<PAGE> 1
REGISTRATION NOS. 33-82570
811-4235
FISCAL YEAR END DECEMBER 31
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM S-6
POST-EFFECTIVE AMENDMENT NO. 2
FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF SECURITIES
OF UNIT INVESTMENT TRUSTS REGISTERED ON FORMS N-8B-2
MONY AMERICA VARIABLE ACCOUNT L
(EXACT NAME OF TRUST)
MONY LIFE INSURANCE COMPANY OF AMERICA
(NAME OF DEPOSITOR)
1740 BROADWAY
NEW YORK, NEW YORK 10019
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)
------------------------
EDWARD P. BANK
VICE PRESIDENT AND DEPUTY GENERAL COUNSEL
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
1740 BROADWAY
NEW YORK, NEW YORK 10019
(NAME AND ADDRESS OF AGENT FOR SERVICE)
------------------------
It is proposed that this filing will become effective on May 1, 1995
pursuant to Rule 485(b).
As the Registration Statement for the securities registered pursuant to
Rule 24f-2 became effective on February 8, 1995, no Rule 24f-2 Notice was filed
with respect to calendar year 1994.
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PROSPECTUS
DATED MAY 1, 1995
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY
ISSUED BY
MONY LIFE INSURANCE COMPANY OF AMERICA
MONY AMERICA VARIABLE ACCOUNT L
This prospectus describes a flexible premium variable universal life
insurance policy (individually, the "Policy," and collectively, the "Policies")
offered by MONY Life Insurance Company of America (the "Company"), a
wholly-owned subsidiary of The Mutual Life Insurance Company of New York
("Mutual of New York"). The Policy, for so long as it remains in force, provides
lifetime insurance protection on the Insured named in the Policy through the
Maturity Date. The Policy is designed to provide maximum flexibility in
connection with premium payments and death benefits by permitting, subject to
certain restrictions, the frequency and amount of premium payments to vary and
the death benefit payable under the Policy to increase or decrease. A Policy may
also be surrendered for its Surrender Value.
The Company will pay the death proceeds when the Insured dies if the Policy
is still in force. The death proceeds will equal the death benefit, less any
Outstanding Debt reduced by any Unearned Loan Interest, and further reduced by
any charges due during the Grace Period. The Policy will remain in force as long
as the Cash Value less any Outstanding Debt remains positive. If at all times
during the first two Policy years, the sum of premiums paid less Partial
Surrenders taken (and their fees) is greater than or equal to the Minimum
Monthly Premium times the number of completed months this Policy has been in
force, the Policy and all Rider coverages will not lapse regardless of its Cash
Value less any Outstanding Debt. If the Guaranteed Death Benefit Rider is
purchased, the Specified Amount of the Policy and most Rider coverages will
remain in force for the Guarantee Period if the required premiums (less Partial
Surrenders taken (and their fees)) have been paid and Cash Value exceeds
Outstanding Debt.
The Policy permits the choice of two death benefit Options: under Option I,
the death benefit remains fixed at the Specified Amount chosen; under Option II,
the death benefit equals the Specified Amount plus Fund Value (under certain
circumstances the death benefit may be greater). Under Option II, the death
benefit will vary daily with the investment performance of the Subaccounts for
any Policy Owner who has allocated net premiums to the Variable Account. Under
either Option, for so long as the Policy remains in force, the death benefit
will never be less than the current Specified Amount.
The Policy also permits an owner of the Policy to obtain loans from the
Company in amounts up to 90% of the Cash Value of the Policy (less any
Outstanding Debt), and it permits an Owner to surrender a part of the Policy and
receive a part of the Surrender Value of the Policy.
Net premiums may be allocated at the Policy Owner's discretion to one or
more of the Subaccounts that comprise a separate account of the Company called
the MONY America Variable Account L (the "Variable Account"), or to the
Guaranteed Interest Account of the Company. Any portion of a net premium
allocated to one or more of the Subaccounts is invested in the corresponding
Portfolios of the MONY Series Fund, Inc. (the "MONY Fund") or the Enterprise
Accumulation Trust (the "Accumulation Trust"). The available Portfolios of the
MONY Fund currently are: the Money Market Portfolio, the Government Securities
Portfolio, the Intermediate Term Bond Portfolio, and the Long Term Bond
Portfolio. The available Portfolios of the Accumulation Trust are: the Equity
Portfolio, the Small Cap Portfolio, the Managed Portfolio, the International
Growth Portfolio, and the High Yield Bond Portfolio. The Loan Account represents
amounts set aside as collateral for any Policy Debt.
To the extent that all or a portion of net premiums are allocated to the
Variable Account, the Fund Value under the Policy will vary based upon the
investment performance of the Subaccounts to which the Fund Value is allocated.
Net premiums allocated to the Guaranteed Interest Account are assets of the
General Account of the Company. The Fund Value in the Guaranteed Interest
Account will accrue interest at an interest rate that is guaranteed by the
Company. No minimum amount of Fund Value is guaranteed, except to the extent
premiums are allocated to the Guaranteed Interest Account.
A Policy may be returned during the Free Look Period (see "Right to Examine
a Policy -- Free Look Period," page 20), during which time net premium payments
allocated to the Variable Account will be invested in the Money Market
Subaccount.
It may not be advantageous to replace existing insurance with the Policy.
This prospectus generally describes only the portion of the Policy involving
the Variable Account. For a brief summary of the Guaranteed Interest Account,
see "The Guaranteed Interest Account," page 46.
------------------------
In pursuing its investment objective, the High Yield Bond Subaccount
purchases shares of the High Yield Portfolio which may invest significantly in
lower rated bonds, commonly referred to as "Junk Bonds". Bonds of this type are
considered to be speculative with regard to the payment of interest and return
of principal. Investment in these types of securities have special risks and,
therefore, may not be suitable for all investors. Investors should carefully
assess the risks associated with allocating premium payments to this subaccount.
------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE. THIS PROSPECTUS IS ACCOMPANIED BY THE CURRENT
PROSPECTUSES FOR THE MONY SERIES FUND, INC. AND THE ENTERPRISE
ACCUMULATION TRUST. THESE PROSPECTUSES SHOULD BE READ
CAREFULLY AND RETAINED FOR FUTURE REFERENCE.
------------------------
MONY LIFE INSURANCE COMPANY OF AMERICA
1740 BROADWAY
NEW YORK, NEW YORK 10019
1-800-487-6669
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TABLE OF CONTENTS
<TABLE>
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TABLE OF CONTENTS.................................................................... 3
IMPORTANT TERMS...................................................................... 7
SUMMARY OF THE POLICY................................................................ 9
Purpose of the Policy.............................................................. 9
Policy Values...................................................................... 9
The Death Benefit.................................................................. 9
Premium Features................................................................... 10
Allocation Options................................................................. 10
Transfer of Fund Value............................................................. 11
Policy Loans....................................................................... 11
Full Surrender..................................................................... 11
Partial Surrender.................................................................. 11
Preferred Partial Surrender........................................................ 11
Free Look Period................................................................... 12
Grace Period and Lapse............................................................. 12
Charges and Deductions............................................................. 12
Deductions from Premiums........................................................ 12
Daily Deduction from the Variable Account....................................... 12
Deductions from Fund Value...................................................... 13
Fund Charge..................................................................... 13
Transaction and Other Charges................................................... 14
Tax Treatment of Increases in Fund Value........................................... 14
Tax Treatment of Death Benefit..................................................... 14
The Guaranteed Interest Account.................................................... 14
Contacting the Company............................................................. 15
INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT............................... 15
MONY Life Insurance Company of America............................................. 15
MONY America Variable Account L.................................................... 15
The Funds.......................................................................... 16
Purchase of Portfolio Shares by the Variable Account............................... 17
The Money Market Portfolio...................................................... 17
The Government Securities Portfolio............................................. 17
The Intermediate Bond Portfolio................................................. 18
The Long Term Bond Portfolio.................................................... 18
The Equity Portfolio............................................................ 18
The Small Cap Portfolio......................................................... 18
The Managed Portfolio........................................................... 18
The International Growth Portfolio.............................................. 18
The High Yield Bond Portfolio................................................... 18
THE POLICY........................................................................... 18
Application for a Policy........................................................... 18
Temporary Insurance Coverage.................................................... 19
Initial Premium Payment......................................................... 20
Policy Date..................................................................... 20
Risk Classification............................................................. 20
Right to Examine a Policy--Free Look Period........................................ 20
Premiums........................................................................... 21
</TABLE>
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<TABLE>
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Premium Flexibility............................................................. 21
Scheduled Premium Payments...................................................... 21
Choice of Guaranteed Death Benefit Riders....................................... 21
Modified Endowment Contracts.................................................... 22
Unscheduled Premium Payments.................................................... 22
Premium Payments Affect the Continuation of the Policy.......................... 22
Allocation of Net Premiums......................................................... 23
Death Benefits Under the Policy.................................................... 23
Option I........................................................................ 23
Option II....................................................................... 24
Examples of Options I and II.................................................... 24
Changes in Death Benefit Option................................................. 24
Changes in Specified Amount........................................................ 25
Increases....................................................................... 25
Decreases....................................................................... 26
Guaranteed Death Benefits.......................................................... 26
Other Optional Insurance Benefits.................................................. 27
Waiver of Monthly Deductions Rider.............................................. 27
Accidental Death Benefit Rider.................................................. 27
Purchase Option Rider........................................................... 28
Spouse's Term Rider............................................................. 28
Children's Term Insurance Rider................................................. 28
Benefits at Maturity............................................................... 28
Policy Values...................................................................... 28
Fund Value...................................................................... 28
Cash Value...................................................................... 28
Surrender Value................................................................. 29
Determination of Fund Value........................................................ 29
Calculating Unit Values for Each Subaccount........................................ 29
Transfer of Fund Value............................................................. 30
Right to Exchange Policy........................................................... 30
Policy Loans....................................................................... 30
Full Surrender..................................................................... 32
Partial Surrender.................................................................. 32
Preferred Partial Surrender........................................................ 32
Grace Period and Lapse............................................................. 33
Special Rule for First Two Policy Years......................................... 33
If Guaranteed Death Benefit Rider Is Not in Effect.............................. 33
If Guaranteed Death Benefit Rider Is in Effect.................................. 34
Reinstatement...................................................................... 34
CHARGES AND DEDUCTIONS............................................................... 34
Deductions from Premiums........................................................... 34
Sales Charge.................................................................... 35
Tax Charges..................................................................... 35
Daily Deductions from the Variable Account......................................... 35
Mortality and Expense Risk Charge............................................... 35
Monthly Deductions from Fund Value................................................. 36
Cost of Insurance............................................................... 36
Administrative Charge........................................................... 36
</TABLE>
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<TABLE>
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Guaranteed Death Benefit Charge................................................. 37
Other Optional Insurance Benefits Charges....................................... 37
Fund Charge........................................................................ 37
Administrative Fund Charge...................................................... 37
Sales Fund Charge............................................................... 38
Effect of Changes in Specified Amount on the Fund Charge........................ 38
Corporate Purchasers............................................................... 39
Transaction and Other Charges...................................................... 39
Guarantee of Certain Charges....................................................... 39
OTHER INFORMATION.................................................................... 39
Federal Income Tax Considerations.................................................. 39
Definition of Life Insurance.................................................... 40
Diversification Requirements.................................................... 40
Tax Treatment of Policies....................................................... 40
Conventional Life Insurance Policies............................................ 41
Modified Endowment Contracts.................................................... 41
Reasonableness Requirement for Charges.......................................... 42
Pension and Profit-Sharing Plans................................................ 42
Other Employee Benefit Programs................................................. 42
Other........................................................................... 43
Charge for Company Income Taxes.................................................... 43
Voting of Fund Shares.............................................................. 43
Disregard of Voting Instructions................................................... 44
Report to Policy Owners............................................................ 44
Substitution of Investment and Right to Change Operations.......................... 44
Changes to Comply with Law......................................................... 45
PERFORMANCE INFORMATION.............................................................. 45
THE GUARANTEED INTEREST ACCOUNT...................................................... 46
General Description................................................................ 46
Limitations on Amounts in the Guaranteed Interest Account.......................... 46
Death Benefit...................................................................... 46
Policy Charges..................................................................... 47
Transfers.......................................................................... 47
Surrenders and Policy Loans........................................................ 47
MORE ABOUT THE POLICY................................................................ 48
Ownership.......................................................................... 48
Joint Owners.................................................................... 48
Beneficiary........................................................................ 48
The Policy......................................................................... 48
Notification and Claims Procedures................................................. 48
Payments........................................................................... 48
Payment Plan/Settlement Provisions................................................. 49
Payment in Case of Suicide......................................................... 49
Assignment......................................................................... 49
Errors on The Application.......................................................... 49
Incontestability................................................................... 50
Policy Illustrations............................................................... 50
Distribution of The Policy......................................................... 50
</TABLE>
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<TABLE>
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MORE ABOUT THE COMPANY............................................................... 51
Management......................................................................... 51
State Regulation................................................................... 51
Telephone Transfer Privileges...................................................... 52
Legal Proceedings.................................................................. 52
Legal Matters...................................................................... 52
Experts............................................................................ 52
Registration Statement............................................................. 52
Independent Accountants............................................................ 52
Financial Statements............................................................... F-1
Appendix A........................................................................... A-1
Appendix B........................................................................... B-1
Appendix C........................................................................... C-1
Appendix D........................................................................... D-1
</TABLE>
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IMPORTANT TERMS
AGE -- The Insured's age as of his or her nearest birthday on the Policy
Date, increased by the number of complete Policy Years elapsed.
BENEFICIARY -- The person or persons named by the Policy Owner in the
application or by proper later designation to receive the death benefit proceeds
upon the death of the Insured.
CASH VALUE -- The Fund Value for the Policy less the Fund Charge.
COMPANY, THE -- MONY Life Insurance Company of America.
FREE LOOK PERIOD -- The Period which follows the application for the Policy
and its issuance to the Policy Owner and which follows any application for an
increase in Specified Amount. During the Free Look Period which follows the
issuance of the Policy, the Policy Owner may cancel the Policy and receive a
refund. During a Free Look Period following any increase in Specified Amount,
the Policy Owner has a right, in effect, to cancel the increase in Specified
Amount and have the charges and deductions attributable to such increase added
to the Fund Value.
FUND CHARGE -- A contingent deferred charge. The Fund Charge consists of
two separately calculated elements: the administrative Fund Charge and the sales
Fund Charge. The Fund Charge is determined for the initial Specified Amount of
the Policy and for each increase in Specified Amount.
FUNDS -- The MONY Series Fund, Inc. and the Enterprise Accumulation Trust.
FUND VALUE -- The Fund Value is the sum of the amounts under the Policy
held in each Subaccount of the Variable Account and the Guaranteed Interest
Account, as well as any amount set aside in the Company's Loan Account, and any
interest thereon, to secure Outstanding Debt.
GENERAL ACCOUNT -- All assets of the Company other than those allocated to
the Variable Account or to any other segregated separate account of the Company.
GUARANTEED INTEREST ACCOUNT -- An account that is part of Company's General
Account to which all or a portion of net premium payments may be allocated for
accumulation at a fixed rate of interest (which may not be less than 5.0%)
declared by Company.
GUARANTEE PERIOD -- The period during which the Specified Amount is
guaranteed under the Guaranteed Death Benefit Rider. See "Guaranteed Death
Benefits", page 26.
HOME OFFICE -- The Company's administrative office at 1740 Broadway, New
York, New York, 10019. "Home Office" also includes the Company's Syracuse
Operations Center at 1 MONY Plaza, Syracuse, N.Y. 13202.
INSURED -- The person upon whose life the Policy is issued and whose death
is the contingency upon which the death benefit proceeds are payable.
LOAN ACCOUNT -- An account to which amounts are transferred from the
Subaccounts and the Guaranteed Interest Account as collateral for any
Outstanding Debt. The Loan Account is part of the Company's General Account, and
it accumulates interest at a guaranteed rate of 5.0%.
MATURITY DATE -- The Policy Anniversary on which the Insured is Age 95.
MINIMUM MONTHLY PREMIUM -- The amount determined by the Company which is
necessary to keep the Policy in force for the first two Policy Years.
MONTHLY ANNIVERSARY DAY -- The day each month on which the monthly
deduction is due against the Fund Value. The first Monthly Anniversary Day is
the Policy Date.
OUTSTANDING DEBT -- The unpaid loan balance including accrued loan interest
due and unpaid.
PARTIAL SURRENDER -- The surrender of a portion of the Policy. At least
$500 of Surrender Value must remain after a Partial Surrender, or a full
surrender of the Policy will be required.
7
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POLICY DATE -- The date set forth on page 1 of the Policy that is used to
determine the Monthly Anniversary Day, Policy months, and Policy years. Policy
monthly, quarterly, semiannual and annual Anniversaries are measured from the
Policy Date. Each Policy month starts on the same date in each calendar month as
that specified as the Policy Date. Where the Policy Date is the 29th, 30th, or
31st of a month, and there is no such date in a calendar month, the Policy month
for such month will start on the last day of that calendar month.
POLICY OWNER OR OWNER -- The person who owns the Policy. The Policy Owner
will be the Insured unless otherwise stated in the application. If the Policy
has been absolutely assigned, the assignee becomes the Policy Owner. A
collateral assignee is not the Owner.
PORTFOLIO(S) -- The separate investment portfolios of the Funds.
PREFERRED PARTIAL SURRENDER -- An amount, up to 10% of Cash Value, which
may be surrendered without the application of a Fund Charge or reduction in
specified amount.
RIDER -- The addendum to a Policy which adds an optional insurance benefit
to the Policy.
SCHEDULED PREMIUM PAYMENTS -- The premium amount specified on the
application as the amount the Policy Owner intends to pay at fixed intervals
over a specified period of time. Within specified limits, premiums in excess of
the Scheduled Premium Payments may be paid. Scheduled Premium Payments may be
changed at any time.
SPECIFIED AMOUNT -- The minimum death benefit for so long as the Policy
remains in force. The Specified Amount may be increased or decreased under
certain circumstances.
SUBACCOUNTS -- The subdivisions of the Variable Account. Each Subaccount
invests exclusively in the shares of a corresponding Portfolio of one of the
Funds.
SURRENDER VALUE -- The Cash Value less any Outstanding Debt reduced by any
Unearned Loan Interest.
TARGET PREMIUM -- The maximum amount of premiums paid against which the
Fund Charge may be applied.
TRANSACTION DATE -- The date the Company receives a premium or acceptable
written or telephone request at the Home Office. If the premium or request
reaches the Home Office on a day which is not a Valuation Date or after the
close of business on a Valuation Date (i.e., after 4:00 p.m. Eastern Time), the
Transaction Date will be the next Valuation Date.
UNEARNED LOAN INTEREST -- The amount of interest on Outstanding Debt which
has not yet been earned by the Company. Interest on new Policy loans or
Outstanding Debt is charged in advance on the date of the loan or the Policy
Anniversary, as appropriate.
UNIT -- The bookkeeping measure used to value the amounts allocated to the
Subaccounts of the Variable Account.
UNIT VALUE -- The value of the Units of each Subaccount of the Variable
Account. Unit Values are calculated for each Subaccount on each Valuation Date.
VALUATION DATE -- Each date on which the Variable Account is valued, which
currently includes each day that the New York Stock Exchange is open for trading
and on which there is sufficient trading in the securities of a Portfolio of the
Funds to affect materially the unit value of the corresponding Subaccount of the
Variable Account.
VALUATION PERIOD -- The period that starts at the close of a Valuation Date
and ends at the close of the next succeeding Valuation Date.
VARIABLE ACCOUNT -- The Company's Variable Account L, a separate investment
account established by the Company to receive and invest the net premiums paid
under the Policy.
8
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SUMMARY OF THE POLICY
This summary is intended to provide a brief overview of the more
significant aspects of the Policy. Further detail is provided in this prospectus
and in the Policy. Unless the context indicates otherwise, the discussion in
this summary and the remainder of the prospectus relates to the portion of the
Policy involving the Variable Account. The Guaranteed Interest Account is
briefly described under "The Guaranteed Interest Account," on page and in the
Policy.
PURPOSE OF THE POLICY
The Policy offers a Policy Owner insurance protection on the life of the
Insured through the Maturity Date for so long as the Policy is in force. A
maturity benefit will be paid in lieu of a death benefit when the Policy reaches
the Maturity Date during the Insured's lifetime. Like traditional fixed life
insurance, the Policy provides for a death benefit equal to its Specified
Amount, accumulation of cash value, and surrender and loan privileges. Unlike
traditional fixed life insurance, the Policy offers a choice of investment
alternatives and an opportunity for the Policy's Fund Value and its death
benefit, to grow based on investment results. The Policy is a flexible premium
policy, so that, unlike many other insurance policies, a Policy Owner may choose
the amount and frequency of premium payments, within certain limits.
POLICY VALUES
A Policy Owner may allocate net premium payments among the various
Subaccounts that comprise the Variable Account and that invest in corresponding
Portfolios of the MONY Series Fund and the Accumulation Trust. A Policy Owner
may also allocate net premium payments to the Guaranteed Interest Account. The
Loan Account represents amounts set aside in the General Account of the Company
as collateral for Outstanding Debt.
The Fund Value of the Policy is the sum of amounts allocated to the
Subaccounts of the Variable Account, the Guaranteed Interest Account and the
Loan Account. The Cash Value of the Policy is the Fund Value less the Fund
Charge. The Surrender Value of the Policy is the Cash Value less any Outstanding
Debt reduced by any Unearned Loan Interest.
Depending on the investment experience of the selected Subaccounts, the
Fund Value may increase or decrease on any day. The death benefit may or may not
increase or decrease depending upon several factors, including the death benefit
Option selected by the Policy Owner, although the death benefit will never
decrease below the Specified Amount provided the Policy is in force. There is no
guarantee that the Policy's Fund Value and death benefit will increase. The
Policy Owner bears the investment risk on that portion of the net premiums and
Fund Value allocated to the Variable Account.
The Policy will remain in force until the earliest of the Maturity Date,
the death of the Insured, or a full surrender of the Policy, unless, before any
of these events, the Policy lapses and a Grace Period expires without sufficient
additional premium payment or repayment of Outstanding Debt by the Policy Owner.
Generally, the Policy will remain in force only as long as the Cash Value
less any Outstanding Debt is sufficient to pay all the monthly deductions.
However, if the premiums paid meet the Minimum Monthly Premium requirement
during the first two Policy years, the Policy and all Rider coverages will
remain in force even if the Cash Value of the Policy less any Outstanding Debt
is not sufficient to pay the monthly deductions. If the Guaranteed Death Benefit
Rider is purchased, the Specified Amount of the Policy and most Rider coverages
will remain in force for the Guarantee Period if the required premiums have been
paid and Cash Value exceeds Outstanding Debt. The amount by which the death
benefit may exceed the Specified Amount is not guaranteed to remain in force
during a Guarantee Period.
THE DEATH BENEFIT
The minimum Specified Amount for a Policy is $100,000. A Policy Owner may
elect one of two Options to calculate the amount of death benefit payable under
the Policy, which may increase the death benefit. Under Option I, the death
benefit will be equal to the Specified Amount of the Policy plus the increase in
9
<PAGE> 10
Fund Value since the last Monthly Anniversary Day, or, if greater, the Fund
Value (determined as of the date of the Insured's death) plus the Fund Value on
the last Monthly Anniversary Day multiplied by a death benefit percentage
required by the federal tax law definition of life insurance. Under Option II,
the death benefit will be equal to the Specified Amount of the Policy plus the
Fund Value (determined as of the date of the Insured's death) or, if greater,
the Fund Value (determined as of the date of the Insured's death) plus the Fund
Value on the last Monthly Anniversary Day multiplied by the death benefit
percentage. Policy Owners seeking to have favorable investment performance
reflected in increasing Fund Value should choose Option I; Policy Owners seeking
to have favorable investment performance reflected in increasing insurance
coverage should choose Option II. A Policy Owner may change the death benefit
Option and increase or decrease the Specified Amount, subject to certain
conditions. See "Death Benefits Under the Policy," page 23.
The Policy Owner may, at time of application, choose to purchase one of two
Guaranteed Death Benefit Riders. These Riders provide a guarantee that the
Specified Amount and most Rider coverages will remain in force for the Guarantee
Period regardless of the amount of the Policy's Surrender Value. The Riders
allow a choice of Guarantee Periods: (i) to the Insured's Age 75 or ten years
from the Policy Date, whichever is later, or (ii) to the Maturity Date. The
Minimum Monthly Premium will be higher if the guarantee to Maturity Date is
chosen. The amount of the additional premium required will vary depending upon
the Rider chosen. An extra charge will also be deducted from the Fund Value each
month the Rider is in effect. See "Guaranteed Death Benefits," page 26.
PREMIUM FEATURES
The Company requires a Policy Owner to pay an initial premium equal to at
least the Minimum Monthly Premium that is defined by the Company. Thereafter,
subject to certain limitations, a Policy Owner may choose the amount and
frequency of premium payments. The Policy, therefore, provides the Policy Owner
with the flexibility to vary premium payments to reflect varying financial
conditions.
When applying for a Policy, a Policy Owner will determine a Scheduled
Premium Payment that provides for the payment of level premiums in regular
intervals over a specified period of time. Each Policy Owner will receive a
premium reminder notice for the Scheduled Premium Payment on either an annual,
semiannual, or quarterly basis, at the option of the Policy Owner; however, the
Policy Owner may not be required to pay Scheduled Premium Payments. Premiums may
be paid monthly under the MONYMatic plan where the Owner authorizes the Company
to withdraw Scheduled Premium Payments from the Owner's checking account each
month.
The amount, frequency, and period of time over which a Policy Owner pays
premiums may affect whether or not the Policy will be classified as a modified
endowment contract, which is a type of life insurance contract subject to
different tax treatment for certain pre-death distributions. For more
information on the tax treatment of life insurance contracts, including those
classified as modified endowment contracts. See "Federal Income Tax
Considerations," page 39.
Payment of the Scheduled Premiums will not guarantee that a Policy will
remain in force. See "Grace Period and Lapse," page 12. Unscheduled premium
payments may not be less than $250. The Company also may reject or limit any
premium payment that would result in an immediate increase in the net amount at
risk under the Policy, although such a premium may be accepted with satisfactory
evidence of insurability.
ALLOCATION OPTIONS
The Subaccounts invest in portfolios of two mutual funds which offer the
Policy Owner the opportunity to direct the Company to invest in diversified
portfolios of stocks, bonds, money market instruments, or a combination of these
securities. Each of the Subaccounts invests exclusively in shares of a
designated portfolio (a "Portfolio") of the MONY Series Fund, Inc. (the "MONY
Series Fund") or the Enterprise Accumulation Trust (the "Accumulation Trust")
(collectively the "Funds"). The available Portfolios of the Funds, each of which
has a different investment objective, are the Money Market Portfolio, the
Government Securities Portfolio, the Intermediate Term Bond Portfolio, the Long
Term Bond Portfolio, the Equity
10
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Portfolio, the Small Cap Portfolio, the Managed Portfolio, the International
Growth Portfolio, and the High Yield Bond Portfolio. See "The Funds," page 16.
The Company is the investment manager of the MONY Series Fund. Enterprise
Capital Management, Inc., a subsidiary of The Mutual Life Insurance Company of
New York, is the investment manager of the Accumulation Trust. Quest for Value
Advisors, a subsidiary of Oppenheimer Capital, is the sub-investment adviser, of
the Equity, Small Cap, and Managed Portfolios; Brinson Partners, Inc. is the
sub-investment adviser of the International Growth Portfolio; and Caywood-Scholl
Capital Corporation is the subinvestment adviser of the High Yield Bond
Portfolio.
The Policy Owner may choose to allocate net premium payments to any or all
of the available Subaccounts constituting the Variable Account, and to the
Guaranteed Interest Account.
TRANSFER OF FUND VALUE
The Policy Owner may transfer Fund Value among the Subaccounts, and,
subject to certain other limitations, between the Subaccounts and the Guaranteed
Interest Account. Transfers may be made by telephone if an authorization for
telephone transfer form has been properly completed and signed and filed at the
Company's Syracuse Operations Center. See "Transfer of Fund Values," page 30.
POLICY LOANS
The Policy Owner may borrow from the Company an amount up to 90% of the
Policy's Cash Value less any existing Outstanding Debt. The minimum loan is
$250. The Policy will be the only security required for a loan. See "Policy
Loans," page .
The amount of any Outstanding Debt reduced by any Unearned Loan Interest is
subtracted from the death benefit or from the Cash Value upon surrender. See
"Full Surrender," page 32. Outstanding Debt may also impact the continuation of
the Policy. See "Grace Period and Lapse," page 12.
FULL SURRENDER
The Owner can surrender the Policy during the life of the Insured and
receive its Surrender Value, which is equal to the Fund Value less the Fund
Charge and less any Outstanding Debt reduced by any Unearned Loan Interest.
PARTIAL SURRENDER
Partial Surrenders are available under the Policy after the second Policy
anniversary so long as the Surrender Value remaining after giving effect to the
requested surrender and any fees which may be assessed as a result of the
Partial Surrender exceeds any minimum requirements. If a Partial Surrender is
for an amount which exceeds the amount available, it will be rejected and the
request will be returned to the Policy Owner. A Partial Surrender may decrease
the Specified Amount of a Policy if the Owner has elected death benefit Option
I, and it will decrease the death benefit if the death benefit is greater than
the Specified Amount under either Option I or II. See "Partial Surrender," at
page 32.
Among other restrictions, Partial Surrenders must be for at least $500, and
the Policy's Surrender Value after the surrender must be at least $500. A
Partial Surrender Fee of $25 or 2% of the amount surrendered, whichever is less,
will be assessed against the remaining Fund Value. In addition, a portion of the
Fund Charge may be assessed upon a Partial Surrender.
PREFERRED PARTIAL SURRENDER
A Policy Owner may obtain during any Policy year after the second Policy
anniversary amounts, up to 10% of Cash Value (on the date the first Partial
Surrender request is received), without the application of a Fund Charge or
reduction in specified amount. The Partial Surrender Fee, however, will be
charged. This amount is referred to as the Preferred Partial Surrender Amount.
See "Preferred Partial Surrender", page 32.
11
<PAGE> 12
FREE LOOK PERIOD
A Policy Owner may obtain a full refund of the premium paid if the Policy
is returned within 10 days (or longer in certain states) after the Owner
receives it, within 10 days after the Company mails or delivers the notice of
the right of withdrawal, or 45 days after the application for the Policy is
completed, whichever is later. During the Free Look Period, net premiums will be
allocated to the Money Market Subaccount, which invests in the Money Market
Portfolio of the MONY Series Fund. During a Free Look Period following any
increase in Specified Amount, the Policy Owner has a right, in effect, to cancel
the increase in Specified Amount and have the charges and deductions
attributable to such increase added to the Fund Value. See "Right to Examine a
Policy -- Free Look Period", page 20.
GRACE PERIOD AND LAPSE
Payment of Scheduled Premium Payments will not guarantee that a Policy will
remain in force. Instead, unless one of the Guaranteed Death Benefit Riders has
been elected and all requirements have been met, the duration of the Policy
depends upon the Policy's Cash Value less any Outstanding Debt. However, during
the first two Policy years, if on each Monthly Anniversary Day the sum of
premiums paid, less the sum of Partial Surrenders (and any fees relating
thereto) and any Outstanding Debt is greater than or equal to the Minimum
Monthly Premium times the number of completed Policy months, the Policy is
guaranteed not to lapse, regardless of the Policy's Cash Value less Outstanding
Debt. Even if Scheduled Premium Payments are made, if either of these two
provisions do not apply, the Policy will lapse any time the Cash Value less
Outstanding Debt is insufficient to pay the current monthly deduction and a
Grace Period expires without sufficient payment.
