]

                                                          Date: February 1, 2000

                    APPLICATION FOR STANDBY LETTER OF CREDIT

     The undersigned member hereby applies for a Letter of Credit to be issued
on their account and pursuant to and subject to the terms of the previously
executed Agreement for Advances, Pledge and Security Agreement, the Credit
Policy of the Federal Home Loan Bank of Des Moines ("Bank"), and the
Reimbursement Agreement. This writing incorporates the terms of all negotiations
and is the sole evidence of those negotiations.

     It is understood and agreed that:

     1.  The Bank's officers shall, if needed, disburse the funds pursuant to
         the terms of Irrevocable Letter of Credit No. 1110-N00020101.

     2.  Any funds so disbursed shall be treated as an advance pursuant to the
         above-referenced agreements and Credit Policy.

     3.  The Bank is hereby authorized to draw funds on this commitment and to
         transfer the funds from the demand deposit account of the member
         pursuant to instructions set forth by the holder of Irrevocable Letter
         of Credit No. 1110-N00020101. The total amount of all such transfers
         shall not exceed $25,000,000.00. The fee charged for this transaction
         is $13,020.83. This authorization will expire at the close of business
         on June 30, 2000.

     The undersigned officers hereby certify that they are authorized to apply
to the Federal Home Loan Bank of Des Moines for this advance commitment pursuant
to a resolution adopted by the Board of Directors of the undersigned member. The
member agrees that the Bank can accept and rely upon applications executed and
sent via facsimile or electronic transmission. The member shall be legally bound
by the terms of such application.

NAME OF INSTITUTION        Amerus Life Insurance Company (#1110)

LOCATION                   Des Moines, Iowa

BY: /s/ David Hansen                BY:  /s/ Lois Bagger
   ----------------------------        ------------------------------
        David Hansen                         Lois Bagger
   ----------------------------        ------------------------------
      Typed Name of Signer                Typed Name of Signer

TITLE: Manager, Cash Management     TITLE: Investing Accounting Spec.
      -------------------------           ---------------------------

NOTE:  This transaction is not effective until approved and notice is given to
       you by the Bank. If adverse facts develop which make the member
       ineligible for Bank advances, the member must provide the Bank with
       immediate written notification of its ineligibility and the Bank may
       cancel this commitment.

-------------------------------------------------------------------------------
FOR FHLB USE

Date Approved:     1/28/00          FEDERAL HOME LOAN BANK OF DES MOINES

Notified Via:      telephone        By:
                                       -----------------------------------

Commitment No.:    1110-N00020101   By:
                                       -----------------------------------

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[HOME LOAN BANK LOGO]

                                                          Date: February 1, 2000
                                             LETTER OF CREDIT NO. 1110-N00020101

Ameritas Variable Life Insurance Company
PO Box 82550
Lincoln, NE 68501-2550

          Attention:  JoAnn Martin

Dear Ms. Martin:

     You are hereby irrevocably authorized to draw on the Federal Home Loan
Bank of Des Moines (the "Bank"). Irrevocable Standby Letter of Credit No.
1110-N00020101 for account of Amerus Life Insurance Company, (the "Member"),
available by your drafts at sight upon the terms and conditions hereinafter set
forth, an aggregate amount not exceeding $25,000,000.00 ("Stated Amount").

