SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-8B-2
REGISTRATION STATEMENT OF UNIT INVESTMENT
TRUSTS WHICH ARE CURRENTLY
ISSUING SECURITIES PURSUANT TO SECTION 8(B) OF THE
INVESTMENT COMPANY ACT OF 1940
FIRST AMERITAS VARIABLE LIFE SEPARATE ACCOUNT
(NAME OF UNIT INVESTMENT TRUST)
400 RELLA BOULEVARD, SUITE 304
SUFFERN, NEW YORK 10901-4255
(ADDRESS OF PRINCIPAL OFFICE OF REGISTRANT)
ISSUER OF PERIODIC PAYMENT PLAN CERTIFICATES
ONLY FOR PURPOSES OF INFORMATION PROVIDED HEREIN
DATED: June 12, 2000
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I.
ORGANIZATION AND GENERAL INFORMATION
1. (a) Furnish name of the trust and the Internal Revenue Service Employer
Identification Number.
First Ameritas Variable Life Separate account ("the Separate
Account"). The Separate Account is not a separate legal entity
and therefore has no Internal Revenue Service Employer
Identification number separate from that of its depositor, First
Ameritas Life Insurance Corp. of New York.
(b) Furnish title of each class or series of securities issued by the
trust.
Flexible Premium Variable Universal Life Insurance Policy
("Policy").
2. Furnish name and principal business address and ZIP Code and the
Internal Revenue Service Employer Identification Number of each
depositor of the trust.
First Ameritas Life Insurance Corp. of New York.
("First Ameritas")
Home Office: 400 Rella Boulevard, Suite 304
Suffern, New York 10901-4255
Service Office: 5900 "O" Street
Lincoln, Nebraska 68510
Internal Revenue Service Employer Identification Number: 13-3758127
3. Furnish name and principal business address and ZIP Code and the
Internal Revenue Service Employer Identification Number of each
custodian or trustee of the trust indicating for which class or series
of securities each custodian or trustee is acting.
First Ameritas is the legal holder of the assets in the Separate
Account and will hold in its own custody all of the securities.
4. Furnish name and principal business address and ZIP Code and the
Internal Revenue Service Employer Identification Number of each
principal underwriter currently distributing securities of the trust.
No Policies are currently being distributed. When distribution
commences the principal underwriter will be:
Ameritas Investment Corp. ("AIC")
5900 O Street
Lincoln, NE 68510
Internal Revenue Service Employer Identification Number: 47-0663374
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5. Furnish name and state or other sovereign power, the laws of which govern
with respect to the organization of the trust.
State of New York
6. (a) Furnish the dates of execution and termination of any indenture or
agreement currently in effect under the terms of which the trust was
organized and issued or proposes to issue securities.
The First Ameritas Variable Life Separate Account was established
pursuant to a resolution of the Board of Directors of First
Ameritas on March 21, 2000 under New York law.
(b) Furnish the dates of execution and termination of any indenture or
agreement currently in effect pursuant to which the proceeds of
payments on securities issued or to be issued by the trust are held by
the custodian or trustee.
There is no custodian or trustee and, therefore, no such
indenture or agreement.
7. Furnish in chronological order the following information with respect to
each change of name of the trust since January, 1930.
The Separate Account has never been known by any other name.
8. State the date on which the fiscal year of the trust ends.
December 31.
Material Litigation
9. Furnish a description of any pending legal proceedings, material with
respect to the security holders of the trust by reason of the nature of the
claim or the amount thereof, to which the trust, the depositor, or the
principal underwriter is a party or of which the assets of the trust are
the subject, including the substance of the claims involved in such
proceeding and the title of the proceeding. Furnish a similar statement
with respect to any pending administrative proceeding commenced by a
governmental authority or any such proceeding or legal proceeding known to
be contemplated by a governmental authority. Include any proceeding which,
although immaterial itself, is representative of, or one of, a group which
in the aggregate is material.
None.
II.
GENERAL DESCRIPTION OF THE TRUST AND
SECURITIES OF THE TRUST
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GENERAL INFORMATION CONCERNING THE SECURITIES OF THE TRUST AND THE RIGHTS OF
HOLDERS
10. Furnish a brief statement with respect to the following matters for each
class or series of securities issued by the trust:
(a) Whether the securities are of the registered or bearer type.
The Policies which are to be issued are of the registered type
insofar as all Policies are owned by the person named in a Policy
as the Policy Owner (the "Policy Owner") and the records
concerning the Policy Owner are maintained by or on behalf of
First Ameritas.
(b) Whether the securities are of the cumulative or distributive type.
The Policies are of the cumulative type, providing for no direct
distribution of income, dividends or capital gains. Such amounts
are not separately identifiable, but are reflected in the payment
of the net cash surrender value upon surrender of the Policy and
in the payment of the death benefit upon the death of the
insured.
(c) The rights of security holders with respect to withdrawal or
redemption.
The Policy Owner may cancel the Policy within 10 days after the
Policy Owner receives it, within 10 days after First Ameritas
delivers a notice of a Policy Owner's right of cancellation, or
within 45 days of completing Part I of the application, whichever
is later. To cancel, the Policy Owner should mail or deliver the
policy to the selling agent or to First Ameritas (at the service
office). The amount of the refund will equal the gross premiums
paid.
The Policy Owner may surrender the Policy for value at any time
during the lifetime of the insured and prior to the maturity
date. The amount available for surrender is the net cash
surrender value at the end of the valuation period during which
the surrender request is received at First Ameritas' service
office. A Policy Owner may elect to have the amount paid in a
lump sum or under a payment option. These options are stated
below.
Interest Payment Option - First Ameritas will hold any amount
applied under this option. Interest on the unpaid balance will be
paid or credited each month at a rate determined by First
Ameritas.
Fixed Amount Payable Option - Each payment will be for an agreed
fixed amount. Payments continue until the amount First Ameritas
holds runs out.
Fixed Period Payment Option - Equal payment will be made for any
period selected up to 20 years.
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Lifetime Payment Option - Equal monthly payments are based on the
life of a named person. Payments will continue for the lifetime
of that person. Variations provide for guaranteed payments for a
period of time.
Joint Lifetime Payment Option - Equal monthly payments are based
on the lives of two named persons. While both are living, one
payment will be made each month. When one dies, the same payment
will continue for the lifetime of the other.
As an alternative to the above payment options, the proceeds may
be paid in any other manner approved by First Ameritas.
The amount of a partial withdrawal may not exceed the net cash
surrender value on the date the request is received and may not
be less than $500. The net cash surrender value after a partial
withdrawal must be the greater of $1,000 or an amount sufficient
to maintain the policy in force for the remainder of the Policy
year. The specified amount remaining in force after a partial
withdrawal may not be less than $50,000 in the first three Policy
years and $35,000 thereafter. At no time may the specified amount
remaining in force following a partial withdrawal be less than
$100,000, for the preferred non-tobacco risk class. The death
benefit of the Policy will be reduced by the amount of any
partial withdrawal and may affect the way in which the cost of
insurance charge is calculated and the amount of pure insurance
protection under the Policy. Payments of amounts are usually made
within 7 days after First Ameritas receives written request.
However, under certain circumstances, payments may be postponed.
See Item 10(i)(5).
(d) The rights of security holders with respect to conversion, transfer,
partial redemption, and similar matters.
During the first 24 Policy months after the Policy date of the
Policy, the Policy Owner may exchange the Policy for a flexible
premium adjustable life insurance policy issued by First
Ameritas. No new evidence of insurability will be required. The
policy date, issue age and risk classification for the insured
will be the same under the new policy as under the old. The
policy provisions and applicable charges for the new policy and
its riders will b based on the same policy date and issue age as
under the Policy. The exchange will be effective on the valuation
date on which all financial and contractual arrangements for the
new policy have been completed.
Accumulation value may be transferred among the Subaccounts of
the Separate Account and to the Fixed Account as often as
desired. However, transfers out of the Fixed Account may only be
made during the 30 day period following the Policy anniversary
date, as noted below. The transfers may be ordered in person, by
mail, by telephone, or, when available, through our website. The
total amount transferred each time must be at least $250, or the
balance of the Subaccount, if less. The
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minimum amount that may remain in a Subaccount or the Fixed
Account after a transfer is $100. The first 15 transfers per
Policy year will be permitted free of charge. After that, a
transfer charge of $10 may be imposed each additional time
amounts are transferred. This amount will be deducted pro rata
from each Subaccount (and if applicable, the Fixed Account) in
which the Policy Owner is invested. Additional restrictions on
transfers may be imposed at the fund level. Specifically, Fund
managers may have the right to refuse sales, or suspend or
terminate the offering of portfolio shares, if they determine
that such action is necessary in the best interests of the
portfolio's shareholders. If a Fund manager refuses a transfer
for any reason, the transfer will not be allowed. First Ameritas
will not be able to process the transfer if the Fund manager
refuses. Transfers resulting from Policy loans or exercise of the
exchange privilege will not be subject to a transfer charge and
will not be counted towards the 15 free transfers per Policy
year. First Ameritas may at any time revoke or modify the
transfer privilege, including the minimum amount transferable.
The Policy Owner may obtain Policy loans, as described in Item
21.
The Policy Owner may make surrenders and partial
withdrawals, as described in Item 10(c).
(e) If the trust is the issuer of periodic payment plan certificates,
the substance of the provisions of any indenture or agreement with
respect to lapses or defaults by security holders in making
principal payments, and with respect to reinstatement.
The failure to make a planned periodic premium payment will not
automatically cause the Policy to lapse. Lapse will occur when
the net cash surrender value is insufficient to cover the monthly
deduction and a grace period expires without sufficient payment
unless the guaranteed death benefit provision is in effect. The
Policy allows for a grace period. The grace period is 61 days
from the date First Ameritas mails a notice that the grace period
has begun. Failure to pay the required amount within the grace
period will result in lapse of the Policy. If the Insured dies
during the grace period, any overdue monthly deductions and
outstanding Policy debt will be deducted from the proceeds.
If the Policy debt exceeds the accumulation value less any
accrued expenses and any surrender charge, the Policy Owner must
pay the excess. First Ameritas will send a notice of the amount
which must be paid. The notice will specify the premium required
to keep the Policy in force. The required premium will equal the
greater of (1) the amount necessary to cover the monthly
deductions and percent of premium charges for the three Policy
months after commencement of the grace period, or (2) the amount
necessary to raise the net cash surrender value above zero on the
date of reinstatement. If the Policy Owner does not make the
required payment within 61 days after First Ameritas sends the
notice, the Policy will terminate without value.
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A lapsed Policy may be reinstated any time within three years
from the beginning of the grace period, but before the maturity
date. Reinstatement will be effected based on the Insured's
underwriting classification at the time of the reinstatement.
Reinstatement is subject to the following:
1. Evidence of insurability of the Insured satisfactory to
First Ameritas (including evidence of insurability of
any person covered by a rider to reinstate the rider);
2. Payment of a premium sufficient to pay monthly and
other Policy deductions for three months following
reinstatement and to pay premium charges on the
premiums paid:
3. Any outstanding Policy debt will be reinstated with
interest due and accrued;
4. The Policy cannot be reinstated if it has been
surrendered for its full net cash surrender value;
5. If the reinstatement occurs during the first three
years, the Policy Owner may pay premiums in the amount
necessary to meet the cumulative monthly requirements
of the guaranteed death benefit provision as of the
date of reinstatement.
The effective date of reinstatement will be the first monthly
activity date on or next following the date of approval by First
Ameritas of the application for reinstatement. The amount of
accumulation value on the date of reinstatement will be equal to
the amount of the net cash surrender value on the date of lapse,
increased by the premium paid at reinstatement, less the premium
charges and the amounts stated above, plus that part of the
surrender charge that would apply if the Policy were surrendered
on the date of reinstatement.
(f) The substance of the provisions of any indenture or agreement with
respect to voting rights, together with the names of any persons
other than security holder given the right to exercise voting rights
pertaining to the trust's securities or the underlying securities
and the relationship of such persons to the trust.
First Ameritas is the legal holder of the shares held in the
Subaccounts of the Separate Account and as such has the right to
vote the shares, to elect Directors of the Funds, to vote on
matters that are required by the 1940 Act, and upon any other
matter that may be voted upon at a shareholder meeting. To the
extent required by law, First Ameritas will vote the shares of
the Funds held in the Separate Account at regular and special
shareholder meetings of the Funds in accordance with instructions
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received from Policy Owners based on the number of shares held as
of the record date declared by the Fund's Board of Directors.
