EXHIBIT  3(a)
 
                                1998
 
                              RESTATED
 
                     CERTIFICATE OF INCORPORATION
 
                                 OF
 
                     PROTECTIVE LIFE CORPORATION
 
 
         The undersigned Corporation does hereby certify as follows:
 
     (1)  The  original   Certificate  of  Incorporation  of  this  Corporation,
Protective  Corporation,  was filed with the  Secretary  of State of Delaware on
February 3, 1981. Restated Certificates of Incorporation of the Corporation were
filed with the Secretary of State of Delaware on June 26, 1981, and May 17, 1983
and May 7, 1985.
 
     (2) This Restated Certificate of Incorporation only restates and integrates
and does not further amend the  provisions of the said Restated  Certificate  of
Incorporation  as heretofore  amended and there is no discrepancy  between those
provisions   and  the   provisions   of  this  1998  Restated   Certificate   of
Incorporation;
 
     (3) This  Restated  Certificate  of  Incorporation  was duly adopted by the
Board of  Directors of the  Corporation  in  accordance  with Section 245 of the
General Corporation Law of the State of Delaware; and
 
     (4) The text of the Restated  Certificate  of  Incorporation  as amended or
supplemented heretofore is hereby restated without further amendments or changes
to read as set forth in full:
 
                                   ARTICLE I
 
                                     NAME
 
     1.1 The name of the Corporation shall be Protective Life Corporation.
 
 
                                   ARTICLE II
 
                         REGISTERED AND PRINCIPAL OFFICE
 
     2.1 The address of its  registered  office in the State of Delaware is 1209
Orange Street in the City of Wilmington,  County of New Castle.  The name of its
registered agent at such address is The Corporation Trust Company.  The location
of the principal office of the Corporation in the State of Alabama shall be 2801
Highway 280 South, Birmingham, Alabama 35223.
 
                                   ARTICLE III
 
                                      PURPOSES
 
     3.1 The  purposes  of the  Corporation  are to engage in any lawful acts or
activities for which corporations may be organized under the General Corporation
Law of Delaware.
 
                                     ARTICLE IV
 
                                     CAPITAL STOCK
 
     4.1 The total  number of shares of all  classes of capital  stock which the
Corporation  shall have  authority  to issue is one hundred  sixty-four  million
(164,000,000),  of which one hundred sixty million  (160,000,000)  shares of the
par value of $0.50 per share are to be of a class designated  "Common Stock" and
four million (4,000,000) shares of the par value of $1.00 per share are to be of
a class  designated  "Preferred  Stock." The Preferred  Stock may be issued from
time to time as a class  without  series,  or if so  determined  by the Board of
Directors,  either  in whole or in part in one or more  series.  There is hereby
expressly  granted to and vested in the Board of Directors  authority to fix and
determine by resolution the voting powers, full or limited, or no voting powers,
and such  designations,  preferences  and relative,  participating,  optional or
other  special  rights,   if  any,  and  the   qualifications,   limitations  or
restrictions  thereof, if any, including  specifically,  but not limited to, the
dividend  rights,   conversion   rights,   redemption   rights  and  liquidation
preferences,  if any of any wholly unissued series of Preferred Stock (or of the
entire class of  Preferred  Stock if none of such shares has been  issued),  the
number of shares  constituting  any such series and the terms and  conditions of
the issue thereof. A certificate setting forth a copy of each such resolution or
resolutions  and the  number of shares of stock of each such class or series may
be  executed,  acknowledged,  filed and  recorded in  accordance  with  Delaware
General  Corporation  Law. Unless  otherwise  provided in any such resolution or
<PAGE>
 
resolutions,  the  number of shares of stock of any such  class or series so set
forth in such resolution or resolutions may thereafter be increased or decreased
(but not below the number of shares thereof then outstanding),  by a certificate
likewise  executed,  acknowledged,  filed and recorded setting forth a statement
that a specified  increase or decrease  therein had been authorized and directed
by a resolution or resolutions  likewise  adopted by the Board of Directors.  In
case the number of shares shall be decreased,  the number of shares so specified
in the certificate  shall resume the status which they had prior to the adoption
of the first resolution or resolutions.
 
     4.2 The  number of  authorized  shares of any  class,  including  Preferred
Stock, may be increased or decreased by the affirmative vote of the holders of a
majority of the outstanding  shares of the Corporation  entitled to vote without
the separate vote of holders of Preferred Stock voting as a class.
 
    4.3 Except as otherwise  provided by a resolution of the Board of Directors
creating any series of Preferred  Stock,  no holder of Preferred Stock or Common
Stock of the Corporation  shall have any preemptive  right as such holder (other
than such right,  if any, as the Board of  Directors  in its  discretion  may by
resolution determine pursuant to this Section 4.3) to purchase, subscribe for or
otherwise  acquire  any shares of stock of the  Corporation  of any class now or
hereafter authorized, or any securities convertible into or exchangeable for any
such shares, or any warrants or any instruments  evidencing rights or options to
subscribe  for,  purchase or  otherwise  acquire any such  shares,  whether such
shares,  securities,  warrants or other  instruments are now, or shall hereafter
be, authorized, unissued or issued and thereafter acquired by the Corporation.
 
