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EXHIBIT 9(a)
November 29, 2000
Peoples Benefit Life Insurance Company
Home Office
4333 Edgewood Road NE
Cedar Rapids, Iowa 52499
RE: Peoples Benefit Life Insurance Company Separate Account V (Advisor's Edge
Variable Annuity, Advisor's Edge Select Variable Annuity) - Opinion and
Consent
To Whom It May Concern:
This opinion and consent is furnished in connection with the filing of Post-
Effective Amendment No. 14 (the "Amendment") to the Registration Statement on
Form N-4, File No. 33-80958 (the "Registration Statement") under the Securities
Act of 1933, as amended (the "Act"), of Peoples Benefit Life Insurance Company
Separate Account V ("Separate Account V"). Separate Account V receives and
invests premiums allocated to it under a flexible premium multi-funded annuity
contract (the "Annuity Contract"). The Annuity Contract is offered in the
manner described in the prospectuses contained in the Registration Statement
(the "Prospectuses").
In my capacity as legal adviser to Peoples Benefit Life Insurance Company, I
hereby confirm the establishment of Separate Account V pursuant to the
provisions of Section 508A.1 of the Iowa Code. In addition, I have made such
examination of the law in addition to consultation with outside counsel and have
examined such corporate records and such other documents as I consider
appropriate as a basis for the opinion hereinafter expressed. On the basis of
such examination, it is my professional opinion that:
1. Peoples Benefit Life Insurance Company is a corporation duly organized and
validly existing under the laws of the State of Iowa.
2. Separate Account V is an account established and maintained by Peoples
Benefit Life Insurance Company pursuant to the laws of the State of Iowa,
under which income, capital gains and capital losses incurred on the assets
of Separate Account V are credited to or charged against the assets of
Separate Account V, without regard to the income, capital gains or capital
losses arising out of any other business with Peoples Benefit Life Insurance
Company may conduct.
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3. Assets allocated to Separate Account V will be owned by Peoples Benefit Life
Insurance Company. The assets in Separate Account V attributable to the
Annuity Contract generally are not chargeable with liabilities arising out
of any other business which Peoples Benefit Life Insurance Company may
conduct. The assets of Separate Account V are available to cover the general
liabilities of Peoples Benefit Life Insurance Company only to the extent
that the assets of Separate Account V exceed the liabilities arising under
the Annuity Contracts.
4. The Annuity Contracts have been duly authorized by Peoples Benefit Life
Insurance Company and, when sold in jurisdictions authorizing such sales, in
accordance with the Registration Statement, will constitute validly issued
and binding obligations of Peoples Benefit Life Insurance Company in
accordance with their terms.
5. Owners of the Annuity Contracts as such, will not be subject to any
deductions, charges or assessments imposed by Peoples Benefit Life Insurance
Company other than those provided in the Annuity Contract.
I hereby consent to the use of this opinion as an exhibit to the Amendment and
to the reference to my name under the heading "Legal Matters" in the
Prospectuses.
Very truly yours,
/s/ Brenda Sneed
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Brenda D. Sneed
Assistant General Counsel, FMD