The number of Fund shares in a Subaccount for which instructions
may be given by a Policy Owner is determined by dividing the
Policy's accumulation value held in that Subaccount by the net
asset value of one share in the corresponding portfolio of the
Fund. Fractional shares will be counted. Fund shares held in each
Subaccount for which no timely instructions from Policy Owners
are received and Fund shares held in each Subaccount which do not
support Policy Owner interests will be voted by First Ameritas in
the same proportion as those shares in that Subaccount for which
timely instructions are received. Voting instructions to abstain
on any item to be voted will be applied on a pro rata basis to
reduce the votes eligible to be cast. Should applicable federal
securities laws or regulations permit, First Ameritas may elect
to vote shares of the Fund in its own right.
Disregard of Voting Instructions. First Ameritas may, if required
by state insurance officials, disregard voting instruction if
those instructions would require shares to be voted to cause a
change in the subclassification of investment objectives or
policies of one or more of the Fund's Portfolios, or to approve
or disapprove an investment adviser or principal underwriter for
the Funds. In addition, First Ameritas itself may disregard
voting instructions that would require changes in the investment
objectives or policies of any portfolio or in an investment
adviser or principal underwriter for the Funds, if First Ameritas
reasonably disapproves those changes in accordance with
applicable federal regulations. If First Ameritas does disregard
voting instruction, it will advise Policy Owners of that action
and its reasons for the action in the next annual report or proxy
statement to Policy Owners.
(g) Whether security holders must be given notice of any change in:
(1) the composition of the assets of the trust
The Policy Owner will be notified of any material change in the
investment policy of any portfolio in which the Policy Owner has
an interest.
(2) the terms and conditions of the securities issued by the trust.
No change in the terms and conditions of the Policies that will
effect any rights of the Policy Owners will be made without
notice.
(3) the provisions of any indenture or agreement of the trust.
No change in the resolution establishing the Separate Account or
in any agreement relating to the manner in which it is operated
will
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be made without notice to Policy Owners is such change would
adversely affect any right or benefit to which they are entitled.
(4) the identity of the depositor, trustee or custodian.
Notice will be made if there is a change in the identity of the
depositor. The depositor is also the Custodian. The Separate
Account has no trustee.
(h) Whether the consent of security holders is required in order for
action to be taken concerning any change in:
(1) the composition of the assets of the trust.
Except as appropriate to comply with federal or state law or
regulation, consent of Policy Owners is not required. However, to
change such securities, approval of the Securities and Exchange
Commission is required by Section 26(b) of the 1940 Act.
(2) the terms and conditions of the securities issued by the trust.
Except as required to comply with federal or state law or
regulation, no change in the terms and conditions of a Policy can
be made without consent of the Policy Owner.
(3) the provisions of any indenture or agreement of the trust.
No consent is required.
(4) the identity of the depositor, trustee or custodian.
No consent is required.
(i) Any other principal feature of the securities issued by the trust or
any other principal right, privilege or obligation not covered by
subdivision (a) to (g) or by any other item in this form.
(1) Premiums
No insurance will take effect before the initial premium
payment is received by First Ameritas in federal funds. The
initial premium payment must be at least 1/12 of the first
year guaranteed death benefit premium times the number of
months between the Policy date and the issue date, plus one.
Subsequent premiums are payable at First Ameritas's service
office. A Policy Owner has flexibility in determining the
frequency and amount of premiums. However, unless the Policy
Owner has paid sufficient premiums to pay the monthly
deduction and percent of premium charges, the Policy may
have a zero net cash surrender value and lapse.
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Net Policy funding, if adequate, may satisfy guaranteed
death benefit premium requirements.
At the time the Policy is issued the Policy Owner may
determine a planned periodic premium schedule that provides
for the payment of level premiums at selected intervals. The
planned periodic premium schedule may include the guaranteed
death benefit premium. The Policy Owner is not required to
pay premiums according to this schedule, and has
considerable flexibility to alter the amount and frequency
of premiums paid. First Ameritas reserves the right to limit
the amount of premium payments as described below:
(1) The premium payment must be at least $10.00
(2) Any premium that would immediately result in
the death benefit becoming equal to a
percentage of the accumulation value.
(3) Any premium that would prevent the coverage
under this Policy from continuing to qualify
as life insurance under the Internal Revenue
Code of 1954.
If any premium is excess of the limits described in (2) and
(3) above is accepted, First Ameritas return it to the
Policy Owner within 60 days after the end of the Policy year
in which it receives the excess.
Policy Owners can also change the frequency and amount of
planned periodic premiums by sending a written request to
the service office, although First Ameritas reserves the
right to limit any increase. Premium payment notices will be
sent annually, semi-annually, or quarterly, depending upon
the frequency of the planned periodic premiums. Payment of
the planned periodic premiums does not guarantee that the
Policy remains in force unless the guaranteed death benefit
provision is in effect. Instead, the duration of he Policy
depends upon the Policy's net cash surrender value. Unless
the guaranteed death benefit provision is in effect, even if
planned periodic premiums are paid by the Policy Owner, the
Policy will lapse any time the net cash surrender value is
insufficient to pay certain monthly charges, and a grace
period expires without a sufficient payment.
(2) Death Benefit
As long as the Policy remains in force, First Ameritas will,
upon due proof of the Insured's death, pay the death benefit
proceeds of a Policy in accordance with the death benefit
option in effect at the time of the Insured's death. The
amount of the death benefit payable will be determined at
the end of the valuation period during which the Insured's
death occurred. The death benefit proceeds may be paid in a
lump sum or under one of the payment options set forth in
the Policy.
Death benefit proceeds will be paid to the surviving
beneficiary or beneficiaries specified in the application or
as subsequently changed. If
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no beneficiary is chosen, the proceeds will be paid to the
Policy Owner's estate.
The Policy provides two death benefit options, Option A and
Option B, and the Policy Owner selects one of the options in
the application. The death benefit under either option will
never be less than the current specified amount of the
Policy as long as the Policy remains in force. The minimum
initial specified amount is $50,000 ($100,000 for preferred
non- tobacco risk class).
Under Option A, the death benefit is the current specified
amount of the Policy, or if greater, the applicable
percentage of accumulation value on the date of death. The
applicable percentage is 250% for Insureds with an attained
age over 40 or younger on the Policy anniversary prior to
the date of death. For Insureds with an attained age over 40
on that Policy anniversary, the percentage declines as shown
in the Applicable Percentage Table in the Policy.
Accordingly, under Option A the death benefit will remain
level at the specified amount unless the applicable
percentage of accumulation value exceeds the current
specified amount, in which case the amount of the death
benefit will vary as the accumulation value varies. Policy
Owners who prefer to have favorable investment performance,
if any, reflected in higher accumulation value, rather than
increased insurance coverage, generally should select Option
A.
Under Option B, the death benefit is equal to the current
specified amount plus the accumulation value of the Policy
or, if greater, the applicable percentage of the
accumulation value on the date of death. The applicable
percentage is the same as under Option A: 250% for Insureds
with an attained age 40 or younger on the Policy anniversary
prior to the date of death, and for Insureds with an
attained age over 40 on that Policy anniversary the
percentage declines as shown in the Applicable Percentage
Table in the Policy. Accordingly, under Option B the amount
of the death benefit will always vary as the value varies
(but will never by less than the specified amount). Policy
Owners who prefer to have favorable investment performance,
if any, reflected in increased insurance coverage, rather
than higher accumulation values, generally should select
Option B.
The death benefit option may be changed once per year after
the first Policy year by sending First Ameritas a written
request. The effective date of such a change will be the
monthly activity date on or following the date the change is
approved by First Ameritas. A change may have federal tax
consequences.
If the death benefit option is changed from Option A to
Option B, the death benefit after the change will equal the
specified amount before the change plus the accumulation
value on the effective date of the change and will require
evidence of insurability before the change is made. If the
death
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benefit option is changed from Option B to Option A, the
specified amount under Option A after the change will equal
the death benefit under Option B on the effective date of
change.
No charges will be imposed upon a change in death benefit
option, nor will such a change in and of itself result in an
immediate change in the amount of a Policy's accumulation
value. However, a change in the death benefit option may
affect the monthly cost of insurance charge since this
charge varies with the net amount of risk, which is the
amount by which the death benefit that would be payable on a
monthly activity date exceeds the accumulation value on that
date. Changing from Option B to Option A will generally
decrease, in the future, net amount at risk, therefore the
cost of insurance charges. Changing from Option A to Option
B will increase the net amount at risk. Such a change will
result in an immediate increase in the cost of insurance
charges because of the increased coverage.
Subject to certain limitation, after the first Policy year,
a Policy Owner may increase or decrease the specified amount
of a Policy. A change in specified amount may affect the
cost of insurance rate and the net amount at risk, both of
which may affect a Policy Owner's cost of insurance charge
and have federal tax consequences.
Any increase or decrease in the specified amount will become
effective on the monthly activity date on or next following
the date a written request is approved by First Ameritas.
After the first Policy year, the specified amount of a
Policy may be changed only once per year and First Ameritas
may limit the size of a change in a Policy year.
In the first three Policy years, the specified amount
remaining in force after any requested decrease may not be
less than $50,000 and $35,000 thereafter. At no time can the
minimum specified amount be reduced below $100,000 for
preferred non-tobacco risks. In addition, if a decrease in
the specified amount makes the Policy not comply with the
maximum premium limits required by federal tax law, the
decrease may be limited or the accumulation value may be
returned to you, at your election, to the extent necessary
to meet the requirements.
For an increase in the specified amount, a written
supplemental application must be submitted. First Ameritas
may also require additional evidence of insurability.
Although an increase need not necessarily be accompanied by
an additional premium, in certain cases an additional
premium will be required to effect the requested increase.
The minimum amount of any increase is $25,000 and an
increase cannot be made if the Insured's attained age is
over 80. An increase in the specified amount will result in
certain increased charges, which will be deducted from the
accumulation value of the Policy on each monthly activity
date. An increase in the specified amount during the time
the guaranteed death
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benefit provision is in effect will increase the premium
requirements for that provision.
(3) Benefits at Maturity
If the Insured is living, First Ameritas will pay the
accumulation value of the Policy, less outstanding policy
debt, on the maturity date to the Policy Owner. The Policy
will mature on the Policy anniversary nearest the Insured's
100th birthday, unless the maturity has been extended by
election of the extended maturity option.
(4) Accumulation Value
The Policy's accumulation value in the Separate Account
and/or the Fixed Account will reflect the investment
performance of the chosen Subaccounts of the Separate
Account or the Fixed Account, the net premiums paid, any
partial withdrawals, and the charges assessed in connection
with the Policy. A Policy Owner may at any time surrender
the Policy and receive the Policy's net cash surrender
value. There is no guaranteed minimum accumulation value.
Accumulation value is determined on each valuation date. On
the Policy issue date, the accumulation value in a
Subaccount will equal the portion of any net premium
allocated to the Subaccount, reduced by the portion of the
first monthly deductions allocated to that Subaccount.
Thereafter, on each valuation date, the accumulation value
of a Policy will equal:
(1) The aggregate of the values attributable to the Policy
in each of the subaccounts on the valuation date,
determined for each subaccount by multiplying the
Subaccount's unit value by the number of Subaccount
units allocated to the Policy; plus
(2) The value of the Fixed Account; plus
(3) Any accumulation value impaired by Policy debt held in
the general account; plus
(4) Any net premiums received on that valuation date; less
(5) Any partial withdrawal, and its charge, made on that
valuation date;
(6) Any monthly deduction to be made on that valuation
date; less
(7) Any federal or state income taxes charged against the
accumulation value.
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In computing the Policy's accumulation value, the number
of Subaccount units allocated to the Policy is determined
after any transfers among Subaccounts, or the Fixed
Account, (and deduction of transfer charges) but before
any other Policy transactions, such as receipt of net
premiums and partial withdrawals, on the valuation date.
Because the accumulation value is dependent upon a number
of variables, including the investment performance of the
chosen Subaccounts, the frequency and amount of premium
payments, transfers, partial withdrawals, loans, and
charges assessed in connection with the Policy, a Policy's
accumulation value cannot be predetermined.
The unit value of each Subaccount reflects the investment
performance of that Subaccount. The unit value of each
Subaccount shall be calculated by (i) multiplying the per
share net asset value of the corresponding Fund portfolio
on the valuation date times the number of shares held by
the Subaccount, before the purchase or redemption of any
shares on that date; minus (ii) a charge not exceeding an
annual rate of 0.90% for mortality and expense risk; minus
(iii) a charge not exceeding an annual rate of 0.25% for
administrative service expenses; and (iv) dividing the
result by the total number of units held in the Subaccount
on the valuation date, before the purchase or redemption
of any units on that date.