While the Guaranteed Death Benefit Rider is in force, if on any Monthly
Anniversary Day the Cash Value is less than Outstanding Debt or the total
premiums received less any Partial Surrenders and their fees do not exceed the
premiums required under the Guaranteed Death Benefit Rider (See "Guaranteed
Death Benefits", page 26.), a notice will be sent which will give the Policy
Owner 61 days from the date thereof to make additional payments to the Policy.
See "Grace Period and Lapse", page 12.
CHARGES AND DEDUCTIONS
DEDUCTIONS FROM PREMIUMS
Certain charges are deducted from each premium payment under a Policy prior
to applying the net premium to the Fund Value. These charges consist of the
following items:
SALES CHARGE -- A sales charge equal to 4% of each premium paid during the
first ten Policy Years, 2% of each premium paid in Policy Years 11 through 20,
and none thereafter.
TAX CHARGE -- A state and local premium tax charge, currently equal to 2.0%
of each premium, and a charge related to the federal tax treatment of deferred
acquisition costs currently equal to 1.25% of each premium will be deducted to
compensate the Company for these taxes. Actual state and local premium taxes
vary, ranging from 0% to 4%. The Company does not expect to make a profit from
this charge. (See "Tax Charges", page 35.)
DAILY DEDUCTION FROM THE VARIABLE ACCOUNT
A charge is deducted from the Variable Account each day for the Mortality
and Expense Risk Charge as described below.
MORTALITY AND EXPENSE RISK CHARGE -- A charge is deducted daily from each
Subaccount of the Variable Account for mortality and expense risks assumed by
the Company. For the first 10 Policy years, this charge is equal to .002055% of
the amount in the Subaccount, which is equivalent to an annual rate of .75% of
Subaccount value. Each month the Policy remains in force after the tenth Policy
Anniversary, the Fund Value allocated to the Subaccounts will be credited with
an amount which will effectively reduce the Mortality and Expense Risk Charge.
It is expected that this will be an amount equal to 0.00137% of the Subaccount
value.
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<PAGE> 13
This is equivalent to 0.5% on an annualized basis. This amount, which is not
guaranteed, will be allocated among the Subaccounts proportionately on each
Monthly Anniversary Day following the tenth Policy Anniversary.
DEDUCTIONS FROM FUND VALUE
A charge called the Monthly Deduction is deducted from the Fund Value on
each Monthly Anniversary Day. The monthly deduction consists of the following
items:
COST OF INSURANCE -- This monthly charge compensates the Company for
providing life insurance coverage for the Insured. The amount of the charge is
equal to a current cost of insurance rate multiplied by the net amount at risk
under the Policy at the beginning of each Policy Month.
ADMINISTRATIVE CHARGE -- An administrative charge is deducted each month
based on the Specified Amount of the Policy. The administrative charge decreases
after the first Policy year:
<TABLE>
<CAPTION>
EACH OF EACH POLICY MONTH
FIRST 12 POLICY MONTHS THEREAFTER
---------------------- -----------------
<S> <C> <C>
Specified Amount:
Less than $250,000.............................. $31.50* $6.50
$250,000 to $499,999............................ 28.50* 3.50
$500,000 or more................................ 25.00* None
</TABLE>
- ---------------
* Reduced by $5.00 for issue ages 0 through 17.
GUARANTEED DEATH BENEFIT CHARGE -- If the Guaranteed Death Benefit Rider
has been elected, a charge of $0.01 per thousand of Policy Specified Amount and
certain Rider amounts per month will be charged during the Guarantee Period.
OPTIONAL INSURANCE BENEFITS CHARGES -- The monthly deduction will include
charges for any other optional insurance benefits added to the Policy by Rider.
FUND CHARGE
The Company will assess a Fund Charge against Fund Value upon surrender of
a Policy or reduction in the Specified Amount within fourteen years of the
Policy Date or of a subsequent increase in Specified Amount. The Fund Charge
consists of two charges: an Administrative Fund Charge and a Sales Fund Charge.
ADMINISTRATIVE FUND CHARGE -- The Administrative Fund Charge is equal to an
amount per thousand of Specified Amount as follows:
<TABLE>
<CAPTION>
ADMINISTRATIVE
ISSUE AGE FUND CHARGE
--------- --------------
<S> <C>
0-25............................................................ $ 2.50
26.............................................................. 3.00
27.............................................................. 3.50
28.............................................................. 4.00
29.............................................................. 4.50
30 or higher.................................................... 5.00
</TABLE>
The amount of the charge remains level for five years. After the fifth year, the
charge decreases by 10% per year until it reaches zero at the end of the 14th
year. See "Fund Charge -- Administrative Fund Charge", page 37.
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<PAGE> 14
SALES FUND CHARGE -- The Sales Fund Charge is equal to a percentage of the
premiums paid in the first five years, up to a maximum amount of premiums called
the Target Premium. The percentage of premiums varies by Age as follows:
<TABLE>
<CAPTION>
ISSUE AGE PERCENTAGE
--------- ----------
<S> <C>
0-17.............................................................. 50%
18-65............................................................. 75
66................................................................ 70
67................................................................ 65
68................................................................ 60
69................................................................ 55
70 or higher...................................................... 50
</TABLE>
The Sales Fund Charge can increase as premiums are paid during the five year
period. Starting on the fifth anniversary, the charge decreases from its maximum
by 10% per year until it reaches zero at the end of the 14th year. The Sales
Fund Charge during the first two years that the Policy is in force is limited.
See "Fund Charge -- Sales Fund Charge", page 37.
Administrative Fund Charges and Sales Fund Charges are determined in a
similar manner for increases in Specified Amount. Decreases in Specified Amount
may result in immediate deduction of a portion of the sales Fund Charge and
administrative Fund Charge from the Fund Value.
TRANSACTION AND OTHER CHARGES
A Partial Surrender Fee of the lesser of 2% of the amount surrendered and
$25 will be assessed against the remaining Fund Value for any Partial Surrender
or Preferred Partial Surrender. In addition, the Company reserves the right to
charge a fee of $25 on transfers which exceed four in any Policy year.
The operating expenses of the Variable Account are paid by the Company and
certain charges, deductions, and fees are made or imposed to compensate the
Company for these expenses and for the risk that the charges, deductions, and
fees may not be sufficient to compensate the Company. Investment advisory fees
and operating expenses of the Fund are paid by the Fund. For a description of
these charges, see "Charges and Deductions," page 34.
TAX TREATMENT OF INCREASES IN FUND VALUE
The Fund Value under the Policy is currently subject to the same federal
income tax treatment as the cash value under fixed life insurance. Therefore,
generally the Policy Owner will not be deemed to be in constructive receipt of
the Fund Value unless and until the Policy Owner is deemed to be in receipt of a
distribution from the Policy. For information on the tax treatment of the Policy
and on the tax treatment of a Full Surrender, a Partial Surrender, a Preferred
Partial Surrender, or a Policy loan, see "Federal Income Tax Considerations,"
page 39.
TAX TREATMENT OF DEATH BENEFIT
The death benefit under the Policy is currently subject to federal income
tax treatment consistent with that of fixed life insurance. Therefore, generally
the death benefit will be fully excludable from the gross income of the
Beneficiary under the Internal Revenue Code. See "Federal Income Tax
Considerations," page 39.
THE GUARANTEED INTEREST ACCOUNT
The Policy Owner may allocate all or a portion of net premium payments and
transfer Fund Value to the Guaranteed Interest Account, within specified limits.
Amounts allocated to the Guaranteed Interest Account are held in the Company's
General Account. The Company guarantees that the Fund Value allocated to the
Guaranteed Interest Account will be credited interest daily at a rate equivalent
to an effective annual rate of
14
<PAGE> 15
5%. In addition, the Company may in its sole discretion pay interest in excess
of the guaranteed amount. After the tenth Policy anniversary, it is expected the
annual interest rates that apply to the Fund Value in the Guaranteed Interest
Account will be .5% higher than otherwise applicable. This increase is not
guaranteed. See "The Guaranteed Interest Account," page 46.
CONTACTING THE COMPANY
All written requests, notices, and forms required by the Policies, and any
questions or inquiries should be directed to the Company's Operations Center at
1 MONY Plaza, Syracuse, New York 13202.
INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
MONY LIFE INSURANCE COMPANY OF AMERICA
MONY Life Insurance Company of America (the "Company") is a stock life
insurance company organized in the State of Arizona. The Company is currently
licensed to sell life insurance and annuities in 49 states (not including New
York), the District of Columbia, the U.S. Virgin Islands, and Puerto Rico. The
Company is the corporate successor of Vico Credit Life Insurance Company,
incorporated in Arizona on March 6, 1969.
The Company is a wholly owned subsidiary of The Mutual Life Insurance
Company of New York ("Mutual of New York"), a mutual life insurance company
organized under the laws of the state of New York in 1842. The principal office
of Mutual of New York is located at 1740 Broadway, New York, New York 10019. It
is admitted to do business in all states, as well as the District of Columbia,
and Puerto Rico. As of the end of 1994, Mutual of New York had over $75.5
billion of life insurance in force and total assets of approximately $17.7
billion.
At December 31, 1994, Mutual of New York had approximately $104.9 million
invested in the Company to support its insurance operations. Mutual of New York
intends from time to time to make additional capital contributions to the
Company as needed to enable it to meet its reserve requirements and expenses in
connection with its business. Generally, Mutual of New York is under no
obligation to make such contributions, and its assets do not back the benefits
paid under the Policies.
At May 1, 1995, the rating assigned to the Company by A. M. Best Company,
Inc., an independent insurance company rating organization, was A- (Excellent)
based upon an analysis of financial condition and operating performance through
the end of 1993. At the same date, Mutual of New York was rated A- (Excellent)
on the same basis. The A. M. Best rating of the Company should be considered
only as bearing on the ability of the Company to meet its obligations under the
Policies.
The Company has a service agreement with Mutual of New York whereby Mutual
of New York provides the Company with such personnel, facilities, etc., as are
reasonably necessary for the conduct of the Company's business. These services
are provided on a cost reimbursement basis. The Company intends to administer
the Policies itself, utilizing the services provided by Mutual of New York to
meet its obligations under the Policies.
MONY Securities Corp., a wholly owned subsidiary of Mutual of New York, is
the principal underwriter for the Policies.
MONY AMERICA VARIABLE ACCOUNT L
The MONY America Variable Account L (the "Variable Account") is a separate
investment account of the Company and at present is used only to support
flexible premium variable life insurance policies. The assets in the Variable
Account are kept separate from the General Account assets and other separate
accounts of the Company.
The Company owns the assets in the Variable Account and is required to
maintain sufficient assets in the Variable Account with a total market value
equal to the Policy liabilities funded by the Variable Account. The
15
<PAGE> 16
Variable Account is divided into subdivisions called Subaccounts. The income,
gains, or losses, realized or unrealized, of the Variable Account are credited
to or charged against the assets held in the Variable Account without regard to
the other income, gains, or losses of the Company. Assets in the Variable
Account attributable to the reserves and other liabilities under the Policies
are not chargeable with liabilities arising from any other business that the
Company conducts. However, the Company may transfer to its General Account any
assets which exceed anticipated obligations of the Variable Account. All
obligations arising under the Policy are general corporate obligations of the
Company. The Company may accumulate in the Variable Account proceeds from
various Policy charges and investment results applicable to those assets.
The Variable Account was established on March 27, 1987 under Arizona law
under the authority of the Board of Directors of Company. The Variable Account
is registered as a unit investment trust with the SEC. Such registration does
not involve any supervision by the SEC of the administration or investment
practices or policies of the Account.
There are currently nine Subaccounts within the Variable Account available
to the Policyholder. Each Subaccount invests exclusively in shares of a
designated Portfolio of the Funds. For example, the Long Term Bond Subaccount
invests solely in shares of the MONY Series Fund, Inc. Long Term Bond Portfolio.
These Portfolios are available to serve only as the underlying investment for
variable annuity and variable life insurance contracts issued through separate
accounts of the Company as well as other life insurance companies, and may be
available to certain pension accounts. They are not available directly to
individual investors. The Company may in the future establish additional
Subaccounts within the Variable Account, which may invest in other Portfolios of
the Funds or in other securities. Not all Subaccounts are available to the
Policy Owner.
THE FUNDS
Each Subaccount of the Variable Account currently invests only in shares of
a corresponding Portfolio of the MONY Series Fund, Inc. (the "MONY Series Fund")
or the Enterprise Accumulation Trust (the "Accumulation Trust") (the MONY Series
Fund and the Accumulation Trust are collectively called the "Funds"). The Funds
are diversified, open end management investment companies of the series type.
The Funds are registered with the SEC under the Investment Company Act of 1940.
Such registration does not involve supervision by the SEC of the investments or
investment policy of the Funds.
Of the seven separate Portfolios of the MONY Series Fund, currently only
four portfolios ("Portfolios"), each of which pursues different investment
objectives and policies, are available for purchase by corresponding Subaccounts
of the Variable Account available to the Policy Owner. The Company acts as the
investment manager of the MONY Series Fund. The Company is a registered
investment adviser under the Investment Advisers Act of 1940. As investment
adviser to the MONY Series Fund, the Company receives a daily investment
advisory fee equivalent to an annual rate of 0.40 percent of the first $400
million, 0.35 percent of the next $400 million. and 0.30 percent for in excess
of $800 million of the aggregate average daily net assets of all Portfolios of
the MONY Series Fund, as described in the accompanying current prospectus for
the MONY Series Fund. The Company, as investment adviser, has agreed to bear all
expenses associated with organizing the Fund, the initial registration of its
securities, the calculation of the net asset value of the Portfolios, and the
compensation of the Fund's directors, officers and employees who are interested
persons of the Company. All other expenses will be borne by the Fund itself,
subject to certain limitations imposed by state law. The Company has entered
into a Services Agreement with Mutual of New York for the provision of
personnel, equipment, facilities and other services, in order to carry out its
duties as investment adviser to the Fund.
Of the five separate Portfolios of the Accumulation Trust, currently all
five separate Portfolios, each of which pursues different investment objectives
and policies, are available for purchase by corresponding Subaccounts of the
Variable Account. Enterprise Capital Management, Inc., a wholly owned subsidiary
of Mutual of New York, acts as the investment manager of the Accumulation Trust.
Quest for Value Advisors, a subsidiary of Oppenheimer Capital, acts as the
sub-investment adviser to the Equity, Small Cap, and Managed Portfolios of the
Accumulation Trust. Oppenheimer Capital is a subsidiary of Oppenheimer
16
<PAGE> 17
Financial Corporation. Brinson Partners, Inc. acts as the sub-investment adviser
to the International Growth Portfolio. Caywood-Scholl Capital Corporation acts
as sub-investment adviser to the High Yield Bond Portfolio.
The investment objectives of each Portfolio are fundamental and may not be
changed without the approval of the holders of a majority of the outstanding
shares of the Portfolio affected (which, for each of the Funds, means the lesser
of (1) 67 percent of the Portfolio shares represented at a meeting at which more
than 50 percent of the outstanding Portfolio shares are represented or (2) more
than 50 percent of the outstanding Portfolio shares).
PURCHASE OF PORTFOLIO SHARES BY THE VARIABLE ACCOUNT
The shares of each Portfolio are purchased by the Company for the
corresponding Subaccount at net asset value, i.e., without sales load. All
dividends and capital gains distributions received from a Portfolio are
automatically reinvested in such Portfolio at net asset value, unless the
Company, on behalf of the Variable Account, elects otherwise. Fund shares will
be redeemed by the Company at their net asset value to the extent necessary to
make payments under the Policies.
Shares of the Funds are offered only for purchase by separate accounts of
insurance companies, which may or may not be affiliated with the Company, or
with each other. This is called "shared funding." They may also sell shares to
separate accounts to serve as an investment medium for variable life insurance
policies and for variable annuity contracts. Thus, the Funds serve as an
investment medium for both variable life insurance policies and variable annuity
contracts. This is called "mixed funding." The Company currently does not
foresee any disadvantages to Policy Owners arising from either mixed or shared
funding; however, due to differences in tax treatment or other considerations,
it is theoretically possible that the interests of owners of various contracts
for which the Funds serve as an investment medium might at some time be in
conflict. However, the Company's and the MONY Series Fund's Boards of Directors,
the Accumulation Trust's Board of Trustees, and any other insurance companies
that participate in the Funds are required to monitor events in order to
identify any material conflicts that arise from the use of the Funds for mixed
and/or shared funding. The Funds' Boards are required to determine what action,
if any, should be taken in the event of such a conflict. If such a conflict were
to occur, the Company might be required to withdraw the investment of one or
more of its separate accounts from the Funds. This might force the Funds to sell
securities at disadvantageous prices.
A summary of the investment objective of each of the Portfolios of the
Funds is described below. There can be no assurance that any Portfolio will
achieve its objective. More detailed information is contained in the
accompanying prospectus of each Fund, including information on the risks
associated with the investment and investment techniques of each of the
Portfolios.
THE FUNDS' PROSPECTUS ACCOMPANY THIS PROSPECTUS AND SHOULD BE
READ CAREFULLY BEFORE INVESTING.
THE MONEY MARKET PORTFOLIO
The investment objective of the Money Market Portfolio is to seek maximum
current income consistent with preservation of capital and maintenance of
liquidity. The Money Market Portfolio attempts to achieve this objective by
investing in money market instruments. MONY Series Fund offers this Portfolio.
THE GOVERNMENT SECURITIES PORTFOLIO
The investment objective of the Government Securities Portfolio is the
maximum current income over the intermediate term consistent with the
preservation of capital, through investment in highly-rated debt securities,
U.S. Government obligations, and money market instruments, with a dollar
weighted average life of up to ten years at the time of purchase. MONY Series
Fund offers this Portfolio.
17
<PAGE> 18
THE INTERMEDIATE BOND PORTFOLIO
The investment objective of the Intermediate Bond Portfolio is to maximize
income over the intermediate term consistent with the preservation of capital.
The Portfolio seeks to achieve this objective by investing in highly rated debt
securities, U.S. Government obligations, and money market instruments, together
having a dollar-weighted average life of between 4 and 8 years. MONY Series Fund
offers this Portfolio.
THE LONG TERM BOND PORTFOLIO
The investment objective of the Long Term Bond Portfolio is to maximize
income over the longer term consistent with preservation of capital. The
Portfolio seeks to achieve its objective by investing in highly-rated debt
securities, U.S. Government obligations, and money market instruments, together
having a dollar-weighted average life of more than 8 years. MONY Series Fund
offers this Portfolio.
THE EQUITY PORTFOLIO
The investment objective of the Equity Portfolio is long-term capital
appreciation. The Portfolio seeks to achieve this investment objective by
investing in a diversified portfolio of primarily equity securities selected on
the basis of a value-oriented approach to investing. The Accumulation Trust
offers this Portfolio.
THE SMALL CAP PORTFOLIO
The Small Cap Portfolio seeks capital appreciation. The Portfolio pursues
its investment objective by investing in a diversified portfolio of primarily
equity securities of companies with market capitalization of under $1 billion.
The Accumulation Trust offers this Portfolio.
THE MANAGED PORTFOLIO
The investment objective of the Managed Portfolio is to provide growth of
capital over time. The Portfolio seeks to achieve this investment objective by
investing in a portfolio consisting of common stocks, bonds and cash
equivalents, the percentage of which will vary over time based on the investment
manager's assessment of the relative investment values. The Accumulation Trust
offers this Portfolio.
THE INTERNATIONAL GROWTH PORTFOLIO
The investment objective of the International Growth Portfolio is to
provide capital appreciation, primarily through a diversified portfolio of
non-United States equity securities. The Accumulation Trust offers this
portfolio.
THE HIGH YIELD BOND PORTFOLIO
The investment objective of the High Yield Bond Portfolio is to provide
maximum current income, primarily from debt securities that are rated Ba or
lower by Moody's Investors Service, Inc. or BB or lower by Standard & Poor's
Corporation. The Accumulation Trust offers this portfolio.
THE POLICY
The variable life insurance benefits of the Policies are funded through the
Policy Owner's Fund Value in the Variable Account and the Guaranteed Interest
Account. The information included below describes the benefits, features,
charges, and other major provisions of the Policies.
APPLICATION FOR A POLICY
The Policy is designed to meet the needs of individuals and for
corporations who wish to provide coverage and benefits for key employees.
Individuals wishing to purchase the Policy must complete an application and
personally deliver it to a licensed agent of the Company, who is also a
registered representative of MONY Securities Corp. ("MSC"). The licensed agent
will then submit the completed application to the
18
<PAGE> 19
Company. The Policy may also be sold through other broker-dealers authorized by
MSC and applicable law to do so. A Policy can be issued on the life of an
Insured for Ages up to and including Age 80 with evidence of insurability
satisfactory to the Company. The Insured's Age is calculated as of the Insured's
birthday nearest the Policy Date. Acceptance is subject to the Company's
underwriting rules, and the Company reserves the right to request additional
information and to reject an application.
The minimum Specified Amount which may be applied for is $100,000. However,
the Company also reserves the right to revise its rules from time to time to
specify a different minimum Specified Amount at issue for subsequent issued
Policies.
Each Policy is issued with a Policy Date, which is the date used to
determine the Monthly Anniversary Day, Policy Months, Policy Years, and Policy
monthly, quarterly, semiannual and annual Anniversaries. The Policy Date will be
stated on Page 1 of the Policy. The Policy Date will normally be the later of
the date that delivery of the Policy is authorized by the Company (the "Policy
Release Date") or the Policy Date requested in the application. Except as
provided under the temporary insurance procedures defined below, no premiums may
be paid with the application.
TEMPORARY INSURANCE COVERAGE
If an applicant desires interim insurance coverage prior to the Policy
Release Date, a Temporary Insurance Agreement is available. At the time an
application is accepted by a licensed agent of the Company, the applicant must
satisfactorily complete and sign the Temporary Insurance Agreement Form and
submit payment for at least one Minimum Monthly Premium for the Policy as
applied for. Coverage commences under the Temporary Insurance Agreement on the
date the Temporary Insurance Agreement Form is signed and the required premium
amount has been paid, or if later, the requested Policy Date. See "Premium
Flexibility," page 21.
Once the coverage under the Temporary Insurance Agreement commences, it
generally will run until the Policy Release Date, but in no event for more than
90 days from the date the Temporary Insurance Agreement Form is signed. In
addition, this temporary insurance coverage will also cease on the earliest of
(a) the 45th day after the Temporary Insurance Agreement Form is signed if the
last of the medical exams and tests initially required under the Company's
published underwriting rules has not been completed by the applicant, (b) 5 days
after the Company sends notice to the applicant that it declines to issue any
Policy, (c) the date the applicant informs the Company that the Policy will be
refused, (d) the Policy Release Date, if the Policy is issued as applied for, or
(e) where the Policy is issued other than as applied for, the earlier of the
15th day after the Policy Release Date or the date the Policy takes effect. If
death occurs during the period of temporary coverage, the death benefit will be
(i) the lesser of $500,000 or the insurance coverage applied for on the life of
the proposed Insured (including any optional Riders), less (ii) the Deductions
from Premium and the Monthly Deduction due prior to the date of death.
During the period before the Policy Release Date, premiums paid with the
application pursuant to the Temporary Insurance Agreement will be held in the
Company's General Account. Except as provided below, interest will be credited
on the premium (less any Deductions from Premiums) held in the Company's General
Account. The interest rate will be set by the Company, but will not be less than
5 percent per year. If the Policy is issued and accepted, these amounts will be
applied to the Policy. These premiums will be returned (without interest) to the
applicant within 5 days after:
(1) the date the applicant informs the Company at or before the Policy
Release Date (or where the Policy is authorized for delivery other than as
applied for, on or before the 15th day after the Policy Release Date) that
the Policy will be refused; or
(2) the date which is 30 days after the application is signed, if any
medical exams or tests required by the Company have not yet been completed.
Premiums will be returned with interest to the applicant within 5 days after the
date the Company sends notice to the applicant declining to issue any Policy on
the Insured.
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<PAGE> 20
INITIAL PREMIUM PAYMENT
If the application is approved and the Policy is subsequently issued, the
balance due (if any) of the first Scheduled Premium Payment, as specified in the
Policy, is payable upon delivery of the Policy. The Policy will take effect on
the date the Policy is accepted by the applicant and the initial Scheduled
Premium Payment has been paid, or the Policy Date requested in the application,
if later. If a specific Policy Date has not been requested or if the Policy Date
requested is prior to the Policy Release Date, upon receipt of the balance due
(if any), the amount attributable to the Policy (including any premiums held in
the General Account under the Temporary Insurance Agreement plus any interest
credited in the General Account, less Deductions from Premiums) will be
transferred to the Money Market Subaccount of the Variable Account on the Policy
Release Date pending expiration of the applicable Free Look Period. After such
transfer, the Monthly Deduction due prior to or on the Policy Release Date will
be made. Upon expiration of the Free Look Period, amounts to be allocated to the
Subaccounts of the Variable Account will be allocated to those Subaccounts and
amounts to be allocated to the Guaranteed Interest Account will be allocated to
that Account. (See "Right to Examine A Policy -- Free Look Period," page 20.)
POLICY DATE
If a specific Policy Date has been requested which is later than the Policy
Release Date, the amount attributable to the Policy will be initially held in
the General Account until the Policy Date. On the Policy Date, the amount
attributable to the Policy less any Deductions from Premiums for the period
commencing with the Policy Date will be transferred to the Money Market
Subaccount of the Variable Account pending expiration of the applicable Free
Look Period. Upon the expiration of the applicable Free Look Period, amounts
allocated to the Subaccounts of the Variable Account will be allocated to those
Subaccounts and amounts allocated to the Guaranteed Interest Account will be
allocated to that Account. See "Right to Examine A Policy -- Free Look Period,"
page 20.
Subject to the Company's approval, a Policy may be backdated, but the
Policy Date may not be more than six months (a shorter period is required in
certain states) prior to the date of the application. Backdating can be
advantageous if the Insured's lower issue Age results in lower cost of insurance
rates. If the Policy is backdated, the initial Scheduled Premium Payment will
include sufficient premium to cover additional charges incurred for the
backdating period, since monthly deductions are made for the period the Policy
Date is backdated.
RISK CLASSIFICATION
Insureds are assigned to underwriting (risk) classes which are used in
calculating the cost of insurance and certain Rider charges. In assigning
Insureds to underwriting classes, the Company will normally use the medical or
paramedical underwriting method, which may require a medical examination of a
proposed Insured, although other forms of underwriting may be used when deemed
appropriate by the Company.
RIGHT TO EXAMINE A POLICY -- FREE LOOK PERIOD
The Free Look Period follows the application for the Policy and its
issuance to the Policy Owner, and it also follows any application for an
increase in Specified Amount and the issuance of an endorsement increasing the
Specified Amount. The period runs to the latest of the date which is (a) 45 days
after Part I of the application is signed, (b) 10 days (or longer in certain
states) after the Policy Owner receives the Policy, or the endorsement of an
increase in Specified Amount, as the case may be, or (c) 10 days after the
Company mails or personally delivers a notice of withdrawal right to the Policy
Owner. During the Free Look Period which follows the issuance of the Policy, the
Policy Owner may cancel the Policy and receive a refund of the full amount of
the premium paid. During a Free Look Period following any increase in Specified
Amount, the Policy Owner has a right, in effect, to cancel the increase in
Specified Amount and have the charges and deductions attributable to such
increase added to the Fund Value. During the Free Look Period, net premiums will
be allocated to the Money Market Subaccount, which invests in the Money Market
Portfolio of the MONY Series Fund. See "Allocation of Net Premiums," page 23.
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<PAGE> 21
PREMIUMS
The Policy is a flexible premium policy, and it provides considerable
flexibility, subject to the limitations described below, to pay premiums at the
Policy Owner's discretion.
PREMIUM FLEXIBILITY
The Company requires a Policy Owner to pay an amount equal to at least the
Minimum Monthly Premium to place the Policy in force. If the premiums are to be
paid less often than monthly, the premium required to place the Policy in force
is equal to the Minimum Monthly Premium multiplied by 12 divided by the
frequency of Scheduled Premium Payments. This Minimum Monthly Premium will be
based upon the Policy's Specified Amount and the Age, smoking status, gender
(unless unisex cost of insurance rates apply, see "Cost of Insurance," page 35),
and underwriting class of the Insured, and any Riders added to the Policy. The
Minimum Monthly Premium will be shown in the Policy. Thereafter, subject to the
limitations described below, a Policy Owner may choose the amount and frequency
of premium payments. The Policy, therefore, provides the Policy Owner with the
flexibility to vary premium payments to reflect varying financial conditions.
If on each Monthly Anniversary Day during the first two Policy years, the
sum of all premiums paid, less any Outstanding Debt and less any Partial
Surrenders (and their fees), is greater than or equal to the Minimum Monthly
Premium times the number of completed Policy months, the Policy is guaranteed
not to lapse, regardless of the Policy's Cash Value less Outstanding Debt. See
"Grace Period and Lapse," page 12.
SCHEDULED PREMIUM PAYMENTS
When applying for a Policy, a Policy Owner will determine a Scheduled
Premium Payment that provides for the payment of level premiums at fixed
intervals over a specified period of time. Each Policy Owner will receive a
premium reminder notice for the Scheduled Premium Payment amount on either an
annual, semiannual, or quarterly basis, at the option of the Policy Owner. The
minimum Scheduled Premium Payment is equal to the Minimum Monthly Premium
multiplied by 12 divided by the Scheduled Premium Payment frequency. Although
reminder notices will be sent, the Policy Owner may not be required to pay
Scheduled Premium Payments.
Premiums, other than the first, may also be paid monthly under the
MONYMatic plan where the Policy Owner authorizes the Company to withdraw
premiums from the Owner's checking account each month. Based on the Policy Date,
up to two Minimum Monthly Premiums must be paid in cash before the MONYMatic
plan will be accepted by the Company. Under the MONYMatic plan, the day on which
premiums are withdrawn will be the 15th of the month. Payment of the Scheduled
Premium Payments will not guarantee that a Policy will remain in force. Instead,
unless one of the Guaranteed Death Benefit Riders has been elected and all
requirements have been met, the duration of the Policy depends upon the Policy's
Cash Value, less any Outstanding Debt. In addition during the first two Policy
Years, if on each Monthly Anniversary Day the sum of premiums paid, less the sum
of Partial Surrenders (and any fees relating thereto) and any Outstanding Debt
is greater than or equal to the Minimum Monthly Premium times the number of
completed Policy Months, the Policy is guaranteed not to lapse, regardless of
the Policy's Cash Value less Outstanding Debt. Even if the Scheduled Premium
Payments are made, if either of these two provisions do not apply, the Policy
will lapse any time the Cash Value less Outstanding Debt is insufficient to pay
the current monthly deduction and a Grace Period expires without sufficient
payment.
CHOICE OF GUARANTEED DEATH BENEFIT RIDERS
When application for the Policy is made, the applicant will also have the
opportunity to choose from one of two Guaranteed Death Benefit Riders, which may
extend the period that the Specified Amount of the Policy and certain Rider
coverages will remain in effect. The two options vary primarily by the length of
the Guarantee Period. The available Guarantee Periods are: (i) to the Insured's
Age 75 or ten years from the Policy Date, whichever is later, (the "Ten Year/Age
75 Guarantee Period") or (ii) to the Maturity Date (the
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<PAGE> 22
"Lifetime Guarantee Period"). An extra charge will be deducted from the Fund
Value each month during the Guarantee Period. See "Guaranteed Death Benefits,"
page 26.