     4.4 The Board of Directors has approved that a series of Preferred Stock of
the  Corporation  be, and it hereby is,  created,  and that the  designation and
amount thereof and the voting powers,  preferences  and relative  participating,
optional  and  other  special  rights  of the  shares  of such  series,  and the
qualifications, limitations or restrictions thereof are as follows:
 
                  Section 4.4.1       Designation and Amount.
 
     The  shares  of  such  series  shall  be  designated  as  Series  A  Junior
Participating Cumulative Preferred Stock, par value $1.00 per share (the "Junior
Preferred  Stock") and the number of shares  constituting  such series  shall be
Four  Hundred  Thousand  (400,000).  Such number of shares may be  increased  or
decreased by resolution of the Board of  Directors;  provided,  that no decrease
shall  reduce the number of shares of Junior  Preferred  Stock to a number  less
than the number of shares reserved for issuance upon the exercise of outstanding
options, rights or warrants or upon the conversion of any outstanding securities
issued by the Corporation convertible into Junior Preferred Stock.
 
                  Section 4.4.2       Dividends and Distributions.
 
     (A)  Subject  to the  rights of the  holders of any shares of any series of
preferred  stock (or any similar stock) ranking prior and superior to the Junior
Preferred  Stock with  respect  to  dividends,  the  holders of shares of Junior
Preferred  Stock, in preference to the holders of Common Stock, and of any other
junior stock which may be  outstanding,  shall be entitled to receive,  when, as
and if declared by the Board of Directors out of funds legally available for the
purpose, quarterly dividends payable in cash on the first day of January, April,
July and  October in each year (each  such date  being  referred  to herein as a
"Quarterly  Dividend Payment Date"),  commencing on the first Quarterly Dividend
Payment  Date  after the first  issuance  of a share or  fraction  of a share of
Junior  Preferred  Stock,  in an amount per share  (rounded to the nearest cent)
equal to the greater of (a) $2.50 per share  ($10.00 per annum),  or (b) subject
to the provision for adjustment  hereinafter set forth,  100 times the aggregate
per share amount of all cash  dividends,  and 100 times the  aggregate per share
amount  (payable  in kind) of all non- cash  dividends  or other  distributions,
other than a dividend  payable in shares of Common Stock or a subdivision of the
outstanding shares of Common Stock (by reclassification or otherwise),  declared
on the Common Stock since the immediately  preceding  Quarterly Dividend Payment
Date, or, with respect to the first Quarterly  Dividend  Payment Date, since the
first issuance of any share or fraction of a share of Junior Preferred Stock. In
the event the  Corporation  shall at any time  declare  or pay any  dividend  on
Common  Stock  payable in shares of Common  Stock,  or effect a  subdivision  or
combination  or  consolidation  of the  outstanding  shares of Common  Stock (by
reclassification  or otherwise than by payment of a dividend in shares of Common
Stock) into a greater or lesser number of shares of Common  Stock,  then in each
such case the amount to which holders of shares of Junior  Preferred  Stock were
entitled  immediately  prior to such event  under  clause  (b) of the  preceding
sentence  shall be  adjusted  by  multiplying  such  amount by a  fraction,  the
numerator  of  which  is the  number  of  shares  of  Common  Stock  outstanding
immediately  after  such  event and the  denominator  of which is the  number of
shares of Common Stock that were outstanding immediately prior to such event.
 
     (B) The Corporation  shall declare a dividend or distribution on the Junior
Preferred Stock as provided in paragraph (A) of this Section  immediately  after
it  declares a  dividend  or  distribution  on the Common  Stock  (other  than a
dividend  payable in shares of Common  Stock);  provided  that,  in the event no
dividend or distribution shall have been declared on the Common Stock during the
period  between any  Quarterly  Dividend  Payment  Date and the next  subsequent
<PAGE>
 
Quarterly  Dividend  Payment  Date,  a dividend  of $2.50 per share  ($10.00 per
annum) on the  Junior  Preferred  Stock  shall  nevertheless  be payable on such
subsequent Quarterly Dividend Payment Date.
 
    (C) Dividends shall begin to accrue and be cumulative on outstanding shares
of  Junior  Preferred  Stock  from the  Quarterly  Dividend  Payment  Date  next
preceding the date of issue of such shares of Junior Preferred Stock, unless the
date of issue of such shares is prior to the record date for the first Quarterly
Dividend  Payment  Date,  in which case  dividends or such shares shall begin to
accrue from the date of issue of such  shares,  or unless the date of issue is a
Quarterly  Dividend  Payment  Date or is a date  after the  record  date for the
determination of holders of shares of Junior Preferred Stock entitled to receive
a quarterly  dividend and before such Quarterly Dividend Payment Date, in either
of which events such dividends shall begin to accrue and be cumulative from such
Quarterly  Dividend Payment Date.  Accrued but unpaid dividends shall accumulate
but shall not bear interest.  Dividends  paid on the shares of Junior  Preferred
Stock in an  amount  less than the total  amount of such  dividends  at the time
accrued  and  payable  on  such  shares  shall  be  allocated   pro  rata  on  a
share-by-share basis among all such shares at the time outstanding. The Board of
Directors  may fix a record date for the  determination  of holders of shares of
Junior Preferred Stock entitled to receive payment of a dividend or distribution
declared thereon,  which record date shall be not more than 60 days prior to the
date fixed for the payment thereof.
 