(5) Payment of Policy Benefits
Death benefit proceeds under the Policy will usually be
paid within seven days after First Ameritas receives
satisfactory proof of death. Maturity benefits will
ordinarily be paid within seven days of receipt of a
written request. Payments may be postponed in certain
circumstances. The Policy Owner may decide the form in
which the benefits will be paid. During the Insured's
lifetime, the Policy Owner may arrange for the death
benefit proceeds to be paid in a lump sum or under one or
more of the optional methods of payment described at (7)
below. Changes must be in writing and will revoke all
prior elections. These choices are also available if the
Policy is surrendered or matures. If no election is made,
First Ameritas will pay the benefits in a lump sum.
When death benefits are payable in a lump sum and no
election for an optional method of payment is in force at
the death of the insured, the beneficiary may select one
or more of the optional methods of payment.
Further, if the Policy is assigned, any amounts due to the
assignee will first be paid in one sum. The balance, if
any, may be applied under any payment option. Once
payments have begun, the payment option may not be
changed.
Payment of any amount upon complete surrender, partial
withdrawals, Policy loans, benefits payable at death or
maturity, and transfers may be postponed whenever: (i) the
New York Stock Exchange is closed other than customary
weekend and holiday closings, or trading on the New
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York Stock Exchange is restricted as determined by the
Securities and Exchange Commission ("Commission"); (ii)
the Commission by order permits postponement for the
protection of Policy Owners; or (iii) an emergency exists,
as determined by the Commission, as a result of which
disposal of securities is not reasonably practicable or it
is not reasonably practicable to determine the value of
the Separate Account's net assets; or (iv) surrenders,
loans, or partial withdrawals from the Fixed Account may
be deferred for up to 6 months from the date of written
request.
Payments under the Policy of any amounts derived from
premiums paid by check may be delayed until such time as
the check has cleared the Policy Owner's bank.
(6) Loan Provisions
SEE Item 21.
(7) Payment Options
The minimum amount of each payment is $100. If a payment
would be less than $100, First Ameritas has the right to
make payments less often so that the amount of each
payment is at least $100. Once a payment option is in
effect, the proceeds will be transferred to First
Ameritas' general account. First Ameritas may make other
payment options available in the future. For additional
information concerning these options, see the Policy
itself. The following payment options are currently
available:
Interest Payment Option. First Ameritas will hold any
amount applied under the option. Interest on the unpaid
balance will be paid or credited each month at a rate
determined by First Ameritas.
FIXED AMOUNT PAYABLE OPTION. Each payment will be for an
agreed fixed amount. Payments continue until the amount
First Ameritas holds runs out.
Fixed Period Payment Option. Each payment will be for an
agreed fixed amount. Payments continue until the amount
First Ameritas holds runs out. Equal payments will be made
for any period selected up to 20 years.
LIFETIME PAYMENT OPTION. Equal monthly payments are based
on the life of a named person. Payments will continue for
the lifetime of that person. Variations provide for
guaranteed payments for a period of time.
Joint Lifetime Payment Option. Equal monthly payments are
based on the lives of two named persons. While both are
living, one payment will be made each month. When one
dies, the same payment will continue for the lifetime of
the other.
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As an alternative to the above payment options, the
proceeds may be paid in any other manner approved by First
Ameritas.
(8) ADDITIONAL INSURANCE BENEFITS (RIDERS).
Subject to certain requirements, one or more of the
following additional insurance benefits may be added to
the Policy by rider. All riders are not available in all
states. The cost, if any, of additional insurance benefits
will be deducted as part of the monthly deduction.
TERMINAL ILLNESS RIDER.
Upon satisfactory proof of terminal illness after the
two-year contestable period (no waiting period in certain
state) First Ameritas will accelerate the payment of up to
50% of the lowest scheduled death benefit as provided by
eligible coverages, less an amount up to two guideline
level premiums.
Future premium allocations after the payment of the
benefit must be allocated to the Fixed Account. Payment
will not be made for amounts less than $4,000 or more than
$250,000 on all policies issued by First Ameritas or its
affiliates. First Ameritas may charge the lesser of 2% of
the benefit or $25 as an expense charge to cover the costs
of administration.
Satisfactory proof of terminal illness must include a
written statement from a licensed physician who is not
related to the Insured or the Policy Owner stating that
the Insured has a non-correctable medical condition that,
with a reasonable degree of medical certainty, will result
in the death of the Insured in less than 12 months (6
months in certain states) from the physician's statement.
Further, the condition must first be diagnosed while the
Policy was in force.
The accelerated benefit first will be used to repay any
outstanding policy loans and unpaid loan interest, and
will also affect future loans, partial withdrawals, and
surrenders. The accelerated benefit will be treated as a
lien against the Policy death benefit and will thus reduce
the proceeds payable on the death of the Insured. There is
no extra premium for this rider.
Accidental Death Benefit Rider
This rider provides additional insurance if the Insured's
death results from accidental death, as defined in the
rider. Under the terms of the rider, the additional
benefits provided in the Policy will be paid upon receipt
of proof by First Ameritas that death resulted directly
and independently of all other causes from accidental
bodily injuries incurred before the rider terminates and
within 91 days after such injuries were incurred.
CHILDREN'S PROTECTION RIDER.
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Provides for term insurance on the Insured's children, as
defined in the rider. Under the terms of the rider, the
death benefit will be payable to the named beneficiary
upon the death of any insured child. Upon receipt of proof
of the Insured's death before the rider terminates, the
rider will be considered paid up for the term of the
rider.
WAIVER OF MONTHLY DEDUCTIONS ON DISABILITY RIDER.
Provides, while the Insured is disabled, for the waiver of
monthly deduction for expense charges and the cost of
insurance charges including table ratings and flat extras
for the Policy and all riders.
GUARANTEED INSURABILITY RIDER.
Provides that the Policy Owner can purchase additional
insurance for the Insured by increasing the specified
amount of the Policy at certain future dates without
evidence of insurability.
DISABILITY BENEFIT RIDER.
This rider provides for the payment by First Ameritas of a
disability benefit in the form of premiums while the
Insured is disabled. The benefit amount may be chosen by
the Policy Owner at the issue of the rider. In addition,
while the Insured is totally disabled, the cost of
Insurance for the rider will not be deducted from
accumulation value.
TERM RIDER FOR COVERED INSURED.
This rider provides a specified amount of insurance to the
beneficiary upon receipt of satisfactory proof of death of
any covered Insured, as identified in the rider.
PAYOR WAIVER OF MONTHLY DEDUCTIONS ON DISABILITY OF A
COVERED PERSON RIDER.
This rider provides for the wavier of monthly deductions
for the Policy and all riders while the covered person is
disabled. This rider is available for Insureds ages 0-14
PAYOR DISABILITY RIDER.
This rider provides for the payment by First Ameritas of a
disability benefit in the form of premiums while the
covered person, as defined in the rider, is totally
disabled. The benefit amount may be chosen by the Policy
Owner when the rider is issued. In addition, while the
covered person is totally disabled, the cost of insurance
for the rider will not be deducted from accumulation
value.
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Information Concerning the Securities Underlying the Trust's Securities
11. Describe briefly the kind or type of securities comprising the unit of
specified securities in which security holders have an interest. (If the
unit consists of a single security issued by an investment company, name
such investment company and furnish a description of the type of
securities comprising the portfolio of such investment company.)
There are currently 31 Subaccounts within the Separate Account available
to Policy Owners for new allocations. Each Subaccount of the Separate
Account will invest only in the shares of a corresponding portfolio of
one of the following mutual Funds (collectively, the "Funds"): Calvert
Variable Series, Inc. Ameritas Portfolios ("Ameritas Portfolios");
Calvert Variable Series, Inc. ("Calvert Social Portfolios"); Variable
Insurance Products Fund ("Fidelity Portfolios"); The Alger American Fund
("Alger American Funds"); MFS Variable Insurance Trust ("MFS Trust");
and The Universal Institutional Funds, Inc. ("Universal Institutional
Funds"). Each fund is registered with the SEC under the 1940 Act as an
open-end diversified management investment company. The assets of each
portfolio of the Funds are held separate from the assets of the other
portfolios. Thus, each portfolio operates as a separate investment
portfolio, and the income or losses of one portfolio generally have no
effect on the investment performance of any other portfolio.
12. If the trust is the issuer of periodic payment plan certificates and if
any underlying securities were issued by another investment company,
furnish the following information for each such company:
(a) Names of Fund companies.
The names of the Fund companies are Calvert Variable Series,
Inc., Ameritas Portfolios; Calvert Variable Series Inc.;
Variable Insurance Products Fund; Variable Insurance
Products Fund II; The Alger American Fund; MFS(R)Variable
Insurance Trust; The Universal Institutional Funds, Inc.
(b) Name and principal business address of depositor.
The name and address of the depositor for each security
investment option, where applicable, may be found in the
prospectus for each investment option.
(c) Name and principal business address of trustee or custodian.
The name and address of the trustee or custodian for each
security investment option, where applicable, may be found
in the prospectus for each investment option.
(d) Name and principal business address of principal underwriter.
The names of the principal underwriters are Ameritas
Investment Corp.; Calvert Asset Management Company, Inc.;
Fidelity Management & Research Company; Fred Alger
Management, Inc.; Massachusetts
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Financial Services Company; and Morgan Stanley Dean Witter
Investment Management Inc. The business addresses of the
underwriters may be found in the prospectus for each
investment option.
(e) The period during which the securities of such company have been the
underlying securities.
Not applicable
Information Concerning Loads, Fees, Charges and Expenses
13. (a) Furnish the following information with respect to each load,
fee, expense or charge to which (1) principal payments, (2)
underlying securities, (3) distributions, (4) cumulated or
reinvested distributions or income, and (5) redeemed or
liquidated assets of the trust's securities are subject:
(A) the nature of such load, fee, expense or charge;
(B) the amount thereof;
(C) the name of the person to whom such amounts are paid and
his relationship to the trust;
(D) the nature of the services performed by such person in
consideration for such load, fee, expense or charge.
(1) Principal Payments
A deduction of up to 5% (currently 3.5%) of the
premium will be made from each premium payment to
pay any state premium taxes and the expense of
deferring the tax deduction of policy acquisition
costs. The deduction represents and amount First
Ameritas considers necessary to pay all premium
taxes imposed by the states and their subdivisions
and to defray the cost of capitalizing certain
policy acquisition expenses as required by Internal
Revenue Code Section 848. First Ameritas does not
expect to derive a profit from the premium charges.
Distribution Expenses
The principal underwriter for the Policies is AIC,
a wholly owned subsidiary of AMAL Corporation, a
holding company in which Ameritas Life is the
majority owner, and an affiliate of First Ameritas.
AIC was organized under Nebraska law on December
29, 1983, and is registered as a broker-dealer with
the SEC and is a member of the National Association
of Securities Dealers ("NASD"). First Ameritas pays
AIC for acting as the
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principal underwriter under an Underwriting
Agreement. In 1999, AIC received gross variable
universal life compensation of $0, and retained $0
in underwriting fees and $0 in brokerage
commissions on First Ameritas's variable universal
life policies.
The Policies are sold through registered
representatives of AIC or other broker-dealers
which have entered into selling agreements with
First Ameritas or AIC. These registered
representatives are also licensed by state
insurance officials to sell First Ameritas's
variable life policies. Each of the broker-dealers
with a selling agreement is registered with the SEC
and is a member of the NASD.
Under these selling agreements, First Ameritas pays
commission to the broker-dealers, which in turn pay
commissions to the registered representative who
sells this Policy. During the first Policy Year,
the commission may equal an amount up to 95% of the
first year target premium paid plus the first year
cost of any riders and 2% for premiums paid in
excess of the first year target premium. For Policy
Years two through four, the commission may equal an
amount up to 2% of premiums paid. Broker-dealers
may also receive a service fee up to an annualized
rate of .25% of the Accumulation Value beginning in
the fifth Policy Year. Compensation arrangements
may vary among broker-dealers. In addition, First
Ameritas may also pay override payments, expense
allowances, bonuses, wholesaler fees, and training
allowances. Registered representatives who meet
certain production standards may receive additional
compensation. First Ameritas may reduce or waive
the sales charge and/or other charges on any Policy
sold to directors, officers or employees of First
Ameritas or any of its affiliates, employees and
registered representatives of any broker-dealer
that has entered into a sales agreement with First
Ameritas or AIC and the spouses or children of the
above persons. In no event will any such reduction
or waiver be permitted where it would be unfairly
discriminatory to any person.
(2) Underlying Securities
In addition to the charges against the Separate
Account described just above, management fees and
expenses will be assessed by the fund managers
against the amounts invested in the various
portfolios. These fees are described in the
prospectus for each portfolio investment option. No
portfolio fees will be assessed against amounts
placed in the Fixed Account.
