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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
PROVIDENT AMERICAN CORPORATION
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(Name of Issuer)
Common Voting Stock
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(Title of Class of Securities)
743832-990
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(CUSIP Number)
Anthony R. Verdi, Chief Financial Officer, Provident American Corporation, 2500
DeKalb Pike, P. O. Box 511, Norristown, PA 19404-0511 Telephone: (610) 279-2500
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
July 24, 1996
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
CUSIP No. 743832-990
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1) Names of Reporting Persons S.S. or I.R.S. Identification Nos.
of Above Persons
Richard E. Field ("Field") ......Social Security
No.:###-##-####
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2) Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) .............................................
(b) ........................................... X
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3) SEC Use Only
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4) Source of Funds (See Instructions) ..................SC, PF
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5) Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
..............................................................
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6) Citizenship or Place of Organization
United States of America
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Number of 7) Sole Voting Power.............707,500
Shares Bene-
ficially 8) Shared Voting Power..................
Owned by
Each 9) Sole Dispositive Power........707,500
Reporting Person
With 10) Shared Dispositive Power.............
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11) Aggregate Amount Beneficially Owned by Each Reporting
Person..........................................707,500
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12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions).............................
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13) Percent of Class Represented by Amount in Row (11)......7.0%
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14) Type of Reporting Person (See Instructions)............IN
..............................................................
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Item 1. Security and Issuer.
Common Voting Stock
Provident American Corporation
2500 DeKalb Pike
P. O. Box 511
Norristown, PA 19404-0511
Item 2. Identity and Background.
(a) Richard E. Field ("Field")
(b) 2500 DeKalb Pike, Norristown, Pennsylvania 19404-0511
(c) Consultant
Provident Indemnity Life Insurance Company
2500 DeKalb Pike, P.O. Box 511
Norristown, PA 19404-0511
Sale of health and life insurance products
(d) No
(e) No
(f) United States of America
Item 3. Source and Amount of Funds or Other Consideration.
o Effective January 1, 1996, pursuant to a Stock
Option/Warrant Agreement dated as of January 1, 1996,
Field received an option to purchase 100,000 shares of
Issuer's Common Voting Stock at a price of $7.25 per
share. The Warrant also provides that Field may
acquire 100,000 additional shares of Issuer's Common
Voting Stock in each of 1997 and 1998 provided certain
premium levels are attained.
o Effective July 24, 1996, Field purchased 150,000
shares of Issuer's Common Voting Stock for total
consideration of $1,406,250 in a market transaction
using borrowed funds collateralized by shares of
Issuer's Common Voting Stock.
o Pursuant to a Stock Exchange Agreement dated June 18,
1996, Issuer acquired all of the issued and
outstanding stock of Richard E. Field & Associates,
Inc. ("REF") in exchange for 457,000 shares of
Issuer's Common Voting Stock.
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Item 4. Purpose of Transaction.
Investment
Pursuant to the Stock Option/Warrant Agreement dated as of
January 1, 1996, Field also may acquire 100,000 additional
shares of Issuer's Common Voting Stock in each of 1997 and 1998
provided certain premium levels are attained.
Item 5. Interest in Securities of the Issuer.
Richard E. Field
(a) 707,500 shares of Issuer's Common Voting
Stock, representing 7.0% of outstanding shares
(b) Sole power to vote and dispose of 707,500
shares
(c) On March 14, 1997, Field received options to
purchase 100,000 shares of Issuer's Common
Voting Stock at a price of $7.25 per share,
effective as of December 31, 1996
(d) Not applicable
(e) Not applicable
Item 6. Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer.
Pursuant to the Stock Option/Warrant Agreement dated as of
January 1, 1996, Field also may acquire 100,000 additional
shares of Issuer's Common Voting Stock in each of 1997 and 1998
provided certain premium levels are attained.
Item 7. Material to be Filed as Exhibits.
(1) Field Stock Option/Warrant Agreement dated as of January
1, 1996
(2) Stock Exchange Agreement dated June 18, 1996 among
Issuer, Field, Arthur Ivey, and REF.
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After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
March 27, 1997
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Date
/s/ Richard E. Field
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Signature
Richard E. Field
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Name/Title
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