                  Section 4.4.3       Voting Rights.
 
     The holders of shares of Junior  Preferred  Stock shall have the  following
voting rights.
 
     (A) Subject to the provisions for adjustment as hereinafter set forth, each
share of Junior  Preferred  Stock shall entitle the holder  thereof to 100 votes
(and each one  one-hundredth  of a share of Junior Preferred Stock shall entitle
the  holder  thereof  to one  vote) on all  matters  submitted  to a vote of the
stockholders of the Corporation.  In the event the Corporation shall at any time
declare or pay any dividend on Common Stock payable in shares of Common Stock or
effect a subdivision or combination or consolidation  of the outstanding  shares
of Common Stock (by classification or otherwise than by payment of a dividend in
shares of Common  Stock)  into a  greater  or lesser  number of shares of Common
Stock,  then in each such case the number of votes per share to which holders of
shares of Junior Preferred Stock were entitled  immediately  prior to such event
shall be adjusted by  multiplying  such number by a fraction,  the  numerator of
which is the number of shares of Common Stock outstanding immediately after such
event and the  denominator of which is the number of shares of Common Stock that
were outstanding immediately prior to such event.
 
 
     (B) Except as otherwise  provided herein, in the Restated  Certificate,  in
any other certificate of designation creating a series of preferred stock or any
similar stock,  or by law, the holders of shares of Junior  Preferred  Stock and
the  holders  of  shares of Common  Stock  and any  other  capital  stock of the
Corporation having general voting rights shall vote together as one class on all
matters submitted to a vote of stockholders of the Corporation.
 
     (C) If at any time the  Corporation  shall not have  declared  and paid all
accrued  and unpaid  dividends  on the Junior  Preferred  Stock as  provided  in
Section 2 hereof for four consecutive Quarterly Dividend Payment Dates, then, in
addition  to any voting  rights  provided  for in  paragraphs  (A) and (B),  the
holders of the Junior  Preferred  Stock shall have the exclusive  right,  voting
separately  as class,  to elect two  directors  on the Board of Directors of the
Corporation  (such  directors,  the  "Preferred  Directors").  The  right of the
holders of the Junior  Preferred  Stock to elect the Preferred  Directors  shall
continue  until all such accrued and unpaid  dividends  shall have been paid. At
such time, the terms of any of the Preferred  Directors shall terminate.  At any
time when the  holders  of the Junior  Preferred  Stock  shall have thus  become
entitled to elect Preferred  Directors,  a special meeting of shareholders shall
be called for the  purpose of  electing  such  Preferred  Directors,  to be held
within 30 days after the right of the holders of the Junior  Preferred  Stock to
elect such  Preferred  Directors  shall  arise,  upon notice given in the manner
provided by law or the by-laws of the Corporation for giving notice of a special
meeting of shareholders  (provided,  however,  that such a special meeting shall
not be called if the annual meeting of shareholders is to convene within said 30
days). At any such special meeting or at any annual meeting at which the holders
of the Junior  Preferred Stock shall be entitled to elect  Preferred  Directors,
the holders of a majority of the then outstanding Junior Preferred Stock present
in  person  or by proxy  shall be  sufficient  to  constitute  a quorum  for the
election of such  directors.  The  persons  elected by the holders of the Junior
Preferred  Stock at any meeting in  accordance  with the terms of the  preceding
sentence shall become directors on the date of such election.
<PAGE>
 
                  Section 4.4.4       Certain Restrictions.
 
     (A)  Whenever  quarterly  dividends  or other  dividends  or  distributions
payable on the Junior  Preferred  Stock as provided in Section 2 are in arrears,
thereafter and until all accrued and unpaid dividends and distributions, whether
or not declared, on shares of Junior Preferred Stock outstanding shall have been
paid in full, the Corporation shall not:
 
     (i) declare or pay dividends or, make any other distributions on any shares
or stock ranking junior (either as to dividends or upon liquidation, dissolution
or winding-up) to the Junior Preferred Stock;
 
     (ii)  declare or pay  dividends,  or make any other  distributions,  on any
shares of stock ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding-up) with the Junior Preferred Stock except dividends paid
ratably  on the  Junior  Preferred  Stock,  and all such  parity  stock on which
dividends  are payable or in arrears in proportion to the total amounts to which
the holders of all such shares are then entitled;
 