In the event that on any Monthly Anniversary Day the Cash Value exceeds
Outstanding Debt, the Guaranteed Death Benefit Rider will keep the Policy in
force provided that the cumulative Monthly Guarantee Premium due to date has
been paid. This amount depends on which of the two Guarantee Periods are chosen,
as well as the Specified Amount of the Policy, the Insured's age, gender,
smoking status and underwriting class, and any additional insurance benefits
added by Rider. For Policies with no Rider coverage other than the Guaranteed
Death Benefit Rider, the Monthly Guarantee Premium times 12 for the Lifetime
Guarantee Period will be equal to the guideline annual premium for Death Benefit
Option I determined in accordance with the federal income tax law definition of
life insurance. See "Federal Income Tax Considerations -- Definition of Life
Insurance," page 40. The Monthly Guarantee Premium times 12 for the Ten Year/Age
75 Guarantee Period will be the Target Premium that is used to determine the
maximum sales Fund Charge. See "Fund Charge," page 37. The guideline annual
premium will always be higher than the Target Premium, so the required premium
level for the Lifetime Guarantee Period will be greater than that required for
the Ten Year/Age 75 Guarantee Period. Adding other optional insurance benefits
by Rider to the Policy will increase the Monthly Guarantee Premium above those
indicated.
It is important to consider the Guaranteed Death Benefit Rider premium
requirements when setting the amount of the Scheduled Premium Payments for the
Policy. (See Appendix C and D.)
The Guaranteed Death Benefit Rider is not available to residents of the
State of Texas.
MODIFIED ENDOWMENT CONTRACTS
The amount, frequency and period of time over which a Policy Owner pays
premiums may affect whether the Policy will be classified as a modified
endowment contract, which is a type of life insurance contract subject to
different tax treatment for certain pre-death distributions than conventional
life insurance contracts. See "Federal Income Tax Considerations -- Modified
Endowment Contracts," page 41.
UNSCHEDULED PREMIUM PAYMENTS
Generally, the Policy Owner can make unscheduled premium payments at any
time and in any amount as long as each payment is at least $250.00. The Company
may reject or limit any premium payment (Scheduled or unscheduled) that would
result in an immediate increase in the death benefit payable, although such a
premium may be accepted with satisfactory evidence of insurability. A premium
payment would result in an immediate increase if the death benefit under a
Policy is, or upon acceptance of the premium would be, equal to a Policy Owner's
Fund Value multiplied by a death benefit percentage as a result of the federal
income tax law definition of life insurance. See "Death Benefits under the
Policy," page 23 and "Federal Income Tax Considerations -- Definition of Life
Insurance," page 40. If satisfactory evidence of insurability is not received,
the payment, or a portion thereof may be returned. In addition, all or a portion
of a premium payment will be rejected and returned to the Policy Owner if it
would exceed the maximum premium limitations prescribed by the federal income
tax law definition of life insurance.
Unscheduled premium payments will be treated as premium payments, and not
as a repayment of Outstanding Debt, unless a Policy Owner requests otherwise. If
the Policy Owner does request that the payment be treated as a repayment of
Outstanding Debt, any portion of a payment that exceeds the amount of
Outstanding Debt will be applied to the Fund Value. Applicable taxes and sales
charges are not deducted from payments used as a repayment of Outstanding Debt,
but are deducted from any payment which constitutes a premium payment.
PREMIUM PAYMENTS AFFECT THE CONTINUATION OF THE POLICY
If premium payments are stopped, temporarily or permanently, the Policy
will continue in effect until the Cash Value less any Outstanding Debt can no
longer cover the Monthly Deductions from the Fund Value for the Policy and any
optional insurance benefits added by Rider. At that point, the Policy will
lapse. See "Grace Period and Lapse," page 12. If the Minimum Monthly Premium
requirements are satisfied during the first two Policy years, the Policy is
guaranteed not to lapse, regardless of the Policy's Cash Value less Outstanding
Debt
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<PAGE> 23
during this two year period. See "Premiums -- Premium Flexibility," page 21. If
one of the Guaranteed Death Benefit Riders is in effect, the Specified Amount of
the Policy and certain Rider coverages will remain in force until the end of the
Guarantee Period if premium payments required by the Rider have been made and
Cash Value exceeds Outstanding Debt. See "Guaranteed Death Benefits," page 26.
Certain charges will be deducted from each premium payment. See "Charges
and Deductions," page 34. The remainder of the premium, referred to as the "net
premium", will be allocated as described below under "Allocation of Net
Premiums."
ALLOCATION OF NET PREMIUMS
In the application for the Policy, the Policy Owner selects the Subaccounts
of the Variable Account or the Guaranteed Interest Account to which net premium
payments will be allocated. During the Free Look Period, net premiums will be
allocated to the Money Market Subaccount, which invests in the Money Market
Portfolio of the MONY Series Fund. The Fund Value will be automatically
allocated according to the Policy Owner's instructions contained in the
application at the end of the Free Look Period. Net premiums received after the
Free Look Period will be allocated upon receipt among the Subaccounts of the
Variable Account and the Guaranteed Interest Account according to the Policy
Owner's most recent instructions. If instructions for allocation of premiums are
not included in the application or are incomplete, all allocations will be made
to the Money Market Subaccount until a subsequent notification of allocation
percentages is received.
Net premiums may be allocated in whole percentages to any number of
Subaccounts and to the Guaranteed Interest Account, provided that no allocation
may be for less than 10% of a net premium. Allocation percentages must sum to
100%. Available allocation alternatives include the nine Subaccounts and the
Guaranteed Interest Account.
A Policy Owner may change the allocation of net premiums at any time by
submitting a proper written request to the Company's Home Office. In addition,
changes in net premium allocation instructions may be made by telephone if an
authorization for telephone transfer form has been properly completed, signed
and filed at the Company's Syracuse Operations Center. The Company reserves the
right to discontinue telephone net premium allocation instructions. See
"Telephone Transfer Privileges", page 52. The revised allocation percentages
will be applied within seven days from receipt of notification.
Unscheduled premium payments may be allocated either by percentage or by
dollar amount. If the allocation is expressed in dollar amounts, the 10% limit
on allocation percentages does not apply.
DEATH BENEFITS UNDER THE POLICY
When the Policy is issued, the Company will determine the initial amount of
insurance based on the instructions provided in the application. That amount
will be shown on the specifications page of the Policy and is called the
"Specified Amount." The minimum Specified Amount is $100,000.
For so long as the Policy remains in force, the Company will, upon proof of
the death of an Insured, pay death benefit proceeds to a named Beneficiary.
Death benefit proceeds will consist of the death benefit under the Policy, plus
any insurance proceeds provided by Rider, less any Outstanding Debt reduced by
any Unearned Loan Interest (and, if in the Grace Period, further reduced by any
overdue charges).
Each Policy Owner may select one of two death benefit Options: Option I or
Option II. Generally the applicant designates the death benefit Option in the
application. If no Option is designated, Option I will be assumed by the Company
to have been selected. Subject to certain restrictions, the Policy Owner can
change the death benefit Option selected. So long as the Policy remains in
force, the death benefit under either Option will never be less than the
Specified Amount of the Policy.
OPTION I
Under Option I, the death benefit will be equal to the Specified Amount of
the Policy plus the increase in Fund Value since the last Monthly Anniversary
Day or, if greater, the Fund Value on the date of death plus
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<PAGE> 24
the Fund Value (determined as of the end of the Monthly Anniversary Day
concurrent with or prior to the date of death) multiplied by a Death Benefit
Percentage. The death benefit percentages vary according to the Age of the
Insured and will be at least equal to the percentage defined in the Internal
Revenue Code, which addresses the definition of a life insurance policy for tax
purposes. See "Federal Income Tax Considerations -- Definition of Life
Insurance," page 40. The Death Benefit Percentage is 150% for an Insured at Age
40 or under, and it declines for older Insureds. A table showing the Death
Benefit Percentages is in Appendix A to this prospectus and in the Policy.
Policy Owners who are seeking to have favorable investment performance reflected
in increasing Fund Value, and not in increasing insurance coverage, should
choose Option I.
OPTION II
Under Option II, the death benefit will be equal to the Specified Amount of
the Policy plus the Fund Value on the date of death or, if greater, the Fund
Value on the date of death plus the Fund Value (determined as of the end of the
Monthly Anniversary Day concurrent with or prior to the date of death)
multiplied by a Death Benefit Percentage. The Death Benefit Percentage is the
same as that used in connection with Option I and is stated in Appendix A. The
death benefit under Option II will always vary as Fund Value varies. Therefore,
Policy Owners who seek to have favorable investment performance reflected in
increased insurance coverage should choose Option II.
EXAMPLES OF OPTIONS I AND II
The following examples demonstrate the determination of death benefits
under Options I and II. The examples show three Policies -- Policies 1, 2, and
3 -- with the same Specified Amount, but Fund Values that vary as shown, and
which assume an Insured is Age 40 at the time of death and that there is no
Outstanding Debt. The date of death is also assumed to be on a Monthly
Anniversary Day.
<TABLE>
<CAPTION>
POLICY 1 POLICY 2 POLICY 3
-------- -------- --------
<S> <C> <C> <C>
Specified Amount........................................... $100,000 $100,000 $100,000
Fund Value on Date of Death................................ $ 35,000 $ 60,000 $ 85,000
Death Benefit Percentage................................... 150% 150% 150%
Death Benefit under Option I............................... $100,000 $150,000 $212,500
Death Benefit under Option II.............................. $135,000 $160,000 $212,500
</TABLE>
Under Option I, the death benefit for Policy 1 is equal to $100,000 since
the death benefit is the greater of the Specified Amount ($100,000) or the Fund
Value plus the Fund Value multiplied by the Death Benefit Percentage ($35,000
plus $35,000 X 150% = $87,500). In contrast, for both Policies 2 and 3 under
Option I, the Fund Value plus Fund Value multiplied by the Death Benefit
Percentage ($60,000 plus $60,000 X 150% = $150,000 for Policy 2; $85,000 plus
$85,000 X 150% = $212,500 for Policy 3) is greater than the Specified Amount
($100,000), so the death benefit is equal to the higher value. Under Option II,
the death benefit for Policy 1 is equal to $135,000 since the death benefit is
the greater of Specified Amount plus Fund Value ($100,000 + $35,000 = $135,000)
or the Fund Value plus Fund Value multiplied by the Death Benefit Percentage
($35,000 plus $35,000 X 150% = $87,500). Similarly, in Policy 2, Specified
Amount plus Fund Value ($100,000 + $60,000 = $160,000) is greater than Fund
Value plus Fund Value multiplied by the Death Benefit Percentage ($60,000 plus
$60,000 X 150% = $150,000). In contrast, in Policy 3, the Fund Value plus Fund
Value multiplied by the Death Benefit Percentage ($85,000 plus
$85,000 X 150% = $212,500) is greater than the Specified Amount plus Fund Value
($100,000 + $85,000 = $185,000), so the death benefit is equal to the higher
value.
Death benefit proceeds may be paid to a Beneficiary in a lump sum or under
a payment plan offered under the Policy. The Policy should be consulted for
details.
CHANGES IN DEATH BENEFIT OPTION
A Policy Owner may request that the death benefit under the Policy be
changed from Option I to Option II, or from Option II to Option I. Changes in
the death benefit Option may be made on any Monthly
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<PAGE> 25
Anniversary Day and should be made in writing to the Company's Home Office. A
change from Option II to Option I may be made without evidence of insurability;
a change from Option I to Option II will require evidence of insurability
satisfactory to the Company. The effective date of any such change requested
between Monthly anniversaries will be the next Monthly Anniversary Day after the
change is accepted.
A change in the death benefit from Option I to Option II is accomplished by
reducing the Specified Amount of the Policy by the amount of the Policy's Fund
Value at the date of the change. This maintains the death benefit payable under
Option II at the amount that would have been payable under Option I immediately
prior to the change. Although there is no immediate change in the total death
benefit, the change to Option II will affect the determination of the death
benefit from that point on since the Fund Value will then be added to the new
Specified Amount, and the death benefit will then vary with Fund Value. This
change will not be permitted if it would result in a new Specified Amount of
less than $100,000.
A change in the death benefit from Option II to Option I will result in a
decrease in the death benefit payable under the policy. The Specified Amount of
the Policy remains the same before and after the change; however, the death
benefit is reduced to an amount equal to the Specified Amount. From that point
on, the death benefit will equal the Specified Amount (or, if higher, the Fund
Value times the applicable Death Benefit Percentage, as required by the federal
tax law definition of life insurance). The change in Option will generally
reduce the death benefit payable in the future.
A change in death benefit Option may affect the monthly cost of insurance
charge since this charge varies with the net amount at risk, which generally is
the amount by which the death benefit exceeds Fund Value. See "Cost of
Insurance," page . Assuming that the Policy's death benefit is not based on
the Death Benefit Percentage under either Option I or II, changing from Option
II to Option I will generally decrease the net amount at risk, and therefore
decrease the cost of insurance charges. Changing from Option I to Option II will
generally result in a net amount at risk that remains level. Such a change,
however, will result in an increase in the cost of insurance charges over time,
since the cost of insurance rates increase with the Insured's Age.
CHANGES IN SPECIFIED AMOUNT
A Policy Owner may request an increase or decrease in the Specified Amount
under a Policy subject to approval from the Company. A change in Specified
Amount may be made at any time after the second Policy anniversary. Increases in
Specified Amount are not permitted on or after the Insured's Age 81. Increasing
the Specified Amount will generally increase the death benefit payable under the
Policy, and decreasing the Specified Amount will generally decrease the death
benefit payable. The amount of change in the death benefit will depend, among
other things, upon the death benefit Option chosen by the Policy Owner and
whether the death benefit under the Policy is being calculated using the Death
Benefit Percentage at the time of the change. Changing the Specified Amount
could affect the subsequent level of the death benefit while the Policy is in
force and the subsequent level of Policy values. For example, an increase in
Specified Amount may increase the net amount at risk under a Policy, which will
increase a Policy Owner's cost of insurance charges over time. Conversely, a
decrease in Specified Amount may decrease the net amount at risk, which will
decrease a Policy Owner's cost of insurance charges over time.
Any request for an increase or decrease in Specified Amount must be made by
written application to the Company's Home Office. It will become effective on
the Monthly Anniversary Day on or next following the Company's acceptance of the
request. If the Policy Owner is not the Insured, the Company may also require
the consent of the Insured before accepting a request.
INCREASES
Additional evidence of insurability satisfactory to the Company will be
required for an increase in Specified Amount. An increase will not be given for
increments of Specified Amount less than $10,000.
A requested increase in the Specified Amount will create a new "coverage
segment" for which cost of insurance and other charges will be computed
separately. See "Charges and Deductions," page 34. In addition, the Fund Charge
associated with the Policy will increase. The Fund Charge for the increase is
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<PAGE> 26
calculated in a similar manner as for the original Specified Amount. The Target
Premiums, and the required premiums under the Guaranteed Death Benefit Rider, if
applicable, will also be adjusted prospectively to reflect the increase in
Specified Amount. If the Specified Amount is increased at the same time that a
premium payment is received, the increase will be processed before the premium
payment is processed.
If an increase creates a new coverage segment of Specified Amount, premiums
paid after the increase will be allocated to the original and the new coverage
segments in the same proportion that the guideline annual premiums defined by
the federal securities laws for each segment bear to the sum of the guideline
annual premiums for all segments. Fund Value will also be allocated to each
coverage segment.
You will have the right to cancel an increase in the Specified Amount
within the later of (i) 45 days after Part I of the application for the increase
is signed, (ii) ten days (or longer in certain states) after receipt of the
Policy endorsement applicable to the increase, or, (iii) ten days after mailing
or personal delivery of a notice as to the availability of the Free Look
provision. If the increase is canceled, any charges attributable to the increase
will be reversed and then added to your Fund Value, without sales or other
loads. The Policy Fund Charge will also be adjusted to the amount which would
have existed had the increase never taken place.
DECREASES
Any decrease in Specified Amount (whether specifically requested by the
Policy Owner or as a result of a Partial Surrender or a death benefit Option
change) will first be applied to reduce the coverage segments of Specified
Amount associated with the most recent increases, then the next most recent
increases successively, and finally to the original Specified Amount. A decrease
will not be permitted if the Specified Amount would fall below $100,000. A
decrease will not be given if less than $10,000.
If the reduction decreases the Specified Amount during the Fund Charge
period, the Fund Charge on the remaining Specified Amount will be reduced;
however, an amount equal to the reduction in the Fund Charge will be deducted
from the Fund Value. See "Fund Charge," page . Target Premiums, and the
required premiums under the Guaranteed Death Benefit Rider, if applicable, will
also be adjusted for the decrease in Specified Amount. If the Specified Amount
is decreased at the same time that a premium payment is received, the decrease
will be processed before the premium payment is processed. Rider coverages may
also be affected by a decrease in Specified Amount.
The Company reserves the right to disallow a requested decrease, and will
not permit a requested decrease, among other reasons, (i) if compliance with the
guideline premium limitations under federal tax law resulting from the requested
decrease would result in immediate termination of the Policy, or (ii) if, to
effect the requested decrease, payments to the Policy Owner would have to be
made from Fund Value for compliance with the guideline premium limitations, and
the amount of such payments would exceed the Surrender Value under the Policy.
If we do not approve a change you have requested, we will send you a written
notice of our decision about making the change. See "Federal Income Tax
Considerations -- Definition of Life Insurance," page 40.
GUARANTEED DEATH BENEFITS
Generally, the length of time the Policy remains in force depends on the
Cash Value less the Outstanding Debt of the Policy. Because the charges that
maintain the Policy are deducted monthly from the Fund Value, coverage will last
as long as the Cash Value less the Outstanding Debt of the Policy is sufficient
to pay these charges. See "Grace Period and Lapse," page 12. The investment
experience of any amounts in the Subaccounts of the Variable Account and the
interest earned in the Guaranteed Interest Account will affect the amount of the
Fund Value and, as a result, the length of time the Policy remains in force
without the payment of additional premiums.
When application for a Policy is made, the Policy Owner will have the
opportunity to choose from one of two Guaranteed Death Benefit Riders, which may
extend the period that the Specified Amount of the Policy and certain other
Rider coverages will remain in effect if the Subaccounts suffer adverse
investment experience. The two options vary primarily by the length of time
which they cover, which is called the
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<PAGE> 27
Guarantee Period. Premiums required by the Rider vary depending on the Guarantee
Period chosen. See "Choice of Guaranteed Death Benefit Riders," page 21.
Although the premiums required under the Rider for the two options are
different, determination as to whether either of the Guaranteed Death Benefit
Riders will remain in effect are similar. On each Monthly Anniversary Day, two
tests will be performed: under the first test Cash Value must exceed Outstanding
Debt; and under the second test (i) the actual premiums paid, less the amount of
any Partial Surrenders (and any fees imposed as a result of the Partial
Surrender) must equal or exceed (ii) the Monthly Guarantee Premium for the Rider
chosen times the number of complete months since the Policy Date. If the Policy
fails to meet either test on any Monthly Anniversary Day, the Guarantee Period,
and therefore the Guaranteed Death Benefit Rider, will terminate. Once
terminated, the Guaranteed Death Benefit Rider can not be reinstated.
There is a Grace Period for this Rider. See "Grace Period and Lapse -- If
Guaranteed Death Benefit Rider Is in Effect", page 34.
There is a charge for the Guaranteed Death Benefit Rider. See "Guaranteed
Death Benefit Charge," page 37. This charge will end at the conclusion of the
Ten Year/Age 75 Guarantee Period if that Rider is chosen, and it will end for
either Rider if at any time the Policy fails the monthly tests.
Please refer to the Policy for additional information on the Guaranteed
Death Benefit Riders.
The Guaranteed Death Benefit Rider is not available to residents of the
State of Texas.
OTHER OPTIONAL INSURANCE BENEFITS
Subject to certain requirements, a Policy Owner may elect to add one or
more of the optional insurance benefits described below to the Policy at the
time of application for a Policy. These other optional insurance benefits are
added to the Policy by Rider. A charge will be deducted monthly from the Fund
Value for each optional insurance benefit added to the Policy. See "Charges and
Deductions," page 34. The amounts of these benefits are fully guaranteed at
issue, and they can be canceled by the Policy Owner at any time. Certain
restrictions may apply and are described in the applicable Rider. In addition,
adding or canceling these benefits may have an effect on the Policy's status as
a modified endowment contract. See "Federal Income Tax
Considerations -- Modified Endowment Contracts," page 41. An insurance agent
authorized to sell the Policy can describe these extra benefits further. Samples
of the provisions are available from the Company upon written request.
From time to time we may make available Riders other than those listed
below. Contact an insurance agent authorized to sell the Policy for a complete
list of the Riders available.
WAIVER OF MONTHLY DEDUCTIONS RIDER
This Rider provides that during a covered disability of the Insured, while
the Policy remains in force, the monthly administrative charges, cost of
insurance charges and Rider charges will be waived and therefore not deducted
from the Fund Value. This Rider does not waive the payment of premiums required
by the Guaranteed Death Benefit Rider.
ACCIDENTAL DEATH BENEFIT RIDER
This Rider will pay the benefit amount selected if the Insured dies as a
result of an accident after the Insured's Age 5 and prior to Age 70. A benefit
equal to twice the Rider amount is payable if accidental death occurs as the
result of riding as a passenger in a public conveyance then being operated
commercially to transport passengers for hire. The maximum amount of coverage is
the initial specified amount but not more than the greater of $100,000 total
coverage of all such insurance in the Company or in any insurance company
affiliate of the Company nor more than $200,000 of all such coverages,
regardless of insurance companies issuing such coverages.
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<PAGE> 28
PURCHASE OPTION RIDER
This Rider provides the option to purchase up to $50,000 of additional
coverage without providing additional evidence that the Insured remains
insurable. Increases under this Rider may be added on the Policy anniversary
when the Insured's Age is 25, 28, 31, 34, 37 and 40. In addition, the future
right to purchase new insurance on the next option date may be advanced and
exercised immediately upon marriage of the Insured, or the birth of a child of
the Insured, or upon the legal adoption of a child by the Insured. A period of
term insurance is automatically provided starting on the date of the specified
event. The interim term insurance, and the option to accelerate the purchase of
the coverage expires 60 days after the specified event.
SPOUSE'S TERM RIDER
This Rider provides for term insurance benefits on the life of the
Insured's spouse, to the spouse's Age 80. The minimum amount of coverage is
$25,000 and the maximum amount of coverage equals the Specified Amount of the
Policy. The Rider coverage may be converted without evidence of insurability to
any level premium, level face amount permanent plan of insurance offered by the
Company at any time prior to the Spouse's Age 65 or 5 years from the issue of
the Rider, if later.
CHILDREN'S TERM INSURANCE RIDER
This Rider provides term insurance coverage on the lives of the children of
the Insured under age 18 which continues to the Policy anniversary nearest the
Insured's Age 65 or the child's 22nd birthday, if earlier. It provides coverage
for children upon birth or legal adoption without presenting evidence of
insurability. Coverage is limited to the lesser of the initial Specified Amount
or $10,000. Upon the expiration of the Rider coverage it may be converted to any
level premium, level face amount permanent plan of insurance then offered by the
Company.
BENEFITS AT MATURITY
If the Insured is living on the Maturity Date, the Company will pay to the
Policy Owner, as an endowment benefit, the Surrender Value of the Policy.
Payment ordinarily will be made within seven days of the Policy Anniversary,
although payments may be postponed in certain circumstances. See "Payments,"
page 48.
POLICY VALUES
FUND VALUE
The Fund Value is the sum of the amounts under the Policy held in each
Subaccount of the Variable Account and any Guaranteed Interest Account, as well
as the amount set aside in the Company's Loan Account, and any interest thereon,
to secure Outstanding Debt.
On each Valuation Date, the portion of the Fund Value allocated to any
particular Subaccount will be adjusted to reflect the investment experience of
that Subaccount. On each Monthly Anniversary Day, the portion of the Fund Value
allocated to a particular Subaccount also will be adjusted to reflect the
assessment of the monthly deduction. See "Determination of Fund Value," page 29.
No minimum amount of Fund Value is guaranteed. A Policy Owner bears the risk for
the investment experience of Fund Value allocated to the Subaccounts.
CASH VALUE
The Cash Value of the Policy equals the Fund Value less the Fund Charge.
Thus, the Fund Value will exceed the Policy's Cash Value by the amount of the
Fund Charge. Once the Fund Charge has expired, the Fund Value will equal the
Cash Value.
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<PAGE> 29
SURRENDER VALUE
The Surrender Value of the Policy equals the Cash Value less any
Outstanding Debt reduced by any Unearned Loan Interest. The Owner can surrender
a Policy at any time while the Insured is living and receive its Surrender
Value. See "Surrender," page 32.
DETERMINATION OF FUND VALUE
Although the death benefit under a Policy can never be less than the
Policy's Specified Amount, the Fund Value will vary depending upon several
factors, including the investment performance of the Subaccounts to which Fund
Value has been allocated, payment of premiums, the amount of any Outstanding
Debt, Partial Surrenders, Preferred Partial Surrenders, and the charges assessed
in connection with the Policy. There is no guaranteed minimum Fund Value and the
Policy Owner bears the entire investment risk relating to the investment
performance of Fund Value allocated to the Subaccounts.
The amounts allocated to the Subaccounts will be invested in shares of the
corresponding Portfolios of the Funds. The value of the Subaccounts will reflect
the investment experience of the corresponding Portfolio. The investment
experience reflects the investment income, realized and unrealized capital gains
and losses and expenses of the Portfolio and any dividends or distributions
declared by a Portfolio. Any dividends or distributions from any Portfolio of
the Funds will be automatically reinvested in shares of the same Portfolio,
unless the Company, on behalf of the Variable Account, elects otherwise. The
Subaccount value will also reflect the mortality and expense risk charges the
Company makes each day to the Variable Account.
Amounts allocated to the Subaccounts are measured in terms of Units, which
are a measure of value used for bookkeeping purposes. The value of amounts
invested in each Subaccount is represented by the value of the Units credited to
the Policy for that Subaccount. On any given day, the amount in a Subaccount of
the Variable Account is equal to the Unit value times the number of Units
credited to the Policy in that Subaccount. The Units of each Subaccount will
have different Unit values.
Units of a Subaccount are purchased (credited) whenever premiums or
transfer amounts (including transfers from the Loan Account) are allocated to
that Subaccount. Units are redeemed (debited) to make Partial Surrenders,
Preferred Partial Surrenders, to transfer amounts from a Subaccount (including
transfers to the Loan Account), and to pay the death benefit when the Insured
dies. Units are also redeemed to pay the monthly deductions from the Policy's
Fund Value, for Policy transaction charges, and to pay Fund Charges, if any. The
number of Units purchased or redeemed in connection with any such transaction is
determined by dividing the dollar amount of such transaction by the Unit Value
of the affected Subaccount, calculated after the close of business that day. The
number of Units changes only as a result of Policy transactions or charges; the
number of Units credited will not change because of subsequent changes in Unit
Value.
Transactions are processed as of the Transaction Date. The Transaction Date
is the date a premium or an acceptable written or telephone request is received
at the Home Office. If the premium or request reaches the Home Office on a day
which is not a Valuation Date, or after the close of business on a Valuation
Date (that is, after 4:00 p.m. Eastern Time), the Transaction Date will be the
next succeeding Valuation Date. All Policy transactions are performed as of a
Valuation Date. If a Transaction Date or Monthly Anniversary Day occurs on a day
other than a Valuation Date (e.g., on a Saturday), the calculation will take
place on the next Valuation date (e.g., on the following Monday).
CALCULATING UNIT VALUES FOR EACH SUBACCOUNT
The Unit Value of a Subaccount on any Valuation Date is calculated by the
Company on every Valuation Date as follows:
1. Calculate the value of the shares of the Portfolio belonging to the
Subaccount as of the close of business that Valuation Date (before giving
effect to any Policy transactions for that day, such as premium payments or
surrenders). For this purpose, the Net Asset Value per share reported to
the Company by the managers of the Portfolio is used.
29
<PAGE> 30
2. Add the value of any dividends or capital gains distributions
declared and reinvested by the Portfolio during the Valuation Period.
Subtract from this amount a charge for taxes, if any.
3. Subtract a charge for the mortality and expense risk assumed by the
Company under the Policy. See "Daily Deductions From the Variable
Account -- Mortality and Expense Risk Charge", page 35. If the previous day
was not a Valuation Date, then the charge is adjusted for the additional
days between valuations.
4. Divide the resulting amount by the number of Units held in the
Subaccount on the Valuation Date before the purchase or redemption of any
Units on that Date.
The Unit Value of each Subaccount on its first Valuation Date was set at $10.00.
TRANSFER OF FUND VALUE
Fund Value may be transferred after the Free Look Period among the
Subaccounts by the Policy Owner upon proper written request to the Company's
Home Office. Transfers may be made by telephone if an authorization for
telephone transfer form has been properly completed and signed and filed at the
Company's Syracuse Operations Center. See "Telephone Transfer Privileges," page
52. Currently, there are no limitations on the number of transfers between
Subaccounts, no minimum amount required for a transfer, nor any minimum amount
required to remain in a given Subaccount after a transfer. Further, no transfer
may be made if a Policy is in the Grace Period and a payment required to avoid
lapse is not paid. See "Grace Period and Lapse," page 12. No charges are
currently imposed upon such transfers. The Company reserves the right, however,
at a future date to assess a $25 transfer charge on Policy transfers in excess
of four in any Policy year and to discontinue telephone transfers.
Fund Value may also be transferred after the Free Look Period and within
specified limits from the Subaccounts to the Guaranteed Interest Account;
however, such a transfer will only be permitted in the Policy month following a
Policy Anniversary. Transfers from the Guaranteed Interest Account to the
Subaccounts are also restricted as described in "The Guaranteed Interest
Account," page 46.
RIGHT TO EXCHANGE POLICY
During the first 24 months following the Policy Date or an increase in the
Specified Amount, the Policy Owner may exercise the right to exchange the Policy
from one in which the investment experience is not guaranteed into a guaranteed
Policy. This is accomplished by the transfer of the entire amount in the
Subaccounts of the Variable Account to the Guaranteed Interest Account, and the
allocation of all future premium payments to the Guaranteed Interest Account.
This will, in effect, serve as an exchange of the Policy for the equivalent of a
flexible premium universal life insurance policy. No charge will be imposed on
the transfer in exercising this exchange privilege. See "The Guaranteed Interest
Account," page 46.
POLICY LOANS
The Policy Owner may borrow money from the Company at any time using the
Policy as the only security for the loan by submitting a proper written request
to the Company's Home Office. A loan may be taken any time a Policy has a
positive Cash Value. The minimum loan that can be taken is $250. The maximum
amount that can be borrowed at any time is 90% of the Cash Value of the Policy
less any Outstanding Debt. (If the loan is requested on a Monthly Anniversary
Day, the maximum loan amount is further reduced by the monthly deduction due on
that day.) The Outstanding Debt is the cumulative amount of outstanding loans
and loan interest payable to the Company at any time.
Loan interest is payable in advance at an annual rate of 5.4%. Since
interest is payable in advance, a Policy loan will generate Outstanding Debt
which exceeds the loan amount. For example, a $10,000 loan taken on the first
day of the Policy year will generate Outstanding Debt of $10,575. Interest on
the full amount of any Outstanding Debt is due for each subsequent Policy year
on the Policy Anniversary, until the Outstanding Debt is repaid. If interest is
not paid when due, it will be added to the amount of the Outstanding Debt.