     Funds under this Letter of Credit are available to you against your sight
drafts(s) drawn on us, stating on their face: "Drawn under Federal Home Loan
Bank of Des Moines Irrevocable Standby Letter of Credit No. 1110-N0002101"
accompanied by your written certificate signed by you in the form of Exhibit
"A" attached hereto appropriately completed. Presentation of such draft(s) and
certificate(s) shall be made at our office located at 907 Walnut, Des Moines,
Iowa 50309. We hereby agree that all drafts drawn under and in compliance with
the terms of this Letter of Credit will be duly honored by us upon delivery of
the certificate(s), as specified, if presented at such office on or before the
expiration date hereof. A drawing under this Letter of Credit may also be made
in the form of a writing transmitted by any telecommunication facility sent by
you and received by us at our office indicated above, provided that you
undertake in such writing to send us the appropriate certificate(s) referred to
above within three business days of sending such writing. If a drawing in
respect of payment is made by you hereunder at or prior to 10:00 A.M., Des
Moines, Iowa time, on a business day, and provided that such drawing and the
documents presented in connection therewith conform to the terms and conditions
hereof, payment shall be made to you or to your designee, of the amount
specified, in immediately available funds, not later than 3:00 P.M., Des
Moines, Iowa time, on the same business day. If a drawing in respect of payment
is made by you hereunder after 10:00 A.M., Des Moines, Iowa time, on a business
day and provided that such drawing and the documents presented in connection
therewith conform to the terms and conditions hereof, payment shall be made to
you or to your designee, of the amount specified, in immediately available
funds, not later than 3:00 P.M., Des Moines, Iowa time on the succeeding
business day. If requested by you, payment under this Letter of Credit may be
made by deposit of immediately available funds into a designated account that
you maintain with us. If a drawing made by you hereunder does not, in any
instance, conform to the terms and conditions of this Letter of Credit, we will
give you prompt notice stating the reasons therefore and that we are holding any
documents presented to us at your disposal or are returning the same to you, at
our discretion. Upon being notified that the drawing was not in accordance with
the Letter of Credit, you may attempt to correct any such drawing if, and to the
extent that, you are entitled (without regard to the provision of this
sentence) and able to do so. As used herein "business day" shall mean any day
other than a Saturday, Sunday or a day on which financial institutions in the
State of Iowa are authorized or required by law to close.
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                                      -2-

       Drawings in respect of payments hereunder honored by us shall not, in
the aggregate, exceed the Stated Amount.

       Only you may make a drawing under this Letter of Credit. Upon the payment
to you, to your designee or to your account of the amount specified in a sight
draft(s) drawn hereunder, we shall be fully discharged on our obligations under
this Letter of Credit with respect to such sight draft(s) and we shall not
thereafter be obligated to make any further payments under this Letter of Credit
in respect of such sight draft(s) to you or any other person.

       This Letter of Credit shall automatically terminate and be delivered to
the Bank for cancellation upon the earlier of (i) the making by you of a drawing
which reduces the available balance hereunder, to $0, or (ii) June 30, 2000.

       This Letter of Credit, except as otherwise expressly stated herein, is
subject to the Uniform Customs and Practice for Documentary Credits (1993
Revision), International Chamber of Commerce, Publication No. 500 (the "Uniform
Customs"). This Letter of Credit shall be governed by Iowa law, including, but
not limited to, the Iowa Uniform Commercial Code. Communications with respect to
this Letter of Credit shall be in writing and shall be addressed to us at 907
Walnut, Des Moines, Iowa 50309, specifically referring thereon to "Irrevocable
Letter of Credit No. 1110-N00020101."

       This Letter of Credit sets forth in full our undertaking, and such
undertaking shall not in any way be modified, amended, amplified or limited by
reference to any document, instrument or agreement referred to herein except
only the certificate(s) and the sight draft(s) referred to herein; and any such
reference shall not be deemed to incorporate herein by reference any document,
instrument or agreement except for such certificate(s) and such sight draft(s).

                                               Very truly yours,

                                       FEDERAL HOME LOAN BANK OF DES MOINES

                                               By /s/ Jerry R. Ferguson
                                                 ----------------------
                                                   Authorized Officer
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                                                                       EXHIBIT A
                                                                       ---------

CERTIFICATE
-----------

     The undersigned, a duly authorized officer of __________, ________________,
____ (the "Payee"), hereby certifies to ______________ (the "Bank"), with
reference to Irrevocable Standby Letter of Credit No. _________, (the "Letter of
Credit"; any capitalized term used herein and not defined shall have its
respective meaning as set forth in the Letter of Credit) issued by the Bank in
favor of the Payee, that:

     (1) The Payee is making a drawing under the Letter of Credit with respect
         to the payment of amounts due it from ____________.

     (2) The amount of the sight draft(s) accompanying this Certificate, namely
         $_________, together with the amounts of all previous drafts, does not
         exceed $____________.

     IN WITNESS WHEREOF, the undersigned has executed and delivered this
Certificate as of the ___ day of __________, 20__ .