     (iii) redeem or purchase or otherwise acquire for  consideration  shares of
any stock  ranking on a parity  (either  as to  dividends  or upon  liquidation,
dissolution or winding-up) with the Junior  Preferred  Stock,  provided that the
corporation may at any time redeem,  purchase or otherwise acquire shares of any
such parity stock in exchange for shares of any stock of the Corporation ranking
junior (either as to dividends or upon  dissolution,  liquidation or winding-up)
to the Junior Preferred Stock; or
 
     (iv) purchase or otherwise  acquire for  consideration any shares of Junior
Preferred  Stock,  or any  shares of stock  ranking  on a parity  (either  as to
dividends  or upon  liquidation,  dissolution  or  winding-up)  with the  Junior
Preferred  Stock,  except in accordance with a purchase offer made in writing or
by publication  (as determined by the Board of Directors) to all holders of such
shares upon such terms as the Board of  Directors,  after  consideration  of the
respective  annual  dividend rates and other relative  rights and preferences of
the respective series classes, shall determine in good faith will result in fair
and equitable treatment among the respective series or classes.
 
     (B) The  Corporation  shall not permit any subsidiary of the Corporation to
purchase  or  otherwise  acquire  for  consideration  any shares of stock of the
Corporation  unless the Corporation  could,  under paragraph (A) of this Section
4.4.4,  purchase  or  otherwise  acquire  such  shares  at such time and in such
manner.
 
                  Section 4.4.5       Reacquired Shares.
 
     Any shares of Junior Preferred Stock purchased or otherwise acquired by the
Corporation  in any manner  whatsoever,  shall be retired and canceled  promptly
after the  acquisition  thereof.  All such shares shall upon their  cancellation
become authorized but unissued shares of preferred stock, without designation as
to series,  and may be reissued as part of a new series of preferred stock to be
created by resolution or resolutions  of the Board of Directors,  subject to the
conditions  and  restrictions  on issuance  set forth  herein,  in the  Restated
Certificate,  in any  other  certificate  of  designation  creating  a series of
preferred stock or any similar stock or as otherwise required by law.
 
                  Section 4.4.6       Liquidation, Dissolution or Winding-Up.
 
     Upon any voluntary or involuntary liquidation, dissolution or winding-up of
the Corporation,  no distribution  shall be made (A) to the holders of shares of
stock ranking junior (either as to dividends or upon liquidation, dissolution or
winding-up) to the Junior  Preferred Stock unless prior thereto,  the holders of
shares of Junior  Preferred  Stock shall have  received the higher of (i) $10.00
per  share,   plus  an  amount  equal  to  accrued  and  unpaid   dividends  and
distributions thereon,  whether or not declared, to the date of such payment, or
(ii) an aggregate  amount per share,  subject to the  provision  for  adjustment
hereinafter set forth, equal to 100 times the aggregate amount to be distributed
per share to holders of Common Stock;  nor shall any distribution be made (B) to
the  holders  of stock  ranking  on a parity  (either  as to  dividends  or upon
liquidation,  dissolution or winding-up) with the Junior Preferred Stock, except
distributions  made  ratably  on the Junior  Preferred  Stock and all other such
parity stock in proportion to the total amounts to which the holders of all such
shares are entitled upon such  liquidation,  dissolution or  winding-up.  In the
event the  Corporation  shall at any time  declare or pay any dividend on Common
Stock payable in shares of Common Stock,  or effect a subdivision or combination
or consolidation of the outstanding shares of Common Stock (by  reclassification
or  otherwise  than by payment of a dividend  in shares of Common  Stock) into a
greater or lesser number of shares of Common  Stock,  then in each such case the
aggregate  amount to which  holders  of shares  of  Junior  Preferred  Stock are
entitled  immediately  prior to such event under the  provision in clause (A) of
the  preceding  sentence  shall be  adjusted  by  multiplying  such  amount by a
fraction  the  numerator  of which is the  number  of  shares  of  Common  Stock
outstanding  immediately  after such event and the  denominator  of which is the
number of shares of Common Stock that were outstanding immediately prior to such
event.
<PAGE>
 
                  Section 4.4.7       Consolidation, Merger, etc.
 
     In case  the  Corporation  shall  enter  into  any  consolidation,  merger,
combination  or other  transaction  in which  the  shares  of  Common  Stock are
exchanged for or changed into other stock or  securities,  cash and/or any other
property,  or  otherwise  changed,  then in any such case  each  share of Junior
Preferred Stock shall at the same time be similarly exchanged or changed into an
amount per share (subject to the provision for adjustment hereinafter set forth)
equal to 100 times the aggregate  amount of stock,  securities,  cash and/or any
other  property  (payable in kind),  as the case may be, into which or for which
each share of Common Stock is changed or exchanged. In the event the Corporation
shall at any time declare or pay any dividend on Common Stock  payable in shares
of Common Stock, or effect a subdivision or combination or  consolidation of the
outstanding  shares of Common Stock (by  reclassification  or otherwise  than by
payment of a dividend in shares of Common Stock) into a greater or lesser number
of shares of Common  Stock,  then in each such case the  amount set forth in the
preceding  sentence  with  respect to the exchange or change of shares of Junior
Preferred  Stock shall be adjusted by multiplying  such amount by a fraction the
numerator  of  which  is the  number  of  shares  of  Common  Stock  outstanding
immediately  after  such  event and the  denominator  of which is the  number of
shares of Common Stock that were outstanding immediately prior to such event.
 