30
<PAGE> 31
The Owner may repay all or part of the Outstanding Debt at any time while
the Policy is in force. Only payments indicated as loan or interest payments
will be treated as such. Loan repayments reduce the Outstanding Debt by the
amount of the payment plus a factor reflecting the interest previously paid in
advance for that Policy year on the Outstanding Debt. For example, a loan
repayment of $10,000 on the first day of the Policy year will reduce the
Outstanding Debt by $10,575. The difference between the loan repayment and the
reduction in the Outstanding Debt is referred to as Unearned Loan Interest. If a
loan repayment is made which exceeds the Outstanding Debt, the excess will be
applied as a Scheduled Premium Payment.
When a Policy Owner takes a loan, an amount equal to the loan is
transferred out of the Policy Owner's Fund Value in the Subaccounts and the
Guaranteed Interest Account into the Loan Account to secure the loan. The Policy
Owner may, within certain limits, specify the amount or the percentage of the
loan amount to be deducted from the Subaccounts. The maximum portion of the loan
which may be allocated to the Guaranteed Interest Account is equal to the
Guaranteed Interest Account's prorated portion of the loan based on the Fund
Values on the date of the loan. If the Policy Owner does not specify the source
of the transfer, or if the transfer instructions are incorrect, loan amounts
will be deducted from the Subaccounts and the Guaranteed Interest Account in the
proportion that each bears to the Fund Value less Outstanding Debt. Each Policy
Anniversary, an amount equal to the loan interest due and unpaid for the Policy
Year will be transferred to the Loan Account from the Subaccounts and Guaranteed
Interest Account on the basis specified by the Policy Owner, or, if not
specified, on a proportional basis.
The Loan Account is a part of the Company's General Account. Amounts held
in the Loan Account are credited monthly with a fixed rate of interest equal to
an annualized rate of 5.0%. After the tenth Policy anniversary, it is expected
the annual interest rate that applies to the Loan Account will be .5% higher
than otherwise applicable. This increase is not guaranteed.
Loan repayments release funds from the Loan Account. Unless otherwise
requested by a Policy Owner, amounts released from the Loan Account as a result
of a loan repayment will be transferred into the Subaccounts and Guaranteed
Interest Account in accordance with the most recent allocation instructions for
Scheduled Premium Payments, subject to the limitation of maintaining no more
than $250,000 in the Guaranteed Interest Account. In addition, any interest
earned on the amount held in the Loan Account will be transferred to each of the
Subaccounts and Guaranteed Interest Account on the same basis.
While the amount to secure the Outstanding Debt is held in the Loan
Account, the Policy Owner forgoes the investment experience of the Subaccounts
and the current interest rate of the Guaranteed Interest Account on that amount.
Thus Outstanding Debt, whether or not repaid, will have a permanent effect on
the Policy's values and may have an effect on the amount and duration of the
death benefit. If not repaid, the Outstanding Debt reduced by any Unearned Loan
Interest will be deducted from the amount of death benefit paid upon the death
of the Insured, or the Surrender Value paid upon surrender or maturity.
Outstanding Debt may affect the length of time the Policy remains in force.
After the second Policy Anniversary, the Policy will lapse when Cash Value minus
Outstanding Debt is insufficient to cover the monthly deduction against the
Policy's Fund Value on any Monthly Anniversary Day and the minimum payment
required is not made during the Grace Period. Moreover, the Policy may enter the
Grace Period more quickly when Outstanding Debt exists, because the Outstanding
Debt is not available to cover the monthly deduction. In addition, the Guarantee
Period under the Guaranteed Minimum Death Benefit Rider may end if Outstanding
Debt exceeds the Cash Value of the Policy. Additional payments or repayment of a
portion of Outstanding Debt may be required to keep the Policy or Rider in
force. See "Grace Period and Lapse," page .
A loan will not be treated as a distribution from the Policy and will not
result in taxable income to the Policy Owner unless the Policy is a modified
endowment contract, in which case a loan will be treated as a distribution that
may give rise to taxable income. For more information on the tax treatment of
loans, see "Federal Income Tax Considerations," page 39.
31
<PAGE> 32
FULL SURRENDER
A Policy Owner may fully surrender a Policy at any time during the life of
the Insured. The amount received in the event of a full surrender is the
Policy's Surrender Value, which is equal to its Fund Value less any applicable
Fund Charge and less any Outstanding Debt reduced by any Unearned Loan Interest.
A Policy Owner may surrender a Policy by sending a written request together
with the Policy to the Company's Home Office. The proceeds will be determined as
of the end of the Valuation Period during which the request for a surrender is
received. A Policy Owner may elect to have the proceeds paid in cash or applied
under a payment plan offered under the Policy. See "Payment Plan," page 49. For
information on the tax effects of a surrender of a Policy, see "Federal Income
Tax Considerations," page 39.
PARTIAL SURRENDER
A Partial Surrender allows the Policy Owner to obtain a portion of the
Surrender Value of the Policy without having to surrender the Policy in full. A
Partial Surrender may be made after the second Policy anniversary. There is
currently no limit on the number of Partial Surrenders allowed in a Policy year,
but the Company reserves the right to limit the number of Partial Surrenders to
12 per year.
A Partial Surrender must be for at least $500 (plus the applicable fee),
and the Policy's Surrender Value after the Partial Surrender must be at least
$500.
The Policy Owner may make a Partial Surrender by submitting a proper
written request to the Company's Home Office. As of the effective date of any
Partial Surrender, the Policy Owner's Fund Value, Cash Value, and Surrender
Value will be reduced by the amount surrendered (plus the applicable fee). The
amount of the Partial Surrender (plus the applicable fee) will be allocated
proportionately to the Policy Owner's Fund Value in the Subaccounts and the
Guaranteed Interest Account unless otherwise requested by the Policy Owner. If
the Insured dies after the request for a Partial Surrender is sent to the
Company and prior to the Partial Surrender being effected, the amount of the
Partial Surrender will be deducted from the death benefit proceeds, which will
be determined without taking into account the amount surrendered.
When a Partial Surrender is made on a Policy on which the Owner has
selected death benefit Option I, the Specified Amount under the Policy is
decreased by the lesser of (i) the amount of the Partial Surrender or (ii) if
the death benefit prior to the Partial Surrender is greater than the Specified
Amount, the amount, if any, by which the Specified Amount exceeds the difference
between the death benefit and the amount of the Partial Surrender. A Partial
Surrender will not change the Specified Amount of a Policy on which the Owner
has selected death benefit Option II. However, assuming that the death benefit
is not equal to Fund Value plus Fund Value times a death benefit percentage, the
Partial Surrender will reduce the death benefit by the amount of the Partial
Surrender. To the extent the death benefit is based upon the Fund Value plus
Fund Value times the death benefit percentage applicable to the Insured, a
Partial Surrender may cause the death benefit to decrease by an amount greater
than the amount of the Partial Surrender. See "Death Benefits under the Policy,"
page 23.
A fee for each Partial Surrender will be assessed. See "Charges and
Deductions -- Transaction and Other Charges", page 39. In addition, a portion of
the Fund Charge may be assessed if the Specified Amount is reduced as a result
of the Partial Surrender. See "Charges and Deductions -- Fund Charge," page 37.
For information on the tax treatment of Partial Surrenders, see "Federal
Income Tax Considerations," page 39.
PREFERRED PARTIAL SURRENDER
A Fund Charge which otherwise would have been imposed, will not be imposed
to the extent required to permit the Policy Owner to receive amounts up to 10%
of the Cash Value of the Policy each year (on the date the first request for a
Partial Surrender is received in a Policy Year). The Partial Surrender Fee will,
however, be charged. The Company reserves the right to limit the number of
partial surrenders available under the Preferred Partial Surrender to not more
than 12 per policy year.
32
<PAGE> 33
GRACE PERIOD AND LAPSE
In general, the Policy and all Riders attached to it will continue in force
as long as the Cash Value less Outstanding Debt of the Policy is sufficient to
pay all the deductions that are taken from Fund Value each month. The Policy
will lapse only when the Cash Value less Outstanding Debt is insufficient to
cover the current monthly deduction against the Policy's Fund Value on any
Monthly Anniversary Day, and a 61-day Grace Period expires without the Policy
Owner making a sufficient payment.
SPECIAL RULE FOR FIRST TWO POLICY YEARS
During the first two Policy years, if on each Monthly Anniversary Day the
sum of premiums paid, less the sum of Partial Surrenders (and its fees) and any
Outstanding Debt is greater than or equal to the Minimum Monthly Premiums times
the number of completed Policy months, the Policy and all attached Riders are
guaranteed not to lapse, regardless of the amount of Cash Value less Outstanding
Debt.
If the insufficiency occurs at any time after the second Policy
anniversary, or if the Minimum Monthly Premium test has not been met during the
first two Policy years, the Policy may be at risk of lapse depending on whether
or not a Guaranteed Death Benefit Rider is in effect, as explained below.
IF GUARANTEED DEATH BENEFIT RIDER IS NOT IN EFFECT
If an insufficiency occurs and a Guaranteed Death Benefit Rider is not in
effect, the Owner must pay during the Grace Period the amount required under the
Policy to avoid Lapse. In addition, payment of any loan interest accrued for the
Policy year but unpaid as of the Monthly Anniversary Day when insufficiency
occurs may be required prior to the end of the Grace Period.
The Company will not accept any payment if it would cause the Policy
Owner's total premium payments to exceed the maximum permissible premium for the
Policy's Specified Amount under the Internal Revenue Code. This may occur when
the Policy Owner has Outstanding Debt, in which case the Policy Owner could
repay a sufficient portion of the Outstanding Debt to avoid termination. In this
instance, the Policy Owner may wish to repay an additional portion of the
Outstanding Debt to avoid recurrence of the potential lapse. If premium payments
have not exceeded the maximum permissible premiums for the Policy's Specified
Amount, the Policy Owner may also wish to make larger or more frequent premium
payments to avoid recurrence of the potential lapse.
If the Cash Value of the Policy less Outstanding Debt is insufficient to
cover the entire monthly deduction on a Monthly Anniversary Day, the Company
will deduct the amount that is available. The Company will notify the Policy
Owner (and any assignee of record) of the payment required to keep the Policy in
force. The Policy Owner will then have a Grace Period of 61 days, measured from
the date the notice is sent, to make the required payment. During the first two
Policy years, the payment required is the amount of Minimum Monthly Premium not
paid plus not less than two succeeding Minimum Monthly Premiums (or the number
of Minimum Monthly Premiums remaining until the next Scheduled Premium due
date). After the Second Policy anniversary, the payment required is the amount
of the Monthly Deduction not paid plus not less than two succeeding Monthly
Deductions (or the number of Monthly Deductions remaining until the next
Scheduled Premium due date), grossed up by the amount of the Deductions from
Premiums (see "Charges and Deductions -- Deductions from Premiums", page 34).
The Policy will remain in force through the Grace Period. Failure to make the
required payment within the Grace Period will result in termination of coverage
under the Policy, and the Policy will lapse. If the required payment is made
during the Grace Period, any premium paid will be allocated among the
Subaccounts of the Variable Account and the Guaranteed Interest Account in
accordance with the Policy Owner's current Scheduled Premium Payment allocation
instructions. Any monthly deduction due will be charged to the Subaccounts and
the Guaranteed Interest Account on a proportionate basis. If the Insured dies
during the Grace Period, the death benefit proceeds will equal the amount of the
death benefit immediately prior to the commencement of the Grace Period, reduced
by any unpaid monthly deductions and any Outstanding Debt reduced by any
Unearned Loan Interest.
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<PAGE> 34
IF GUARANTEED DEATH BENEFIT RIDER IS IN EFFECT
If a Guaranteed Death Benefit Rider is in effect and the tests for
continuation of the Guarantee Period have been met, the Specified Amount of the
Policy and most Rider coverages will not lapse during the Guarantee Period even
if the Cash Value less Outstanding Debt is not sufficient to cover all the
deductions from the Fund Value on any Monthly Anniversary Day. See "Guaranteed
Death Benefits", page 26.
While the Guaranteed Death Benefit Rider is in effect, the Fund Value of
the Policy may be reduced by Monthly Deductions, but not below zero. Any Monthly
Deductions during the Guarantee Period which would reduce the Fund Value below
zero will be waived.
The Guaranteed Death Benefit Rider will be terminated if the Policy does
not meet the monthly tests, as explained in "Guaranteed Death Benefits", page
26, and the payment required under the Riders is not made within the Grace
Period. If the Guaranteed Death Benefit Rider is terminated, the normal test for
lapse will resume.
The Guaranteed Death Benefit Rider is not available to residents of the
State of Texas, and, therefore, Grace Period and Lapse will be treated as
described in the immediately preceding section entitled "If the Guaranteed Death
Benefit Is Not In Effect".
REINSTATEMENT
The Company will reinstate a lapsed Policy (but not a Policy which has been
surrendered for its Surrender Value) at any time within five years after the
Monthly Anniversary Day immediately before the start of the Grace Period but
before the Maturity Date, provided the Company receives the following: (i) a
written application from the Policy Owner; (ii) evidence of insurability
satisfactory to the Company; (iii) payment of all monthly deductions that were
due and unpaid during the Grace Period; (iv) payment of an amount at least
sufficient to keep the Policy in force for three months after the date of
reinstatement; and (v) payment of due and unpaid interest on Outstanding Debt to
the next succeeding Policy Anniversary Day.
When the Policy is reinstated, the Fund Value will be equal to the Fund
Value on the date of the lapse, subject to the following: (i) the Fund Charge
will be equal to the Fund Charge that would have existed had the Policy been in
force since the original Policy Date; (ii) the Fund Value will be reduced by the
decrease, if any, in the Fund Charge during the period which the Policy was not
in force; (iii) any Outstanding Debt on the date of lapse will also be
reinstated; and, (iv) no interest on amounts held in the Company's Loan Account
to secure Outstanding Debt will be paid or credited between lapse and
reinstatement. Reinstatement will be effective as of the Monthly Anniversary Day
on or preceding the date of approval by the Company, and Fund Value minus, if
applicable, Outstanding Debt will be allocated among the Subaccounts and the
Guaranteed Interest Account in accordance with the Policy Owner's most recent
Scheduled Premium Payment allocation instructions.
CHARGES AND DEDUCTIONS
DEDUCTIONS FROM PREMIUMS
Certain charges are deducted from each premium payment under a Policy prior
to allocation of the net premium to the Policy Owner's Fund Value. These charges
consists of the following items:
SALES CHARGE
The sales charge is equal to 4% of each premium paid during the first ten
Policy Years, 2% of each premium paid during Policy years 11 through 20, and
none thereafter.
The sales charge is deducted to compensate the Company for the cost of
distributing the Policies. The amount derived by the Company from the sales
charge is not expected to be sufficient to cover the sales and distribution
expenses in connection with the Policies. If surrendered within 15 years after
issuance, or within 15 years following an increase in the Specified Amount, the
Policy will also be subject to a Fund Charge, which is described on page 37. To
the extent that sales and distribution expenses exceed sales charges and any
34
<PAGE> 35
amounts derived from the sales Fund Charge, such expenses may be recovered from
other charges, including amounts derived indirectly from the charge for
mortality and expense risks and from mortality gains.
TAX CHARGES
All states levy taxes on life insurance premium payments. The amount of
these taxes vary from state to state, and may vary from jurisdiction to
jurisdiction within a state. The Company currently deducts an amount equal to
2.0% of each premium to pay applicable premium taxes. Currently, these taxes
range from 0% to 4%, and, therefore, the 2% deduction may be higher or lower
than the actual premium tax imposed by the applicable jurisdiction. The 2.0%
rate approximates the average tax rate the Company expects to pay on premiums.
The Company does not expect to make a profit from this charge.
A charge currently equal to 1.25% of each premium payment is deducted from
each premium to cover the estimated cost for the Federal income tax treatment of
deferred acquisition costs determined solely by the amount of life insurance
premiums received. The Company believes this charge for deferred acquisitions
costs is reasonable in relation to the Company's increased federal tax burden
under IRC Section 848 resulting from the receipt of premium payments. No charge
will be deducted where premiums received from a Policy Owner are not subject to
this tax.
The Company reserves the right to increase or decrease charge for taxes due
to any change in tax law or due to any change in the cost to the Company.
DAILY DEDUCTIONS FROM THE VARIABLE ACCOUNT
MORTALITY AND EXPENSE RISK CHARGE
Each day a charge is deducted for mortality and expense risks assumed by
the Company. During the first 10 Policy years, this charge is equal to .002055%
per day of the amount in the Subaccounts of the Variable Account, which is
equivalent to an annual rate of .75% of the portion of the Policy Fund Value
allocated to the Variable Account. Each month the Policy remains in force after
the tenth Policy Anniversary, the Fund Value allocated to the Subaccounts will
be credited with an amount which will effectively reduce the Mortality and
Expense Risk Charge. It is expected that this will be an amount equal to
0.00137% of the Subaccount amount. This is equivalent to 0.5% on an annualized
basis. This amount, which is not guaranteed, will be allocated among the
Subaccounts proportionately on each Monthly Anniversary Day following the tenth
Policy anniversary.
The mortality and expense risk charge is assessed to compensate the Company
for assuming mortality and expense risks under the Policies. The mortality risk
assumed is that Insureds, as a group, may live for a shorter period of time than
estimated and, therefore, the cost of insurance charges specified in the Policy
will be insufficient to meet the Company's actual claims. The expense risk the
Company assumes is that other expenses incurred in issuing and administering the
Policies and operating the Variable Account will be greater than the amount
estimated when setting the charges for these expenses. The Company will realize
a profit from this fee to the extent it is not needed to provide benefits and
pay expenses under the Policies. The Company may use this profit for other
purposes, including any distribution expenses not covered by the sales charge or
Sales Fund Charge.
This charge is not assessed against the amount of the Policy Fund Value
which is allocated to the Guaranteed Interest Account, nor to amounts in the
Loan Account.
35
<PAGE> 36
MONTHLY DEDUCTIONS FROM FUND VALUE
A charge called the monthly deduction is deducted from a Policy's Fund
Value in the Subaccounts and Guaranteed Interest Account beginning on the Policy
Date and on each Monthly Anniversary Day thereafter. The monthly deduction
consists of the following items:
COST OF INSURANCE
This monthly charge compensates the Company for the anticipated cost of
paying death benefits in excess of Fund Value to Beneficiaries of Insureds who
die. The amount of the charge is equal to a current cost of insurance rate
multiplied by the net amount at risk under a Policy at the beginning of the
Policy Month. The net amount at risk for these purposes is equal to the amount
of death benefit payable at the beginning of the Policy Month less the Fund
Value at the beginning of the Policy Month.
The Policy contains guaranteed cost of insurance rates that may not be
increased. The guaranteed rates are based on the 1980 Commissioners Standard
Ordinary Smoker and Nonsmoker Mortality Tables (for issue ages under 18, no
smoker/nonsmoker adjustment is made and where unisex cost of insurance rates
apply, the 1980 Commissioners Ordinary Mortality Table B). These rates are based
on the Age and underwriting class of the Insured. They are also based on the
gender of the Insured, except that unisex rates are used where appropriate under
applicable law, including in the states of Montana and Massachusetts and in
Policies purchased by employers and employee organizations in connection with
employment related insurance or benefit programs. As of the date of this
prospectus, the Company charges "current rates" that are lower (i.e., less
expensive) than the guaranteed rates, and the Company may also change current
rates in the future. Like the guaranteed rates, the current rates also vary with
the age, gender, smoking status, and underwriting class of the Insured. In
addition, they also vary with the policy duration. The cost of insurance rate
generally increases with the Age of the Insured.
If there have been increases in the Specified Amount, then for purposes of
calculating the cost of insurance charge, the Fund Value will first be applied
to the initial Specified Amount. If the Fund Value exceeds the initial Specified
Amount, the excess will then be applied to any increase in Specified Amount in
the order of the increases. If the death benefit equals the Fund Value
multiplied by the applicable death benefit percentage, any increase in Fund
Value will cause an automatic increase in the death benefit. The underwriting
class and duration for such increase will be the same as that used for the most
recent increase in Specified Amount (that has not been eliminated through a
subsequent decrease in Specified Amount).
ADMINISTRATIVE CHARGE
An administrative charge is deducted monthly from the Fund Value. The
amount of this charge varies by Issue Age of the Insured, Policy duration and
with the size of a Policy's Specified Amount.
<TABLE>
<CAPTION>
EACH POLICY MONTH
FIRST 12 POLICY MONTHS THEREAFTER
---------------------- -----------------
<S> <C> <C>
Specified Amount:
Less than $250,000................................ $31.50* $6.50
$250,000 to $499,999.............................. 28.50* 3.50
$500,000 or more.................................. 25.00* None
</TABLE>
- ---------------
* Reduced by $5.00 for issue ages 0 through 17.
For purposes of this charge, if an increase or decrease in Specified Amount
causes a Policy to change bands, the monthly administrative charges on the
Monthly Anniversary Day of the change will be adjusted to reflect the new
Specified Amount. The administrative charge is assessed to reimburse the Company
for the expenses associated with administration and maintenance of the Policies.
The administrative charge is guaranteed never to exceed these amounts. The
Company does not expect to profit from this charge.
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<PAGE> 37
GUARANTEED DEATH BENEFIT CHARGE
If the Guaranteed Death Benefit Rider has been elected, a charge of $0.01
per thousand dollars of Policy Specified Amount and certain Rider amounts is
deducted each month during the Guarantee Period. This charge is guaranteed never
to exceed this amount.
OTHER OPTIONAL INSURANCE BENEFITS CHARGES
The monthly deduction will include charges for any other optional insurance
benefits added to the Policy by Rider. See "Other Optional Insurance Benefits,"
page .
FUND CHARGE
There will be a difference between the Fund Value of the Policy and its
Cash Value for at least the first fourteen Policy years. This difference is the
Fund Charge, a contingent deferred load. It is a contingent load because it is
assessed only if the Policy is surrendered, if the Policy lapses, or if the
Specified Amount of the Policy is decreased. It is a deferred load because it is
not deducted from the premiums paid. The Fund Charge consists of two charges: an
Administrative Fund Charge and a Sales Fund Charge. The Company will assess the
Fund Charge against the Fund Value upon surrender, lapse or reduction in
Specified Amount within fourteen years after its issuance, or within fourteen
years following an increase in Specified Amount.
ADMINISTRATIVE FUND CHARGE
The Administrative Fund Charge is equal to an amount per thousand dollars
of Specified Amount as follows:
<TABLE>
<CAPTION>
ADMINISTRATIVE
ISSUE AGE FUND CHARGE
--------- --------------
<S> <C>
0-25............................................................ $ 2.50
26.............................................................. 3.00
27.............................................................. 3.50
28.............................................................. 4.00
29.............................................................. 4.50
30 or higher.................................................... 5.00
</TABLE>
The amount of the charge remains level for five Policy years. After the fifth
Policy Anniversary, the charge decreases by 10% per year until it reaches zero
at the end of the 14th Policy year. An additional Administrative Fund Charge is
created each time a new coverage segment of Specified Amount is added. The
Administrative Fund Charge related to the increased Specified Amount decreases
over the 14 years following the date of the increase on a scale identical to
that of the original Administrative Fund Charge.
For example, if a Policy issued at Age 40 with an initial Specified Amount
of $100,000 is surrendered in the third Policy Year, the Administrative Fund
Charge would be $500 ($100 times $5.00). If that Policy is increased in the
fourth Policy year to $150,000 and is subsequently surrendered in the seventh
policy year, the total Administrative Fund Charge would be $650 ($100 times
$5.00 times 80%, plus $50 times $5.00.)
The Administrative Fund Charge is designed to cover the administrative
expenses associated with underwriting and issuing a Policy, including the costs
of processing applications, conducting medical examinations, determining
insurability and the Insured's underwriting class, and establishing policy
records. The Company does not expect to profit from the Administrative Fund
Charge.
SALES FUND CHARGE
To determine the Sales Fund Charge, a "Target Premium" is used. The Target
Premium is not based on the Minimum Annual Premiums or the Scheduled Premium
Payments. The maximum Sales Fund Charge for the initial Specified Amount of the
Policy will be equal to the following percentage of premiums paid up to one
Target Premium. The maximum Sales Fund Charge will not vary based on the amount
of premiums paid or the timing of the premium payments. The actual Sales Fund
Charge for a Policy is a percentage of the
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<PAGE> 38
premiums paid on the Policy during the first five Policy years, up to the
maximum. This percentage varies by the Age of the Insured on the Policy Date as
follows:
<TABLE>
<CAPTION>
PERCENTAGE OF
AGE PREMIUMS PAID
--- -------------
<S> <C>
0-17.................................................... 50%
18-65................................................... 75
66...................................................... 70
67...................................................... 65
68...................................................... 60
69...................................................... 55
70 or higher............................................ 50
</TABLE>
Therefore, the Sales Fund Charge can increase as premiums are paid during the
five year period. Starting on the fifth Policy anniversary, the charge decreases
from its maximum by 10% per year until it reaches zero at the end of the 14th
year.
During the first two Policy years, the Sales Fund Charge will be further
limited.
As an example of the Sales Fund Charge calculation, if a Male Insured Age
25 purchases a Policy with a Specified Amount of $100,000, the Target Premium,
based upon the assumptions described above, would be $580.00 (Preferred,
nonsmoker, Death Benefit Option I). The maximum Sales Fund Charge during the
first five Policy Years would be 75% of this amount, or $435.00.
The purpose of the Sales Fund Charge is to reimburse the Company for some
of the expenses of distributing the Policies.
EFFECT OF CHANGES IN SPECIFIED AMOUNT ON THE FUND CHARGE
The Fund Charge will increase when a new coverage segment of Specified
Amount is created due to a requested increase in coverage. The Fund Charge
related to the increase will be calculated in the same manner as the Fund Charge
for the original Specified Amount, and will be reduced over the 15 year period
following the increase. For purposes of calculating the sales Fund Charge,
premiums paid after the increase will be allocated to Specified Amount segments
in the same proportion that the guideline annual premium as defined by the
federal securities laws for each segment bear to the sum of the guideline annual
premiums for all coverage segments. The new Fund Charge for the Policy will
equal the remaining portion of the Fund Charge for the original Specified
Amount, plus the Fund Charge related to the increase.
A portion of the Fund Charge will be deducted from the Fund Value whenever
the Specified Amount of the Policy is reduced. This may result from a requested
decrease, a change of death benefit option from Option II to Option I, or a
Partial Surrender. The Fund Charge, as well as the transaction charge assessed
for the Partial Surrender, if applicable, will be deducted from the Subaccounts
and the Guaranteed Interest Account on the same basis that the Partial Surrender
is allocated. For purposes of this calculation, if any Subaccount or the
Guaranteed Interest Account is insufficient to provide for its share of the
deduction, the entire deduction will be pro-rated among the Subaccounts from
which the Partial Surrender is deducted in relation to their Fund Values. The
remaining Fund Charge which applies to the Policy will be reduced
proportionately for the amount of the Fund Charge which was assessed against the
Fund Value.
CORPORATE PURCHASERS
The Policy is available for individuals and for corporations and other
institutions. For corporate or other group or sponsored arrangements purchasing
one or more Policies, the Company may reduce the amount of the Sales Fund
Charge, Administrative Fund Charge, or other charges where the expenses
associated with the sale of the Policy or Policies or the underwriting or other
administrative costs associated with the Policy or Policies are reduced. Sales,
underwriting or other administrative expenses may be reduced for reasons such as
38
<PAGE> 39
expected economies resulting from a corporate purchase or a group or sponsored
arrangement, from the amount of the initial premium payment or payments, or the
amount of projected premium payments.
TRANSACTION AND OTHER CHARGES
A Partial Surrender fee will be deducted from the Fund Value for each
Partial Surrender Transaction. The fee will equal the lesser of $25 and 2% of
the Partial Surrender amount. This charge is guaranteed not to exceed these
amounts.
The Company currently does not charge for transfers of Fund Value between
the Subaccounts. The Company does, however, reserve the right to assess a $25
charge on transfers which exceed four in any Policy year.
The Company may charge the Subaccounts for federal income taxes incurred by
the Company that are attributable to the Variable Account and its Subaccounts.
No such charge is currently assessed. See "Charge for Company Income Taxes,"
page 43.
The Company will bear the direct operating expenses of the Variable
Account. The Subaccounts purchase shares of the corresponding Portfolio of the
underlying Fund. The Fund and each of its Portfolios incur certain charges
including the investment advisory fee and certain operating expenses. The Funds
are governed by their Boards. The Fund's expenses are not fixed or specified
under the terms of the Policy. The advisory fees and other expenses are more
fully described in the prospectuses of the Funds.
GUARANTEE OF CERTAIN CHARGES
The Company guarantees that certain charges will not increase. This
includes the charge for mortality and expense risks, the administrative charge,
the sales charge, the guaranteed cost of insurance rates, and the Fund Charge.
Any changes in the current cost of insurance charges or charges for
optional insurance benefits will be made by class of Insured and will be based
on changes in future expectations with respect to investment earnings,
mortality, length of time policies will remain in effect, expenses, and taxes.
In no event will they exceed the guaranteed rates defined in the Policy.
OTHER INFORMATION
FEDERAL INCOME TAX CONSIDERATIONS
The following discussion provides a general description of the federal
income tax considerations relating to the Policy. This discussion is based upon
the Company's understanding of the present federal income tax laws as they are
currently interpreted by the Internal Revenue Service ("IRS"). This discussion
is not intended as tax advice. Because of the inherent complexity of such laws
and the fact that tax results will vary according to the particular
circumstances of the individual involved, tax advice may be needed by a person
contemplating the purchase of the Policy. It should, therefore, be understood
that these comments concerning federal income tax consequences are not an
exhaustive discussion of all tax questions that might arise under the Policy and
that special rules which are not discussed herein may apply in certain
situations. Moreover, no representation is made as to the likelihood of
continuation of federal income tax or estate or gift tax laws or of the current
interpretations by the IRS or the courts. Future legislation may adversely
affect the tax treatment of life insurance policies or other tax rules described
in this discussion or that relate directly or indirectly to life insurance
policies. Finally, these comments do not take into account any state or local
income tax considerations which may be involved in the purchase of the Policy.
39
<PAGE> 40
DEFINITION OF LIFE INSURANCE
Section 7702 of the Internal Revenue Code (the "Code") provides that if one
of two alternate tests are met, a policy will be treated as a life insurance
policy for federal tax purposes. These tests are referred to as the "Cash Value
Accumulation Test" and the "Guideline Premium/Cash Value Corridor Test".
The Policy described in this Prospectus is tested under the Guideline
Premium/Cash Value Corridor Test. This test provides for, among other things,
(i) a maximum allowable premium per thousand dollars of death benefit, known as
the "guideline annual premium", and (ii) a minimum ongoing "corridor" of death
benefit in relation to the Fund Value of the Policy, known as the "death benefit
percentage." See Appendix B, for a table of the Guideline Premium/Cash Value
Corridor Test factors.
The Company believes that the Policy meets this statutory definition of
life insurance and hence will receive federal income tax treatment consistent
with that of fixed life insurance. Thus, the death benefit should be excludable
from the gross income of the Beneficiary (whether the Beneficiary is a
corporation, individual or other entity) under Section 101(a)(1) of the Code for
purposes of the regular federal income tax and the Policy Owner generally should
not be deemed to be in constructive receipt of the cash values under the Policy
until a full surrender thereof, maturity of the Policy, Partial Surrender, or
Preferred Partial Surrender. In addition, certain Policy loans may be taxable in
the case of Policies that are modified endowment contracts. Prospective Policy
Owners that intend to use Policies to fund deferred compensation arrangements
for their employees are urged to consult their tax advisors with respect to the
tax consequences of such arrangements. Prospective corporate Owners should
consult their tax advisors about the treatment of life insurance in their
particular circumstances for purposes of the alternative minimum tax applicable
to corporations.