                                          -------------------,-----------------

                                          -------------------

                                          By
                                             ----------------------------------

                                          Title
                                               --------------------------------<PAGE>   1
                                  EXHIBIT 10.46

                      SEVENTH AMENDMENT TO CREDIT AGREEMENT

         SEVENTH AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), dated as of
December 23, 1999, among AMERUS LIFE HOLDINGS, INC., an Iowa corporation (the
"Borrower"), the various Banks from time to time party to the Credit Agreement
referred to below (the "Banks"), BANK ONE, INDIANA, NA and ABN AMRO BANK, N.V.,
as Co-Arrangers (the "Co-Arrangers") and THE CHASE MANHATTAN BANK, as
Administrative Agent (the "Administrative Agent"). All capitalized terms used
herein and not otherwise defined shall have the respective meanings assigned to
such terms in the Credit Agreement.

                              W I T N E S S E T H:

         WHEREAS, the Borrower, the Banks, the Co-Arrangers and the
Administrative Agent are parties to a Credit Agreement, dated as of October 23,
1997 (as amended, modified or supplemented to the date hereof, the "Credit
Agreement");

         WHEREAS, the Borrower has requested that the Banks agree to amend the
Credit Agreement as herein provided; and

         WHEREAS, the Banks have agreed to the amendments to the Credit
Agreement as herein provided subject to the terms and conditions set forth
herein;

         NOW, THEREFORE, the parties hereto agree as follows:

         1.   Section 7.02 of the Credit Agreement is hereby amended by:

              (i)   deleting the word "and" appearing at the end of clause (h);

              (ii)  deleting the period appearing at the end of clause (i) and
inserting in lieu thereof the text "; and"; and

              (iii) inserting the following new clause (j) immediately following
clause (i):

              "(j)  the Borrower may merge with and into AMHC in connection with
       the demutualization of AMHC, provided that (x) no Default or Event of
       Default is then in existence or would result therefrom and (y)
       concurrently with the consummation of such merger AMHC as the surviving
       corporation of such merger shall execute and deliver to the
       Administrative Agent an acknowledgment and assumption agreement (in the
       form attached hereto as Exhibit I) pursuant to which AMHC shall expressly
       assume all obligations of the Borrower under this Agreement and the other
       Credit Documents (it being understood and agreed that on and after the
       date of such merger all references to the Borrower in this Agreement and
       the other Credit Documents shall be deemed to be references to AMHC)."

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         2.   Section 7.09 of the Credit Agreement is hereby amended by deleting
    clause (vii) thereof in its entirety and by inserting in lieu thereof the
    following new clause (vii):

         "(vii) transactions in connection with and related to the
    demutualization of AMHC (including, without limitation, the merger of the
    Borrower with and into AMHC) shall not be subject to this Section 7.09."

         3.   The first sentence of Section 11.04 of the Credit Agreement is
hereby amended by inserting the text "except pursuant to a merger of the
Borrower with and into AMHC in accordance with the terms of Section 7.02(j),"
following the words "provided, however,".

         4.   In order to induce the Banks to enter into this Amendment, the
Borrower hereby represents and warrants that (x) all representations and
warranties contained in Section 5 of the Credit Agreement are true and correct
in all material respects on and as of the Seventh Amendment Effective Date (as
defined below) after giving effect to this Amendment (unless such
representations and warranties relate to a specific earlier date, in which case
such representations and warranties shall be true and correct as of such earlier
date) and (y) there exists no Default or Event of Default on the Seventh
Amendment Effective Date, after giving effect to this Amendment.

         5.   This Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any provision of the Credit Agreement or
any other Credit Document except as expressly set forth herein.

         6.   This Amendment may be executed in any number of counterparts and
by the different parties hereto on separate counterparts, each of which
counterparts when executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with the Borrower and the Administrative Agent.

         7.   THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK.

         8.   This Amendment shall become effective as of the date hereof on the
date (the "Seventh Amendment Effective Date") when each of the Borrower and all
the Banks shall have signed a counterpart hereof (whether the same or different
counterparts) and shall have delivered (including by way of facsimile
transmission) the same to the Administrative Agent at its Notice Office.