                  Section 4.4.8       No Redemption.
 
     The shares of Junior Preferred Stock shall not be redeemable.
 
                  Section 4.4.9       Rank.
 
     Unless otherwise  provided in the Restated  Certificate or a certificate of
designation   relating  to  a  subsequent  series  of  preferred  stock  of  the
Corporation, the Junior Preferred Stock shall rank junior to all other series of
the  Corporation's  preferred  stock  as to the  payment  of  dividends  and the
distribution of assets on liquidation,  dissolution or winding-up, and senior to
the Common Stock of the Corporation.
 
                  Section 4.4.10      Amendment.
 
     The Restated Certificate,  as amended and restated, shall not be amended in
any manner which would  materially  alter or change the powers,  preferences  or
special  rights of the Junior  Preferred  Stock so as to affect  them  adversely
without  the  affirmative  vote of the  holders  of at least  two-thirds  of the
outstanding  shares of  Junior  Preferred  Stock,  voting  together  as a single
series.
 
                  Section 4.4.11      Fractional Shares.
 
     Junior  Preferred  Stock  may be  issued  in  fractions  of a share (in one
one-hundredths  (1/100) of a share and integral  multiples  thereof) which shall
entitle the  holder,  in  proportion  to such  holder's  fractional  shares,  to
exercise voting rights,  receive dividends,  participate in distributions and to
have the benefit of all other rights of holders of Junior Preferred Stock.
 
 
                                 ARTICLE V
 
                                  DURATION
 
     5.1 The Corporation is to have perpetual existence.
 
 
                                  ARTICLE VI
 
                                INTERNAL AFFAIRS
 
     The  following  provisions  for the  regulation of the business and for the
conduct of the affairs of the  Corporation,  the directors and the  stockholders
are hereby adopted:
 
     6.1 In  furtherance  and  not in  limitation  of the  powers  conferred  by
statute, the Board of Directors is expressly authorized:
 
     To make, alter or repeal by By-laws of the Corporation.
 
     To authorize and cause to be executed mortgages and liens upon the real and
personal property of the Corporation.
 
     6.2 The  business  and affairs of the  Corporation  shall be managed by the
Board of Directors.  The number of directors  comprising  the Board of Directors
shall be fixed by, or in the manner provided in, the By-laws.
 
     6.3 Nothing contained in this Certificate of Incorporation  shall be deemed
to  restrict  the  power of the  Board of  Directors  or  members  of any of its
committees to take any action  required or permitted to be taken by them without
a meeting,  in accordance with applicable  provisions of law. No action required
to be  taken  or  which  may be  taken  at any  annual  or  special  meeting  of
stockholders  of the  Corporation  may be taken without such a meeting,  and the
 
<PAGE>
power of the stockholders to consent in writing,  without such a meeting, to the
taking of any action is specifically  denied;  provided,  however,  that nothing
herein  contained  shall be  deemed  to  restrict  the  powers  of the  Board of
Directors as elsewhere provided herein, by law, or under the By-laws.
 
     6.4 Any director or any officer of the Corporation  elected or appointed by
the  stockholders  or the Board of Directors  may be removed at any time in such
manner as shall be provided in the By- laws of the Corporation.
 
     6.5(a) A director of the Corporation  shall not be personally liable to the
Corporation  or its  stockholders  for monetary  damages for breach of fiduciary
duty as a director,  except for liability  (i) for any breach of the  director's
duty of  loyalty  to the  Corporation  or its  stockholders,  (ii)  for  acts or
omissions not in good faith or which involve intentional misconduct or a knowing
violation of law,  (iii) under Section 174 of the Delaware  General  Corporation
Law, or (iv) for any  transaction  from which the  director  derived an improper
personal benefit.
 