DIVERSIFICATION REQUIREMENTS
To comply with regulations under Section 817(h) of the Code, each Portfolio
is required to diversify its investments. Generally, a Portfolio is required to
diversify its investments so that on the last day of each quarter of a calendar
year, no more than 55% of the value of its assets is represented by any one
investment, no more than 70% is represented by any two investments, no more than
80% is represented by any three investments, and no more than 90% is represented
by any four investments. Securities of a single issuer generally are treated for
purposes of Section 817(h) as a single investment. However, for this purpose,
each U.S. Government agency or instrumentality is treated as a separate issuer,
and any security issued, guaranteed, or insured (to the extent so guaranteed or
insured) by the U.S. or by an agency or instrumentality of the U.S. is treated
as a security issued by the U.S. Government or its agency or instrumentality,
whichever is applicable.
While there should be no question that, for federal income tax purposes,
the Portfolio shares underlying the Policies are owned by the Company and not by
a Policy Owner or any Beneficiary, no representation is or can be made regarding
the likelihood of the continuation of current interpretations by the IRS.
TAX TREATMENT OF POLICIES
The Technical and Miscellaneous Revenue Act of 1988 established a new class
of life insurance contracts referred to as modified endowment contracts. With
the enactment of this legislation, the Policies will be treated for tax purposes
in one of two ways. Policies that are not classified as modified endowment
contracts will be taxed as conventional life insurance contracts, as described
below. Taxation of pre-death distributions from Policies that are classified as
modified endowment contracts is somewhat different, as described below.
A life insurance contract becomes a "modified endowment contract" if, at
any time during the first seven contract years, the sum of actual premiums paid
exceeds the sum of the "seven-pay premium." Generally, the "seven-pay premium"
is the level annual premium, such that if paid for each of the first seven
years, will fully pay for all future death and endowment benefits under a
contract. For example, if the "seven-pay premiums" were $1,000, the maximum
premiums that could be paid during the first seven years to avoid "modified
endowment" treatment would be $1,000 in the first year; $2,000 through the first
two years and $3,000 through the first three years, etc. Under this test, a
Policy may or may not be a modified endowment contract,
40
<PAGE> 41
depending on the amount of premiums paid during each of the Policy's first seven
contract years. Changes in benefits may require retesting to determine if the
Policy is to be classified as a modified endowment contract.
CONVENTIONAL LIFE INSURANCE POLICIES
If a Policy is not a modified endowment contract, upon full surrender or
maturity of a Policy for its Surrender Value, the excess, if any, of the
Surrender Value plus any outstanding Policy Debt over the cost basis under a
Policy will be treated as ordinary income for federal income tax purposes. A
Policy's cost basis will usually equal the premiums paid less any premiums
previously recovered through Partial Surrenders or Preferred Partial Surrenders.
Under Section 7702 of the Code, special rules apply to determine whether part or
all of the cash received through Partial Surrenders in the first 15 Policy years
is paid out of the income of the Policy and therefore subject to income tax.
Cash distributed to a Policy Owner on Partial Surrenders occurring more than 15
years after the Policy Date will be taxable as ordinary income to the Policy
Owner to the extent that it exceeds the cost basis under a Policy.
The Company also believes that loans received under Policies that are not
modified endowment contracts will be treated as indebtedness of the Owner, and
that no part of any loan under the Policy will constitute income to the Owner
unless the Policy is surrendered or upon maturity of the Policy. Interest paid
(or accrued by an accrual basis taxpayer) on a loan under a Policy that is not a
modified endowment contract may be deductible, subject to several limitations,
depending on the use to which the proceeds are put and the tax rules applicable
to the Policy Owner. If, for example, the loan proceeds are used by an
individual for business or investment purposes, all or part of the interest
expense may be deductible. Generally, if the Policy Loan is used for personal
purposes by an individual, the interest expense is not deductible. The
deductibility of loan interest (whether incurred under a Policy Loan or on other
indebtedness) also may be subject to other limitations. For example, where the
interest is paid (or accrued by an accrued basis taxpayer) on a loan under a
Policy covering the life of an officer, employee, or person financially
interested in the trade or business of the Policy Owners, the interest may be
deductible to the extent that the interest is attributable to the first $50,000
of the Outstanding Debt. Other tax law provisions may limit the deduction of
interest payable on loan proceeds that are used to purchase or carry certain
life insurance policies.
MODIFIED ENDOWMENT CONTRACTS
Pre-death distributions from modified endowment contracts may give rise to
taxable income. Upon full surrender or maturity of the Policy, the Policy Owner
would recognize ordinary income for federal income tax purposes equal to the
amount by which the Surrender Value plus Outstanding Debt exceeds the investment
in the Policy (usually the premiums paid plus certain pre-death distributions
that were taxable less any premiums previously recovered that were excludable
from gross income). Upon Partial Surrenders, Preferred Partial Surrenders, and
Policy loans, the Policy Owner would recognize ordinary income to the extent
allocable to income (which includes all previously non-taxed gains) on the
Policy. The amount allocated to income is the amount by which the Fund Value of
the Policy exceeds investment in the Policy immediately before the distribution.
Under a tax law provision, if two or more policies which are classified as
modified endowment contracts are purchased from any one insurance company,
including the Company, during any calendar year, all such policies will be
aggregated for purposes of determining the portion of the pre-death
distributions allocable to income on the policies and the portion allocable to
investment in the policies.
Amounts received under a modified endowment contract that are included in
gross income are subject to an additional tax equal to 10% of the amount
included in gross income, unless an exception applies. The 10% additional tax
does not apply to any amount received: (i) when the taxpayer is at least 59 1/2
years old; (ii) which is attributable to the taxpayer becoming disabled; or
(iii) which is part of a series of substantially equal periodic payments (not
less frequently than annually) made for the life (or life expectancy) of the
taxpayer or the joint lives (or joint life expectancies) of the taxpayer and his
or her beneficiary.
If a Policy was not originally a modified endowment contract but becomes
one, under Treasury Department regulations which are yet to be prescribed,
pre-death distributions received in anticipation of a failure of a Policy to
meet the seven-pay premium test are to be treated as pre-death distributions
from a
41
<PAGE> 42
modified endowment contract (and, therefore, are to be taxable as described
above) even though, at the time of the distribution(s), the Policy was not yet a
modified endowment contract. For this purpose, pursuant to the Code, any
distribution made within two years before the Policy is classified as a modified
endowment contract shall be treated as being made in anticipation of the
Policy's failing to meet the seven-pay premium test.
It is unclear whether interest paid (or accrued by an accrual basis
taxpayer) on Outstanding Debt with respect to a modified endowment contract
constitutes interest for federal income tax purposes. If it does constitute
interest, it may be deductible, subject to several limitations, depending on the
use to which the proceeds are put and the tax rules applicable to the Policy
Owner. If, for example, the loan proceeds are used by an individual for business
or investment purposes, all or part of the interest expense may be deductible.
Generally, if the Policy loan is used for personal purposes by an individual,
the interest expense is not deductible. The deductibility of loan interest
(whether incurred under a Policy Loan or on other indebtedness) also may be
subject to other limitations. For example, where the interest is paid (or
accrued by an accrual basis taxpayer) on a loan under a Policy covering the life
of an officer, employee, or person financially interested in the trade or
business of the Policy Owners, the interest may be deductible to the extent that
the interest is attributable to the first $50,000 of the Outstanding Debt. Other
tax law provisions may limit the deduction of interest payable on loan proceeds
that are used to purchase or carry certain life insurance policies.
REASONABLENESS REQUIREMENT FOR CHARGES
Another provision of the tax law deals with allowable charges for mortality
costs and other expenses that are used in making calculations to determine
whether a contract qualifies as life insurance for federal income tax purposes.
For life insurance policies entered into on or after October 21, 1988, these
calculations must be based upon reasonable mortality charges and other charges
reasonably expected to be actually paid. The Treasury Department is expected to
promulgate regulations governing reasonableness standards for mortality charges.
The Company believes that the mortality costs and other expenses used in making
calculations to determine whether the Policy qualifies as life insurance meet
the current requirements. It is possible that future regulations will contain
standards that would require the Company to modify its mortality charges used
for the purposes of the calculations in order to retain qualification of the
Policy as life insurance for federal income tax purposes, and the Company
reserves the right to make any such modifications.
PENSION AND PROFIT-SHARING PLANS
If the Policies described in this Prospectus are purchased by a fund which
forms part of a pension or profit-sharing plan qualified under Sections 401(a)
or 403 of the Code for the benefit of participants covered under the plan, the
federal income tax treatment of such policies will be somewhat different from
that described above.
If purchased as part of a pension or profit sharing plan, the current cost
of insurance for the net amount at risk is treated as a "current fringe benefit"
and is required to be included annually in the plan participant's gross income.
This cost (generally referred to as the "P.S. 58" cost) is reported to the
participant annually. If the plan participant dies while covered by the plan and
the policy proceeds are paid to the participant's beneficiary, then the excess
of the death benefit over the Policy Fund Value will not be subject to Federal
income tax. However, the Policy Fund Value will generally be taxable to the
extent it exceeds the sum of $5,000 plus the participant's cost basis in the
Policy. The participant's cost basis will generally include the costs of
insurance previously reported as income to the participant. Special rules may
apply if the participant had borrowed from his Policy or was an owner-employee
under the plan.
There are limits on the amounts of life insurance that may be purchased on
behalf of a participant in a pension or profit sharing plan. Complex rules, in
addition to those discussed above, apply whenever life insurance is purchased by
a tax qualified plan.
OTHER EMPLOYEE BENEFIT PROGRAMS
Complex rules may apply when a Policy is held by an employer or a trust, or
acquired by an employee, in connection with the provision of employee benefits.
These Policy Owners also must consider whether the
42
<PAGE> 43
Policy was applied for by or issued to a person having an insurable interest
under applicable state law, as the lack of insurable interest may, among other
things, affect the qualification of the Policy as life insurance for federal
income tax purposes and the right of the beneficiary to death benefits.
Employers and employer-created trusts may be subject to reporting, disclosure,
and fiduciary obligations under the Employee Retirement Income Security Act of
1974 (ERISA). The Policy Owners legal advisor should be consulted to address
these issues.
OTHER
Federal estate and gift and state and local estate, inheritance, and other
tax consequences of ownership or receipt of Policy proceeds depend on the
jurisdiction and the circumstances of each Owner or Beneficiary.
For complete information on federal, state, local and other tax
considerations, a qualified tax advisor should be consulted.
THE COMPANY DOES NOT MAKE ANY GUARANTEE REGARDING
THE TAX STATUS OF ANY POLICY.
CHARGE FOR COMPANY INCOME TAXES
For federal income tax purposes, variable life insurance generally is
treated in a manner consistent with fixed life insurance. The Company will
review the question of a charge to the Variable Account for the Company's
federal income taxes periodically. A charge may be made for any federal income
taxes incurred by the Company that are attributable to the Variable Account.
This might become necessary if the tax treatment of the Company is ultimately
determined to be other than what the Company currently believes it to be, if
there are changes made in the federal income tax treatment of variable life
insurance at the insurance company level, or if there is a change in the
Company's tax status.
Under current laws, the Company may incur state and local taxes (in
addition to premium taxes imposed by the states) in several states. At present,
these taxes are not significant. If there is a material change in applicable
state or local tax laws or in the cost to the Company, the Company reserves the
right to charge the Account for such taxes, if any, attributable to the Account.
VOTING OF FUND SHARES
In accordance with its view of present applicable law, the Company will
exercise voting rights attributable to the shares of each portfolio of the Funds
held in the Subaccounts at any regular and special meetings of the shareholders
of the Funds on matters requiring shareholder voting under the Investment
Company Act of 1940. The Company will exercise these voting rights based on
instructions received from persons having the voting interest in corresponding
Subaccounts of the Variable Account. However, if the Investment Company Act of
1940 or any regulations thereunder should be amended, or if the present
interpretation thereof should change, and as a result the Company determines
that it is permitted to vote the shares of the Funds in its own right, it may
elect to do so.
The person having the voting interest under a Policy is the Policy Owner.
Unless otherwise required by applicable law, the number of votes as to which a
Policy Owner will have the right to instruct for any Portfolio will be
determined by dividing a Policy Owner's Fund Value in the Subaccount which
corresponds to the Portfolio by $100. Fractional votes will be counted. The
number of votes as to which a Policy Owner will have the right to instruct will
be determined as of the date determined by the Company, but in no event shall
such date be more than 90 days prior to the date established by the respective
Fund for determining shareholders eligible to vote at the meeting of the
respective Fund. If required by the Securities and Exchange Commission, the
Company reserves the right to determine in a different fashion the voting rights
attributable to the shares of the respective Fund based upon the instructions
received from Policy Owners. Voting instructions may be cast in person or by
proxy.
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<PAGE> 44
Voting rights attributable to the Policy Owner's Fund Value held in each
Subaccount for which no timely voting instructions are received will be voted by
the Company in the same proportion as the voting instructions which are received
in a timely manner for all Policies participating in that Subaccount. The
Company will also exercise the voting rights from assets in each Subaccount
which are not otherwise attributable to Policy Owners, if any, in the same
proportion as the voting instructions which are received in a timely manner for
all Policies participating in that Subaccount and generally will exercise voting
rights attributable to shares of Portfolios of the Funds held in its General
Account, if any, in the same proportion as votes cast with respect to shares of
Portfolios of the Funds held by the Variable Account and other separate accounts
of the Company, in the aggregate.
DISREGARD OF VOTING INSTRUCTIONS
The Company may, when required by state insurance regulatory authorities,
disregard voting instructions if the instructions require that voting rights be
exercised so as to cause a change in the subclassification or investment
objective of a Portfolio or to approve or disapprove an investment advisory
contract. In addition, the Company itself may disregard voting instructions of
changes initiated by Policy Owners in the investment policy or the investment
adviser (or portfolio manager) of a Portfolio, provided that the Company's
disapproval of the change is reasonable and is based on a good faith
determination that the change would be contrary to state law or otherwise
inappropriate, considering the Portfolio's objectives and purpose, and
considering the effect the change would have on the Company. In the event the
Company does disregard voting instructions, a summary of that action and the
reasons for such action will be included in the next report to Policy Owners.
REPORT TO POLICY OWNERS
A statement will be sent at least annually to each Policy Owner setting
forth a summary of the transactions which occurred since the last statement and
indicating the death benefit, Specified Amount, Fund Value, Surrender Value, and
any Outstanding Debt. In addition, the statement will indicate the allocation of
Fund Value among the Guaranteed Interest Account, the Loan Account and the
Subaccounts and any other information required by law. Confirmations will be
sent out upon premium payments, transfers, loans, loan repayments, withdrawals,
and surrenders.
Each Policy Owner will also receive an annual and a semiannual report
containing financial statements for the Variable Account and the Funds, the
latter of which will include a list of the portfolio securities of the Funds, as
required by the Investment Company Act of 1940, and/or such other reports as may
be required by federal securities laws.
SUBSTITUTION OF INVESTMENTS AND RIGHT TO CHANGE OPERATIONS
The Company reserves the right, subject to compliance with the law as then
in effect, to make additions to, deletions from, or substitutions for the
securities that are held by the Variable Account or any of its other separate
accounts or that the Variable Account or any of its other separate accounts may
purchase. If shares of any or all of the Portfolios of the Funds should no
longer be available for investment, or if, in the judgment of the Company's
management, further investment in shares of any or all Portfolios of the Funds
should become inappropriate in view of the purposes of the Policies, the Company
may substitute shares of another Portfolio of the Funds or of a different fund
for shares already purchased, or to be purchased in the future under the
Policies.
Where required, the Company will not substitute any shares attributable to
a Policy Owner's interest in a Variable Account without notice, Policy Owner
approval, or prior approval of the Securities and Exchange Commission and
without following the filing or other procedures established by applicable state
insurance regulators.
The Company also reserves the right to establish additional Subaccounts of
the Variable Account, each of which would invest in a new portfolio of the
Funds, or in shares of another investment company, a portfolio thereof, or
another suitable investment vehicle, with a specified investment objective. New
Subaccounts may
44
<PAGE> 45
be established when, in the sole discretion of the Company, marketing needs or
investment conditions warrant, and any new Subaccounts will be made available to
existing Policy Owners on a basis to be determined by the Company. The Company
may also eliminate one or more Subaccounts if, in its sole discretion,
marketing, tax, or investment conditions so warrant.
In the event of any such substitution or change, the Company may, by
appropriate endorsement, make such changes in this and other policies as may be
necessary or appropriate to reflect such substitution or change. If deemed by
the Company to be in the best interests of persons having voting rights under
the Policies, the Variable Account may be operated as a management investment
company under the Investment Company Act of 1940 or any other form permitted by
law, it may be deregistered under that Act in the event such registration is no
longer required, or it may be combined with other separate accounts of the
Company or an affiliate thereof. Subject to compliance with applicable law, the
Company also may combine one or more Subaccounts and may establish a committee,
board, or other group to manage one or more aspects of the operation of the
Variable Account.
CHANGES TO COMPLY WITH LAW
The Company reserves the right to make any change without consent of Policy
Owners to the provisions of the Policy to comply with, or give Policy Owners the
benefit of, any Federal or State statute, rule, or regulation, including but not
limited to requirements for life insurance contracts under the Internal Revenue
Code, under regulations of the United States Treasury Department or any state.
PERFORMANCE INFORMATION
Performance information for the Subaccounts of the Variable Account may
appear in advertisements, sales literature, or reports to Policy Owners or
prospective purchasers. Performance information in advertisements or sales
literature may be expressed in any fashion permitted under applicable law, which
may include presentation of a change in a Policy Owner's Fund Value attributable
to the performance of one or more Subaccounts, or as a change in Policy Owner's
death benefit. Performance quotations may be expressed as a change in a Policy
Owner's Fund Value over time or in terms of the average annual compounded rate
of return on the Policy Owner's Fund Value, based upon a hypothetical Policy in
which premiums have been allocated to a particular Variable Account over certain
periods of time that will include one, five and ten years, or from the
commencement of operation of the Variable Account if less than one, five, or ten
years. Any such quotation may reflect the deduction of all applicable charges to
the Policy including premium load, the cost of insurance, the administrative
charge, and the mortality and expense risk charge. The quotation may also
reflect the deduction of the Fund Charge, if applicable, by assuming a surrender
at the end of the particular period, although other quotations may
simultaneously be given that do not assume a surrender and do not take into
account deduction of the Fund Charge.
Performance information for the Variable Account may be compared, in
advertisements, sales literature, and reports to Policy Owners to: (i) other
variable life separate accounts or investment products tracked by research
firms, ratings services, companies, publications, or persons who rank separate
accounts or investment products on overall performance or other criteria; and
(ii) the Consumer Price Index (measure for inflation) to assess the real rate of
return from the purchase of a Policy. Reports and promotional literature may
also contain the Company's rating or a rating of the Company's claim paying
ability as determined by firms that analyze and rate insurance companies and by
nationally recognized statistical rating organizations.
Performance information for any Subaccount of the Variable Account reflects
only the performance of a hypothetical Policy whose Fund Value is allocated to
the Variable Account during a particular time period on which the calculations
are based. Performance information should be considered in light of the
investment objectives and policies, characteristics and quality of the
Portfolios of the Funds in which the Variable Account invests, and the market
conditions during the given period of time, and should not be considered as a
representation of what may be achieved in the future.
45
<PAGE> 46
THE GUARANTEED INTEREST ACCOUNT
Policy Owners may allocate all or a portion of their net premiums and
transfer Fund Value to the Guaranteed Interest Account of the Company. Amounts
allocated to the Guaranteed Interest Account become part of the "General
Account" of the Company, which supports insurance and annuity obligations.
Descriptions of the Guaranteed Interest Account are included in this Prospectus
for the convenience of the Purchaser. The Guaranteed Interest Account and the
General Account of the Company have not been registered under the Securities Act
of 1933 and the Investment Company Act of 1940. Accordingly, neither the
Guaranteed Interest Account nor any interest therein is generally subject to the
provisions of these Acts and, as a result, the staff of the Securities and
Exchange Commission has not reviewed the disclosure in this prospectus relating
to the Guaranteed Interest Account. Disclosures regarding the Guaranteed
Interest Account may, however, be subject to certain generally applicable
provisions of the federal securities laws relating to the accuracy and
completeness of statements made in the prospectus. For more details regarding
the Guaranteed Interest Account, see the Policy.
GENERAL DESCRIPTION
Amounts allocated to the Guaranteed Interest Account become part of the
General Account of Company which consists of all assets owned by the Company
other than those in the Variable Account and other separate accounts of the
Company. Subject to applicable law, the Company has sole discretion over the
investment of the assets of its General Account.
The Policy Owner may elect to allocate net premiums to the Guaranteed
Interest Account, the Variable Account, or both. The Policy Owner may also
transfer Fund Value from the Subaccounts of the Variable Account to the
Guaranteed Interest Account, or from the Guaranteed Interest Account to the
Subaccounts, subject to the limitations described below. Company guarantees that
the Fund Value in the Guaranteed Interest Account will be credited with a
minimum interest rate of 0.013368% daily, compounded daily, for a minimum
effective annual rate of 5.0%. Such interest will be paid regardless of the
actual investment experience of the Guaranteed Interest Account. In addition,
Company may in its sole discretion declare current interest in excess of the
5.0% annual rate, which will be guaranteed for approximately one year. (The
portion of a Policy Owner's Fund Value that has been used to secure Outstanding
Debt will be credited with a guaranteed interest rate of 0.013368% daily,
compounded daily, for a minimum effective annual rate of 5.0%.) After the tenth
Policy anniversary, it is expected the annual interest rates that apply to the
Fund Value in the Guaranteed Interest Account and to the Loan Account will be
.5% higher than otherwise applicable. Neither increase is guaranteed.
The Company bears the full investment risk for the Fund Value allocated to
the Guaranteed Interest Account.
LIMITATIONS ON AMOUNTS IN THE GUARANTEED INTEREST ACCOUNT
No net premium or transfer to the Guaranteed Interest Account will be
accepted which would cause the Guaranteed Interest Account to exceed $250,000 on
the date of payment or transfer. The Company reserves the right to increase or
decrease this limit in the future. For payments which exceed the limit, the
Company will accept the portion of the payment up to $250,000 and will return
the excess payment to the Policy Owner. For transfers which exceed the limit,
the Company will accept the portion of the transfer up to the $250,000. The
amount of the requested transfer which would otherwise cause the Guaranteed
Interest Account to exceed $250,000 will be retained in the Subaccounts in the
same proportion that the amount actually transferred bears to the total
requested transfer amount. These limits are waived in the event the Policy Owner
elects the Right to Exchange Policy. See "Right to Exchange Policy", page 30.
DEATH BENEFIT
The death benefit under the Policy will be determined in the same fashion
for a Policy Owner who has Fund Value in the Guaranteed Interest Account as for
a Policy Owner who has Fund Value in the Subaccounts. The death benefit under
Option I will be equal to the Specified Amount of the Policy plus the
46
<PAGE> 47
increase in Fund Value since the last Monthly Anniversary Day or, if greater,
Fund Value on the date of death plus Fund Value on the last Monthly Anniversary
Day multiplied by a death benefit percentage. Under Option II, the death benefit
will be equal to the Specified Amount of the Policy plus the Fund Value or, if
greater, Fund Value on the date of death plus Fund Value on the last Monthly
Anniversary Day multiplied by a death benefit percentage. See "Death Benefits
under the Policy," page 23.
POLICY CHARGES
Deductions from premium, monthly deductions from the Fund Value, and Fund
Charges will be the same for Policy Owners who allocate net premiums or transfer
Fund Value to the Guaranteed Interest Account as for Policy Owners who allocate
net premiums to the Subaccounts. These charges include the sales and tax
charges; the charges for the cost of insurance, administrative charge, the
charge for any optional insurance benefits added by Rider; and administrative
Fund Charge and the sales Fund Charge. Fees for Partial Surrenders and, if
applicable, transfer charges, will also be deducted from the Guaranteed Interest
Account.
Charges applicable to the Portfolios, including the operating expenses of
the Portfolios, as well as the investment advisory fee charged by the Portfolio
managers, will not be paid directly or indirectly by Policy Owners to the extent
the Fund Value is allocated to the Guaranteed Interest Account. Likewise, the
mortality and expense risk charge applicable to the Fund Value allocated to the
Subaccounts is not deducted from Fund Value allocated to the Guaranteed Interest
Account. Any amounts that the Company pays for income taxes allocable to the
Subaccounts will not be charged against the Guaranteed Interest Account.
However, it is important to remember that Policy Owners will not participate in
the investment experience of the Subaccounts to the extent that Fund Values are
allocated to the Guaranteed Interest Account.
TRANSFERS
Amounts may be transferred after the Free Look Period from the Subaccounts
to the Guaranteed Interest Account and from the Guaranteed Interest Account to
the Subaccounts, subject to the following limitations.
Transfers to the Guaranteed Interest Account may be made at any time and in
any amount, subject to the $250,000 limit on total amounts allocated to the
Guaranteed Interest Account referenced above. These limits are waived in the
event the Policy Owner elects the Right to Exchange the Policy. See "Right to
Exchange Policy", page 30.
Transfers from the Guaranteed Interest Account to the Subaccounts are
limited to one in any Policy year. Further, transfers from the Guaranteed
Interest Account are limited to the greater of $5,000 and 25% of the Fund Value
allocated to the Guaranteed Interest Account on the date of the transfer.
Transfers from the Guaranteed Interest Account may only be made during the time
period which begins on the Policy Anniversary and which ends 30 days after the
Policy Anniversary. If the transfer request is received on the Policy
Anniversary, it will be processed as of the Policy Anniversary; if it is
received within 30 days after the Policy Anniversary, the transfer will be
effective as of the Valuation Date when it is received. Any request received
within 10 days before the Policy Anniversary will be deemed received on the
Policy Anniversary. Any transfer requests received at other times will not be
honored, and will be returned to the Policy Owner.
Currently there is no charge imposed upon transfers; however, the Company
reserves the right to assess such a charge in the future and to impose other
limitations on the number of transfers, the amount of transfers, and the amount
remaining in the Guaranteed Interest Account or Subaccounts after a transfer.
SURRENDERS AND POLICY LOANS
The Policy Owner may also make Full Surrenders, Partial Surrenders, and
Preferred Partial Surrenders from the Guaranteed Interest Account to the same
extent as a Policy Owner who has invested in the Subaccounts. See "Full
Surrender," page 32, "Partial Surrenders, and Preferred Partial Surrenders,"
page 32.
47
<PAGE> 48
Transfers and surrenders payable from the Guaranteed Interest Account, and the
payment of Policy loans allocated to the Guaranteed Interest Account, may be
delayed for up to six months.
MORE ABOUT THE POLICY
OWNERSHIP
The Policy Owner is the individual named as such in the application or in
any later change shown in the Company's records. While the Insured is living,
the Policy Owner alone has the right to receive all benefits and exercise all
rights that the Policy grants or the Company allows.
JOINT OWNERS
If more than one person is named as Policy Owner, they are joint owners.
Any Policy transaction requires the signature of all persons named jointly.
Unless otherwise provided, if a joint owner dies, ownership passes to the
surviving joint owner(s). When the last joint owner dies, ownership passes
through that person's estate, unless otherwise provided.
BENEFICIARY
The Beneficiary is the individual named as such in the application or any
later change shown in the Company's records. The Policy Owner may change the
Beneficiary at any time during the life of the Insured by written request on
forms provided by the Company, which must be received by the Company at its Home
Office. The change will be effective as of the date this form is signed.
Contingent and/or concurrent Beneficiaries may be designated. The Policy Owner
may designate a permanent Beneficiary, whose rights under the Policy cannot be
changed without his or her consent. Unless otherwise provided, if no designated
Beneficiary is living upon the death of the Insured, the Policy Owner or the
Policy Owner's estate is the Beneficiary.
The Company will pay the death benefit proceeds to the Beneficiary. Unless
otherwise provided, in order to receive proceeds at the Insured's death, the
Beneficiary must be living at the time of the Insured's death.
THE POLICY
This Policy is a contract between the Policy Owner and the Company. The
entire contract consists of the Policy, a copy of the initial application, all
subsequent applications to change the Policy, any endorsements, all Riders, and
all additional Policy information sections (specification pages) added to the
Policy.
NOTIFICATION AND CLAIMS PROCEDURES
Any election, designation, change, assignment, or request made by the
Policy Owner must be in writing on a form acceptable to the Company. The Company
is not liable for any action taken before such written notice is received and
recorded. The Company may require that the Policy be returned for any Policy
change or upon its surrender.
In the event of an Insured's death while the Policy is in force notice
should be given to the Company as soon as possible. Claim procedure instructions
will be sent immediately. As due proof of death, the Company may require proof
of Age and a certified copy of a death certificate. The Company may also require
the Beneficiary and the Insured's next of kin to sign authorizations as part of
this process. These authorization forms allow the Company to obtain information
about the Insured, including but not limited to medical records of physicians
and hospitals used by the Insured.
PAYMENTS
The Company will pay death benefit proceeds, the Surrender Value on
surrender, Partial Surrenders, Preferred Partial Surrenders, and loan proceeds
based on allocations made to the Subaccounts, and will effect
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<PAGE> 49
a transfer between Subaccounts or from the Variable Account to the Guaranteed
Interest Account within seven days after the Company receives all the
information needed to process a payment.
However, the Company can postpone the calculation or payment of such a
payment or transfer of amounts based on investment performance of the
Subaccounts if:
The New York Stock Exchange is closed on other than customary weekend
and holiday closing or trading on the New York Stock Exchange is restricted
as determined by the SEC; or
An emergency exists, as determined by the SEC, as a result of which
disposal of securities is not reasonably practicable or it is not
reasonably practicable to determine the value of the Account's net assets;
or
The SEC by order permits postponement for the protection of Policy
Owners.
PAYMENT PLAN/SETTLEMENT PROVISIONS
Maturity or surrender benefits may be used to purchase a payment plan
providing monthly income for the lifetime of the Insured, and death benefit
proceeds may be used to purchase a payment plan providing monthly income for the
lifetime of the Beneficiary. The monthly payments consisting of proceeds plus
interest will be paid in equal installments for at least ten years. The purchase
rates for the payment plan are guaranteed not to exceed those shown in the
Policy, but current rates that are lower (i.e., providing greater income) may be
established by the Company from time to time. This benefit is not available if
the income would be less than $25 a month. Maturity or surrender benefits or
death benefit proceeds may be used to purchase any other payment plan that the
Company makes available at that time.
PAYMENT IN CASE OF SUICIDE
If the Insured dies by suicide, while sane or insane, within two years from
the Policy Date or Reinstatement Date, the Company will limit the death benefit
proceeds to the premium payments less any Partial Surrender and Preferred
Partial Surrender amounts (and their fees) and less any Outstanding Debt reduced
by any Unearned Loan Interest. If an Insured dies by suicide, while sane or
insane, within two years of the effective date of any increase in the Specified
Amount, the Company will refund the cost of insurance charges made with respect
to such increase.
ASSIGNMENT
The Policy Owner may assign a Policy as collateral security for a loan or
other obligation. No assignment will bind the Company unless the original, or a
copy, is received at the Company's Home Office, and it will be effective only
when recorded by the Company. An assignment does not change the ownership of the
Policy. However, after an assignment, the rights of any Policy Owner or
Beneficiary will be subject to the assignment. The entire Policy, including any
attached payment option or Rider, will be subject to the assignment. The Company
will rely solely on the assignee's statement as to the amount of the assignee's
interest. The Company will not be responsible for the validity of any
assignment. Unless otherwise provided, the assignee may exercise all rights this
Policy grants except (a) the right to change the Policy Owner or Beneficiary;
and (b) the right to elect a payment option. Assignment of a Policy that is a
modified endowment contract may generate taxable income. (See "Federal Income
Tax Considerations", page 39.)