(3) Distributions
No surrender charge will be assessed on decreases
in the specified amount of the Policy or partial
withdrawals of accumulation value. First Ameritas
will, however, assess surrender charges due to
increases in the specified amount. The surrender
V:\LAW\FALIC\N-8B-2.wpd 19
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charge on increases it will be based on the
attained age at the time of the increase and the
amount of the increase in the specified amount.
Surrender charges in increases in the initial
specified amount will be applied with respect to
surrenders within 14 years of the date of the
increase.
The sales charges applied in any Policy year are
not necessarily related to actual distribution
expenses incurred in that year. Instead, First
Ameritas expects to incur the majority of
distribution expenses in the early Policy years and
to recover amounts to pay such expenses over the
life of the Policy. To the extent that sales and
distribution expenses exceed sales charges in any
year, First Ameritas will pay such expenses from
its other assets or surplus in its general account
,including amounts from mortality and expense risk
charges and other charges made under the Policy.
First Ameritas believes that this distribution
financing arrangement will benefit the Separate
Account and the Policy Owners.
(4) Cumulated or Reinvested Distributions or Income
The Separate Account does not make distributions to
Policy Owners. All income and other distributions
earned by the Separate Account are reinvested,
without charge, at net asset value in shares of the
Portfolio making distributions.
(5) Redeemed or Liquidated Assets
A charge of 2% of the amount withdrawn (maximum
charge $25) may be deducted for each partial
withdrawal. The charge will be deducted from the
amount paid as a result of the withdrawal and will
compensate First Ameritas for the administrative
costs of partial withdrawals and in making
necessary calculations for any reductions in
specified amount which may be required by reason of
the partial withdrawal. A partial withdrawal charge
is not assessed when a Policy is surrendered.
(b) For each installment payment type of periodic payment plan
certificate of the trust, furnish the following information with
respect to sales load and other deductions from principal
payments.
See Item 13(a) for a description of the deductions for
sales load and other deductions from payments. All other
deductions are made from the accumulation value of a
Policy from amounts held in the Separate Account.
(c) State the amount of total deductions as a percentage of the net
amount invested for each type of security issued by the trust.
State each different sales charge available as a percentage of
the public offering price and as a percentage of the
V:\LAW\FALIC\N-8B-2.wpd 20
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net amount invested. List any special purchase plans or methods
established by rule or exemptive order that reflects scheduled
variations in, or elimination of, the sales load; and identify
each class of individuals or transactions to which such plans
apply.
There is no premium load to cover sales and distribution
expenses. The amount of premium charge as a percentage of
premiums paid is discussed in Item 13 (a).
(d) Explain fully the reasons for any difference in the price at
which securities are offered generally to the public, and the
price at which securities are offered for any class of
transaction to any class or group of individuals, including
officers, directors, or employees of the depositor, trustee,
custodian or principal underwriter.
Not applicable.
(e) Furnish a brief description of any loads, fees, expenses or
charges not covered in Item 13(a) which may be paid by security
holders in connection with the trust or its securities.
(1) Monthly Deduction. Charges will be deducted as of the
policy date and on each monthly activity date thereafter
from the accumulation value of the Policy to compensate
First Ameritas for administrative expenses and insurance
provided. These charges will be allocated among the
Subaccounts, and the Fixed Account on a pro rata basis.
The monthly deduction covers: (a) a maintenance charge of
$5.00 (maximum $9.00, $8.00 after the first Policy year)
per Policy, plus (b) the cost of insurance for the current
policy month, including the cost for any riders. The
monthly deduction will be deducted as of the policy date
and on each monthly activity date thereafter. Because
portions of the monthly deduction, such as the cost of
insurance, can vary from month to month, the monthly
deduction itself will vary in amount from month to month.
The maintenance charge compensate First Ameritas for the
ordinary administrative expenses expected to be incurred
in connection with a policy. The maintenance charge is
levied throughout the life of the policy, and is
guaranteed not to increase above $9.00 per month,$8.00
after the first Policy year. First Ameritas does not
expect to make any profit from the monthly maintenance
charge.
Cost of Insurance. Because the cost of issuance depends
upon several variables, the cost for each policy month can
vary from month to month. First Ameritas will determine
the monthly cost of insurance charges by multiplying the
applicable cost of insurance rate by the net amount at
risk for each policy month. The net amount at risk on any
monthly activity date is the amount by which the death
benefit which would have been payable on that monthly
activity date exceeds the accumulation value on that date.
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Cost of Insurance Rate. The annual cost of insurance rate
is based on the Insured's sex, attained age, policy
duration and risk class. The rate will vary if the Insured
is a smoker or non-smoker or is considered a substandard
risk classification and rated with a tabular extra rating.
For the initial specified amount, the cost of insurance
rate will not exceed that shown in the Table of Policy
Charges shown in the schedule pages of the Policy. These
guaranteed rates are based on the Insured's age nearest
birthday and the 1980 Commissioners Standard Ordinary
Tables, based on First Ameritas' own mortality experience.
Any change in the cost of insurance rates will apply to
all persons of the same age, sex specified amount and risk
class and whose policies have been in effect for the same
length of time.
If the underwriting class for any increase in the
Specified Amount or for any increase in death benefit
resulting from a change in death benefit option A to B is
not the same as the underwriting class at issue, the cost
of insurance rate for the increase will reflect the
underwriting class which would apply for such increase.
Decreases will also be reflected in the cost of insurance
rate as discussed earlier.
The actual charges made during the Policy year will be
shown in the annual report delivered to the Policy Owners.
Rating Class. The rating class of an Insured will affect
the cost of insurance rate. First Ameritas currently
places Insured into both standard rate classes and
substandard classes that involve a higher mortality risk.
In an otherwise identical policy an Insured in the
standard rate class will have a lower cost of insurance
than an Insured in a rate class with higher mortality
risks. If a Policy is rated at issue with a tabular extra
rating, the guaranteed rate is a multiple of the
guaranteed rate for a standard issue. This multiple factor
is shown in the Schedule of Benefits in the Policy and may
be from 1.18 to 4 times the guaranteed rate for a standard
issue.
If appropriate, Insureds may also be assigned a flat extra
rating charge to reflect higher mortality risks. The flat
extra rating will be added to the cost of insurance rate
and thus will be deducted as part of the monthly deduction
on each monthly activity date.
(2) Transfer Charge. A transfer charge of $10.00 (guaranteed
not to increase) may be imposed for each additional
transfer among the Subaccounts after fifteen per Policy
year to compensate First Ameritas for the costs of
effecting the transfer. Since the charge reimburses First
Ameritas for the cost of effecting the transfer only,
First Ameritas does not expect to make any profit from the
transfer charge. This charge will be deducted from the
amount transferred. The transfer charge will not be
imposed on transfers that occur as a result of Policy
loans or the exercise of exchange rights.
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(3) Mortality and Expense Risk Charge. A daily charge will be
deducted from the value of the net assets of the Separate
Account to compensate First Ameritas for mortality and
expense risks assumed in connection with the Policy. This
daily charge from the Separate Account is currently at the
rate of 0.001912% (equivalent to an annual rate of 0.70%)
for Policy Years 1-4 and 0.001229% (equivalent to an
annual rate of 0.45%) for Policy Years 5-20. After the
20th year the daily charge will be applied at the rate of
0.000820% (equivalent to an annual rate of 0.30%) and will
not exceed 0.002466% (equivalent to an annual rate of
.90%) of the average daily net assets of the Separate
Account for Policy years 1-20 and 0.001776% daily
(equivalent to an annual rate of 0.65%) after the 20th
year. The daily charge will be deducted from the net asset
value of the Separate Account, and therefore the
Subaccounts, on each valuation date. Where the previous
day or days was not a valuation date, the deduction on the
valuation date will be the applicable rate multiplied by
the number of days since the last valuation date. No
mortality and expense charges will be deducted from the
amount in the Fixed Account.
First Ameritas believes that this level of charge is
within the range of industry practice for comparable
flexible premium variable universal life policies.
The mortality risk assumed by First Ameritas is that
Insureds may live for a shorter time than assumed, and
that an aggregate amount of death benefits greater than
that assumed accordingly will be paid. The expense risk
assumed is that expenses incurred in issuing and
administering the policies will exceed the administrative
charges provided in the policies.
(4) Taxes. First Ameritas does not currently expect to incur
any federal income tax liability attributable to the
Separate Account with respect to the sale of the Policies.
Accordingly, no charge is being made currently to the
Separate Account for federal income taxes. If, however,
First Ameritas determines that it may incur such taxes
attributable to the Separate Account, it may assess a
charge for such taxes against the Separate Account.
First Ameritas may also incur state and local taxes (in
addition to premium taxes for which a deduction from
premiums is currently made). At present, they are not
charges against the Separate Account. If there is a
material change in state or local tax laws, charges for
such taxes attributable to the Separate Account, if any,
may be assessed against the Separate Account.
(f) State whether the depositor, principal underwriter, custodian or
trustee or any affiliated person of the foregoing may have
received profits or other benefits included in answer to Item
13(a) or 13(d) through the sale or purchase of the trust's
securities or underlying securities or interest in underlying
securities, and describe fully the nature and extent of such
profits or benefits.
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Neither First Ameritas nor Ameritas Investment Corp., the
principal underwriter of the Separate Account, nor any
affiliated person of the foregoing, may receive any profit
or any other benefit from premium payments under the
Policy or the investments held in the Separate Account not
included in answer to Item 13(a) or (e) through the sale
or purchase of the Policy or shares of the Fund, except
that (1) First Ameritas may receive a profit to the extent
that the cost of insurance built into the Policy exceeds
the actual cost of insurance needed to pay benefits, (2)
favorable mortality or expense experience may cause the
insurance provided under the Policy to be profitable to
First Ameritas, (3) First Ameritas will compensate certain
others, including the First Ameritas agents, for services
rendered in connection with the distribution of the
Policy, as described in Item 38, but such payments will be
made from the First Ameritas General Account.
(g) State the percentage that the aggregate annual charges and
deductions for maintenance and other expenses of the trust bear
to the dividend and interest income from the trust property
during the period covered by the financial statements filed
herewith.
Not applicable.
Information Concerning the Operations of the Trust
14. Describe the procedure with respect to applications (if any) and the
issuance and authentication of the trust's securities, and state the
substance of the provisions of any indenture or agreement pertaining
thereto.
Individuals wishing to purchase a Policy must complete an
application and submit it to First Ameritas's Service Office
(5900 "O" Street, Lincoln, Nebraska, 68510). A Policy will
generally be issued only to individuals 0-80 years of age on
their nearest birthday who supply satisfactory evidence of
insurability to First Ameritas. Acceptance is subject to First
Ameritas's underwriting rules, and First Ameritas reserves the
right to reject an application for any reason.
The Policy date is the effective date for all coverage in the
original application. The Policy date is used to determine Policy
anniversary dates, Policy years and Policy months. The issue date
is the date that all financial, contractual and administrative
requirements have been met and processed for the Policy. The
Policy date and the issue date will be the same unless: (1) an
earlier Policy date is specifically requested, or (2) additional
premiums or application amendments are needed. When there are
additional requirements before issue (see below) the Policy date
will be the date the Policy is sent for delivery and the issue
date will be the date the requirements are met.
When all required premiums and application amendments have been
received by First Ameritas in its service office, the issue date
will be the date the Policy is mailed to you or sent to the agent
for delivery to you. When application amendments or additional
premiums need to be obtained upon delivery of the
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Policy, the Issue Date will be when the Policy receipt and
federal funds (monies of member banks within the Federal Reserve
System which are held on deposit at a Federal Reserve Bank) are
received and available to First Ameritas, and the application
amendments are received and reviewed in First Ameritas's Home
Office. On the Issue Date, the initial premium payment will be
allocated to the Money Market Subaccount for 13 days. After the
expiration of the 13-day period, the accumulation value will be
reallocated to the Investment Options you select.
Subject to approval, a Policy may be backdated, but the Policy
date may not be more than six months prior to the date of the
application. Backdating can be advantageous if the Insured's
lower issue age results in lower cost of insurance rates. If a
Policy is backdated, the minimum initial premium required will
include sufficient premium to cover the backdating period.
Monthly deductions will be made for the period the Policy date is
backdated.
Interim conditional insurance coverage may be issued prior to the
Policy date, provided that certain conditions are met, upon the
completion of an application and the payment of the required
premium at the time of the application. The amount of the interim
coverage is limited to the smaller of (1) the amount of insurance
applied for, (2) $100,000, or (3) $25,000 if the proposed Insured
is over age 60 at their nearest birthday.
15. Describe the procedure with respect to the receipt of payments from
purchasers of the trust's securities and the handling of the proceeds
thereof, and the state the substance of the provisions of any indenture
or agreement pertaining thereto.
