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EXHIBIT 4(l)
----GOLDEN GUARANTEED DEATH BENEFIT
-------AMERICAN AND TRANSFER
---------LIFE INSURANCE ENDORSEMENT
-------COMPANY
Golden American is a stock company domiciled in Delaware.
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On the Endorsement Effective Date, the provisions of the Contract
to which this endorsement is attached are amended as follows. If
no Endorsement Effective Date is shown, the Endorsement Effective
Date is the same as the Contract Date. Where used in this
Endorsement, the term Contract shall include any Certificate to
which this Endorsement is attached. Where the provisions of this
Endorsement conflict with the provisions of the Contract as of
the Endorsement Effective Date, the provisions of this
Endorsement will control.
DEATH BENEFIT
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The Death Benefit is the greatest of (i), (ii) and (iii) below,
where:
(i) is the Accumulation Value less any Credits applied within
[12] months of the date of death;
(ii) is the Guaranteed Death Benefit less any Credits applied
within [12] months of the date of death;
(iii) is the Cash Surrender Value.
GUARANTEED DEATH BENEFIT
------------------------
The Guaranteed Death Benefit for the Contact is equal to the sum
of I and II below.
I. The Guaranteed Death Benefit Base for non-Special Funds
II. The Accumulation Value allocated to Special Funds
On the Contract Date, the Guaranteed Death Benefit Base for non-
Special Funds is the initial premium plus any Credit, if
applicable, allocated to non-Special Funds. On subsequent
Valuation Dates, the Guaranteed Death Benefit Base for non-
Special Funds is calculated as follows:
(1) Start with the Guaranteed Death Benefit Base for non-Special
Funds from the prior Valuation Date.
(2) Add any additional premiums paid and any Credits allocated
to non-Special Funds during the current Valuation Period to (1).
(3) Adjust (2) for any transfers to or from Special Funds during
the current Valuation Period.
(4) Subtract from (3) any Prorata Partial Withdrawal Adjustments
for any Partial Withdrawal made from non-Special Funds during the
current Valuation Period.
The Guaranteed Death Benefit Base for Special Funds has a
corresponding definition, but with respect to amounts allocated
to Special Funds.
Transfers from Special Funds to non-Special Funds will reduce the
Guaranteed Death Benefit Base for Special Funds on a prorata
basis. The resulting increase in the Guaranteed Death Benefit
Base for non-Special Funds will equal the lesser of the reduction
in the Guaranteed Death Benefit Base for Special Funds and the
net Accumulation Value transferred.
Transfers from non-Special Funds to Special Funds will reduce the
Guaranteed Death Benefit Base for non-Special Funds on a prorata
basis. The resulting increase in the Guaranteed Death Benefit
Base for Special Funds will equal the reduction in Guaranteed
Death Benefit Base for non-Special Funds.
GA-RA-1044-3(REV).doc
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SPECIAL FUNDS
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Where used in this Endorsement, Special Funds are [the Liquid
Asset Division, the Limited Maturity Bond Division, the Fixed
Allocations and the Guaranteed Interest Division]. We may add
newly available divisions as Special Funds. We may also
reclassify an existing division as a Special Fund or remove such
designation upon 30 days notice to you. Such reclassification
will apply to amounts transferred or otherwise added to such
division after the date of change. We may reduce the Mortality
and Expense Risk Charge (if applicable) for that portion of the
Contract invested in a Special Fund.
SPECIAL AND PRORATA PARTIAL WITHDRAWAL ADJUSTMENTS
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For any partial withdrawal, the Death Benefit components will be
reduced by Prorata Partial Withdrawal Adjustments. The Prorata
Partial Withdrawal Adjustment to a Death Benefit component for a
partial withdrawal is equal to (1) divided by (2) multiplied by
(3), where: (1) is the Accumulation Value withdrawn; (2) is the
Accumulation Value immediately prior to withdrawal; and (3) is
the amount of the applicable Death Benefit component immediately
prior to the withdrawal. Separate adjustments will apply to the
amounts in the Special and non-Special Funds.
CHANGE OF OWNER
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A change of Owner will result in recalculation of the Death
Benefit and the Guaranteed Death Benefit. If the Owner's or the
oldest of multiple Owners' attained age at the time of the change
is less than [85], the Guaranteed Death Benefit in effect prior
to the change will remain in effect and the Death Benefit
provision shall apply.
If any owner's or oldest multiple owners attained age is [86] or
greater at the time of the change, the Guaranteed Death Benefit
will be zero, and the Death Benefit will then be the Cash
Surrender Value.
SPOUSAL CONTINUATION UPON DEATH OF OWNER
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If at the Owner's death, the surviving spouse of the deceased
Owner is the Beneficiary and such surviving spouse elects to
continue the Contract as their own pursuant to Internal Revenue
Code Section 72(s) or the equivalent provisions of U.S. Treasury
Department rules for qualified plans, the following will apply:
(a) If the Guaranteed Death Benefit as of the date we receive
due proof of death of the Owner, minus the Accumulation Value,
also as of that date, is greater than zero, we will add such
difference to the Accumulation Value. Such addition will be
allocated to the divisions of the Separate Account in the same
proportion as the Accumulation Value in each division bears to
the Accumulation Value in the Separate Account. If there is no
Accumulation Value in the Separate Account, the addition will be
allocated to the Liquid Asset division, or its successor.