ERRORS ON THE APPLICATION
If the Age or gender of the Insured has been misstated, the death benefit
under this Policy will be the greater of that which would be purchased by the
most recent cost of insurance charge at the correct Age and gender, or the death
benefit derived by multiplying the Fund Value by the death benefit percentage
for the correct Age and gender. If unisex cost of insurance rates apply, no
adjustment will be made for a misstatement of sex. See "Cost of Insurance", page
36.
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<PAGE> 50
INCONTESTABILITY
The Company may contest the validity of this Policy if any material
misstatements are made in the application. However, the Policy will be
incontestable as follows: the initial Specified Amount cannot be contested after
the Policy has been in force during the Insured's lifetime for two years from
the Policy Date; and an increase in the Specified Amount or any reinstatement
cannot be contested after the increase or the reinstated policy has been in
force during an Insured's lifetime for two years from its effective date.
POLICY ILLUSTRATIONS
Upon request, the Company will send the Policy Owner an illustration of
future benefits under the Policy based on both guaranteed and current cost
assumptions.
DISTRIBUTION OF THE POLICY
MONY Securities Corp. ("MSC"), a wholly owned subsidiary of the Company, is
principal underwriter (distributor) of the Policies. MSC is registered as a
broker-dealer under the Securities Exchange Act of 1934 and is a member of the
National Association of Securities Dealers. The Policies are sold by individuals
who are registered representatives of MSC and who are also licensed as life
insurance agents for the Company. The Policies may also be sold through other
broker/dealers authorized by MSC and applicable law to do so.
Except where MSC has authorized other broker/dealers to sell the Policies
(as described in the preceding paragraph), compensation payable for the sale of
the Policies will be based upon the following schedule. After issue of the
Contract, commissions will equal at most 50 percent of premiums paid.
Thereafter, commissions will equal at most 3.0 percent of any additional
premiums plus, on the sixth and each succeeding Policy Anniversary for so long
as the Policy shall remain in force, .10 percent of the Fund Value allocated to
the Subaccounts. Upon any subsequent increase in Specified Amount, commissions
will equal at most 50 percent of premiums paid on or after the increase up to a
maximum amount. Thereafter, commissions will return to no more than the 3.0
percent level. Further, registered representatives may be eligible to receive
certain bonuses and other benefits based on the amount of earned commissions.
Commissions may be required to be repaid to the Company if Sales Charges
are refunded upon exercise of the exchange privileges during the first 24 months
after the Policy Date or within 24 months following an increase in Specified
Amount.
In addition, registered representatives who meet specified production
levels may qualify, under sales incentive programs adopted by Company, to
receive noncash compensation such as expense-paid trips, expense-paid
educational seminars and merchandise. Company makes no separate deductions,
other than previously described, from premiums to pay sales commissions or sales
expenses.
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<PAGE> 51
MORE ABOUT THE COMPANY
MANAGEMENT
The directors and officers of the Company are listed below. The business
address for all directors and officers of MONY Life Insurance Company of America
is 1740 Broadway, New York, New York 10019.
Current Officers and Directors of MONY America are:
<TABLE>
<CAPTION>
NAME POSITION AND OFFICES WITH DEPOSITOR
---- -----------------------------------
<S> <C>
Michael I. Roth.................. Director, Chairman and Chief Executive Officer
Samuel J. Foti................... Director, President and Chief Operating Officer
Richard E. Connors............... Director
Richard Daddario................. Director, Vice President, and Controller
Phillip A. Eisenberg............. Vice President and Actuary
Thomas M. Donohue................ Vice President
Margaret G. Gale................. Vice President
Michael Slipowitz................ Vice President
Stephen J. Hall.................. Director
Edward E. Hill................... Vice President -- Chief Compliance Officer
Evelyn L. Peos................... Vice President
Theodore J. Shalack.............. Director and Vice President
Kenneth M. Levine................ Director
David S. Waldman................. Secretary
David V. Weigel.................. Treasurer
Charles P. Wyckoff............... Director
Maureen C. Zupan................. Director and Vice President
</TABLE>
No officer or director listed above receives any compensation from the
Variable Account. No separately allocable compensation has been paid by the
Company or any of its affiliates to any person listed for services rendered to
the Account.
STATE REGULATION
The Company is subject to the laws of the state of Arizona governing
insurance companies and to regulation by the Commissioner of Insurance of
Arizona. In addition, it is subject to the insurance laws and regulations of the
other states and jurisdictions in which it is licensed or may become licensed to
operate. An annual statement in a prescribed form must be filed with the
Commissioner of Insurance of Arizona and with regulatory authorities of other
states on or before March 1st in each year. This statement covers the operations
of the Company for the preceding year and its financial condition as of December
31st of that year. The Company's affairs are subject to review and examination
at any time by the Commissioner of Insurance or his agents, and subject to full
examination of Company's operations at periodic intervals.
TELEPHONE TRANSFER PRIVILEGES
A Policy Owner may request a transfer of Fund Value or change allocation
instructions for future premiums by telephone if an authorization for telephone
transfer form has been completed, signed, and received at the Company's Syracuse
Operations Center. All or part of any telephone conversation with respect to
transfer and allocation instructions may be recorded by the Company. Telephone
instructions received by the Company by 4:00 p.m. Eastern time on any Valuation
Date will be effected as of the end of that Valuation Date in accordance with
the Policy Owner's instructions, subject to the limitations stated in this
prospectus (presuming that the Free Look Period has expired). The Company
reserves the right to deny any telephone transfer or allocation request. If all
telephone lines are busy (which might occur, for example, during periods of
substantial market fluctuations), Policy Owners might not be able to request
transfers by telephone and would have to submit written requests. Telephone
transfer and allocation instructions will only be accepted if complete and
correct.
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<PAGE> 52
The Company has adopted guidelines relating to telephone transfers and
allocation instructions that, among other things, outlines procedures to be
followed which are designed, and which the Company believes are reasonable, to
prevent unauthorized instructions. If these procedures are followed, the Company
shall not be liable for, and the Policy Owner will therefore bear the entire
risk of, any loss as a result of the Company's following telephone instructions
in the event that such instructions prove to be fraudulent. A copy of the
guidelines and the Company's form for electing telephone transfer privileges is
available from licensed agents of the Company who are also registered
representatives of MSC or by calling 1-800-487-6669. The Company's form must be
signed and received at the Company's Syracuse Operations Center before telephone
transfers will be accepted.
LEGAL PROCEEDINGS
There are no legal proceedings pending to which the Variable Account is a
party, or which would materially affect the Variable Account.
LEGAL MATTERS
Legal matters in connection with the issue and sale of the Policies
described in this Prospectus and the organization of the Company, its authority
to issue the Policies under Arizona law, and the validity of the forms of the
Policies under Arizona law have been passed on by the Vice President and Deputy
General Counsel of the Mutual of New York.
Legal matters relating to the federal securities and federal income tax
laws have been passed upon by Edward P. Bank, Vice President and Deputy General
Counsel of Mutual of New York.
EXPERTS
Actuarial matters included in this Prospectus have been examined by Evelyn
L. Peos, FSA, Vice President of MONY America, whose opinion is filed as an
exhibit to the Registration Statement.
REGISTRATION STATEMENT
A Registration Statement under the Securities Act of 1933 has been filed
with the SEC relating to the offering described in this Prospectus. This
Prospectus does not include all of the information set forth in the Registration
Statement, as portions have been omitted pursuant to the rules and regulations
of the SEC. The omitted information may be obtained at the SEC's principal
office in Washington, D.C., upon payment of the SEC's prescribed fees.
INDEPENDENT ACCOUNTANTS
The audited financial statements for the Variable Account and for Company
included in this Prospectus and in the Registration Statement have been audited
by Coopers & Lybrand L.L.P., independent accountants, as indicated in their
report hereon, and are included in reliance upon the authority of said firm as
experts in accounting and auditing. Coopers & Lybrand's office is located at
1301 Avenue of the Americas, New York, New York, 10019.
FINANCIAL STATEMENTS
The audited financial statements for the Variable Account as of December
31, 1994 and the periods ended December 31, 1994 and 1993 are set forth herein,
starting on page F-1. The audited financial statements of the Company as of and
for the years ended December 1994 and 1993 are set forth herein starting on page
F- .
The financial statements of the Variable Account and Company as of and for
the periods ended December 31, 1994 and 1993 have been audited by Coopers &
Lybrand L.L.P. The financial statements of the Company should be distinguished
from the financial statements of the Variable Account and should be considered
only as bearing upon the ability of the Company to meet its obligations under
the Policies.
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<PAGE> 53
FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
PAGE
-----
<S> <C>
With respect to MONY America Variable Account L:
Report of Independent Accountants................................................... F-2
Statements of assets and liabilities as of December 31, 1994........................ F-3
Statements of operations for the year ended December 31, 1994....................... F-4
Statements of changes in net assets for the years ended December 31, 1994 and
1993............................................................................. F-5
Notes to financial statements....................................................... F-7
Report of Independent Accountants................................................... F-9
Statements of operations for the year ended December 31, 1993....................... F-10
Notes to financial statements....................................................... F-11
Report of Independent Accountants................................................... F-13
Statements of operations for the year ended December 31, 1992....................... F-14
Notes to financial statements....................................................... F-15
With respect to MONY Life Insurance Company of America:
Report of Independent Accountants................................................... F-17
Balance sheets as of December 31, 1994 and 1993..................................... F-18
Statements of operations for the years ended December 31, 1994 and 1993............. F-19
Statements of capital and surplus for the years ended December 31, 1994 and 1993.... F-20
Statements of cash flows for the years ended December 31, 1994 and 1993............. F-21
Notes to financial statements....................................................... F-22
</TABLE>
F-1
<PAGE> 54
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
MONY Life Insurance Company of America and the
Contractholders of MONY America Variable Account L:
We have audited the accompanying statements of assets and liabilities of
MONY America Variable Account L (comprising, respectively, the Equity Growth,
Equity Income, Intermediate Term Bond, Long Term Bond, Diversified and Money
Market Subaccounts) as of December 31, 1994, the related statements of
operations for the year then ended, and the statements of changes in net assets
for each of the two years in the period then ended. These financial statements
are the responsibility of MONY America's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1994 by correspondence with
the custodian. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of each of the respective
subaccounts constituting MONY America Variable Account L as of December 31,
1994, the results of their operations for the year then ended, and the changes
in their net assets for each of the two years in the period then ended, in
conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
New York, New York
February 15, 1995
F-2
<PAGE> 55
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1994
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ------------ --------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in MONY Series
Fund, Inc. at net asset
value (Notes 2 and 4) (total
cost $2,153,328)............ $ 347,611 $ 525,556 $170,513 $101,340 $ 836,562 $182,287 $ 2,163,869
Amount due from (to) MONY
America..................... (172 ) (171 ) (281) 220 (5,419 ) (172) (5,995)
---------- ---------- ------------ --------- ---------- ---------- -----------
Total assets.............. 347,439 525,385 170,232 101,560 831,143 182,115 2,157,874
---------- ---------- ------------ --------- ---------- ---------- -----------
LIABILITIES
Amount due to (from) MONY
Series Fund, Inc............ (172 ) (171 ) (281) 220 (5,419 ) (172) (5,995)
---------- ---------- ------------ --------- ---------- ---------- -----------
Net Assets.................... $ 347,611 $ 525,556 $170,513 $101,340 $ 836,562 $182,287 $ 2,163,869
========== ========== =========== ========== ========== ========== ==========
Net assets consist of:
Contractholders' net
payments.................. $ 423,124 $ 618,019 $204,422 $134,268 $1,035,952 $277,068 $ 2,692,853
Cost of insurance
withdrawals (Note 3)...... (298,332 ) (377,162 ) (160,531) (117,087 ) (714,577 ) (158,771) (1,826,460)
Accumulated net investment
income.................... 85,188 225,958 146,358 90,429 415,167 63,990 1,027,090
Accumulated net realized
gains (losses) on
investments............... 137,415 41,912 (10,391) (168 ) 91,077 0 259,845
Unrealized appreciation
(depreciation) of
investments............... 216 16,829 (9,345) (6,102 ) 8,943 0 10,541
---------- ---------- ------------ --------- ---------- ---------- -----------
Net assets.................... $ 347,611 $ 525,556 $170,513 $101,340 $ 836,562 $182,287 $ 2,163,869
========== ========== =========== ========== ========== ========== ==========
Number of units
outstanding*................ 12,809 18,826 9,112 4,777 37,807 11,659
---------- ---------- ------------ --------- ---------- ----------
Net asset value per unit
outstanding................. $ 27.14 $ 27.92 $ 18.71 $ 21.21 $ 22.13 $ 15.63
---------- ---------- ------------ --------- ---------- ----------
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-3
<PAGE> 56
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ------------ --------- ----------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income.................. $ 9,113 $ 32,658 $ 9,905 $ 7,512 $ 28,983 $ 6,478 $ 94,649
Mortality and expense risk
charges (Note 3)............... (2,160) (3,240) (1,056) (653) (5,108) (995) (13,212)
---------- ---------- ------------ --------- ----------- ---------- ---------
Net investment income............ 6,953 29,418 8,849 6,859 23,875 5,483 81,437
---------- ---------- ------------ --------- ----------- ---------- ---------
Realized and unrealized gains
(losses) on investments (Note
2):
Proceeds from sales............ 148,232 86,396 31,505 20,741 189,680 21,102 497,656
Cost of shares sold............ 138,804 74,571 30,740 19,252 172,147 21,102 456,616
---------- ---------- ------------ --------- ----------- ---------- ---------
Net realized gains on
investments.................... 9,428 11,825 765 1,489 17,533 0 41,040
Net decrease in unrealized
appreciation of investments.... (10,655) (40,147) (13,415) (16,392) (38,475) 0 (119,084)
---------- ---------- ------------ --------- ----------- ---------- ---------
Net realized and unrealized
losses on investments.......... (1,227) (28,322) (12,650) (14,903) (20,942) 0 (78,044)
---------- ---------- ------------ --------- ----------- ---------- ---------
Net increase (decrease) in net
assets resulting from
operations..................... $ 5,726 $ 1,096 $ (3,801) $ (8,044) $ 2,933 $ 5,483 $ 3,393
========== ========== =========== ========== ========= ========== =========
</TABLE>
See notes to financial statements.
F-4
<PAGE> 57
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INTERMEDIATE
TERM
EQUITY GROWTH EQUITY INCOME BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1994 1993 1994 1993 1994 1993
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment
income............. $ 6,953 $ 14,949 $ 29,418 $ 38,348 $ 8,849 $ 9,214
Net realized gains on
investments........ 9,428 38,221 11,825 10,720 765 3,217
Net increase
(decrease) in
unrealized
appreciation of
investments........ (10,655) (21,380) (40,147) 16,685 (13,415) 669
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease)
in net assets
resulting from
operations............ 5,726 31,790 1,096 65,753 (3,801) 13,100
------------ ------------ ------------ ------------ ------------ ------------
From unit transactions:
Net proceeds from the
issuance of
units.............. 40,449 211,858 49,919 67,883 12,962 17,679
Net asset value of units
redeemed or used to
meet contract
obligations........... 118,555 232,198 79,426 90,405 21,236 33,785
------------ ------------ ------------ ------------ ------------ ------------
Net decrease from unit
transactions.......... (78,106) (20,340) (29,507) (22,522) (8,274) (16,106)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease)
in net assets......... (72,380) 11,450 (28,411) 43,231 (12,075) (3,006)
Net assets beginning of
year.................. 419,991 408,541 553,967 510,736 182,588 185,594
------------ ------------ ------------ ------------ ------------ ------------
Net assets end of
year*................. $347,611 $419,991 $525,556 $553,967 $170,513 $182,588
========== ========== ========== ========== ========== ==========
Units outstanding
beginning of year..... 15,712 16,672 19,878 20,797 9,552 10,409
Units issued during the
year.................. 1,506 8,284 1,767 2,543 692 953
Units redeemed during
the year.............. 4,409 9,244 2,819 3,462 1,132 1,810
------------ ------------ ------------ ------------ ------------ ------------
Units outstanding end of
year.................. 12,809 15,712 18,826 19,878 9,112 9,552
========== ========== ========== ========== ========== ==========
</TABLE>
- ---------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
* Includes undistributed
net investment income
of: $ 85,188 $ 78,235 $225,958 $196,540 $146,358 $137,509
</TABLE>
See notes to financial statements.
F-5
<PAGE> 58
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
LONG TERM DIVERSIFIED
BOND SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1994 1993 1994 1993
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
From operations:
Net investment income...... $ 6,859 $ 6,247 $ 23,875 $ 29,652
Net realized gains on
investments.............. 1,489 2,995 17,533 13,769
Net increase (decrease) in
unrealized appreciation
of investments........... (16,392) 6,270 (38,475) 43,284
-------- -------- -------- ---------
Net increase (decrease) in net
assets resulting from
operations................. (8,044) 15,512 2,933 86,705
-------- -------- -------- ---------
From unit transactions:
Net proceeds from the
issuance of units........ 6,144 7,940 95,640 111,944
Net asset value of units
redeemed or used to meet
contract obligations..... 18,657 20,348 148,999 224,370
-------- -------- -------- ---------
Net increase (decrease) from
unit transactions........ (12,513) (12,408) (53,359) (112,426)
-------- -------- -------- ---------
Net increase (decrease)
in net assets.............. (20,557) 3,104 (50,426) (25,721)
Net assets beginning of
year....................... 121,897 118,793 886,988 912,709
-------- -------- -------- ---------
Net assets end of year*...... $101,340 $121,897 $836,562 $ 886,988
======== ======== ======== =========
Units outstanding beginning
of year.................... 5,361 5,933 40,254 45,685
Units issued during
the year................... 290 361 4,346 5,326
Units redeemed during
the year................... 874 933 6,793 10,757
-------- -------- -------- ---------
Units outstanding
end of year................ 4,777 5,361 37,807 40,254
======== ======== ======== =========
- -----------
*Includes undistributed net
investment income of: $ 90,429 $ 83,570 $415,167 $391,292
</TABLE>
<TABLE>
<CAPTION>
MONEY MARKET
SUBACCOUNT TOTAL
--------------------------- ---------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1994 1993 1994 1993
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
From operations:
Net investment income...... $ 5,483 $ 2,630 $ 81,437 $ 101,040
Net realized gains on
investments.............. 0 0 41,040 68,922
Net increase (decrease) in
unrealized appreciation
of investments........... 0 0 (119,084) 45,528
-------- -------- ---------- ----------
Net increase (decrease) in net
assets resulting from
operations................. 5,483 2,630 3,393 215,490
-------- -------- ---------- ----------
From unit transactions:
Net proceeds from the
issuance of units........ 93,348 146,234 298,462 563,538
Net asset value of units
redeemed or used to meet
contract obligations..... 18,485 154,968 405,358 756,074
-------- -------- ---------- ----------
Net increase (decrease) from
unit transactions........ 74,863 (8,734) (106,896) (192,536)
-------- -------- ---------- ----------
Net increase (decrease)
in net assets.............. 80,346 (6,104) (103,503) 22,954
Net assets beginning of
year....................... 101,941 108,045 2,267,372 2,244,418
-------- -------- ---------- ----------
Net assets end of year*...... $182,287 $101,941 $2,163,869 $2,267,372
======== ======== ========== ==========
Units outstanding beginning
of year.................... 6,734 7,293 97,491 106,789
Units issued during
the year................... 6,128 9,778 14,729 27,245
Units redeemed during
the year................... 1,203 10,337 17,230 36,543
-------- -------- ---------- ----------
Units outstanding
end of year................ 11,659 6,734 94,990 97,491
======== ======== ========== ==========
- -----------
*Includes undistributed net
investment income of: $ 63,990 $ 58,507 $1,027,090 $ 945,653
</TABLE>
See notes to financial statements.
F-6
<PAGE> 59
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used only to support Flexible Premium Variable Life Insurance
Policies. These policies are issued by MONY America, which is a wholly-owned
subsidiary of The Mutual Life Insurance Company of New York ("MONY"). MONY
America is currently taxed as a life insurance company and will include the
Variable Account's operations in its tax return. MONY America does not expect
based on current tax law, to incur any income tax burden upon the earnings or
realized capital gains attributable to the Variable Account. Based on this
expectation, no charges are currently being deducted from the Variable Account
for Federal income tax purposes.
There are currently six subaccounts within the Variable Account, each
invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the
"Fund"). The Fund is registered under the 1940 Act as an open-end, diversified,
management investment company.
2. SIGNIFICANT ACCOUNTING POLICIES
A. Investments:
The investment in shares of each of the respective portfolios is stated at
value which is the net asset values of the Fund. Except for the Money Market
Portfolio, as noted below, net asset values are based upon market quotations of
the securities held in each of the corresponding portfolios.
Portfolio Valuations:
Short-term securities are valued at amortized cost. The amortized cost of a
security is determined by valuing it at original cost and thereafter amortizing
any discount or premium at a constant rate until maturity.
Common stocks traded on national securities exchanges are valued at the
last sales price as of the close of the New York Stock Exchange or at the last
bid price for over-the-counter securities.
Bonds are valued at the last available price provided by an independent
pricing service for securities traded on a national securities exchange. Bonds
that are listed on a national securities exchange but are not traded and bonds
that are regularly traded in the over-the-counter market are valued at the mean
of the last available bid and asked prices.
All other securities, including any restricted securities, will be valued
at their fair value as determined in good faith by the Board of Directors of the
Fund.
B. Security Transactions and Investment Income:
Security transactions are recorded as of the trade date.
Dividend income is recorded on the ex-dividend date.
Realized gains and losses from investments sold are determined on the basis
of identified cost for accounting and tax purposes.
F-7
<PAGE> 60
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
3. RELATED PARTY TRANSACTIONS
Policy premiums received from MONY America by the Variable Account
represent gross policy premiums recorded by MONY America less deductions
retained as compensation for certain sales distribution expenses and premium
taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders are deducted on each monthly date from
the cash value of the contract to compensate MONY America. These deductions are
treated as contractholder redemptions by the Variable Account. The amount
deducted for 1994 aggregated $166,181.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of .60 percent of aggregate
average daily net assets. As investment adviser to the Fund, it receives amounts
paid by the Fund for those services. MONY America is the legal holder of the
assets held by the Variable Account.
4. INVESTMENTS
Investments in MONY Series Fund, Inc. at cost, at December 31, 1994 consist
of the following:
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
--------- --------- ------------ --------- ----------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares.............................. 20,289 33,717 17,373 10,116 65,849 101,941 249,285
Amount.............................. $ 409,120 $ 496,991 $178,518 $ 111,607 $ 839,570 $ 101,941 $2,137,747
Shares acquired:
Shares.............................. 3,244 3,211 2,132 664 9,691 94,970 113,912
Amount.............................. $ 67,966 $ 53,649 $ 22,175 $ 7,575 $ 130,213 $ 94,970 $ 376,548
Shares received for reinvestment of
dividends:
Shares.............................. 443 2,103 1,016 718 2,206 6,478 12,964
Amount.............................. $ 9,113 $ 32,658 $ 9,905 $ 7,512 $ 29,983 $ 6,478 $ 95,649
Shares redeemed:
Shares.............................. 7,093 5,190 3,032 1,819 14,081 21,102 52,317
Amount.............................. $ 138,804 $ 74,571 $ 30,740 $ 19,252 $ 172,147 $ 21,102 $ 456,616
--------- --------- ------------ --------- ----------- --------- ----------
Net change:
Shares.............................. (3,406) 124 116 (437) (2,184) 80,346 74,559
Amount.............................. $ (61,725) $ 11,736 $ 1,340 $ (4,165) $ (11,951) $ 80,346 $ 15,581
--------- --------- ------------ --------- ----------- --------- ----------
Shares end of year:
Shares.............................. 16,883 33,841 17,489 9,679 63,665 182,287 323,844
Amount.............................. $ 347,395 $ 508,727 $179,858 $ 107,442 $ 827,619 $ 182,287 $2,153,328
======== ======== ========== ======== ======== ======== =========
</TABLE>
F-8
<PAGE> 61
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
MONY Life Insurance Company of America and the
Contractholders of MONY America Variable Account L:
We have audited the accompanying statements of assets and liabilities of
Mony America Variable Account L (comprising, respectively, the Equity Growth,
Equity Income, Intermediate Term Bond, Long Term Bond, Diversified and Money
Market Subaccounts) as of December 31, 1993, the related statements of
operations for the year then ended, and the statements of changes in net assets
for each of the two years in the period then ended. These financial statements
are the responsibility of MONY's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1993 by correspondence with
the custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of each of the respective
subaccounts constituting MONY America Variable Account L as of December 31,
1993, the results of their operations for the year then ended, and the changes
in their net assets for each of the two years in the period then ended, in
conformity with generally accepted accounting principles.
COOPERS & LYBRAND
New York, New York
February 14, 1994.
F-9
<PAGE> 62
MONY AMERICA VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income................ $ 17,348 $ 41,503 $ 10,338 $ 6,985 $ 34,959 $ 3,363 $114,496
Mortality and expense risk
charges (Note 3)............. (2,399) (3,155) (1,124) (738) (5,307) (733) (13,456)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net investment income.......... 14,949 38,348 9,214 6,247 29,652 2,630 101,040
---------- ---------- ---------- ---------- ---------- ---------- ----------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales.......... 238,142 95,497 35,719 21,595 248,207 156,009 795,169
Cost of shares sold.......... 199,921 84,777 32,502 18,600 234,438 156,009 726,247
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net realized gain on
investments.................. 38,221 10,720 3,217 2,995 13,769 0 68,922
Net increase (decrease) in
unrealized appreciation of
investments.................. (21,380) 16,685 669 6,270 43,284 0 45,528
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net realized and unrealized
gain on investments.......... 16,841 27,405 3,886 9,265 57,053 0 114,450
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net increase in net assets
resulting from operations.... $ 31,790 $ 65,753 $ 13,100 $ 15,512 $ 86,705 $ 2,630 $215,490
========== ========== ========== ========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements.
F-10
<PAGE> 63
MONY AMERICA VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS:
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the Investment
Company Act of 1940 (the "1940 Act"). The Variable Account holds assets that are
segregated from all of MONY America's other assets and, at present, is used only
to support Flexible Premium Variable Life Insurance Policies. These policies are
issued by MONY America, which is a wholly-owned subsidiary of The Mutual Life
Insurance Company of New York ("MONY"). MONY America is currently taxed as a
life insurance company and will include the Variable Account's operations in its
tax return. MONY America does not expect based on current tax law, to incur any
income tax burden upon the earnings or realized capital gains attributable to
the Variable Account. Based on this expectation, no charges are currently being
deducted from the Variable Account for Federal income tax purposes.
There are currently six subaccounts within the Variable Account, each invests
only in a corresponding portfolio of the MONY Series Fund, Inc. (the "Fund").
The Fund is registered under the 1940 Act as an open-end, diversified,
management investment company.
2. SIGNIFICANT ACCOUNTING POLICIES:
A. INVESTMENTS:
The investment in shares of the Fund is stated at the net asset values of the
Fund. The Fund's net asset values are based upon market valuations, as described
below, of the securities held in each of the corresponding portfolios.
Portfolio Valuations:
The Portfolios value all short-term securities at amortized cost. The amortized
cost of a security is determined by valuing it at original cost and thereafter
amortizing any discount or premium at a constant rate until maturity.
Common stocks traded on national securities exchanges are valued at the last
sales price as of the close of the New York Stock Exchange or at the last bid
price for over-the-counter securities.
Bonds are valued at the last available price provided by an independent pricing
service for securities traded on a national securities exchange. Bonds that are
listed on a national securities exchange but are not traded and bonds that are
regularly traded in the over-the-counter market are valued at the mean of the
last available bid and asked prices.
All other securities, including any restricted securities, will be valued at
their fair value as determined in good faith by the Board of Directors of the
Fund.
B. SECURITY TRANSACTIONS AND INVESTMENT INCOME:
Security transactions are recorded as of the trade date.
Dividend income is recorded on the ex-dividend date. Income from other
investments is accrued as earned.
Realized gains and losses from investments sold are determined on the basis of
first-in, first-out for accounting and tax purposes.
F-11
<PAGE> 64
MONY AMERICA VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
3. RELATED PARTY TRANSACTIONS:
Policy premiums received from MONY America by the Variable Account represent
gross policy premiums recorded by MONY America less deductions retained as
compensation for certain sales distribution expenses and premium taxes.
The cost of insurance, administration charges, and, if applicable, the cost of
any optional benefits added by riders are deducted on each monthly date from the
cash value of the contract to compensate MONY America. These deductions are
treated as contractholder redemptions by the Variable Account. The amount
deducted for 1993 aggregated $190,186.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of .60 percent of aggregate
average daily net assets. As investment adviser to the Fund, it receives amounts
paid by the Fund for those services. MONY America is the legal holder of the
assets held by the Variable Account.
4. INVESTMENTS:
Investments in MONY Series Fund, Inc. at cost, at December 31, 1993, consist of
the following:
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
---------- ---------- ------------ --------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares............................ 20,759 32,824 17,967 10,616 72,208 108,045 262,419
Amount............................ $376,290 $470,445 $182,193 $114,773 $908,575 $108,045 $2,160,321
Shares acquired:
Shares............................ 10,448 4,100 1,703 681 9,768 146,542 173,242
Amount............................ $215,403 $ 69,820 $ 18,489 $ 8,449 $130,474 $146,542 $ 589,177
Shares received for reinvestment of
dividends:
Shares............................ 838 2,526 984 580 2,595 3,363 10,886
Amount............................ $ 17,348 $ 41,503 $ 10,338 $ 6,985 $ 34,959 $ 3,363 $ 114,496
Shares redeemed:
Shares............................ 11,756 5,733 3,281 1,761 18,722 156,009 197,262
Amount............................ $199,921 $ 84,777 $ 32,502 $ 18,600 $234,438 $156,009 $ 726,247
---------- ---------- ------------ --------- ------------ ---------- ----------
Net change:
Shares............................ (470) 893 (594) (500) (6,359) (6,104) (13,134)
Amount............................ $ 32,830 $ 26,546 $ (3,675) $ (3,166) $(69,005) $ (6,104) $ (22,574)
---------- ---------- ------------ --------- ------------ ---------- ----------
Shares end of year:
Shares............................ 20,289 33,717 17,373 10,116 65,849 101,941 249,285
Amount............................ $409,120 $496,991 $178,518 $111,607 $839,570 $101,941 $2,137,747
========= ========= =========== ========== ========== ========= =========
</TABLE>
F-12
<PAGE> 65
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
MONY Life Insurance Company of America and the
Contractholders of MONY America Variable Account L:
We have audited the accompanying statements of operations of MONY America
Variable Account L (comprising, respectively, the Equity Growth, Equity Income,
Intermediate Term Bond, Long Term Bond, Diversified and Money Market
Subaccounts) for the year ended December 31, 1992. These financial statements
are the responsibility of MONY's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the results of operations for each of the respective
subaccounts constituting MONY America Variable Account L for the year ended
December 31, 1992 in conformity with generally accepted accounting principles.