No insurance will take effect before the initial premium payment
is received by First Ameritas in federal funds. The initial
premium payment must be at least 1/12 of the first year
guaranteed death benefit premium times the number of months
between the Policy date and the issue date, plus one. Subsequent
premiums are payable at First Ameritas's service office. A Policy
Owner has flexibility in determining the frequency and amount of
premiums. However, unless the Policy Owner paid sufficient
premiums to pay the monthly deduction and percent of premium
charges, the Policy may have a zero net cash surrender value and
lapse. Net Policy funding, if adequate, may satisfy guaranteed
death benefit premium requirements.
At the time the Policy is issued the Policy Owner may determine a
planned periodic premium schedule that provides for the payment
of level premiums at selected intervals. The planned periodic
premium schedule may include the guaranteed death benefit
premium. The Policy Owner is not required to pay premiums
according to this schedule. The Policy Owner has considerable
flexibility to alter the amount and frequency of premiums paid.
First Ameritas reserves the right to limit the amount of premium
payments as described below:
(1) The premium payment must be at least $10.00
(2) Any premium that would immediately result in the death
benefit becoming equal to a percentage of the
accumulation value.
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(3) Any premium that would prevent the coverage under this
Policy from continuing to qualify as life insurance under
the Internal Revenue Code of 1954.
If any premium is excess of the limits described in (2) and (3)
above is accepted, First Ameritas will return it to the Policy
Owner within 60 days after the end of the Policy year in which it
receives the excess.
First Ameritas agrees to keep the Policy in force during the
first three years and provide a guaranteed death benefit so long
as the cumulative monthly guaranteed death benefit premium is
paid even though, in certain instances, these minimum premiums
may not, after the payment of monthly insurance and
administrative charges, generate positive net cash surrender
values.
At the time the Policy is issued each Policy Owner may determine
a planned periodic premium schedule that provides for the payment
of level premiums at selected intervals. The planned periodic
premium schedule may include the guaranteed death benefit
premium. The Policy Owner is not required to pay premiums in
accordance with this schedule. The Policy Owner has considerable
flexibility to alter the amount and frequency of premiums paid.
First Ameritas does reserve the right to limit the number and
amount of additional or unscheduled premium payments.
Policy Owners can also change the frequency and amount of planned
periodic premiums by sending a written request to the service
office, although First Ameritas reserves the right to limit any
increase. Premium payment notices will be sent annually,
semi-annually or quarterly, depending upon the frequency of the
planned periodic premiums. Payment of the planned periodic
premiums does not guarantee that the Policy remains in force
unless the guaranteed death benefit provision is in effect.
Instead, the duration of the Policy depends upon the Policy's net
cash surrender value. Unless the guaranteed death benefit
provision is in effect, even if planned periodic premiums are
paid by the Policy Owner, the Policy will lapse any time the net
cash surrender value is insufficient to pay certain monthly
charges, and a grace period expires without sufficient payment.
In no event may the total of all premiums paid, both planned and
unscheduled, exceed the current maximum premium limitations
established by federal tax laws.
If at any time a premium is paid which would result in total
premiums exceeding the current maximum premium limitation, First
Ameritas will only accept that portion of the premium which will
make total premiums equal the maximum. Any part of the premium in
excess of that amount will be returned or applied as otherwise
agreed and no further premiums will be accepted until allowed by
the current maximum premium limitations prescribed by law. First
Ameritas may require additional evidence of insurability if any
premium payment would result in an increase in the Policy's net
amount at risk on the date the premium is received.
V:\LAW\FALIC\N-8B-2.wpd 26
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Depending upon the accumulation value of the Policy at the time
of an increase in the specified amount of the Policy and the
amount of the increase requested by Policy Owner, an additional
premium payment may be required. First Ameritas will notify the
Policy Owner of any premium required to fund the increase. This
required premium must be made as a single payment. The
accumulation value of the Policy will immediately be increased by
the amount of the payment, less the applicable premium charge.
16. Describe the procedure with respect to the acquisition of underlying
securities and the disposition thereof, and state the substance of the
provisions of any indenture or agreement pertaining thereto.
The Separate Account will purchase and redeem shares from the
Funds at net asset value. Shares will be redeemed to the extent
necessary for First Ameritas to collect charges, pay the
surrender values, partial withdrawals, and make policy loans or
to transfer assets from one subaccount to another, or to the
Fixed Account, as requested by Policy Owners. Any dividend or
capital gain distribution received from a portfolio of the Funds
will be invested immediately at net asset value in shares of the
portfolio and retained as assets of the corresponding Subaccount.
17. (a) Describe the procedure with respect to withdrawal or redemption
by security holders.
The procedures with respect to withdrawals or redemptions
are described in Item 10(c) above.
(b) Furnish the names of any persons who may redeem or repurchase, or
are required to redeem or repurchase, the trust's securities or
underlying securities from security holders, and the substance of
the provisions of any indenture or agreement pertaining thereto.
First Ameritas is required to process all surrender
requests as described in Item 10(c). The Separate Account
will redeem its shares upon the Policy Owner's request in
accordance with the 1940 Act.
(c) Indicate whether repurchased or redeemed securities will be
canceled or may be resold.
A Policy, once surrendered, may not be resold.
18. (a) Describe the procedure with respect to the receipt, custody, and
disposition of the income and other distributable funds of the
trust and state the substance of the provisions of any indenture
or agreement pertaining thereto.
Any dividend or capital gain distribution received from a
portfolio of the Funds will be reinvested immediately at
net asset value in shares of that portfolio and retained
as assets of the corresponding Subaccount.
V:\LAW\FALIC\N-8B-2.wpd 27
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(b) Describe the procedure, if any, with respect to the reinvestment
of distributions to security holders and state the substance of
the provision of any indenture or agreement pertaining thereto.
Not applicable.
(c) If any reserves or special funds are created out of income or
principal, state with respect to each such reserve or fund the
purpose and ultimate disposition thereof, and describe the manner
of handling of same.
Net premiums placed in the Account constitute reserves for
the payment of benefits under the Policy. The general
assets of First Ameritas are also available to satisfy
First Ameritas' obligations under the Policies.
Payments allocated to the Fixed Account and transferred
from the Separate Account to the Fixed Account are placed
in the General Account of First Ameritas, which supports
insurance and annuity obligations. The General Account
includes all of First Ameritas' assets, except those
assets segregated in the separate accounts. First Ameritas
has the sole discretion to invest the assets of the
General Account, subject to applicable law. First Ameritas
bears an investment risk for all amounts allocated or
transferred to the Fixed Account and interest credited
thereto, less any deduction for charges and expenses,
whereas the Policy Owner bears the investment risk that
the declared rate may fall to a lower rate after the
expiration of a declared rate period. Because of exemptive
and exclusionary provisions, interests in the General
Account have not been registered under the Securities Act
of 1933 (the "1933 Act") nor is the General Account
registered as an investment company under the Investment
Company Act of 1940 (the "1940" Act). Accordingly neither
the General Account nor any interest therein is generally
subject to the 1933 or 1940 Act.
(d) Submit a schedule showing the periodic and special distributions
which have been made to security holders during the three years
covered by the financial statements filed herewith. State for
each such distribution the aggregate amount and amount per share.
If distributions from sources other than current income have been
made, identify each such other source and indicate whether such
distribution represents the return of principal payments to
security holders. If payments other than cash were made, describe
the nature thereof, the account charged and the basis of
determining the amount of such charge.
No distributions have been made.
19. Describe the procedure with respect to the keeping of records and
accounts of the trust, the making of reports and the furnishing of
information to security holders, and the substance of the provisions of
any indenture or agreement pertaining thereto.
First Ameritas will have primary responsibility for all
administration of the Policy and the Separate Account.
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The administrative services provided include preparation of the
Policy, maintenance of the Policy Owners' records and all
accounting, valuation, regulatory and reporting services.
First Ameritas intends to contract with Ameritas Life Insurance
Corp. ("Ameritas Life"), having it principal place of business at
5900 "O" Street, Lincoln, Nebraska 68510, for Ameritas Life to
provide First Ameritas with certain administrative services for
the Policies. Ameritas Life is the owner of First Ameritas.
Pursuant to the terms of an administrative service agreement,
Ameritas Life will act as record keeping service agent for the
Policies and riders for an initial term of three years and any
subsequent renewals thereof. Ameritas Life, under the direction
of First Ameritas, will perform administrative functions
including issuance of Policies for reinstatement, term
conversion, plan changes and guaranteed insurability options,
generation of billing and posting of premium, computation of
valuations, calculation of benefits payable, maintenance of
administrative controls over all activities, correspondence, and
data, and providing management reports to First Ameritas.
First Ameritas will send such reports of the Separate Account as
are presently required by the 1940 Act and regulations
promulgated thereunder.
First Ameritas will maintain all records relating to the Separate
Account and will mail to the Policy Owner, at the last known
address of record, within 30 days after each policy anniversary,
an annual report which shows the current accumulation value, net
cash surrender value, death benefit, premiums paid, outstanding
policy debt and other information. The Policy Owner will also be
sent a quarterly report for the Funds and a list of the portfolio
securities held in each portfolio of the Funds. Each person
having a voting interest will receive proxy materials regarding
the Funds.
First Ameritas is the legal holder of the shares held in the
Subaccounts of the Separate Account and as such has the right to
vote the shares; to elect Directors of the Funds, to vote on
matters that are required by the 1940 Act and upon any other
matter that may be voted upon at a shareholder meeting. To the
extent required by law, First Ameritas will vote all shares of
the Funds held in the Separate Account at regular and special
shareholder meetings of the Funds in accordance with instructions
received from Policy Owners based on the number or shares held as
of the record date declared by the Fund's Board of Directors.
The number of Fund shares in a Subaccount for which instructions
may be given by a Policy Owner is determined by dividing the
Policy's accumulation value held in that Subaccount by the net
asset value of one share in the corresponding portfolio of the
Fund. Fractional shares will be counted. Fund shares held in each
Subaccount for which no timely instruction from Policy Owners are
received and Fund shares held in each Subaccount which do not
support Policy Owner interests will be voted by First Ameritas in
the same proportion as those shares in that Subaccount for which
timely instructions are received. Voting instructions to abstain
on any item to be voted will be applied on a pro rata basis to
reduce the
V:\LAW\FALIC\N-8B-2.wpd 29
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votes eligible to be cast. Should applicable federal securities
laws or regulations permit, First Ameritas may elect to vote
shares of the Fund in its own right.
First Ameritas may, if required by state insurance officials,
disregard voting instructions if those instructions would require
shares to be voted to cause a change in the subclassification or
investment objectives or policies of one or more of the Funds'
Portfolios, or to approve or disapprove an investment adviser or
principal underwriter for the Funds. In addition, First Ameritas
itself may disregard voting instructions that would require
changes in the investment objectives or policies of any portfolio
or in an investment adviser or principal underwriter for the
Funds, if First Ameritas reasonably disapproves those changes in
accordance with applicable federal regulations. If First Ameritas
does disregard voting instructions, it will advise Policy Owners
of that action and its reasons for the action in the next annual
report or proxy statement to Policy Owners.
20. State the substance of the provisions of any indenture or agreement
concerning the trust with respect to the following:
(a) Amendments to such indenture or agreement.
Not applicable.
(b) The extension or termination of indenture or agreement.
Not applicable.
(c) The removal or resignation of the trustee or custodian or the
failure of the trustee or custodian to perform its duties,
obligations and functions.
First Ameritas acts as custodian. There are no provisions
relating to the removal or resignation of the custodian or
the failure of the custodian to perform its duties,
obligations and functions.
(d) The appointment of the successor trustee and the procedure if a
successor trustee is not appointed.
Not applicable.
(e) The removal or resignation of the depositor, or the failure of
the depositor to perform its duties, obligations and functions.
There are no provisions relating to the removal or
resignation of the depositor or the failure of the
depositor to perform its duties, obligations and
functions.
(f) The appointment of a successor depositor and the procedure if a
successor depositor is not appointed.
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There are no provisions relating to the appointment of a
successor depositor and the procedure if a successor
depositor is not appointed.
21. (a) State the substance of the provisions of any indenture or
agreement with respect to loans to security holders.
After the first Policy anniversary, the Policy Owner may
borrow up to the net cash surrender value less 12 times
the most recent monthly deduction. The loans will be made
at regular and as described below, reduced loan interest
rates. Loans usually are funded within seven days after
receipt of a written request. The loan may be repaid at
any time while the Insured is living, prior to the
maturity date. Loans may have tax consequences.
First Ameritas charges interest to Policy Owners at
regular and reduced rates. Regular loans will accrue
interest on a daily basis at a rate of up to 6% per year;
currently the interest rate on regular Policy loans is
5.5%. Each year after the tenth Policy anniversary date,
the Policy Owner may borrow a limited amount of the net
cash surrender value at a reduced interest rate. For those
loans, interest will accrue on a daily basis at a rate of
up to 4% per year; the current reduced loan rate is 3.5%.