(b) The Guaranteed Death Benefit will continue to apply, with
all age criteria using the surviving spouse's age as the
determining age.
(c) At subsequent surrender, any surrender charge applicable to
premiums paid prior to the date we receive due proof of death of
the Owner will be waived. Any premiums paid later will be
subject to any applicable surrender charge.
This addition to Accumulation Value is available only to the
spouse of the Owner as of the date of death of the Owner if such
spouse under the provisions if this Contract elects to continue
the Contract as their own.
GA-RA-1044-3(REV).doc 2
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DEDUCTIONS FROM THE DIVISIONS
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Mortality and Expense Risk Charge - We deduct a charge from the
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assets in each Separate Account division on a daily basis of not
more than [0.004002%] (equivalent to an annual maximum rate of
[1.45%]) for mortality and expense risks. The charge is not
deducted from the Fixed Account or General Account accumulation
values.
RESTRICTED FUNDS
Restricted Funds are subject to limits as to amounts which may be
invested or transferred into such divisions. The designation of
a division as a Restricted Fund may be changed upon 30 days
notice to the Owner with regard to future transfers and premium
payments into such division. When a new division is made
available it may be designated as a Restricted Fund. If so
designated, the rules regarding its restrictions will be sent to
the Owner. Also listed below are the total Contract limits for
Restricted Funds. Listed below are the total Contract limits for
Restricted Funds.
THRESHOLDS
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MAXIMUM
ALLOCATION % OF MAXIMUM
ACCUMULATION VALUE PREMIUM % DOLLAR CAP
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Contract Limits [30%] [99.999%] [$9,999,999]
THRESHOLDS
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Each Restricted Fund has one or more thresholds at which point no
further amounts may be allocated to that division. Compliance
with a threshold is verified whenever there is a transaction
initiated which is subject to such threshold (premium payments,
transfers, withdrawals). A threshold is applied to the total
Accumulation Value of each Restricted Fund. Thresholds may be
changed by the Company for new premiums, transfers or withdrawals
by Restricted Fund upon 30 day notice.
DOLLAR CAP
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The Dollar Cap is the dollar amount at which no further
Accumulation Value may be added to Restricted Funds.
PREMIUM THRESHOLD
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The threshold for premium by Restricted Fund limits the amount of
any premium which may be allocated to that division. Should a
request for allocation to a Restricted Fund exceed the limit in
effect for that division or for the Contract, any excess over
that amount shall be allocated prorata to any non-Restricted
Fund(s) in which the Contract is then invested. Should the
Contract not be invested in other non-Restricted Funds, the
excess will be invested in the Specially Designated Division
unless we receive written instructions to do otherwise. Premium
allocations must also satisfy the Allocation Threshold.
ALLOCATION THRESHOLD
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Allocations into a Restricted Fund are limited to that amount
such that the Accumulation Value in that Restricted Fund after
such allocation does not exceed the threshold for that division
and does not cause the Contract's total limit on allocation to
Restricted Funds to be exceeded. If the amount of an allocation
would cause either limit to be exceeded, the allocation will only
be executed to the extent the lower limit would allow.
GA-RA-1044-3(REV).doc 3
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Allocations from a Restricted Fund will be allowed even if the
amount remaining in the Restricted Fund after an allocation
exceeds the Allocation Threshold. If a program of allocations
over time is authorized by us, verification of the threshold will
be performed at the initiation of such program. If such program
is modified at a later date, a testing of thresholds will be done
at that time.
THRESHOLDS - EFFECT ON WITHDRAWALS
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If a withdrawal is requested while any Accumulation Value is
allocated to Restricted Funds and the Allocation Threshold
percentage is currently exceeded, the percentage for funds
invested in Restricted Funds for the total Contract, after taking
into account the withdrawal, may not be higher than prior to the
withdrawal. Should the calculated effect of a withdrawal result
in the total Contract threshold being exceeded, the excess
portion of the withdrawal will be processed prorata from all
variable divisions.
Systematic withdrawals, while the Contract has investments in
Restricted Funds, if not withdrawn prorata from all divisions,
shall be monitored annually to assure threshold compliance.
Should the effect of such withdrawals cause a Restricted Fund to
exceed its threshold, the divisions from which the withdrawals
are processed may be adjusted to assure that the percentage of
Accumulation Value in the Restricted Funds does not increase.
THRESHOLD PROCESSING
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For the purpose of calculating any thresholds, the values for the
divisions will be determined using the prior day's closing index
of investment experience.
All other provisions of the Contract to which this Endorsement is
attached remain unchanged.
Signed: /s/ Barnett Chernow
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Barnett Chernow
GA-RA-1044-3(REV).doc 4
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