AMENDMENT TO
FUND PARTICIPATION AGREEMENT
AMONG
FEDERATED SECURITIES CORP., FEDERATED INSURANCE SERIES,
AND
JEFFERSON NATIONAL LIFE INSURANCE COMPANY
For good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree to amend the March 6, 1995 Fund Participation
Agreement, as amended on December 19, 1999 and as subsequently amended on
January 31, 2001 (the "Agreement") among Federated Securities Corp., Federated
Insurance Series, and Jefferson National Life Insurance Company (formerly,
Conseco Variable Insurance Company, and referred to herein as the "Insurer") as
follows, effective as of May 1, 2003:
1. As of May 1, 2003, all references to "Conseco Variable Insurance
Company" are hereby changed to "Jefferson National Life Insurance
Company." This change reflects the change in the Insurer's name from
Conseco Variable Insurance Company to Jefferson National Life
Insurance Company.
2. As of the date hereof, Exhibit A thereto is hereby replaced in its
entirety with the following:
EXHIBIT A
SEGREGATED ASSET ACCOUNTS
ACCOUNT(S) FORM #
-Jefferson National Life Annuity Account C 22-4025 (Individual)
32-40000 (Group)
-Jefferson National Life Annuity Account E 22-4047/32-4003 (Achievement)
22-4040/32-4002 (Educator)
-Jefferson National Life Annuity Account F 22-4061
-Jefferson National Life Annuity Account G 22-4056
-Jefferson National Life Annuity Account H CVIC-2000 or -2001 (state specific)
-Jefferson National Life Annuity Account I CVIC-2004 or -2005 (state specific)
-Jefferson National Life Annuity Account J JNL-2100
-Jefferson National Life Annuity Account K JNL-2200
-Jefferson National Life Account L CVIC- 1001 and -1003
-Jefferson National Life Annuity Account M JNL-22-4061
-Jefferson National Life Annuity Account N JNL-2000
-Jefferson National Life Annuity Account O JNL-2004
3. As of the date hereof, Exhibit B thereto is hereby replaced in its
entirety with the following:
EXHIBIT B
FEDERATED PORTFOLIOS
Capital Income Fund II
High Income Bond Fund II
International Equity Fund II
4. A new Section 1.12 is hereby added, as follows:
1.12 In the event a Fund portfolio is required (under the then
prevailing pricing error guidelines set forth by the SEC) to
recalculate purchases and redemptions on any business day of shares
held in a Separate Account or subaccount thereof due to an error in
calculating the net asset value of such class of shares (a "Pricing
Error"):
(a) Distributor shall promptly notify Insurer in writing of the
Pricing Error.
(b) Upon such notification, Insurer shall promptly determine,
for all Separate Accounts or subaccounts thereof which purchased
or redeemed shares on each business day on which a Pricing Error
occurred, the correct number of shares purchased or redeemed
using the corrected price and the amount of transaction proceeds
actually paid or received. Following such determination, the
Insurer shall adjust the number of shares held in each Separate
Account or subaccount thereof to the extent necessary to reflect
the correct number of shares purchased or redeemed for the
Separate Account or subaccount thereof. Following such
determination, Insurer shall notify Distributor of the net
changes in transactions for the relevant Separate Account or
subaccount thereof and Insurer shall adjust the Separate Account
or subaccount thereof accordingly.
(c) If, after taking into account the adjustments required by
subparagraph (b), Insurer determines that some Separate Accounts
or subaccounts thereof were still entitled to additional
redemption proceeds (a "Redemption Shortfall"), it shall notify
Distributor of the aggregate amount of the Redemption Shortfalls
and provide supporting documentation for such amount. Upon
receipt of such documentation, Distributor will cause the
relevant Fund portfolio to remit to Insurer additional redemption
proceeds in the amount of such Redemption Shortfalls and Insurer
will apply such funds to payment of the Redemption Shortfalls.
(d) If, after taking into account the adjustments required by
subparagraph (b), Insurer determines that same Separate Account
or subaccount thereof still received excess redemption proceeds
(a "Redemption Overage"), Insurer shall use its best efforts to
collect the balance of such Redemption Overage from such Separate
Account or subaccount thereof. Nothing in this Section 1.12 shall
be deemed to limit the right of any Fund portfolio to recover any
Redemption Overage directly or to be indemnified by any party for
losses arising from a Pricing Error.
5. Except as provided herein, the Agreement shall remain in full force
and effect. This Amendment and the Agreement, as amended, constitute
the entire agreement between the parties hereto pertaining to the
subject matter hereof and fully supersedes any and all prior
agreements or understandings between the parties hereto pertaining to
the subject matter hereof. In the event of any conflict between the
terms of this Amendment and the Agreement, the terms of this Amendment
shall control.
IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be
executed in its name and on its behalf by its duly authorized representative as
of this date, _________ 2004.
FEDERATED SECURITIES CORP.
By:/s/
Name:
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Title:
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FEDERATED INSURANCE SERIES
By:/s/
Name:
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Title:
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JEFFERSON NATIONAL LIFE INSURANCE COMPANY
By:/s/
Name:
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Title:
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