COOPERS & LYBRAND
New York, New York
February 8, 1993
F-13
<PAGE> 66
MONY AMERICA VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1992
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ------------ ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income........................ $ 8,016 $ 18,632 $ 10,184 $ 8,040 $ 43,076 $ 4,462 $ 92,410
Mortality and expense risk charges
(Note 3)............................. (2,586) (3,072) (1,205) (816) (5,504) (815) (13,998)
---------- ---------- ------------ ---------- ---------- ---------- ---------
Net investment income.................. 5,430 15,560 8,979 7,224 37,572 3,647 78,412
---------- ---------- ------------ ---------- ---------- ---------- ---------
Realized and unrealized gain (loss) on
investments (Note 2):
Proceeds from sales.................. 210,370 153,968 145,286 68,517 184,762 203,532 966,435
Cost of shares sold.................. 170,040 133,165 142,613 65,386 164,900 203,532 879,636
---------- ---------- ------------ ---------- ---------- ---------- ---------
Net realized gain on investments....... 40,330 20,803 2,673 3,131 19,862 0 86,799
Net increase (decrease) in unrealized
appreciation of investments.......... (62,165) 11,726 (936) (456) (54,176) 0 (106,007)
---------- ---------- ------------ ---------- ---------- ---------- ---------
Net realized and unrealized gain (loss)
on investments....................... (21,835) 32,529 1,737 2,675 (34,314) 0 (19,208)
---------- ---------- ------------ ---------- ---------- ---------- ---------
Net increase (decrease) in net assets
resulting from operations............ $(16,405) $ 48,089 $ 10,716 $ 9,899 $ 3,258 $ 3,647 $ 59,204
========== ========== =========== ========== ========== ========== =========
</TABLE>
See Notes to Financial Statements.
F-14
<PAGE> 67
MONY AMERICA VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS:
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the Investment
Company Act of 1940 (the "1940 Act"). The Variable Account holds assets that are
segregated from all of MONY America's other assets and, at present, is used only
to support Flexible Premium Variable Life Insurance Policies. These policies are
issued by MONY America, which is a wholly-owned subsidiary of The Mutual Life
Insurance Company of New York ("MONY"). MONY America is currently taxed as a
life insurance company and will include the Variable Account's operations in it
tax return. MONY America does not expect based on current tax law, to incur any
income tax burden upon the earnings or realized capital gains attributable to
the Variable Account. Based on this expectation, no charges are currently being
deducted from the Variable Account for Federal income tax purposes.
The Variable Account had no assets or operations until August 1, 1985
(commencement of operations).
There are currently six subaccounts within the Variable Account, each invests
only in a corresponding portfolio of the MONY Series Fund, Inc. (the "Fund").
The Fund is registered under the 1940 Act as an open-end, diversified,
management investment company.
2. SIGNIFICANT ACCOUNTING POLICIES:
A. INVESTMENTS:
The investment in shares of the Fund is stated at the net asset values of the
Fund. The Fund's net asset values are based upon market valuations, as described
below, of the securities held in each of the corresponding portfolios.
PORTFOLIO VALUATIONS:
The Portfolios value all short-term securities at amortized cost. The amortized
cost of a security is determined by valuing it at original cost and thereafter
amortizing any discount or premium at a constant rate until maturity.
Common stocks traded on national securities exchanges are valued at the last
sales price as of the close of the New York Stock Exchange or at the last bid
price for over-the-counter securities.
Bonds are valued at the last available price provided by an independent pricing
service for securities traded on a national securities exchange. Bonds that are
listed on a national securities exchange but are not traded and bonds that are
regularly traded in the over-the-counter market are valued at the mean of the
last available bid and asked prices.
All other securities, including any restricted securities, will be valued at
their fair value as determined in good faith by the Board of Directors of the
Fund.
B. SECURITY TRANSACTIONS AND INVESTMENT INCOME:
Security transactions are recorded as of the trade date. Dividend income is
recorded on the ex-dividend date. Income from other investments is accrued as
earned.
Realized gains and losses from investments sold are determined on the basis of
specific identification for accounting and tax purposes.
F-15
<PAGE> 68
MONY AMERICA VARIABLE ACCOUNT L -- (CONTINUED)
NOTES TO FINANCIAL STATEMENTS
3. RELATED PARTY TRANSACTIONS
Policy premiums received from MONY America by the Variable Account represent
gross policy premiums recorded by MONY America less deductions retained as
compensation for certain sales distribution expenses and premium taxes.
The cost of insurance, administration charges, and, if applicable, the cost of
any optional benefits added by riders are deducted on each monthly date from the
cash value of the contract to compensate MONY America. These deductions are
treated as contractholder redemptions by the Variable Account. The amount
deducted for 1992 aggregated $210,179.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of .60 percent of aggregate
average daily net assets. As investment adviser to the Fund, it receives amounts
paid by the Fund for those services. MONY America is the legal holder of the
assets held by the Variable Account.
4. INVESTMENTS
Investments in MONY Series Fund, Inc. at cost, at December 31, 1992, consist of
the following:
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
--------- --------- ------------ --------- ----------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares............................... 24,908 36,864 28,573 14,567 72,129 130,919 307,960
Amount............................... $409,965 $511,121 $ 287,682 $156,198 $ 888,752 $130,919 $2,384,637
Shares acquired:
Shares............................... 6,533 4,826 2,561 1,429 10,955 176,196 202,500
Amount............................... $128,349 $ 73,857 $ 26,940 $ 15,921 $ 141,647 $176,196 $ 562,910
Shares received for reinvestment of
dividends:
Shares............................... 407 1,194 985 718 3,400 4,462 11,166
Amount............................... $ 8,016 $ 18,632 $ 10,184 $ 8,040 $ 43,076 $ 4,462 $ 92,410
Shares redeemed:
Shares............................... 11,089 10,060 14,152 6,098 14,276 203,532 259,207
Amount............................... $170,040 $133,165 $ 142,613 $ 65,386 $ 164,900 $203,532 $ 879,636
-------- -------- ----------- -------- --------- -------- ----------
Net change:
Shares............................... (4,149) (4,040) (10,606) (3,951) 79 (22,874) (45,541)
Amount............................... $(33,675) $ (40,676) $ (105,489) $ (41,425) $ 19,823 $(22,874) $ (224,316)
-------- -------- ----------- --------- --------- -------- ---------
Shares end of year:
Shares............................... 20,759 32,824 17,967 10,616 72,208 108,045 262,419
Amount............................... $376,290 $470,445 $ 182,193 $ 114,773 $ 908,575 $108,045 $2,160,321
======== ======== =========== ========= ========= ======== ==========
</TABLE>
F-16
<PAGE> 69
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
MONY Life Insurance Company of America:
We have audited the accompanying balance sheets of MONY Life Insurance
Company of America as of December 31, 1994 and 1993, and the related statements
of operations, capital and surplus, and cash flows for the years then ended.
These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of MONY Life Insurance Company
of America as of December 31, 1994 and 1993, and the results of its operations
and its cash flows for the years then ended in conformity with accounting
practices prescribed or permitted by the Insurance Department of the State of
Arizona, which are considered generally accepted accounting principles for stock
life insurance subsidiaries of mutual life insurance companies.
Our audits were conducted for the purpose of expressing an opinion on the
financial statements taken as a whole. The Supplemental Schedule of Selected
Financial Data is presented to comply with the NAIC's Annual Statement
Instructions and is not a required part of the basic financial statements. The
Supplemental Schedule of Selected Financial Data has been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, is fairly stated, in all material respects, in relation to the
basic financial statements taken as a whole.
New York, New York
February 28, 1995
F-17
<PAGE> 70
MONY LIFE INSURANCE COMPANY OF AMERICA
BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
DECEMBER 31,
-----------------------
1994 1993
--------- ---------
<S> <C> <C>
ASSETS
Cash............................................................... $ 10,394 $ 13,815
Investments:
Short-term investments........................................... 68,268 23,074
Bonds............................................................ 992,054 986,891
Preferred stocks................................................. 0 200
Common stocks.................................................... 300 1,974
Mortgage loans................................................... 175,708 220,496
Real estate...................................................... 69,893 65,933
Policy loans..................................................... 32,364 30,534
Other invested assets............................................ 7,293 7,152
Investment income due and accrued.................................. 21,898 23,528
Other assets....................................................... 16,997 5,072
Separate account assets............................................ 998,100 736,409
---------- ----------
Total assets.................................................. $2,393,269 $2,115,078
========== ==========
POLICY RESERVES, LIABILITIES, CAPITAL AND SURPLUS
Policy reserves:
Life insurance and annuity reserves.............................. $1,289,343 $1,249,864
Deposits left with the Company................................... 15,088 12,449
Liabilities:
Policy claims in process of settlement........................... 3,255 3,787
Taxes accrued.................................................... 7,548 2,344
Other liabilities................................................ 2,557 9,789
Transfers from separate accounts.............................. (48,616) (35,844)
Separate account liabilities.................................. 998,100 736,409
Interest maintenance reserve..................................... 3,179 6,844
Investment reserves.............................................. 4,000 14,000
Asset valuation reserve.......................................... 13,900 13,203
---------- ----------
Total policy reserves and liabilities......................... 2,288,354 2,012,845
Capital and surplus:
Capital stock, $1.00 par value;
authorized, 5,000,000 shares
issued and outstanding 2,500,000 shares....................... 2,500 2,500
Additional paid-in capital....................................... 123,500 123,500
Unassigned funds................................................. (21,085) (23,767)
---------- ----------
Total capital and surplus..................................... 104,915 102,233
---------- ----------
Total policy reserves, liabilities, capital and surplus....... $2,393,269 $2,115,078
========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-18
<PAGE> 71
MONY LIFE INSURANCE COMPANY OF AMERICA
STATEMENTS OF OPERATIONS
(IN THOUSANDS)
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
DECEMBER 31,
---------------------
1994 1993
-------- --------
<S> <C> <C>
Premiums, annuity considerations and fund deposits................... $500,329 $528,935
Net investment income................................................ 96,287 107,631
Other income (net)................................................... 23 256
-------- --------
596,639 636,822
Policyholder benefits................................................ 246,105 227,396
Change in policy and contract reserves............................... 42,117 5,665
Commissions.......................................................... 24,682 21,606
Operating expenses................................................... 34,451 32,588
Transfer to separate accounts........................................ 237,588 331,186
-------- --------
584,943 618,441
Net gain from operations before federal income taxes................. 11,696 18,381
Federal income taxes................................................. 3,241 1,552
-------- --------
Net gain from operations............................................. 8,455 16,829
Net realized capital (losses)/gains (net of federal income tax of $0
and $3,043 and excluding $(2,839) and $5,908 transferred to IMR in
1994 and 1993, respectively)....................................... (2,344) (2,368)
-------- --------
Net Income........................................................... $ 6,111 $ 14,461
======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-19
<PAGE> 72
MONY LIFE INSURANCE COMPANY OF AMERICA
STATEMENTS OF CAPITAL AND SURPLUS
(IN THOUSANDS)
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
DECEMBER 31,
---------------------
1994 1993
-------- --------
<S> <C> <C>
Capital and Surplus, beginning of year............................... $102,233 $ 83,158
-------- --------
Net income........................................................... 6,111 14,461
Change in net unrealized capital losses.............................. (13,043) (11,926)
Change in non-admitted assets........................................ 311 (292)
Change in asset valuation reserve.................................... (697) 832
Change in investment reserves........................................ 10,000 (9,000)
Increase in paid-in capital.......................................... 0 25,000
-------- --------
Net change in capital and surplus for the year....................... 2,682 19,075
-------- --------
Capital and Surplus, end of year..................................... $104,915 $102,233
======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-20
<PAGE> 73
MONY LIFE INSURANCE COMPANY OF AMERICA
STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
DECEMBER 31,
-----------------------
1994 1993
--------- ---------
<S> <C> <C>
CASH FLOW PROVIDED FROM OPERATIONS:
Premiums, annuity considerations and fund deposits................ $ 500,312 $ 528,964
Investment income net of investment expenses...................... 100,491 105,693
Miscellaneous income.............................................. 0 3,125
Net change in policy loans........................................ (1,829) (1,967)
Policy benefits paid.............................................. (241,776) (231,181)
Transfers to separate accounts.................................... (250,360) (351,449)
Commissions, other expenses and taxes paid........................ (57,174) (54,664)
--------- ---------
Net cash from (used in) operations............................. 49,664 (1,479)
--------- ---------
PROCEEDS FROM INVESTMENTS SOLD, MATURED OR REPAID:
Bonds............................................................. 317,540 350,391
Stocks............................................................ 2,524 6,677
Mortgage loans.................................................... 47,899 132,031
Real estate....................................................... 6,826 390
Other invested assets............................................. 382 206
Tax on capital gains.............................................. 0 (3,405)
--------- ---------
Total investment proceeds...................................... 375,171 486,290
--------- ---------
OTHER CASH PROVIDED................................................. 303 51,189
--------- ---------
Total cash provided............................................ 425,138 536,000
--------- ---------
CASH APPLIED:
Cost of investments acquired:
Bonds.......................................................... 328,444 492,537
Stocks......................................................... 442 9,510
Mortgage loans................................................. 24,689 32,508
Real estate.................................................... 5,276 2,191
Other invested assets.......................................... 393 3,288
--------- ---------
Total investments acquired................................... 359,244 540,034
--------- ---------
Other cash applied................................................ 24,121 3,159
--------- ---------
Total cash applied............................................. 383,365 543,193
--------- ---------
Net change in cash and short-term investments..................... 41,773 (7,193)
Cash and short-term investments, beginning of year.................. 36,889 44,082
--------- ---------
Cash and short-term investments, end of year........................ $ 78,662 $ 36,889
========= =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-21
<PAGE> 74
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
MONY Life Insurance Company of America (the "Company"), an Arizona
corporation, is a wholly-owned subsidiary of The Mutual Life Insurance Company
of New York ("MONY"), a mutual life insurance company. The accompanying
financial statements have been prepared on the basis of accounting practices and
procedures prescribed or permitted by the Insurance Department of the State of
Arizona, which are considered to be generally accepted accounting principles
("GAAP") for stock life insurance subsidiaries (domiciled in Arizona) of mutual
life insurance companies. The following is a description of the principal
accounting practices and procedures:
a. Premiums are included in revenue over the premium payment periods
of the related policies. Annuity considerations and fund deposits are
included in revenue as received.
Commissions and other costs related to issuance, maintenance and
settlement of policies are charged to operations in the year incurred.
b. Short-term investments are carried at cost and consist of
securities with maturities of three months or less. Bonds not backed by
other loans, which are eligible for amortization under rules promulgated by
the National Association of Insurance Commissioners ("NAIC"), are carried
at amortized cost, while all other bonds are carried at values adopted by
the NAIC, which approximate fair market value. Loan backed bonds and
structured securities are valued at amortized cost using the effective
interest method considering anticipated prepayments at the date of
purchase; significant changes in the estimated cash flows from the original
purchase assumptions are accounted for using the retrospective method.
Common stocks are carried at market value. Preferred stocks are carried at
cost. Policy loans are carried at their unpaid balances.
Mortgage loans other than those in process of foreclosure are carried at
their unpaid balances adjusted for unamortized discount. Real estate
owned for investment is carried at depreciated cost, less encumbrances.
There were no encumbrances in 1994 or in 1993. Joint venture
partnerships in real estate are included in other invested assets and
are carried principally at their equity value. Other investments are
generally carried at cost.
Real estate acquired through foreclosure is carried at the lower of cost
or the estimated fair value at the time of foreclosure, less cumulative
depreciation and encumbrances. Mortgage loans in process of foreclosure
are also carried at the lower of cost or the estimated fair value. Fair
value is determined by using the estimated discounted cash flows
expected from the underlying real estate properties. These projected
cash flows are based on estimates regarding future operating expenses,
lease rates, occupancy levels and investors' targeted yields.
The Company provides, through a direct charge to surplus, an investment
valuation reserve for permanent impairment of real estate investments,
joint venture partnerships in real estate, mortgage loans delinquent for
more than 60 days and restructured mortgage loans. This reserve
reflects, in part, the excess of the carrying value of such assets over
the estimated undiscounted cash flows expected from the underlying real
estate properties. These projected cash flows are based on estimates
similar to those described in the preceding paragraph. As of December
31, 1994 and 1993, the Company's investment reserve for its mortgage
loan and real estate investments was $4 million and $14 million,
respectively.
c. Realized investment gains and losses (net of tax) for bonds and
mortgage loans resulting from changes in interest rates are deferred and
credited or charged to the Interest Maintenance Reserve ("IMR"). These
amounts are amortized into net income over the remaining years to expected
maturity of the assets sold. Unrealized investment gains and losses are
recorded directly to surplus.
F-22
<PAGE> 75
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: -- (CONTINUED)
The Asset Valuation Reserve ("AVR") is based upon a formula prescribed
by the NAIC and functions as a reserve for potential
non-interest-related investment losses. In addition, realized investment
gains and losses (not subject to the IMR) and unrealized gains and
losses result in offsetting increases and decreases in the AVR. These
changes to AVR are recorded directly to surplus.
d. Policy reserves for deferred annuity contracts are computed by the
net level premium method and the Commissioners' Annuity Reserve Valuation
Method by using the 1971 IAM Table for contracts issued before 1984 and the
1983 Table A for contracts issued since 1983 and permitted statutory
interest rates. Policy reserves for universal life and single premium whole
life contracts are computed by using the Commissioners' Reserve Valuation
Method and by using the 1958 and 1980 CSO Tables, and permitted statutory
interest rates.
e. Certain assets designated as "non-admitted" assets (principally
miscellaneous receivables) are excluded from the balance sheets.
f. Separate account assets and liabilities represent segregated funds
administered and invested by the Company for the benefit of certain
contractholders. Assets consist of securities reported at market value.
Premiums, benefits and expenses of the separate accounts are included in
the Company's statements of operations.
g. No deferred taxes are recognized for differences that exist between
financial reporting and taxable income.
h. The Company uses the constant-yield method of depreciation for
substantially all investment real estate and real estate joint venture
partnerships acquired prior to January 1, 1991. Acquisitions subsequent to
January 1, 1991 and foreclosed real estate are depreciated on the straight
line method. Real estate assets and improvements are generally depreciated
over ten to forty year periods and leasehold improvements over the lives of
the leases. Depreciation expense related to investments in real estate was
$1.4 million and $1.6 million in 1994 and 1993, respectively; accumulated
depreciation was $4.0 million and $2.7 at December 31, 1994 and 1993,
respectively.
i. Certain amounts for 1993 have been reclassified to conform to the
1994 presentation.
2. CAPITAL AND SURPLUS:
MONY has guaranteed to certain states, pursuant to conditions imposed by
such states as a prerequisite for the licensing of new subsidiaries, that the
Company's capital and surplus will be maintained at a level at least equivalent
to the minimum capital and surplus required for admission to conduct business in
those states.
3. FEDERAL INCOME TAXES:
Commencing with the tax year 1994, the Company anticipates electing to file
a consolidated federal income tax return with its parent, The Mutual Life
Insurance Company of New York, and the parent's non-life affiliates. For the tax
year 1993, the Company filed a consolidated federal income tax return with its
parent. The allocation of federal income taxes is based upon separate return
calculations with current credit for net losses. Intercompany tax balances are
settled annually in the first quarter. The Company's federal income tax returns
for years through 1989 have been examined with no proposed material adjustments.
In the opinion of management, adequate provision has been made for any
additional taxes which may become due with respect to open years.
Pre-tax operating gains and pre-tax realized gains, as reported in the
accompanying statements of operations, differ from taxable income reported for
tax purposes. Significant differences include the deferral
F-23
<PAGE> 76
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
3. FEDERAL INCOME TAXES: -- (CONTINUED)
and amortization of policy acquisition costs for tax purposes, the difference
between statutory and tax reserves, the taxable portion of the Company's
depreciation expense and related recapture, utilization of capital loss
carryovers, capital gains deferred to the IMR, alternative minimum tax
preference items and equity in partnerships and joint ventures.
4. CAPITAL GAINS/(LOSSES):
The Company realized net capital losses (after-tax and IMR) of $2.3 million in
1994 and $2.4 million in 1993 as follows:
<TABLE>
<CAPTION>
REALIZED CAPITAL GAINS/(LOSSES) 1994 1993
------------------------------- ----- -----
(IN MILLIONS)
<S> <C> <C>
Bonds and stocks........................................... $(4.3) $ 9.6
Real estate and mortgage loans............................. (0.8) (3.0)
----- -----
(5.1) 6.6
Taxes...................................................... 0 (3.1)
Transferred to IMR, net of taxes........................... 2.8 (5.9)
----- -----
Net realized capital losses.............................. $(2.3) $(2.4)
===== =====
</TABLE>
During 1994 and 1993, realized capital gains/(losses) resulting from
changes in interest rates on fixed income securities of ($2.8) million (net of
($1.5) million tax) and $5.9 million (net of $3.1 million tax), respectively,
were transferred to the Company's IMR for future amortization into net income.
The Company recognized net unrealized capital losses of $13.0 million in
1994 and $11.9 million in 1993. The 1994 and 1993 unrealized losses include
writedowns of approximately $14 million and $16 million, respectively, on real
estate acquired through foreclosure and mortgage loans in process of
foreclosure. These losses are detailed by asset type in the table below.
<TABLE>
<CAPTION>
UNREALIZED CAPITAL GAINS/(LOSSES) 1994 1993
--------------------------------- ------ ------
(IN MILLIONS)
<S> <C> <C>
Bonds and stocks....................................... $ 0.6 $ 4.8
Real estate and mortgage loans......................... (13.8) (16.4)
Other investments...................................... 0.2 (0.3)
------ ------
Total unrealized capital losses...................... $(13.0) $(11.9)
====== ======
</TABLE>
F-24
<PAGE> 77
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
5. FIXED INCOME SECURITIES:
Fixed Income Securities by Investment Type:
The amortized cost and estimated fair value (see note 8) of investments in
fixed income securities which include shortterm investments, bonds and preferred
stocks as of December 31, 1994 and December 31, 1993 are as follows:
<TABLE>
<CAPTION>
GROSS GROSS ESTIMATED
AMORTIZED UNREALIZED UNREALIZED FAIR
COST GAINS LOSSES VALUE
------------------ ------------- ------------- ------------------
1994 1993 1994 1993 1994 1993 1994 1993
------- ------- ---- ----- ----- ---- ------- -------
(DOLLARS IN MILLIONS)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
U.S. Treasury & Other Agencies................ $ 21.0 $ 260.7 $0.0 $ 5.2 $ 1.0 $0.6 $ 20.0 $ 265.3
Collateralized Mortgage Obligations:
Government Agency Backed.................... 111.8 78.2 0.0 0.7 10.8 0.2 101.0 78.7
Non-Agency Backed........................... 22.7 27.7 0.0 1.2 1.6 0.3 21.1 28.6
Other asset backed securities:
Government Agency Backed.................... 0.4 0.6 0.0 0.0 0.0 0.0 0.4 0.6
Non-Agency Backed........................... 57.4 22.8 0.7 0.9 2.0 0.0 56.1 23.7
Foreign governments........................... 5.0 5.0 0.0 0.0 0.5 0.0 4.5 5.0
Utilities..................................... 98.3 96.9 0.8 6.3 4.8 0.1 94.3 103.1
Corporate bonds............................... 675.4 495.0 3.7 24.3 38.5 2.4 640.6 516.9
-------- -------- ---- ----- ----- ---- -------- --------
Total bonds................................. 992.0 986.9 5.2 38.6 59.2 3.6 938.0 1,021.9
Redeemable preferred stock.................... 0.0 0.2 0.0 0.0 0.0 0.2 0.0 0.0
Commercial paper.............................. 68.3 23.1 0.0 0.0 0.0 0.0 68.3 23.1
-------- -------- ---- ----- ----- ---- -------- -------
Total....................................... $1,060.3 $1,010.2 $5.2 $38.6 $59.2 $3.8 $1,006.3 $1,045.0
======== ======== ==== ===== ===== ==== ======== ========
</TABLE>
Amortized cost represents the principal amount of the fixed income
securities adjusted by unamortized premium or discount and reduced by writedowns
of $1.8 million and $2.4 million at December 31, 1994 and 1993, respectively, as
required by the NAIC for securities which are in or near default.
At December 31, 1994, 83% of the Company's Collateralized Mortgage
Obligation (CMO) portfolio was held in U.S. government and government
agency-backed securities. The remainder of the CMO portfolio consisted of NAIC
category 1 investment grade securities.
Maturities of Fixed Income Securities:
The amortized cost and estimated fair value of fixed income securities by
maturity date (excluding scheduled sinking funds) as of December 31, 1994 are as
follows:
<TABLE>
<CAPTION>
AMORTIZED ESTIMATED
COST FAIR VALUE
--------- ----------
(IN MILLIONS)
<S> <C> <C>
Due in one year or less............................... $ 117.1 $ 117.8
Due after one year through five years................. 453.6 431.4
Due after five years through ten years................ 292.7 273.0
Due after ten years................................... 196.9 184.1
-------- --------
$1,060.3 $1,006.3
======== ========
</TABLE>
Expected maturities may differ from contractual maturities because
borrowers may have the right to call or prepay obligations with or without call
or prepayment penalties.
F-25
<PAGE> 78
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
5. FIXED INCOME SECURITIES: -- (CONTINUED)
Proceeds from sales of investments in debt securities during 1994 and 1993
were $241 million and $193 million, respectively. Gross gains of $0.04 million
in 1994 and $9.5 million in 1993, and gross losses of $5.5 million in 1994 and
$4.2 million in 1993 were realized on these sales.
6. CONCENTRATION OF CREDIT RISK:
As of December 31, 1994 and 1993, the Company had no single investment,
excluding U.S. Treasury securities, exceeding 1.1% of total general account
assets.
The bond portfolio is diversified by industry type. The industries
comprising more than 10% of the carrying value of the bond portfolio at December
31, 1994 are Government and Agencies of $138 million (13.9%), Energy of $115
million (11.6%), Manufacturing of $110 million (11.1%), Consumer goods and
services of $104 million (10.5%) and Financial Services of $101 million (10.2%).
At December 31, 1993, the industry comprising in excess of 10% of the bond
portfolio carrying value was Government and Agencies of $266 million (27%).
The Company holds below investment grade bonds of $70 million at December
31, 1994. Below investment grade bonds are defined as those securities rated in
categories 3 through 6 by the NAIC, which are approximately equivalent to bonds
rated below BBB by rating agencies. These bonds consist mostly of privately
issued bonds, which are monitored by the Company through extensive internal
analysis of the financial condition of the borrowers, and which include
protective debt covenants. Of these bonds, $33.6 million are in category 3,
which is considered to be medium quality by the NAIC. At December 31, 1993, the
Company's investments in below investment grade bonds were $60 million.
The Company has investments in commercial and agricultural mortgage loans
and real estate (including joint venture partnerships). The locations of
property collateralizing mortgage loans and real estate investment carrying
values (in millions) at December 31, 1994 and 1993 are as follows:
<TABLE>
<CAPTION>
1994 1993
------------- -------------
GEOGRAPHIC REGION $ % $ %
- ----------------- --- ----- --- -----
<S> <C> <C> <C> <C>
West....................................................... 71 28.1 79 27.0
Mountain................................................... 53 20.9 59 20.2
Southeast.................................................. 41 16.2 50 17.1
Northeast.................................................. 37 14.5 41 14.0
Midwest.................................................... 34 13.6 46 15.6
Southwest.................................................. 17 6.7 18 6.1
--- ----- --- -----
Total.................................................... 253 100.0 293 100.0
=== ===== === =====
</TABLE>
The states with the largest concentrations of mortgage loans and real
estate investments at December 31, 1994 are: California, $42.0 million (16.6%);
New York, $22.1 million (8.7%); Arizona, $20.6 million (8.1%); Florida, $19.5
million (7.7%); Illinois, $17.2 million (6.8%); Texas, $15.8 million (6.3%);
Washington, $14.3 million (5.7%); Colorado, $12.3 million (4.9%); and Maryland,
$12.1 million (4.8%). Approximately 41.3% of the Company's real estate and
mortgage portfolio is invested in agricultural properties.
7. MORTGAGE LOANS AND REAL ESTATE:
The Company invests in mortgage loans collateralized by commercial and
agricultural real estate. Such mortgage loans consist primarily of first
mortgage liens on completed income producing properties or agricultural
properties. As of December 31, 1994, $50.4 million of mortgage loans have terms
that require amortization, and $125.3 million of loans require partial
amortization or are non-amortizing. Mortgage loans
F-26
<PAGE> 79
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
7. MORTGAGE LOANS AND REAL ESTATE: -- (CONTINUED)
delinquent over 90 days or in process of foreclosure were $2.3 million at
December 31, 1994 and $16 million at December 31, 1993. Properties acquired
through foreclosure during the year amounted to $18.8 million and $24.2 million
in 1994 and 1993, respectively.
The Company has performing restructured mortgage loans of $10.9 million as
of December 31, 1994 and $8.5 million as of December 31, 1993. The new terms
typically defer a portion of contract interest payments to future periods.
Interest is recognized in income based on the modified rate of the loan.
Deferred interest, which is the difference between the original contractual rate
and the modified rate, is excluded from income. Gross interest income on
restructured loans that would have been recorded in accordance with the loans'
original terms was $1.1 million in 1994 and $0.8 million in 1993. Gross interest
income recognized in net income for the period from these loans was $0.6 million
for 1994 and 1993. There are no commitments to lend additional funds to any
debtor involved in a restructuring.
Other invested assets of $7.3 and $7.2 million at December 31, 1994 and
1993, respectively, include, primarily, investments in real estate partnerships.
8. ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS:
The following table presents the carrying amounts and respective estimated
fair values of the Company's financial instruments at December 31, 1994. The
calculations of estimated fair values involve considerable judgement.
Accordingly, these estimates of fair value are not necessarily indicative of the
values that could be negotiated in an actual sale.
<TABLE>
<CAPTION>
CARRYING ESTIMATED
AMOUNT FAIR VALUE
-------- ----------
(IN MILLIONS)
<S> <C> <C>
FINANCIAL ASSETS:
Cash.................................................. $ 10.4 $ 10.4
Short term investments................................ 68.3 68.3
Common Stock (unaffiliated)........................... 0.3 0.3
Fixed Income Securities............................... 992.0 938.0
Mortgage Loans........................................ 175.7 171.7
Separate Account Assets............................... 998.1 998.1
FINANCIAL LIABILITIES:
Investment-type contracts............................. 860.1 855.7
Separate Account Liabilities.......................... 998.1 998.1
</TABLE>
The methods and assumptions utilized in estimating these fair values of
financial instruments are summarized as follows:
The estimated fair value of cash, short term investments and equity
securities approximates their respective carrying amounts.
Fixed Income Securities (See Note 5)
The estimated fair values of fixed income securities are based upon quoted
market prices, where available. The fair values of fixed income securities not
actively traded and other non-publicly traded securities are estimated using
values obtained from independent pricing services or, in the case of private
placements, by discounting expected future cash flows using a current market
interest rate commensurate with the credit quality and term of the investments.
F-27
<PAGE> 80
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
8. ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS: -- (CONTINUED)
Mortgage Loans
The fair value of mortgage loans is estimated by discounting expected
future cash flows, using current interest rates for similar loans to borrowers
with similar credit risk. Loans with similar characteristics are aggregated for
purposes of the calculations.
Policy Loans
Policy loans are an integral component of insurance contracts and have no
maturity dates. Management has determined that it is not practicable to estimate
the fair value of policy loans.
Separate Account
The estimated fair value of separate account assets and liabilities
approximates their respective carrying amounts.
Investment-type contract liabilities
The fair values of the Company's liabilities under investment-type
contracts are estimated by discounting expected cash outflows using interest
rates currently offered for similar contracts with maturities consistent with
those remaining for the contracts being valued, where appropriate. The fair
values of other investment-type contracts are based on estimates of the value of
payments available upon full surrender.