         9.   From and after the Seventh Amendment Effective Date, all
references in the Credit Agreement and each of the Credit Documents to the
Credit Agreement shall be deemed to be references to the Credit Agreement after
giving effect to this Amendment.

                                    *  *  *

                                       2
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         IN WITNESS WHEREOF, the parties hereto have caused a counterpart of
this Amendment to be duly executed and delivered as of the date first above
written.

                                     AMERUS LIFE HOLDINGS, INC.

                                     By s/ Michael G. Fraizer
                                        ----------------------------------------
                                        Name:  Michael G. Fraizer
                                        Title: Senior Vice President and
                                               Chief Financial Officer

                                     THE CHASE MANHATTAN BANK,
                                        Individually and as Administrative Agent

                                     By s/ Helen L. Newcomb
                                        ----------------------------------------
                                        Name:  Helen L. Newcomb
                                        Title: Vice President

                                     BANK ONE, INDIANA, NA, Individually and as
                                        a Co-Arranger

                                     By s/ Cynthia W. Priest
                                        ----------------------------------------
                                        Name:  Cynthia W. Priest
                                        Title: First Vice President

                                     ABN AMRO BANK N.V., Individually and as a
                                        Co-Arranger

                                     By s/ Parker H. Douglas
                                        ----------------------------------------
                                        Name:  Parker H. Douglas
                                        Title: Group Vice President

                                     By s/ Neil R. Stein
                                        ----------------------------------------
                                        Name:  Neil R. Stein
                                        Title: Corporate Banking Officer

<PAGE>   4

                                     BANK OF MONTREAL

                                     By s/ Bruce A. Pietka
                                        ----------------------------------------
                                        Name:  Bruce A. Pietka
                                        Title: Vice President

                                     BANQUE NATIONALE DE PARIS

                                     By s/ Arnaud Collin du Eocage
                                        ----------------------------------------
                                        Name:  Arnaud Collins du Eocage
                                        Title: Executive Vice President and
                                        General Manager

                                     CIBC INC.

                                     By s/ Robert Mendeles
                                        ----------------------------------------
                                        Name:  Robert Mendeles
                                        Title: Executive Director of CIBC World
                                        Market Corp., as Agent

                                     DRESDNER BANK AG, NEW YORK BRANCH AND
                                       GRAND CAYMAN BRANCH

                                     By s/ Lloyd C. Stevens
                                        ----------------------------------------
                                        Name:  Lloyd C. Stevens
                                        Title: Vice President

                                     By s/ George T. Ferguson, IV
                                        ----------------------------------------
                                        Name:  George T. Ferguson, IV
                                        Title: Assistant Vice President

<PAGE>   5

                                     FIRST UNION NATIONAL BANK

                                     By s/ Thomas L. Stitchberry
                                        ----------------------------------------
                                        Name:  Thomas L. Stitchberry
                                        Title: Senior Vice President

                                     FLEET NATIONAL BANK

                                     By s/ David A. Bosselait
                                        ----------------------------------------
                                        Name:  David A. Bosselait
                                        Title: Vice President

                                     MELLON BANK, N.A.

                                     By s/ Susan M. Whitewood
                                        ----------------------------------------
                                        Name:  Susan M. Whitewood
                                        Title: Vice President

                                     BANK OF AMERICA, N.A.

                                     By s/ Debra Basler
                                        ----------------------------------------
                                        Name:  Debra Basler
                                        Title: Vice President

                                     NORWEST BANK IOWA, NATIONAL ASSOCIATION

                                     By s/ Diane S. Ramsey
                                        ----------------------------------------
                                        Name:  Diane S. Ramsey
                                        Title: Vice President

<PAGE>   6

                                     ROYAL BANK OF CANADA

                                     By s/ Vivian Abdelmessih
                                        ----------------------------------------
                                        Name:  Vivian Abdelmessih
                                        Title: Senior Manager

                                     SUNTRUST BANK

                                     By s/ W. David Wisdom
                                        ----------------------------------------
                                        Name:  W. David Wisdom
                                        Title: Vice President

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