     (b) Each  person who was or is made a party or is  threatened  to be made a
party to or is involved in any  action,  suit,  or  proceeding,  whether  civil,
criminal,  administrative,  or investigative  (hereinafter a  "proceeding"),  by
reason  of the fact  that he or she,  or a person of whom he or she is the legal
representative,  is or was a director or officer of the Corporation or is or was
serving at the request of the Corporation as a director,  officer,  employee, or
agent of another corporation or of a partnership,  joint venture, trust or other
enterprise,  including  service with respect to employee benefit plans,  whether
the basis of such  proceeding  is alleged  action in an  official  capacity as a
director,  officer, employee, or agent or in any other capacity while serving as
a director,  officer, employee, or agent, shall be indemnified and held harmless
by the  Corporation  to the fullest  extent  authorized by the Delaware  General
Corporation Law, against all expense,  liability, and loss (including attorneys'
fees, judgments, fines, ERISA, excise taxes, or penalties and amounts paid or to
be paid in  settlement)  reasonably  incurred  or  suffered  by such  person  in
connection therewith and such indemnification  shall continue as to a person who
has ceased to be a director,  officer, employee, or agent and shall inure to the
benefit of his or her heirs,  executors and administrators;  provided,  however,
that,  except as  provided  in  paragraph  (c)  hereof,  the  Corporation  shall
indemnify  any  such  person  seeking   indemnification  in  connection  with  a
proceeding  (or part thereof)  initiated by such person only if such  proceeding
(or part thereof) was  authorized by the Board of Directors of the  Corporation.
The right to indemnification conferred in this Section shall be a contract right
and shall include the right to be paid by the Corporation the expenses  incurred
in defending any such proceeding in advance of its final disposition;  provided,
however,  that, if the Delaware General Corporation Law requires, the payment of
such  expenses  incurred  by a director  or officer in his or her  capacity as a
director or officer  (and not in any other  capacity in which  service was or is
rendered  by such  person  while  a  director  or  officer,  including,  without
limitation,  service  to an  employee  benefit  plan) in  advance  of the  final
disposition of a proceeding, shall be made only upon delivery to the Corporation
of an  undertaking,  by or on behalf of such  director or officer,  to repay all
amounts so advanced if it shall  ultimately be determined  that such director or
officer is not entitled to be indemnified  under this Section or otherwise.  The
Corporation may, by action of its Board of Directors, provide indemnification to
employees  and agents of the  Corporation  with the same scope and effect as the
foregoing indemnification of directors and officers.
 
     (c) If a claim under  paragraph  (b) of this Section is not paid in full by
the  Corporation  within  thirty days after a written claim has been received by
the Corporation,  the claimant may at any time thereafter bring suit against the
Corporation  to recover  the unpaid  amount of the claim and, if  successful  in
whole or in part,  the claimant shall be entitled to be paid also the expense of
prosecuting  such claim. It shall be a defense to any such action (other than an
action  brought  to  enforce a claim for  expenses  incurred  in  defending  any
proceeding in advance of its final disposition  where the required  undertaking,
if any is required,  has been tendered to the Corporation) that the claimant has
not met the  standards of conduct which make it  permissible  under the Delaware
General  Corporation  Law for the  Corporation to indemnify the claimant for the
amount  claimed,  but  the  burden  of  proving  such  defense  shall  be on the
Corporation.  Neither the  failure of the  Corporation  (including  its Board of
Directors,  independent  legal  counsel,  or its  stockholders)  to have  made a
determination  prior to the commencement of such action that  indemnification of
the  claimant  is  proper  in the  circumstances  because  he or she has met the
applicable  standards of conduct set forth in the Delaware  General  Corporation
Law, nor an actual  determination  by the  Corporation  (including  its Board of
Directors, independent legal counsel, or its stockholders) that the claimant has
not met such applicable standard of conduct, shall be a defense to the action or
create a presumption  that the claimant has not met the applicable  standards of
conduct.
 
     (d) The right to  indemnification  and the payment of expenses  incurred in
defending a  proceeding  in advance of its final  disposition  conferred in this
Section  shall not be  exclusive of any other right which any person may have or
hereafter   acquire  under  any  statute,   provision  of  the   Certificate  of
Incorporation,   By-law,   agreement,  vote  of  stockholders  or  disinterested
directors, or otherwise.
<PAGE>
 
     (e) The  Corporation  may maintain  insurance,  at its expense,  to protect
itself and any  director,  officer,  employee,  or agent of the  Corporation  or
another  corporation,  partnership,  joint venture,  trust, or other  enterprise
against any such expense,  liability,  or loss,  whether or not the  Corporation
would have the power to indemnify such person  against such expense,  liability,
or loss under the Delaware General Corporation Law.
 
 
                               ARTICLE VII
 
                      CERTAIN BUSINESS COMBINATIONS
 
     7.1  Any  other  provision  of this  Certificate  of  Incorporation  to the
contrary  notwithstanding,  the affirmative vote of the holders of not less than
80  percent  of the  outstanding  shares  of  capital  stock of the  Corporation
entitled to vote generally (the "Voting Stock") and the affirmative  vote of the
holders of not less than 67 percent  of the  Voting  Stock held by  stockholders
other than the Related Person (as hereinafter  defined) involved in the Business
Combination  (as  hereinafter  defined)  shall be required  for the  approval or
authorization  of  any  Business  Combination,  or  of  any  series  of  related
transactions which, if taken together,  would constitute a Business Combination,
with any Related Person;  provided,  however, that the 80 percent and 67 percent
voting requirements shall not be applicable if:
 
     (1) A Majority of the Continuing  Directors (as hereinafter defined) of the
Corporation  (a) has  expressly  approved in advance the  acquisition  of Voting
Stock of the Corporation that caused the Related Person involved in the Business
Combination  to  become a  Related  Person,  or (b) has  approved  the  Business
Combination; or
 
