CREDIT AGREEMENT



                                      among



                      AMERICAN MEDICAL SECURITY GROUP, INC.



                                  as Borrower,



                            THE LENDERS NAMED HEREIN



                                       and



                       LASALLE BANK NATIONAL ASSOCIATION,



                                    as Agent







                                   DATED AS OF



                                December 30, 2002









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                                TABLE OF CONTENTS





                                                                                                               PAGE

{S}     {C}                                                                                                      {C}

I.       DEFINITIONS..............................................................................................1



II.      THE CREDITS.............................................................................................15

         2.1.     Commitment.....................................................................................15

         2.2.     Required Payments; Termination.................................................................16

         2.3.     Ratable Loans..................................................................................16

         2.4.     Types of Advances..............................................................................16

         2.5.     Facility Fee; Reductions in Aggregate Commitment...............................................16

         2.6.     Minimum Amount of Each Advance.................................................................16

         2.7.     Optional Principal Payments....................................................................17

         2.8.     Mandatory Commitment Reductions................................................................17

         2.9.     Method of Selecting Types and Interest Periods for New Advances................................17

         2.10.    Conversion and Continuation of Outstanding Advances............................................18

         2.11.    Changes in Interest Rate, etc..................................................................18

         2.12.    Rates Applicable After Default.................................................................18

         2.13.    Method of Payment..............................................................................19

         2.14.    Evidence of Indebtedness.......................................................................19

         2.15.    Telephonic Notices.............................................................................20

         2.16.    Interest Payment Dates; Interest and Fee Basis.................................................20

         2.17.    Notification of Advances, Interest Rates, Prepayments and Commitment Reductions................20

         2.18.    Lending Installations..........................................................................20

         2.19.    Non-Receipt of Funds by the Agent..............................................................21



III.     YIELD PROTECTION; TAXES.................................................................................21

         3.1.     Yield Protection...............................................................................21

         3.2.     Changes in Capital Adequacy Regulations........................................................22

         3.3.     Availability of Types of Advances..............................................................22

         3.4.     Funding Indemnification........................................................................23

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