The amount available at the reduced loan rate is 10% of
the net cash surrender value as of the most recent Policy
anniversary date, plus any loan previously made at a
reduced loan rate. If unpaid when due, interest will be
added to the amount of the loan and bear interest at the
same rate. The Policy Owner earns 3.5% interest on the
accumulation values securing the loans.
When a loan is made, accumulation value equal to the
amount of the loan will be transferred from the investment
options to the General Account as security for the loan.
The accumulation value transferred will be allocated from
the investment options according to the instructions you
give when you request the loan. The minimum amount which
can remain in a Subaccount or the Fixed Account as a
result of a loan is $100. If no instructions are given,
the amounts will be withdrawn in proportion to the various
accumulation values in the investment options. In any
Policy year that loan interest is not paid when due, First
Ameritas will add the interest due to the principal amount
of the Policy loan on the next Policy anniversary. This
loan interest due will be transferred from the investment
options as set out above. No charge will be made for these
transfers. A Policy loan will permanently affect the
accumulation value and may permanently affect the amount
of the death benefits, even if the loan is repaid. Policy
loans will also affect net Policy funding for determining
whether the guaranteed death benefit provision is met.
Interest earned on amounts held in the General Account
will be allocated to the investment options on each Policy
anniversary in the same proportion that net premiums are
being allocated to those investment options at the time.
Upon repayment of loan amounts, the portion of the
V:\LAW\FALIC\N-8B-2.wpd 31
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repayment allocated in accordance with the repayment of
loan provision (see below) will be transferred to increase
the accumulation value in that investment option.
The outstanding Policy debt equals the total of all Policy
loans and accrued interest on Policy loans. If the
outstanding Policy debt exceeds the accumulation value
less any surrender charge and any accrued expense charges,
the Policy Owner must pay the excess. First Ameritas will
send a notice of the amount which must be paid. If you do
not make the required payment within the 61 days after
First Ameritas sends the notice, the Policy will terminate
without value ("lapse"). Should the Policy lapse while
Policy loans are outstanding, the portion of the loans
attributable to earnings will become taxable. You may
lower the risk of a Policy lapsing while loans are
outstanding as a result of a reduction in the market value
of investments in the Subaccounts by investing in a
diversified group of lower risk investment portfolios
and/or transferring the funds to the Fixed Account and
receiving a guaranteed rate of return. Should you
experience a substantial reduction, you may need to lower
anticipated withdrawals and loans, repay loans, make
additional premium payments, or take other action to avoid
Policy lapse. A lapsed Policy may later be reinstated.
Unscheduled premiums paid while a Policy loan is
outstanding are treated as repayment of the debt only if
the Policy Owner so requests. As a loan is repaid, the
accumulation value in the General Account securing the
repaid loan will be allocated among the Subaccounts and
the Fixed Account in the same proportion that net premiums
are being allocated at the time of repayment.
(b) Furnish a brief description of any procedure or arrangement by
which loans are made available to security holders by the
depositor, principal underwriter, trustee or custodian, or any
affiliated person of the foregoing.
A Policy loan usually is funded within seven days after
receipt of a written request. Payment of any amount upon
Policy loans may be postponed whenever: (i) the New York
Stock Exchange is closed other than customary weekend and
holiday closings, or trading on the New York Stock
Exchange is restricted as determined by the Securities and
Exchange Commission; (ii) the Commission by order permits
postponement for the protection of Policy Owners; (iii) an
emergency exists, as determined by the Commission, as a
result of which disposal of securities is not reasonably
practicable or it is not reasonably practicable to
determine the value of the Separate Account's net asset;
or loans from the Fixed Account may be deferred for up to
6 months from the date of written request. In addition,
payment of the Policy loans secured by accumulation value
derived from payments made by check may be delayed until
such time as the check has cleared the Policy Owner's
bank.
V:\LAW\FALIC\N-8B-2.wpd 32
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(c) If such loans are made, furnish the aggregate amount of loans
outstanding at the end of the last fiscal year, the amount of
interest collected during the last fiscal year allocated to the
depositor, principal underwriter, trustee or custodian or
affiliated person of the foregoing and the aggregate amount of
loans in default at the end of the last fiscal years covered by
financial statements filed herewith.
Not applicable.
22. State the substance of the provisions of any indenture or agreement with
respect to limitations on the liabilities of the depositor, trustee or
custodian, or any other party to such indenture or agreement.
There is no such provision or agreement.
23. Describe any bonding arrangement for officers, director, partners or
employees of the depositor or principal underwriter of the trust
including the amount of coverage and the type of bond.
Protection for the assets of the Separate Account is afforded by
a financial institution bond issued by United States Fidelity and
Guaranty Company in the amount of $10 million covering all of the
officers and employees of Ameritas Life Insurance Corp. and its
subsidiaries, including First Ameritas Life Insurance Corp. of
New York.
24. State the substance of any other material provisions of any indenture or
agreement concerning the trust or its securities and a description of
any other material functions or duties of the depositor, trustee or
custodian not stated in Item 10 or Items 14 to 23 inclusive.
The Policy or reinstated Policy in incontestable after it has
been in force for two years from the policy date (or
reinstatement effective date) during the lifetime of the Insured.
An increase in the Specified Amount or addition of a rider after
the policy date shall be incontestable after such increase or
addition has been in force for two years from its effective date
during the lifetime of the Insured. However, this two year
provision shall not apply to riders with their own contestability
provision.
If the age or sex of the Insured or any person insured by rider
has been misstated, the amount of the death benefit will be
adjusted. The death benefit will be adjusted to the amount that
would be purchased by the most recent cost of insurance
deductions using the correct cost of insurance rate.
Suicide within two years of the Policy date is not covered by the
Policy unless otherwise provided by a state's insurance law. If
the Insured, while sane or insane, commits suicide within two
years after the Policy date, First Ameritas will pay only the
premiums received, less any partial withdrawals, the cost for
riders and any outstanding Policy debt. If the Insured, while
sane or insane, commits suicide within two years after the
effective date of any increase in the specified
V:\LAW\FALIC\N-8B-2.wpd 33
<PAGE>
amount, First Ameritas' liability with respect to such increase
will only be its total cost of insurance applied to the increase.
III.
ORGANIZATION, PERSONNEL, AND AFFILIATED PERSONS OF DEPOSITOR
Organization and Operations of Depositor
25. State the form of organization of the depositor of the trust, the name
of the state or other sovereign power under the laws of which the
depositor was organized and the date of organization.
First Ameritas is a stock insurance company organized in the
State of New York. First Ameritas was incorporated on April 13,
1993.
26. (a) Furnish the following information with respect to all fees
received by the depositor of the trust in connection with the
exercise of any functions or duties concerning securities of the
trust during the period covered by the financial statements filed
herewith.
Not applicable.
(b) Furnish the following information with respect to any fee or any
participation in fees received by the depositor from any
underlying investment company or any affiliated person or
investment adviser of such company.
Not applicable.
27. Describe the general character of the business engaged in by the
depositor including a statement as to any business other that of
depositor of the trust. If the depositor acts or has acted in any
capacity with respect to any investment company or companies other than
the trust, state the name or names of such company or companies, their
relationship, if any, to the trust, and the nature of the depositor's
activities therewith. If the depositor has ceased to act in such named
capacity, state the date of and circumstance surrounding such cessation.
First Ameritas is principally engaged in offering life insurance
policies. First Ameritas is licensed to do business in the State
of New York.
Officials and Affiliated Persons of Depositor
28. (a) Furnish as at latest practicable date the following
information with respect to the depositor of the trust, with
respect to each officer, director, or partner of the depositor,
and with respect to each natural person directly or indirectly
owning, controlling or holding with power to vote 5% or more of
the outstanding voting securities of the depositor.
V:\LAW\FALIC\N-8B-2.wpd 34
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(i) name and principal business address;
(ii) nature of relationship or affiliation with depositor of
the trust;
(iii) ownership of all securities of the depositor;
(iv) ownership of all securities of the trust;
(v) other companies of which each of the persons named above
is presently and officer, director, or partner.
SEE answer to paragraph (b) below and Item
29.
(b) Furnish a brief statement of the business experience during the
last five years of each officer, director, or partner of the
depositor.
This list shows name and position(s) with First Ameritas
followed by the principal occupations for the last five
years. Where an individual has held more than one position
with an organization during the last 5-year period, the
last position held has been given.
Kenneth C. Louis, Director, Chairman of the Board
Director, President and Chief Operating Officer: Ameritas
Life; also serves as officer and/or director of other
subsidiaries and/or affiliates of Ameritas Life.
Mitchell F. Politzer, Director, President and Chief
Executive Officer* Director, Senior Vice President/Chief
Marketing Officer: Unity Mutual Life Insurance Company;
Director, President and Chief Executive Officer: Unity
Financial Life Insurance Company; Director and President:
Germantown Financial Group, Inc; formerly Director and
President Germantown Life Reinsurance Company.
Lawrence J. Arth, Director
Director, Chairman of the Board, and Chief Executive
Officer: Ameritas Life; also serves as officer and/or
director of other subsidiaries and/or affiliates of
Ameritas Life.
John P. Carsten, Director
Executive Director: New York State Nurses Association
Pension Plan & Benefits Fund.
Phyllis J. Carsten-Boyle, Director, Vice President - Group
Operations.*
Robert J. Lanik, Director
President and CEO: Saint Elizabeth Regional Medical
Center.
V:\LAW\FALIC\N-8B-2.wpd 35
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JoAnn M. Martin, Director, Vice President
Senior Vice President and Chief Financial Officer:
Ameritas Life; also serves as officer and/or director of
other subsidiaries and/or affiliates of Ameritas Life.
David J. Meyers, Director
Assistant to the Superintendent for Communications:
Lincoln Public Schools.
David C. Moore, Director
President - Group Division: Ameritas Life; also serves as
officer and/or director of other subsidiaries of Ameritas
Life.
James F. Nissen, Director
Executive Vice President: Norwest Bank Nebraska N.A.
Tonn M. Ostergard, Director
President and CEO: Crete Carrier Corporation.
James E. Rembolt, Director
Attorney/Partner: REMBOLT LUDTKE & BERGER LLP.
Edmund G. Sullivan, Director
Senior Consultant: Messenger Associates Inc.
Robert C. Barth, Controller
Thomas D. Higley, Vice President
Vice President and Financial Actuary: Ameritas Life.
Kenneth R. Jones, Vice President-Corporate Compliance and
Assistant Secretary Vice President, Corporate Compliance &
Assistant Secretary: Ameritas Life; also serves as officer
of other subsidiaries and/or affiliates of Ameritas Life.
William W. Lester, Treasurer
Senior Vice President - Investments and Treasurer:
Ameritas Life; also serves as officer of affiliates of
Ameritas Life.
Donald Reiser, Vice President - Individual Operations
President: Veritas Corp.
Donald R. Stading, Vice President, Secretary and General
Counsel Senior Vice President, Secretary and Corporate
General Counsel: Ameritas Life; also serves as officer
and/or director of other subsidiaries and/or affiliates of
Ameritas Life.
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Principal business address of all, except as noted is
Ameritas Life Insurance Corp., 5900 "O" Street, P.O. Box
81889, Lincoln, Nebraska 68501.
*Principal business address: First Ameritas Life Insurance
Corp. of New York, 400 Rella Boulevard, Suite 214, Suffern,
New York 10901.
Companies Owning Securities of Depositor
29. Furnish as at latest practicable date the following information with
respect to each company which directly or indirectly owns, controls or
hold power to vote 5% or more of the outstanding voting securities of
the depositor: (a) name and principal business address; (b) nature of
business; (c) ownership of all securities of the depositor.
(a) First Ameritas Life Insurance Corp. of New York is wholly
owned by Ameritas Life Insurance Corp., 5900 "O" Street,
Lincoln, Nebraska 68510.
(b) Ameritas Life Insurance Corp. is principally a life
insurance company.
(c) Ameritas Life Insurance Corp., which owns all securities of
the depositor, is wholly owned by Ameritas Holding Company,
which is wholly owned by Ameritas Acacia Mutual Holding
Company. The principal business of Ameritas Holding Company
and Ameritas Acacia Mutual Holding Company is to serve as
holding companies for insurance companies and related
businesses. The address for these companies is 5900 "O"
Street, Lincoln, Nebraska 68510.
Controlling Persons
30. Furnish as at latest practicable date the following information with
respect to any person, other than those covered by Items 28, 29, and 42
who directly or indirectly controls the depositor.
None.