     (2) The Business  Combination is either a  Reorganization  (as  hereinafter
defined)  or a Business  Combination  in which the  Corporation  is a  surviving
corporation and, in either event, the cash or fair market value of the property,
securities  or other  consideration  to be received per share as a result of the
Business  Combination by holders of Common Stock of the  Corporation  other than
the  Related  Person  is not  less  than  the  highest  per  share  price  (with
appropriate  adjustments  for  recapitalizations  and for  stock  splits,  stock
dividends and like  distributions)  paid by the Related  Person  involved in the
Business Combination in acquiring any holdings of the Corporation's Common Stock
either in or subsequent to the  transaction or series of  transactions by reason
of which the  Related  Person  became a Related  Person.  For  purposes  of this
Section  7.1(2),  a good faith  determination  by a Majority  of the  Continuing
Directors  of  the  satisfaction  of  this  criterion  shall  be  deemed  to  be
conclusive, but such a determination need not be made or sought as the exclusive
means of satisfying such criterion.
 
Such  affirmative vote shall be required  notwithstanding  the fact that no vote
may be required,  or that a lesser  percentage may be specified by law or in any
agreement with any national securities exchange or otherwise.
 
     7.2 For purposes of this Article VII:
 
(a)  The term "Business  Combination"  shall mean (i) any  Reorganization of the
     Corporation or a Subsidiary (as hereinafter defined) with or into a Related
     Person,  (ii) any sale,  lease,  exchange,  transfer or other  disposition,
     including  without  limitation  a pledge,  mortgage  or any other  security
     device,  of all or any  Substantial  Part (as  hereinafter  defined) of the
     assets either of the Corporation or of a Subsidiary,  or both, to a Related
     Person,  (iii)  any  Reorganization  of a Related  Person  with or into the
     Corporation or a Subsidiary,  (iv) any sale, lease,  exchange,  transfer or
     other disposition of all or any Substantial Part of the assets of a Related
     Person  to  the  Corporation  or a  Subsidiary,  (v)  the  issuance  of any
     securities of the Corporation or a Subsidiary to a Related Person except if
     such issuance were a stock split,  stock dividend or other distribution pro
     rata  to  all  holders  of  the  same  class  of  Voting  Stock,  (vi)  any
     reclassification  of  securities  (including a reverse  stock split) or any
     other  recapitalization that would have the effect of increasing the voting
     power of a Related Person, and (vii) any agreement, contract, plan or other
     arrangement  providing  for  any  of the  transactions  described  in  this
     definition of Business Combination.
 
     (b)  The term "Related  Person" shall mean and include (i) any  individual,
          corporation,  partnership  or other person or entity  which,  together
          with its  "Affiliates"  and "Associates" (as defined on March 21, 1983
          in  Rule  12b-2   under  the   Securities   Exchange   Act  of  1934),
          "beneficially  owns" (as defined on March 21, 1983 in Rule 13d-3 under
          the  Securities  Exchange Act of 1934) in the  aggregate 20 percent or
          more of the  outstanding  Voting  Stock of the  Corporation,  (ii) any
          Affiliate   or  Associate   of  any  such   individual,   corporation,
          partnership  or other  person  or  entity,  and  (iii)  any  assignee,
          transferee or successor of any of the foregoing.  Notwithstanding  the
          foregoing,  the  term  "Related  Person"  shall  not  include  (A) the
          Corporation, (B) any Subsidiary (unless the stock thereof not owned by
          the Corporation is owned by a Related Person as hereinabove  defined),
          (C)  any  employee  benefit  plan  of  the  Corporation  or  any  such
<PAGE>
 
          Subsidiary,  (D) any trustee of or fiduciary  with respect to any such
          plan  when  acting in such  capacity,  or (E)  except  as  hereinbelow
          provided,  the  individuals  comprising  the Board of Directors of the
          Corporation,  their estates, immediate families, trusts established by
          them, or trusts in which they have a beneficial  interest.  Any person
          or other entity described in (E) above may, nevertheless, be a Related
          Person involved in a Business Combination, and shall not be counted in
          determining a Majority of the Continuing Directors, if an Associate or
          Affiliate of such person or entity which is not excluded by any of (A)
          through (D),  inclusive,  is a party to such Business  Combination and
          such  person or entity  has a 1 percent  or  greater  interest  in the
          equity or profits of such Associate or Affiliate. Any person or entity
          who at any time is a Related Person  continues at all times thereafter
          to be a Related Person.
 
(c)  Notwithstanding the definition of "beneficially owned" in subsection (b) of
     this  Section 7.2,  any Voting  Stock of the  Corporation  that any Related
     Person has the right to acquire pursuant to any agreement, or upon exercise
     of conversion rights,  warrants or options,  or otherwise,  shall be deemed
     beneficially owned by the Related Person.
 
(d)  The term  "Substantial  Part"  shall  mean more than 20 percent of the fair
     market  value of the  total  assets  of the  corporation  in  question,  as
     determined in good faith by a Majority of the Continuing  Directors,  as of
     the end of its  most  recent  fiscal  year  ending  prior  to the  time the
     determination is being made.
 
(e)  The term  "Subsidiary"  means any  corporation  of which a majority  of any
     class  of  equity   security  is  owned   directly  or  indirectly  by  the
     Corporation.
 
