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Amendment To Advisory Agreement

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EXHIBIT 10.03


CONSECO CAPITAL MANAGEMENT, INC.
11825 N. Pennsylvania Street
P.O. Box 1925
Carmel, Indiana 46032
317.817.2804


March 2, 1998 Mr. Weldon W. Wilson Executive Vice President General Counsel & Secretary Life Reassurance Corporation of America 969 High Ridge Rd. Stamford, CT 06905


RE: LIFE REASSURANCE CORPORATION
LIFERE CORPORATION
REASSURE AMERICA LIFE INSURANCE COMPANY
TEXASRE LIFE INSURANCE COMPANY
INVESTMENT ADVISORY AGREEMENT


Dear Mr. Wilson:


We are writing to inform you of some revisions to the language of the scope of liability clause in our standard form of investment advisory agreement. In order to better track the language generally prescribed by the Securities and Exchange Commission for these types of clauses, we have, among other changes, removed the word "gross" before "negligence", removed the words "willful misfeasance" and substituted "malfeasance", and removed the words "in bad faith" from the same clause in paragraph (a). We also have made some stylistic changes.
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