<PAGE>
THE CHUBB AMERICA FUND, INC.
Supplement to the Prospectus dated May 1, 1997
Date of Supplement: May 13, 1997
On May 13, 1997 the Jefferson-Pilot Corporation completed its acquisition of
Chubb Life Insurance Company of America ("Chubb Life"). Chubb Investment
Advisory Corporation ("CIAC"), a wholly-owned subsidiary of Chubb Life, serves
as Investment Manager to the Chubb America Fund, Inc. (the "Fund"). As a result
of the change of ownership of Chubb Life and therefore CIAC, the Fund is
required by the federal securities laws to enter into a new Investment
Management Agreement with CIAC or its successor entity and new Sub-Investment
Agreement between CIAC and the sub-advisers for each of the Fund's nine series
(collectively, "New Agreements").
The Fund expects to issue a proxy statement containing details about, among
other things, the transaction and the contents of the New Agreements. Chubb Life
will provide copies of the proxy statements to the owners of the flexible
premium variable life contracts funded through Separate Account A and will
request that owners of such contracts provide voting instructions to Chubb Life
concerning these matters.