(f)  For  the  purposes  of  Section  7.1,  in  any  Business  Combination  of a
     Subsidiary with a Related Person,  the voting provisions  contained therein
     shall apply in order for the Corporation to cause the Subsidiary to approve
     or authorize such Business Combination.
 
(g)  For the  purposes  of  subsection  (2) of  Section  7.1,  the  term  "other
     consideration  to be received" shall include,  without  limitation,  in the
     event of a Business  Combination in which the  Corporation is the surviving
     corporation, Common Stock or other Voting Stock of the Corporation retained
     by its stockholders of record  immediately prior to the consummation of the
     Business  Combination  who are  not  the  Related  Person  involved  in the
     Business Combination.
 
(h)  The term "Continuing  Director" shall mean a director of the Corporation at
     the  relevant  time  who was a member  of the  Board  of  Directors  of the
     Corporation  immediately  prior to the  earliest  time that (i) any Related
     Person involved in a Business  Combination,  or (ii) any Related Person who
     is  (1) a  Predecessor  to  such  Related  Person  or (2)  an  assignor  of
     beneficial  ownership in the Corporation to such a Related Person or to its
     Predecessors, became a Related Person.
 
(i)  The term "Majority" shall mean that number which  constitutes a majority of
     the members of the Board of Directors of the Corporation  immediately prior
     to the earliest time that (i) any Related  Person  involved in the Business
     Combination,  or (ii) any Related  Person who is (1) a Predecessor  to such
     Related  Person  or  (2)  an  assignor  of  beneficial   ownership  in  the
     Corporation  to such a  Related  Person  or to its  Predecessors,  became a
     Related Person.
 
(j)  The term "Predecessor"  shall mean each person or other entity (i) to which
     the subject Related Person is a  successor  by  merger, consolidation, sale
     and purchase of substantially all of the assets, or other reorganization or
     (ii) which assigned or transferred  beneficial ownership of Voting Stock of
     the  Corporation  to  the  subject  Related  Person,  directly  or  through
     successive transactions.
 
(k)  The  term  "Reorganization"  includes  a  merger,  consolidation,  plan  of
     exchange,  sale of all or substantially  all of the assets  (including,  as
     pertains to a Subsidiary,  bulk reinsurance or cession of substantially all
     of its policies and  contracts)  or other form of corporate  reorganization
     pursuant  to which  shares  of Voting  Stock,  or other  securities  of the
     subject  corporation,  are to be converted or exchanged  into cash or other
     property, securities or other consideration.
 
(l)  Assignments  or  transfers  of  Common  Stock  of the  Corporation  between
     Associates or Affiliates prior to a Business  Combination  involving one of
     them as a Related  Person  shall not be construed to reduce the highest per
     share price (with  appropriate  adjustments for  recapitalizations  and for
     stock splits,  stock dividends and like  distributions) paid by the Related
     Person  involved in the Business  Combination  in acquiring any holdings of
     the Corporation's Common Stock, as provided in Section 7.1(2).
 
(m)  No Associate or Affiliate of the  directors of the  Corporation  shall be a
     Related  Person by attribution to such Associate or Affiliate of the Common
     Stock Ownership of such directors as of March 18, 1983.
<PAGE>
 
     7.3 Nothing contained in this Article VII shall be construed to relieve any
Related Person from any fiduciary  obligation or duty of fairness imposed by law
nor to adversely  affect the rights of stockholders  who are not Related Persons
under applicable  principles of law and equity,  including  without  limitation,
those  rights  under the laws of the states of  domicile  of such  stockholders,
federal  securities  or other  applicable  laws,  or the  laws  and  regulations
applicable to any insurance company subsidiaries of the Corporation.
 
     7.4  Notwithstanding any provisions of this Certificate of Incorporation or
the  By-laws  of the  Corporation  (and  notwithstanding  the fact that a lesser
percentage  may be specified by law, this  Certificate of  Incorporation  or the
By-laws of the  Corporation),  the  affirmative  vote of the holders of not less
than  80  percent  of  the  outstanding  shares  of the  Voting  Stock  and  the
affirmative  vote of the holders of not less than 67 percent of the Voting Stock
held by stockholders other than a Related Person (as hereinabove  defined) shall
be required to amend or repeal any provision of this Article VII or to adopt any
provision inconsistent with this Article VII.
 
     IN WITNESS  WHEREOF,  Protective Life  Corporation has caused its corporate
seal to be hereunto affixed and this 1998 Restated  Certificate of Incorporation
to be signed by  Drayton  Nabers,  Jr.  as its  Chairman  of the Board and Chief
Executive  Officer and Deborah J. Long as its  Secretary,  hereby  declaring and
certifying  that this is its act and deed and the facts herein  stated are true,
this 2nd day of November, 1998.
 
                                 Protective Life Corporation
 
                                 By:   /S/  DRAYTON NABERS, JR.  
                                 Its Chairman of the Board
                                 and Chief Executive Officer
 
ATTEST:
 
/S/   DEBORAH J. LONG  
Its Secretary