ENDORSEMENT
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ASSET REBALANCING OPTION PROVISIONS
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This endorsement is attached to and made part of the Contract as of its issue
date or, if later, the date shown below.
Prior to the Annuity Payout Date, the Company offers an Automatic Exchange
option, known as the Asset Rebalancing option. Under this option, the Owner may
authorize the Company to Exchange Contract Value among the Accounts each quarter
to maintain a percentage allocation among the Accounts specified by the Owner.
To elect the option, the Owner's Contract Value must be at least $10,000 ($2,000
for a Contract funding a Qualified Plan) at the time the Owner's written request
is Received by the Company. The Owner's written request to the Company must set
forth the Accounts included under the option and the percent of Contract Value
which should be allocated to each Account each quarter. The Company may require
all Contract Value allocated to the Subaccounts to be included in the Asset
Rebalancing option. The Fixed Account may be included in the Asset Rebalancing
option, provided that upon an Asset Rebalancing request being Received by the
Company, Contract Value may be allocated among the Fixed Account and the
Subaccounts in the percentages selected by the Owner without violating the
limits on Exchanges from the Fixed Account. Please see "Exchanges" on page 8.
The Company will make the first Exchange pursuant to this option on the
beginning date which is: (1) the date specified by the Owner; or (2) if no date
is specified by the Owner, the request is received after the date specified or
the date specified is not a working day, the date the written request in proper
form is Received by the Company. Subsequent Exchanges will be made on each
quarterly anniversary of the beginning date. Exchanges to and from the
Subaccounts are made on the basis of the Accumulation Unit Value as of the end
of the Valuation Period in which they are effected. Exchanges to and from the
Fixed Account are made on the basis of Fixed Account Contract Value as of the
end of the Valuation Period in which they are effected. Exchanges made pursuant
to this option are not included in the six Exchanges allowed per Contract Year.
The Owner may terminate the Asset Rebalancing option by written request to the
Company. The option will terminate automatically: (1) on the Annuity Payout
Date; (2) on receipt by the Company of Proof of Death of the Owner; and (3) in
the event of an Exchange of Contract Value otherwise than pursuant to this
Automatic Exchange option. If the Fixed Account is part of the option, the
following transactions also will terminate the option automatically: (1) a
Purchase Payment allocated to the Fixed Account; (2) any Exchange to or from the
Fixed Account; and (3) any Withdrawal of Contract Value. The Owner may not have
in effect at the same time the Dollar Cost Averaging and Asset Rebalancing
options.
FIRST SECURITY BENEFIT LIFE INSURANCE AND ANNUITY COMPANY OF NEW YORK
XXXXX X. XXXXX XXXXXX X. XXXXXX
Secretary President
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Endorsement Effective Date
(If Other Than Issue Date)
00-00000-00
FSB212 (4-94) SP 02121