Compensation of Officers and Directors of Depositor
Compensation of Officers
31. Furnish the following information with respect to the remuneration for
services paid by the depositor during the last fiscal year covered by
financial statements filed herewith:
(a) directly to each of the officers or partners of the depositor
directly receiving the three highest amounts of remuneration;
(b) directly to all officers or partners of the depositor as a group
exclusive of persons whose remuneration is included under Item
31(a), stating separately the
V:\LAW\FALIC\N-8B-2.wpd 37
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aggregate amount paid by the depositor itself and the aggregate
amount paid by all the subsidiaries;
(c) indirectly or through subsidiaries to each of the officers or
partners of the depositor.
Not applicable. As of this date the Separate Account has
not commenced operations. Meaningful allocations may not
be able to be made, even when operation commence.
Compensation of Directors
32. Furnish the following information with respect to the remuneration for
services, exclusive of remuneration reported under Item 31, paid by the
depositor during the last fiscal year covered by financial statements
filed herewith:
(a) the aggregate direct remuneration to directors:
(b) indirectly or through subsidiaries to directors.
Not applicable. SEE Item 31.
Compensation to Employees
33. (a) Furnish the following information with respect to the
aggregate amount of remuneration for services of all employees of
the depositor (exclusive of persons whose remuneration is
reported in Items 31 and 32) who received remuneration in excess
of $10,000 during the last fiscal year covered by financial
statements filed herewith from the depositor and any of its
subsidiaries.
Not applicable. SEE Item 31.
(b) Furnish the following information with respect to the
remuneration for services paid directly during the last fiscal
year covered by financial statements filed herewith to the
following classes of persons (exclusive of those persons covered
by Item 33(a): (1) Sales managers, branch manager, district
manager, and other persons supervising the sale or registrant's
securities; (2) Salesman, sales agents, canvassers and other
persons making solicitations but not in supervisory capacity; (3)
Administrative and clerical employees; and (4) Others (specify).
If a person is employed in more than one capacity, classify
according to predominant type of work.
Not applicable. SEE Item 31.
Compensation to Other Persons
34. Furnish the following information with respect to the aggregate amount of
compensation for services paid any person (exclusive of persons whose
remuneration is reported in
V:\LAW\FALIC\N-8B-2.wpd 38
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Items 31, 32, and 33), whose aggregate compensation in connection with
services rendered with respect to the trust in all capacities exceeded
$10,000 during the last fiscal year covered by financial statements filed
herewith from the depositor and any of its subsidiaries.
Not applicable. SEE Item 31.
IV.
DISTRIBUTION AND REDEMPTION OF SECURITIES
Distribution of Securities
35. Furnish the names of the states in which sales of the trust's securities
(A) are currently being made, (B) are presently proposed to be made, and
(C) have been discontinued, indicating by appropriate letter the status
with respect to each state.
No sales are currently being made. It is proposed that the Policy
will ultimately be offered in the State of New York.
36. If sales of the trust's securities have at any time since January 1,
1936 been suspended for more than a month describe briefly the reasons
for such suspension.
Not applicable.
37. (a) Furnish the following information with respect to each
instance where subsequent to January 1, 1937, any federal or
state governmental officer, agency or regulatory body denied
authority to distribute securities of the trust, excluding a
denial which was merely a procedural step prior to any
determination by such officer, etc. and which denial was
subsequently rescinded.
(1) Name of officer, agency or body.
(2) Date of denial.
(3) Brief statement of reason given for revocation.
Not applicable.
(b) Furnish the following information with regard to each instance
where, subsequent to January , 1937, the authority to distribute
securities of the trust has been revoked by any federal or state
governmental officer, agency or regulatory body.
(1) Name of officer, agency or body.
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(2) Date of denial.
(3) Brief statement of reason given for revocation.
Not applicable.
38. (a) Furnish a general description of the method of distribution
securities of the trust.
Ameritas Investment Corp. ("AIC") a wholly owned
subsidiary of AMAL Corporation, a holding company in which
Ameritas Life Insurance Corp. is the majority owner, will
act as the principal underwriter of the policies, pursuant
to an Underwriting Agreement between itself and First
Ameritas. AIC was organized under the laws of the State of
Nebraska on December 29, 1983, and is a registered
broker-dealer pursuant to the Securities Act of 1934, a
member of the National Association of Securities Dealers
and a federally register investment adviser.
The Policies are sold by individuals who are Register
Representatives of AIC and who are licensed as life
insurance agents for First Ameritas. AIC and First
Ameritas may authorize Registered Representatives of other
registered broker-dealers to sell the Policies subject to
applicable law.
(b) State the substance of any current selling agreement between each
principal underwriter and the trust or the depositor, including a
statement as to the inception and termination dates of the
agreement, any renewal and termination provisions, and any
assignment provisions.
First Ameritas will enter into an agreement with AIC, the
principal underwriter, pursuant to which First Ameritas
will reimburse AIC for expenses incurred in distributing
and servicing the Policy. The Agreement may be terminated
by either party upon 60 days written notice, at any time
upon mutual written consent, or upon written notice of one
party to the other party in the event of bankruptcy or
insolvency.
(c) State the substance of any current agreements or arrangements of
each principal underwriter with dealer, agents, salesman, etc.
with respect to commissions and overriding commissions,
territories, franchises, qualifications and revocations. If the
trust is the issuer of periodic payment plan certificates,
furnish schedules of commissions and the bases thereof. In lieu
of a statement concerning schedules of commissions, such
schedules of commissions may be filed as Exhibit A(3)(c).
SEE Exhibit A(3)(c).
Information Concerning Principal Underwriter
39. (a) State the form of organization of each principal underwriter of
securities of the trust, the name of the state or other sovereign
power under the laws of which each underwriter was organized and
the date of organization.
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SEE Item 38(a).
(b) State whether any principal underwriter currently distributing
securities of the trust is member of the National Association of
Securities Dealers, Inc.
No Policies are currently being offered. SEE Item 38(a).
40. (a) Furnish the following information with respect to all fees
received by each principal underwriter of the trust from the sale
of securities of the trust any other functions in connection
therewith exercised by such underwriter in such capacity or
otherwise during the period covered by the financial statements
filed herewith.
Not applicable.
(b) Furnish the following information with respect to any fee or any
participation in fees received by each principal underwriter from
any underlying investment company or any affiliated person or
investment adviser of such company:
(1) The nature of such fee or participation.
(2) The name of the person making payment.
(3) The nature of the services rendered in consideration for
such fee or participation.
(4) The aggregate amount received during the last fiscal year
covered by the financial statements filed herewith.
No fees have yet been paid.
41. (a) Describe the general character of the business engaged in by each
principal underwriter, including a statement as to any business
other than the distribution of securities of the trust. If a
principal underwriter acts or has acted in any capacity with
respect to any investment company or companies other than the
trust, state the name or names of such company or companies,
their relationship, if any, to the trust and the nature of such
activities. If a principal underwriter has ceased to act in such
named capacity, state the date of and the circumstances
surrounding such cessation.
AIC will act as the principal underwriter of the Policy. See Item
38(a). AIC has the ability to execute stock and bond transactions
on a number of national exchanges and over-the-counter exchanges
and also offers a wrap fee program to investment advisory
clients. AIC has also entered into selling agreements with a
variety of mutual funds, unit investment trusts and direct
participation programs. Except Calvert, which is a wholly owned
subsidiary of Ameritas Acacia Mutual Holding Company, none of
these companies which are listed below, are affiliated with First
Ameritas.
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Mutual Funds
Aetna Series Fund, Inc.
AIM
Alger
Alliance
American Capital (Van Kampen Funds)
American Funds
American National Securities Management Research)
American Skandia
Aquila Distributors
Ariel
Calvert
Chubb Investment (Van Eck)
Colonial
Davis Funds
Delaware Investments
Dreyfus Funds (Premier)
Eaton Howard Vance
Enterprise Funds
Evergreen
Federated Investors
Fidelity Advisors
First Funds Dist. Inc.
First Investors
First Pacific (ID T-Free)
Flag Investors
Fortis
Franklin Funds
Gam International
Goldman Sachs
Govett
Grand Prix Fund
GT Global
Guardian
Guardian Group
Heartland
Heritage
IDEX
ING Mutual Funds
Invesco Funds
ITT Hartford
Jefferson Pilot
John Hancock
Kemper
Keystone Evergreen
Lord Abbett
MacKenzie Group
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Mainstay
Metlife (State Street)
MFS
MFS Sun Life
Midwest Group (Countrywide Investments)
Morgan Stanley (Van Kampen Funds)
Munder Funds
New England
New York Venture (Davis Funds)
Nuveen
The One Group
Oppenheimer
Overland Express (Stagecoach Funds)
Parnassus Pasadena - See Phoenix Funds
Phoenix Equity Funds
Phoenix Funds
Pilgrim
Pimco
Pioneer
Principal
Provident Mutual (Sentinel)
Prudential
Putnam
Ranson Associates
Security Benefit MF
Selected/Venture Advisors
Seligman
Sentinel
SoGen
State Street
SunAmerica Funds
Templeton
The Timothy Plan
Touchstone
Van Eck
Van Kampen Funds
Venture Advisors
Vista
(b) Furnish as at latest practicable date the address of each branch
office of each principal underwriter currently selling securities
of the trust and furnish the name and residence address of the
person in charge of such office.
Not applicable.
(c) Furnish the number of individual salesmen of each principal
underwriter through whom any of the securities of the trust were
distributed for the last fiscal year of
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the trust covered by the financial statements filed herewith and
furnish the aggregate amount of compensation received by such
salesmen in such year.
Not applicable.
42. Furnish as at latest practicable date the following information with
respect to each principal underwriter currently distributing securities
of the trust and with respect to each of the officers, directors or
partners of such underwriter: (a) name and principal business address;
(b) position with principal underwriter; (c) ownership of securities of
the trust.
Not applicable.
43. Furnish, for the last fiscal year covered by the financial statements
filed herewith, the amount of brokerage commissions received by any
principal underwriter who is member of a national securities exchange
and who is currently distributing the securities of the trust or
effecting transactions for the trust in the portfolio securities of the
trust.
Not applicable.
OFFERING PRICE OR ACQUISITION VALUATION OF SECURITIES OF THE TRUST
44. (a) Furnish the following information with respect to the method
of valuation used by the trust for purposes of determining the
offering price to the public of securities issued by the trust or
the valuation of shares or interests in the underlying securities
acquired by the holder of a periodic payment plan certificate:
(1) The source of quotations used to determine the value of
portfolio securities.
Fund shares are valued at their net asset
value per share as supplied by the Fund or
its agent.
(2) Whether opening, closing, bid asked or any other price is
used.
See Item 44(a)(1) and Item 16.
(3) Whether price is as of the day of sale or as of any other
time.
SEE Item 16.
(4) A brief description of the methods used by registrant for
determining other assets and liabilities including accrual
for expenses and taxes (including taxes on unrealized
appreciation).
The assets of the Separate Account and liabilities (such
as charges against the Separate Account) are valued in
accordance with generally accepted accounting principals
on an accrual basis. Since First Ameritas currently does
not incur any Federal income tax liabilities attributable
to
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<PAGE>
the income of the Separate Account, First Ameritas
currently does not intend to create a reserve for Federal
income taxes attributable to the income of the Separate
Account.
(5) Other items which registrant adds to the net asset value
in computing offering price of its securities.
Not applicable.
(6) Whether adjustments are made for fractions:
(i) before adding distributor's compensation (load); and
(ii) after adding distributor's compensation (load).
Not applicable because the Separate Account does not compute
sales load in the manner presumed by this Item and Item 44
(b). Appropriate adjustments will be made for fractions in
all computations.
(b) Furnish a specimen schedule showing the components of the
offering prince of the trust's securities as at the latest
practicable date.
Not applicable.
(c) If there is any variation in the offering price of the trust's
securities to any person or classes of persons other than
underwriters, state the nature and amount of such variation and
indicate the person or classes of persons to whom such offering
is made.
There is no variation in the offering price of the trusts
securities to any person or classes of persons. However,
First Ameritas may reduce or waive the sales charge and/or
other charges on any Policy sold to directors, officers or
employees of First Ameritas or any of its affiliates,
employees and registered representatives of any
broker-dealer that has entered into a sales agreement with
First Ameritas or AIC and the spouses or children of the
above persons. In no event will any such reduction or
waiver be permitted where it would be unfairly
discriminatory to any person.
45. Furnish the following information with respect to any suspension of the
redemption rights of the securities issued by the trust during three
fiscal years covered by the financial statements filed herewith.
Not applicable.
Redemption Valuation of Securities of the Trust
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<PAGE>
46. (a) Furnish the following information with respect to the method of
determining the redemption or withdrawal valuation of securities
issued by the trust:
(1) The source of quotations used to determine the value of portfolio
securities.
SEE Item 44 (a)(1).
(2) Whether opening, closing, bid, asked or any other price is used.
SEE Item 44(a)(2).
(3) Whether price is as of the day of sale or as of any other time.
The price is as of the valuation day the redemption or
withdrawal request is received.
(4) A brief description of the methods used by registrant for
determining other assets and liabilities including accrual for
expenses and taxes (including taxes on unrealized appreciation).
SEE Item 44(a)(4) and Item 18(c).
(5) Other items which registrant deducts from the net asset
value in computing redemption value of its securities.
SEE Item 10(c)
(6) Whether adjustments are made for fractions.
SEE Item 44(a)(6).
(b) Furnish a specimen schedule showing the components of the
redemption price to the holders of the trust's securities as at
latest practicable date.
Not applicable.
PURCHASE AND SALE OF INTERESTS IN UNDERLYING SECURITIES FROM AND TO SECURITY
HOLDERS
47. Furnish a statement as to the procedure with respect to the maintenance of
a position in the underlying securities or interests in the underlying
securities, the extent and nature thereof and the person who maintains such
a position. Include a description of the procedure with respect to the
purchase of underlying securities or interests in underlying securities
from security holders who exercise redemption or withdrawal rights and the
sale of such underlying securities and interests in the underlying
securities to other security holders. State whether the method of valuation
of such underlying securities or interest in underlying securities differs
from that set forth in Item 44 and 46. If any item of expenditure included
in the determination of the valuation is not or may not actually be
V:\LAW\FALIC\N-8B-2.wpd 46
<PAGE>
incurred or expended, explain the nature of such item and who may benefit
from the transaction.
Not applicable.
V.
INFORMATION CONCERNING THE TRUSTEE OR CUSTODIAN
48. Furnish the following information as to each trustee or custodian of the
trust:
(a) Name and principal business address.
(b) Form of organization.
(c) State or other sovereign power under the laws of which the
trustee or custodian was organized.
(d) Name of governmental supervising or examining authority.
First Ameritas, a stock insurance company organized under
the laws of the State of New York, is subject to
regulation by the New York Department of Insurance. On or
before March 1 of each year, an NAIC convention blank
covering the operations and reporting on the financial
condition of First Ameritas and the Separate Account as of
December 31 of the preceding year must be filed with the
New York Department of Insurance. Periodically, the New
York Department of Insurance examines the liabilities and
reserves of First Ameritas (and the Separate Account, when
operational) and certifies their adequacy.
49. State the basis for payment of fees or expenses of the trustee or
custodian for services rendered with respect to the trust and its
securities, and the aggregate amount thereof for the last fiscal year.
Indicate the person paying such fees or expenses. If any fees or
expenses are prepaid, state the unearned amount.
Not applicable.
50. State whether the trustee or custodian or any other person has or may
create a lien on the assets of the trust, and if so, give full
particulars, outlining the substance of the provisions of any indenture
or agreement with respect thereto.
The assets of the Separate Account are not chargeable with
liabilities arising out of any other business which First
Ameritas conducts including income, gains or losses of First
Ameritas. Although the assets maintained in the Separate Account
will not be charged with any liabilities arising out of First
Ameritas' other business, all obligations arising under the
Policies are liabilities of First Ameritas who will maintain
assets in the Separate Account of a total market value at least
V:\LAW\FALIC\N-8B-2.wpd 47
<PAGE>
equal to the reserve and other contract liabilities of the
Separate Account. Nevertheless, to the extent assets in the
Separate Account exceed First Ameritas liabilities of the
Separate Account, the assets are available to cover the
liabilities of First Ameritas' General Account. First Ameritas
may, from time to time, withdraw assets available to cover
General Account obligations. The income, from capital gains, and
capital losses of each Subaccount are credited to or charged
against the assets held in that Subaccount in accordance with the
terms of the Policy.
INFORMATION CONCERNING INSURANCE OF HOLDERS OF SECURITIES
51. Furnish the following information with respect to insurance of holders of
securities:
(a) The name and address of the insurance company.
SEE Item 2.
(b) The types of Policies and whether individual or group Policies.
The Policy is a flexible premium variable universal life
insurance policy issued on an individual basis.
(c) The types of risks insured and excluded.
The mortality risk assumed by First Ameritas is that
Insureds may live for a shorter time than assumed, and
that an aggregate amount of death benefits greater than
that assumed accordingly will be paid. The expense risk
assumed is that expenses incurred in issuing and
administering the policies will exceed the administrative
charges provided in the Policies.
(d) The coverage of the Policies.
See Paragraph (c) of this Item. The minimum specified
amount is stated in each Policy. Life insurance proceeds
will be reduced by any outstanding policy debt and any due
and unpaid charges.
(e) The Beneficiaries of such Policies and the uses to which the
proceeds of Policies must be put.
The recipient of the benefits of the insurance
undertakings described in Item 51(c) is either the Policy
Owner or the beneficiary or contingent beneficiary
specified in the Policy. There are no restrictions on the
use of proceeds other than those established by the Policy
Owner.
(f) The terms and manners of cancellation and of reinstatement.
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<PAGE>
The insurance undertakings described in the answer to Item
51(c) are an integral part of the Policy and may not be
terminated while the Policy remains in effect.
(g) The method of determining the amount of premiums to be paid by
holders of securities.
See Items 13(a) and 13(e) for the amount of charges
imposed. See Items 10(c), 10(i) and 44(c) for the manner
in which the premium is determined.
(h) The amount of aggregate premiums paid to the insurance company
during the last fiscal year.
Not applicable.
(i) Whether any person other than the insurance company receives any
part of such premiums, the name of each such person and the
amounts involved, and the nature of the services rendered
therefor.
No person other than First Ameritas receives any part of
the amount deducted for assumption of mortality and
expense risks.
(j) The substance of any other material provisions of any indenture
or agreement of the trust relating to insurance.
None.
VII.
POLICY OF REGISTRANT
52. (a) Furnish the substance of the provisions of any indenture or agreement
with respect to the conditions upon which and the method of selection
by which particular portfolio securities must or may be eliminated
from assets of the trust or may be replaced by other portfolio
securities. If an investment adviser or other person is to be employed
in connection with such selection, elimination or substitution, state
the name of such person, the nature of any affiliation to the
depositor, trustee or custodian, and any principal underwriter, and
the amount of remuneration to be received for such services. If any
particular person is not designated in the indenture or agreement,
describe briefly the method of selection of such person.
See Items 10(g) and 10(h) regarding First Ameritas' right
to substitute any other investment for shares of the
Separate Account.
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<PAGE>
(b) Furnish the following information with respect to each
transaction involving the elimination of any underlying security
during the period covered by the financial statements filed
herewith.
Not applicable.
(c) Describe the Policy of the trust with respect to the substitution
and elimination of the underlying securities of the trust with
respect to:
(1) the grounds for elimination and substitution;
(2) the type of securities which may be substituted;
(3) whether the acquisition of such substituted security or
securities would constitute the concentration of
investment in a particular industry or group of industries
or would conform to a Policy of concentration of
investment in a particular industry or group of
industries;
(4) whether such substituted securities may be the securities
of another investment company; and
(5) the substance of the provisions of any indenture or
agreement which authorize or restrict the Policy of the
registrant in this regard.
See Items 10(g) and 10(h).
(d) Furnish a description of any Policy (exclusive of Policies
covered by paragraphs (a) and (b) herein) of the trust which is
deemed a matter of fundamental policy and which is elected to be
treated as such.
None.
(e) Provide a brief statement disclosing whether the trust and its
principal underwriter have adopted codes of ethics under rule
17j-1 of the Investment Company Act and whether these codes of
ethics permit personnel subject to the codes to invest in
securities, including securities that may be purchased or held by
the trust. Also explain that these codes of ethics can be
reviewed and copied at the Commission's Public Reference Room in
Washington, D.C., that information on the operation of the Public
Reference Room may be obtained by calling the Commission at
1-202-942-8090, that these codes of ethics are available on the
EDGAR Database on the Commission's Internet site at
http://www.sec.gov, and that copies of these codes of ethics may
be obtained, after paying a duplicating fee, by electronic
request at the following E-mail address: [email protected], or
by writing the Commission's Public Reference Section, Washington,
D.C. 20549- 0102.
AIC has adopted a code of ethics under rule 17j-1 of the
Investment Company Act and this code of ethics permits
personnel subject to the
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code to invest in securities, including securities that
may be purchased or held by the trust. This code of ethics
can be reviewed and copied at the Commission's Public
Reference Room in Washington, D.C.; information on the
operation of the Public Reference Room may be obtained by
calling the Commission at 1-202-942-8090; this code of
ethics is available on the EDGAR Database on the
Commission's Internet site at http://www.sec.gov; and
copies of this code of ethics may be obtained, after
paying a duplicating fee, by electronic request at the
following E-mail address: [email protected], or by
writing the Commission's Public Reference Section,
Washington, D.C. 20549-0102.
Regulated Investment Company
53. (a) State the taxable status of the trust.
First Ameritas does not currently expect to incur any
additional federal income tax liability attributable to
the Separate Account with respect to the sale of the
Polices. Accordingly, no charge is being made currently to
the Separate Account for federal income taxes. If,
however, First Ameritas determines that it may incur such
taxes attributable to the Separate Account, it may assess
a charge for such taxes against the Separate Account.
First Ameritas may also incur state and local taxes (in
addition to premium taxes for which a deduction from
premiums is currently made). At present, these are not
charged against the Separate Account. If there is a
material change in state or local tax laws, charges for
such taxes attributable to the Separate Account, if any,
may be assessed against the Separate Account.
(b) State whether the trust qualified for the last taxable year as
regulated investment company as defined in Section 851 of the
Internal Revenue Code of 1954, and state its present intention
with respect to such qualification during the current taxable
year.
Not applicable.
VIII.
FINANCIAL AND STATISTICAL INFORMATION
54. If the trust is not the issuer of periodic payment plan certificates,
furnish the following information with respect to each class or series
of its securities.
Not applicable.
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55. If the trust is the issuer of periodic payment plan certificates, a
transcript of a hypothetical account shall be filed in approximately the
following form on the basis of the certificate calling for the smallest
amount of payments. The schedule shall cover a certificate of the type
currently being sold assuming that such certificate had been sold at a
date approximately ten years prior to the date of registration or at the
approximate date of organization of the trust.
Not applicable.
56. If the trust is the issuer of periodic payment plan certificates,
furnish by years for the period covered by the financial statements
filed herewith in respect of certificates sold during each period, the
following information each fully paid type and each installment payment
type of periodic payment plan certificate currently being issued by the
trust.
Not applicable.
57. If the trust is the issuer of periodic payment plan certificates,
furnish by years for the period covered by the financial statements
filed herewith the following information for each installment payment
type of periodic payment plan certificate currently being issued by the
trust.
Not applicable.
58. If the trust is the issuer of periodic payment plan certificates,
furnish the following information for each installment payment type of
periodic payment plan certificate outstanding as at the latest
practicable date.
Not applicable.
59. Financial statements:
Financial Statements of the Trust
Prior to the effective date of the prospectus, the account has had no
business activities, no assets or liabilities, and has no financial
statement.
Financial Statements of the Depositor
The financial statements of the Company will be contained in a
pre-effective amendment to the registration statement on Form S-6 filed
by the Registrant pursuant to the Securities Act of 1933. At that point,
they will be incorporated herein by reference.
IX.
EXHIBITS
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The following exhibits to the Trust's registration statement on Form S-6 are
incorporated by reference:
A. (1) Resolution of the Board of Directors of First Ameritas authorizing
the establishment of the Separate Account.
(2) Not applicable.
(3) (a) Principal Underwriting Agreement.
(b) Proposed Form of Selling Agreement.
(c) Commission Schedule. -To be provided
(4) Not applicable.
(5) Proposed Form of Policy and Riders.
(6) (a) Articles of Incorporation of First Ameritas.
(b) Bylaws of First Ameritas.
(7) Not applicable.
(8) Proposed Form of Participation Agreement.
(9) Not applicable.
(10) Proposed Form of Application for Policy.
(11) Code of Ethics
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SIGNATURE
Pursuant to the requirements of the Investment Company Act of 1940 the
Depositor of the Registrant has caused this registration statement to be duly
signed on behalf of the Registrant in the City of Suffern, State of New York on
June 12, 2000.
FIRST AMERITAS VARIABLE LIFE SEPARATE ACCOUNT
(Registrant)
of
FIRST AMERITAS LIFE INSURANCE CORP. OF NEW YORK
(Depositor)
/s/ Mitchell F. Politzer
By: _________________________________________________
Mitchell F. Politzer, President and Chief Executive Officer
/s/ Donald R. Stading
Attest: ____________________________
Donald R. Stading, Vice President,
Secretary and General Counsel
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