9. RESERVES:
The withdrawal characteristics of the Company's annuity actuarial reserves
and deposit liabilities as of December 31, 1994 were as follows:
<TABLE>
<CAPTION>
RESERVES
-------------
(IN MILLIONS)
<S> <C>
Not subject to discretionary withdrawal provision.............. $ 80
SUBJECT TO DISCRETIONARY WITHDRAWAL -- WITH ADJUSTMENT:
- at book value less surrender charges........................ 223
- at market value............................................. 946
------
Subtotal.................................................. 1,169
SUBJECT TO DISCRETIONARY WITHDRAWAL -- WITHOUT ADJUSTMENT:
- at book value (minimal or no charge or adjustment).......... 576
------
Total annuity actuarial reserves and deposit liabilities
(gross)...................................................... 1,825
------
Less: Reinsurance......................................... 0
------
Total annuity actuarial reserves and deposit liabilities
(net)........................................................ $ 1,825
=======
</TABLE>
The amounts above are included in the Company's balance sheet as life
insurance and annuity reserves ($878) million and separate account liabilities
($947) million.
10. REINSURANCE:
Life insurance business is ceded on a yearly renewable term basis to MONY
and other insurance companies under various reinsurance contracts. The Company's
practice is to retain no more than $0.5 million of risk on any one person. The
total amount of reinsured life insurance in force on this basis was $2.3 billion
at December 31, 1994 and 1993. Premiums ceded under these contracts were $11.7
million and $10.2 million;
F-28
<PAGE> 81
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
10. REINSURANCE: -- (CONTINUED)
benefit payments recovered were $12.3 million and $11.7 million; policy reserve
credits recorded were $9.2 million and $8.7 million; and recoverable amounts on
paid and unpaid losses were $1.6 million and $5.2 million in 1994 and 1993,
respectively.
The Company is contingently liable with respect to ceded insurance should
any reinsurer be unable to meet its obligations under these agreements.
11. COMMITMENTS AND CONTINGENCIES:
The Company is a defendant in various legal actions arising primarily from
its investment and insurance operations. In addition, insurance companies are
subject to assessments, up to statutory limits, by state guaranty funds for
losses of policyholders of insolvent insurance companies. In the opinion of
management, the outcome of the legal proceedings and assessments will not have a
material adverse effect on the financial position and the results of operations
of the Company.
12. RELATED PARTY TRANSACTIONS:
At December 31, 1994 and 1993, approximately 35% and 43%, respectively, of
the Company's investments in mortgages were held through joint participation
with MONY.
During 1994, the Company sold commercial mortgages with a book value of
approximately $5 million to MONY for consideration of approximately $4 million.
During 1993, the Company sold commercial mortgages and bonds with a book value
of approximately $232 million to MONY for consideration of approximately $237
million. Both sales were based on the estimated fair value of the assets. The
Company received no capital contributions from MONY in 1994 and $25 million in
1993.
13. ACCOUNTING DEVELOPMENTS:
During 1993, the Financial Accounting Standards Board ("FASB") issued
Interpretation No. 40, "Applicability of Generally Accepted Accounting
Principles to Mutual Life Insurance and Other Enterprises." The Interpretation
requires mutual life insurance companies which issue financial statements
described as prepared "in conformity with generally accepted accounting
principles" to apply all applicable authoritative accounting pronouncements in
preparing those statements. The provisions of this Interpretation are effective
for fiscal years beginning after December 15, 1995. The Interpretation indicates
that financial statements of mutual life insurance companies which are prepared
on the basis of statutory accounting practices may no longer receive an
unqualified audit opinion stating that the financial statements have been
prepared in accordance with GAAP.
In January 1995, the FASB issued Statement of Financial Accounting
Standards No. 120, "Accounting and Reporting by Mutual Life Insurance
Enterprises and by Insurance Enterprises for Certain Long-Duration Participating
Contracts." This Statement extends the requirements of FASB Statements No. 60,
"Accounting and Reporting by Insurance Enterprises", No. 97, "Accounting and
Reporting by Insurance Enterprises for Certain Long-Duration Contracts and for
Realized Gains and Losses from the Sale of Investments", and No. 113,
"Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration
Contracts", to mutual life insurance enterprises. In 1995, the AICPA established
accounting for certain participating life insurance contracts of mutual life
insurance enterprises in its Statement of Position 95-1, "Accounting for Certain
Insurance Activities of Mutual Life Insurance Enterprises." FASB Statement No.
120 and the AICPA Statement of Position are effective for fiscal years beginning
after December 15, 1995. The Company is currently evaluating the impact of these
accounting developments on its financial statements.
F-29
<PAGE> 82
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA
FOR THE YEAR ENDED DECEMBER 31, 1994
(AMOUNTS IN $ THOUSANDS)
The following is a summary of certain financial data from the Company's
Annual Statement included in other exhibits and schedules subjected to audit
procedures by independent accountants and utilized by the Company's actuaries in
the determination of reserves.
<TABLE>
<S> <C>
INVESTMENT INCOME EARNED
Government Bonds.............................................. 13,167
Other bonds (unaffiliated).................................... 60,043
Bonds of affiliates........................................... 0
Preferred stocks (unaffiliated)............................... 20
Preferred stocks of affiliates................................ 0
Common stocks (unaffiliated).................................. 4
Common stocks of affiliates................................... 0
Mortgage loans................................................ 17,645
Real estate................................................... 14,699
Premium notes, policy loans and liens......................... 1,614
Collateral loans.............................................. 0
Cash on hand and on deposit................................... 0
Short-term investments........................................ 1,769
Other Invested Assets......................................... 0
Derivative Instruments........................................ 0
Aggregate write-ins for investment income..................... 1,502
--------
Gross investment income.................................... 110,463
========
REAL ESTATE OWNED -- BOOK VALUE LESS ENCUMBRANCES............... 69,893
MORTGAGE LOANS -- BOOK VALUE:
Farm mortgages................................................ 104,438
Residential mortgages......................................... 0
Commercial mortgages.......................................... 71,270
--------
Total mortgage loans....................................... 175,708
========
MORTGAGE LOANS BY STANDING -- BOOK VALUE:
Good standing................................................. 162,476
Good standing with restructured terms......................... 10,941
Interest overdue more than three months, not in foreclosure... 2,291
Foreclosure in process........................................ 0
OTHER LONG TERM ASSETS -- STATEMENT VALUE....................... 39,588
COLLATERAL LOANS................................................ 0
</TABLE>
F-30
<PAGE> 83
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA -- (CONTINUED)
<TABLE>
<S> <C>
BONDS AND STOCKS OF PARENTS, SUBSIDIARIES AND AFFILIATES -- BOOK
VALUE
Bonds........................................................... 0
Preferred Stocks.............................................. 0
Common Stocks................................................. 0
BONDS AND SHORT-TERM INVESTMENTS BY CLASS AND MATURITY:
BONDS BY MATURITY -- STATEMENT VALUE
Due within one year or less................................ 141,985
Over 1 year through 5 years................................ 381,825
Over 5 years through 10 years.............................. 492,000
Over 10 years through 20 years............................. 23,346
Over 20 years.............................................. 21,166
--------
Total by Maturity........................................ 1,060,322
========
BONDS BY CLASS -- STATEMENT VALUE
Class 1.................................................... 562,407
Class 2.................................................... 428,299
Class 3.................................................... 33,630
Class 4.................................................... 17,681
Class 5.................................................... 11,859
Class 6.................................................... 6,446
--------
Total by Class........................................... 1,060,322
========
TOTAL BONDS PUBLICLY TRADED..................................... 596,943
TOTAL BONDS PRIVATELY PLACED.................................... 463,379
PREFERRED STOCKS -- STATEMENT VALUE............................. 0
COMMON STOCKS -- MARKET VALUE................................... 300
SHORT TERM INVESTMENTS -- BOOK VALUE............................ 68,268
FINANCIAL OPTIONS OWNED -- STATEMENT VALUE...................... 0
FINANCIAL OPTIONS WRITTEN AND IN FORCE -- STATEMENT VALUE....... 0
FINANCIAL FUTURES CONTRACTS OPEN -- CURRENT PRICE............... 0
CASH ON HAND & ON DEPOSIT....................................... 10,394
LIFE INSURANCE IN FORCE:
Industrial.................................................... 0
Ordinary...................................................... 7,076,866
Credit Life................................................... 0
Group Life.................................................... 1,309,314
AMOUNT OF ACCIDENTAL DEATH INSURANCE IN FORCE UNDER ORDINARY
POLICIES...................................................... 117,811
</TABLE>
F-31
<PAGE> 84
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA -- (CONTINUED)
<TABLE>
<S> <C>
LIFE INSURANCE POLICIES WITH DISABILITY PROVISIONS IN FORCE:
Industrial.................................................... 0
Ordinary...................................................... 2,482,754
Credit Life................................................... 0
Group Life.................................................... 167,917
SUPPLEMENTARY CONTRACTS IN FORCE:
Ordinary -- Not Involving Life Contingencies
Amount on Deposit.......................................... 13,449
Income Payable............................................. 393
Ordinary -- Involving Life Contingencies
Income Payable............................................. 2,030
Group -- Not Involving Life Contingencies
Amount on Deposit.......................................... 0
Income Payable............................................. 0
Group -- Involving Life Contingencies
Income Payable............................................. 0
ANNUITIES:
Ordinary
Immediate -- Amount of Income Payable...................... 0
Deferred -- Fully Paid Account Balance..................... 0
Deferred -- Not Fully Paid -- Account Balance.............. 0
Group
Amount of Income Payable................................... 0
Fully Paid Account Balance................................. 74,936
Not Fully Paid -- Account Balance.......................... 0
ACCIDENT AND HEALTH INSURANCE -- PREMIUMS IN FORCE:
Ordinary...................................................... 0
Group......................................................... 0
Credit........................................................ 0
DEPOSIT FUNDS AND DIVIDEND ACCUMULATIONS:
Deposit Funds -- Account Balance.............................. 786,978
Dividend Accumulations -- Account Balance..................... 0
</TABLE>
F-32
<PAGE> 85
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA -- (CONTINUED)
<TABLE>
<S> <C>
CLAIM PAYMENTS 1994:
Group Accident and Health Year -- Ended December 31, 1994
1994....................................................... 0
1993....................................................... 0
1992....................................................... 0
Other Accident & Health
1994....................................................... 0
1993....................................................... 0
1992....................................................... 0
Other Coverages that use developmental methods to calculate
claim reserves
1994....................................................... 0
1993....................................................... 0
1992....................................................... 0
</TABLE>
F-33
<PAGE> 86
APPENDIX A
DEATH BENEFIT PERCENTAGE FOR
GUIDELINE PREMIUM/CASH VALUE CORRIDOR TEST
<TABLE>
<CAPTION>
ATTAINED AGE APPLICABLE PERCENTAGE
- ------------ ----------------------
<S> <C>
40 and Under................................................................ 150%
41.......................................................................... 143
42.......................................................................... 136
43.......................................................................... 129
44.......................................................................... 122
45.......................................................................... 115
46.......................................................................... 109
47.......................................................................... 103
48.......................................................................... 97
49.......................................................................... 91
50.......................................................................... 85
51.......................................................................... 78
52.......................................................................... 71
53.......................................................................... 64
54.......................................................................... 57
55.......................................................................... 50
56.......................................................................... 46
57.......................................................................... 42
58.......................................................................... 38
59.......................................................................... 34
60.......................................................................... 30
61.......................................................................... 28
62.......................................................................... 26
63.......................................................................... 24
64.......................................................................... 22
65.......................................................................... 20
66.......................................................................... 19
67.......................................................................... 18
68.......................................................................... 17
69.......................................................................... 16
70.......................................................................... 15
71.......................................................................... 13
72.......................................................................... 11
73.......................................................................... 09
74.......................................................................... 07
75-90....................................................................... 05
91.......................................................................... 04
92.......................................................................... 03
93.......................................................................... 02
94.......................................................................... 01
95.......................................................................... 00
</TABLE>
A-1
<PAGE> 87
APPENDIX B
ILLUSTRATIONS OF DEATH BENEFITS, ACCOUNT VALUES AND
SURRENDER VALUES, AND ACCUMULATED PREMIUMS
The following tables illustrate how the key financial elements of the
Policy work, specifically, how the death benefits, Fund Values and Surrender
Values could vary over an extended period of time. In addition, each table
compares these values with premiums paid accumulated with interest.
The Policies illustrated include the following:
<TABLE>
<CAPTION>
BENEFIT SPECIFIED SEE
SEX AGE SMOKER OPTION AMOUNT PAGE
- ------- --- ------------------------------ ------- -------- -----
<S> <C> <C> <C> <C> <C>
MALE 45 PREFERRED NON-smoker 1 $200,000 B- 4
Female 45 Preferred Non-smoker 1 $200,000 B-14
Male 45 Standard Smoker 1 $200,000 B-24
Male 45 Preferred Non-smoker 2 $200,000 B-34
Male 35 Preferred Non-smoker 1 $200,000 B-43
Male 55 Preferred Non-smoker 1 $200,000 B-53
</TABLE>
The tables show how death benefits, Fund Values and Surrender Values of a
hypothetical Policy could vary over an extended period of time if the
Subaccounts of the Variable Account had constant hypothetical gross annual
investment returns of 0%, 6% or 12% over the periods indicated in each table.
The values will differ from those shown in the tables if the annual investment
returns are not absolutely constant. That is, the death benefits, Fund Values
and Surrender Values will be different if the returns averaged 0%, 6% or 12%
over a period of years but went above or below those figures in individual
Policy years. These illustrations assume that no Policy Loan has been taken. The
amounts shown would differ if unisex rates were used.
The fourth column of each table shows what would happen if an amount equal
to the premiums (shown in the third column) were invested to earn interest,
after taxes, of 5% compounded annually. All premium payments are illustrated as
if they were made at the beginning of the year.
The amounts shown for death benefits, Fund Values and Surrender Values
sections reflect the fact the net investment return on the Policy is lower than
the gross investment return on the Subaccounts of the Variable Account. This
results from the charges levied against the Subaccounts of the Variable Account
(i.e., the mortality and expense risk charge) as well as the premium loads,
administrative charges and Fund Charges. The difference between the Fund Value
and the Surrender Value in the first 14 years is the Fund Charge.
The tables illustrate cost of insurance and expense charges at both current
rates (which are described under Cost Of Insurance, page 35.) and at the maximum
rates guaranteed in the Policies. The amounts shown at the end of each Policy
year reflect a daily charge against the Funds as well as those assessed against
the Subaccounts. These charges include the charge against the Subaccounts for
mortality and expense risks and the effect on each Subaccount's investment
experience of the charge to Portfolio assets for investment management and
direct expenses. The mortality and expense risk fee is .75% annually on a
guaranteed basis; illustrations showing current rates reflect a reduction of
.50% of the Account Value annually beginning after the tenth Policy Anniversary.
The tables also reflect a deduction for a daily investment advisory fee and
for other expenses of the Portfolio at a rate equivalent to an annual rate of
0.75% of the aggregate average daily net assets of the Portfolio. This
hypothetical rate is representative of the average maximum investment advisory
fee and other expenses of the Portfolios applicable to the Subaccounts of the
Variable Account. Actual fees and other expenses vary by Portfolio and may be
subject to agreements by the sponsor to waive or otherwise reimburse each
Portfolio for operating expenses which exceed certain limits. There can be no
assurance that the expense reimbursement arrangements will continue in the
future, and any unreimbursed expenses would be reflected in the values included
on the tables.
B-1
<PAGE> 88
The effect of these investment management, direct expenses and mortality
and expense risk charges on a 0% gross rate of return would result in a net rate
of return of -1.4916%, on 5% it would be 3.4711%, and on 10% it would be
8.4338%.
The tables assume the deduction of charges including administrative and
sales charges. For each age, there are tables for death benefit Options I and II
and each option is illustrated using current and guaranteed policy cost factors.
The tables reflect the fact that the Company does not currently make any charge
against the Variable Account for state or federal taxes. If such a charge is
made in the future, it will take a higher rate of return to produce after-tax
returns of 0%, 6% or 12%.
The Company will furnish, upon request, a comparable illustration based on
the age and sex of the proposed Insured, standard Premium Class assumptions and
an initial Specified Amount and Scheduled Premium Payments of the applicant's
choice. If a Policy is purchased, an individualized illustration will be
delivered reflecting the Scheduled Premium Payment chosen and the Insured's
actual risk class. After issuance, the Company will provide upon request an
illustration of future Policy benefits based on both guaranteed and current cost
factor assumptions and actual Account Value.
The following is the page of supplemental footnotes to each of the flexible
premium variable life to age 95 standard ledger statements which follow and
which begin on pages B-4, B-6, B-10, B-14, B-16, B-20, B-24, B-26, B-30, B-34,
B-36, B-39, B-43, B-45, B-49, B-53, B-55 and B-57.
THESE ILLUSTRATIONS ARE NOT VALID IN FLORIDA.
B-2
<PAGE> 89
STANDARD LEDGER STATEMENT--SUPPLEMENTAL FOOTNOTE PAGE
MONY EQUITYMASTER
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE OF AMERICA
DECLARED PREMIUMS
This Policy has been tested for the possibility of classification as a
Modified Endowment. This test is not a guarantee that a policy will not be
classified as a Modified Endowment.
This illustration has been checked against Federal Tax Laws relating to the
definition of life insurance and is in compliance based on proposed premium
payments and coverages. Any decrease in specified amount and/or a change in
death benefit Option II to death benefit Option I and/or surrenders occurring in
the first 15 years may cause a taxable event. In addition, if the Policy is
defined as a Modified Endowment Contract, a loan, surrender, or assignment or
pledge (unless such assignment or pledge is for burial expenses and the maximum
death benefit is not in excess of $25,000) may be considered a Taxable
Distribution and a ten percent penalty may be added to any tax on the
Distribution. Please consult your tax advisor for advice.
Premiums are assumed to be paid at the beginning of the payment period.
Policy values and ages are shown as of the end of the Policy year and reflect
the effect of all loans and surrenders. The benefit payable at death, Fund Value
and Value Upon Surrender will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The Policy's Value Upon Surrender is net of any applicable surrender
charge.
Premiums less the following deductions are added to the Fund Value. (1) A
premium tax charge of 2.00% of gross premiums in all Policy years. (2) A sales
charge on the gross premiums. The sales charges equal 4% in Policy years 1-10,
2% in Policy years 11-20, and 0% in Policy years 21 and later. (3) A DAC tax
charge of 1.25% of gross premiums in all Policy years.
Those columns assuming Guaranteed Charges use the current Monthly Mortality
Charges, current Monthly Administrative Charges, current Charges for Mortality
and Expense Risks, current Charges for Rider Benefits, if any, and current
Premium Sales Charge ("Current Charges") for the first year as well as the
Assumed Hypothetical Gross Annual Investment Return indicated. Thereafter these
columns use Guaranteed Monthly Mortality Charges, current Monthly Administrative
Charges, Guaranteed Charges for Mortality and Expense Risks, Guaranteed Charges
for Rider Benefits if any, current Maximum Premium Sales Charge, and the Assumed
Hypothetical Gross Annual Investment Return indicated. Those columns assuming
Current Charges are based upon "Current Charges" and the Assumed Hypothetical
Gross Annual Investment Return indicated.
The Current Charges are declared by MONY Life of America, are guaranteed
for the first Policy year, and apply to policies issued as of the Preparation
Date shown. After the first Policy year, Current Charges are not guaranteed, and
may be changed at the discretion of MONY Life of America.
The difference between the Fund Value and the Value Upon Surrender is a
Fund Charge. A Fund Charge will apply during the first fourteen years from issue
or following a specified amount increase if the Policy is given up for its Value
Upon Surrender or is terminated, or if the specified amount is reduced. Any
applicable fund charge will be deducted from the Fund Value. Whenever there is a
partial surrender, the surrender amount and the surrender charge ($25.00 or 2%
of the amount surrendered, if less) could be deducted from the benefit payable
at death, and will be deducted from the Fund Value and the Value Upon Surrender.
A Policy loan will have a permanent effect on benefits under this Policy.
Loan interest at an annual rate of 5.4% will be charged in advance (equivalent
to 5.75% in arrears). Amounts borrowed will earn interest at an annual rate of
5.0%. This rate is determined by subtracting a margin of 0.75% from the loan
rate. This margin is designed to decrease by 0.5% in Policy years 11 and later,
but such decrease is not guaranteed. Hence amounts borrowed will earn interest
at a rate of 5.0% for Policy years 1 though 10 and 5.5% for Policy years 11 and
later. This decrease is based on current expectations as to mortality, expenses,
persistency and investment income. Adverse tax consequences could occur if a
Policy subject to loans is surrendered or permitted to lapse.
B-3
<PAGE> 90
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 0% GROSS
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------------
0.00% (- 1.49% NET) 0.00% (- 1.49% NET)
-------------------------------- --------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- -------- -------- --------- --------- ------ -------- --------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 314 2,117 200,000 314 2,117 200,000
2 47 3,088 6,647 0 2,058 4,132 200,000 2,058 4,132 200,000
3 48 3,088 10,222 0 2,762 6,078 200,000 2,762 6,078 200,000
4 49 3,088 13,975 0 4,617 7,933 200,000 4,617 7,933 200,000
5 50 3,088 17,916 0 6,385 9,701 200,000 6,385 9,701 200,000
6 51 3,088 22,055 0 8,398 11,383 200,000 8,398 11,383 200,000
7 52 3,088 26,400 0 10,306 12,959 200,000 10,306 12,959 200,000
8 53 3,088 30,962 0 12,110 14,431 200,000 12,110 14,431 200,000
9 54 3,088 35,753 0 13,792 15,781 200,000 13,792 15,781 200,000
10 55 3,088 40,783 0 15,353 17,011 200,000 15,353 17,011 200,000
Total 30,880
11 56 3,088 46,064 0 16,931 18,258 200,000 16,931 18,258 200,000
12 57 3,088 51,610 0 18,356 19,351 200,000 18,356 19,351 200,000
13 58 3,088 57,433 0 19,629 20,292 200,000 19,629 20,292 200,000
14 59 3,088 63,547 0 20,731 21,063 200,000 20,731 21,063 200,000
15 60 3,088 69,966 0 21,643 21,643 200,000 21,643 21,643 200,000
16 61 3,088 76,707 0 22,012 22,012 200,000 22,012 22,012 200,000
17 62 3,088 83,785 0 22,149 22,149 200,000 22,149 22,149 200,000
18 63 3,088 91,216 0 22,053 22,053 200,000 22,053 22,053 200,000
19 64 3,088 99,020 0 21,639 21,639 200,000 21,639 21,639 200,000
20 65 3,088 107,213 0 20,881 20,881 200,000 20,881 20,881 200,000
Total 61,760
21 66 3,088 115,816 0 19,792 19,792 200,000 19,792 19,792 200,000
22 67 3,088 124,849 0 18,281 18,281 200,000 18,281 18,281 200,000
23 68 3,088 134,334 0 16,290 16,290 200,000 16,290 16,290 200,000
24 69 3,088 144,293 0 13,759 13,759 200,000 13,759 13,759 200,000
25 70 3,088 154,750 0 10,640 10,640 200,000 10,640 10,640 200,000
26 71 3,088 165,730 0 6,810 6,810 200,000 6,810 6,810 200,000
27 72 3,088 177,259 0 2,014 2,014 200,000 2,014 2,014 200,000
28 73 3,088 189,365 0 LAPSE LAPSE LAPSE LAPSE LAPSE LAPSE
29 74 3,088 202,075 0
30 75 3,088 215,421 0
Total 92,640
31 76 3,088 229,435 0
32 77 3,088 244,149 0
33 78 3,088 259,599 0
34 79 3,088 275,821 0
35 80 3,088 292,855 0
--------
Total 108,080
<CAPTION>
CURRENT CHARGES
--------------------------------
0.00% (- 1.49% NET)
--------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ------ --------
<S> <C> <C> <C>
1 314 2,117 200,000
2 2,361 4,435 200,000
3 3,314 6,630 200,000
4 5,368 8,684 200,000
5 7,331 10,647 200,000
6 9,491 12,476 200,000
7 11,587 14,240 200,000
8 13,621 15,942 200,000
9 15,615 17,604 200,000
10 17,549 19,207 200,000
Total
11 19,507 20,833 200,000
12 21,288 22,283 200,000
13 22,981 23,644 200,000
14 24,607 24,938 200,000
15 26,188 26,188 200,000
16 27,372 27,372 200,000
17 28,412 28,412 200,000
18 29,267 29,267 200,000
19 30,001 30,001 200,000
20 30,614 30,614 200,000
Total
21 31,130 31,130 200,000
22 31,486 31,486 200,000
23 31,642 31,642 200,000
24 31,539 31,539 200,000
25 31,114 31,114 200,000
26 30,363 30,363 200,000
27 29,199 29,199 200,000
28 27,641 27,651 200,000
29 25,584 25,584 200,000
30 22,933 22,933 200,000
Total
31 19,693 19,693 200,000
32 15,676 15,676 200,000
33 10,717 10,717 200,000
34 3,835 3,835 200,000
35 LAPSE LAPSE LAPSE
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 73. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 80.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 04:59 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-4
<PAGE> 91
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 0% GROSS
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
0.00% (- 1.49% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 314 2,117 200,000
2 47 3,088 0 0 0 2,361 4,435 200,000
3 48 3,088 0 0 0 3,314 6,630 200,000
4 49 3,088 0 0 0 5,368 8,684 200,000
5 50 3,088 0 0 0 7,331 10,647 200,000
6 51 3,088 0 0 0 9,491 12,476 200,000
7 52 3,088 0 0 0 11,587 14,240 200,000
8 53 3,088 0 0 0 13,621 15,942 200,000
9 54 3,088 0 0 0 15,615 17,604 200,000
10 55 3,088 0 0 0 17,549 19,207 200,000
11 56 3,088 0 0 0 19,507 20,833 200,000
12 57 3,088 0 0 0 21,288 22,283 200,000
13 58 3,088 0 0 0 22,981 23,644 200,000
14 59 3,088 0 0 0 24,607 24,938 200,000
15 60 3,088 0 0 0 26,188 26,188 200,000
16 61 3,088 0 0 0 27,372 27,372 200,000
17 62 3,088 0 0 0 28,412 28,412 200,000
18 63 3,088 0 0 0 29,267 29,267 200,000
19 64 3,088 0 0 0 30,001 30,001 200,000
20 65 3,088 0 0 0 30,614 30,614 200,000
21 66 3,088 0 0 0 31,130 31,130 200,000
22 67 3,088 0 0 0 31,486 31,486 200,000
23 68 3,088 0 0 0 31,642 31,642 200,000
24 69 3,088 0 0 0 31,539 31,539 200,000
25 70 3,088 0 0 0 31,114 31,114 200,000
26 71 3,088 0 0 0 30,363 30,363 200,000
27 72 3,088 0 0 0 29,199 29,199 200,000
28 73 3,088 0 0 0 27,651 27,651 200,000
29 74 3,088 0 0 0 25,584 25,584 200,000
30 75 3,088 0 0 0 22,933 22,933 200,000
31 76 3,088 0 0 0 19,693 19,693 200,000
32 77 3,088 0 0 0 15,676 15,676 200,000
33 78 3,088 0 0 0 10,717 10,717 200,000
34 79 3,088 0 0 0 3,835 3,835 200,000
35 80 3,088 0 0 0 LAPSE LAPSE LAPSE
-------
Total 108,080
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 73. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 80.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 04:59 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-5
<PAGE> 92
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT 1 6% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
--------------------------------- ---------------------------------
(1) (2) (3) (6) (9)
NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
END OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- ------- ------- --------- --------- ------ -------- --------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 314 2,117 200,000 462 2,265 200,000
2 47 3,088 6,647 0 2,058 4,132 200,000 2,485 4,559 200,000
3 48 3,088 10,222 0 2,762 6,078 200,000 3,600 6,916 200,000
4 49 3,088 13,975 0 4,617 7,933 200,000 6,002 9,318 200,000
5 50 3,088 17,916 0 6,385 9,701 200,000 8,452 11,768 200,000
6 51 3.088 22,055 0 8,398 11,383 200,000 11,287 14,271 200,000
7 52 3,088 26,400 0 10,306 12,959 200,000 14,155 16,808 200,000
8 53 3,088 30,962 0 12,110 14,431 200,000 17,063 19,384 200,000
9 54 3,088 35,753 0 13,792 15,781 200,000 19,991 21,981 200,000
10 55 3,088 40,783 0 15,353 17,011 200,000 22,945 24,603 200,000
Total 30,880
11 56 3,088 46,064 0 16,931 18,258 200,000 26,114 27,440 200,000
12 57 3,088 51,610 0 18,356 19,351 200,000 29,301 30,295 200,000
13 58 3,088 57,433 0 19,629 20,292 200,000 32,511 33,174 200,000
14 59 3,088 63,547 0 20,731 21,063 200,000 35,732 36,063 200,000
15 60 3,088 69,966 0 21,643 21,643 200,000 38,949 38,949 200,000
16 61 3,088 76,707 0 22,012 22,012 200,000 41,817 41,817 200,000
17 62 3,088 83,785 0 22,149 22,149 200,000 44,655 44,655 200,000
18 63 3,088 91,216 0 22,053 22,053 200,000 47,469 47,469 200,000
19 64 3,088 99,020 0 21,639 21,639 200,000 50,191 50,191 200,000
20 65 3,088 107,213 0 20,881 20,881 200,000 52,805 52,805 200,000
Total 61,760
21 66 3,088 115,816 0 19,792 19,792 200,000 55,345 55,345 200,000
22 67 3,088 124,849 0 18,281 18,281 200,000 57,734 57,734 200,000
23 68 3,088 134,334 0 16,290 16,290 200,000 59,936 59,936 200,000
24 69 3,088 144,293 0 13,759 13,759 200,000 61,915 61,915 200,000
25 70 3,088 154,750 0 10,640 10,640 200,000 63,646 63,646 200,000
26 71 3,088 165,730 0 6,810 6,810 200,000 65,053 65,053 200,000
27 72 3,088 177,259 0 2,014 2,014 200,000 65,966 65,966 200,000
28 73 3,088 189,365 0 LAPSE LAPSE LAPSE 66,433 66,433 200,000
29 74 3,088 202,075 0 66,265 66,265 200,000
30 75 3,088 215,421 0 65,278 65,278 200,000
Total 92,640
<CAPTION>
CURRENT CHARGES
----------------------------------
6.00% (4.46% NET)
----------------------------------
(12)
(10) (11) BENEFIT
END OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- ------- --------
<S> <C> <C> <C>
1 462 2,265 200,000
2 2,797 4,871 200,000
3 4,188 7,504 200,000
4 6,829 10,145 200,000
5 9,527 12,843 200,000
6 12,574 15,558 200,000
7 15,709 18,362 200,000
8 18,937 21,259 200,000
9 22,287 24,277 200,000
10 25,744 27,402 200,000
Total
11 29,453 30,779 200,000
12 33,186 34,180 200,000
13 37,031 37,694 200,000
14 41,019 41,351 200,000
15 45,180 45,180 200,000
16 49,175 49,175 200,000
17 53,275 53,275 200,000
18 57,459 57,459 200,000
19 61,792 61,792 200,000
20 66,290 66,290 200,000
Total
21 71,004 71,004 200,000
22 75,889 75,889 200,000
23 80,939 80,939 200,000
24 86,131 86,131 200,000
25 91,453 91,453 200,000
26 96,935 96,935 200,000
27 102,559 102,559 200,000
28 108,388 108,388 200,000
29 114,398 114,398 200,000
30 120,619 120,619 200,000
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 83. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 04:59 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-6
<PAGE> 93
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
--------------------------------- ---------------------------------
(1) (2) (3) (6) (9)
NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
END OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- ------- ------- --------- --------- ------ -------- --------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 3,088 229,435 0 63,304 63,304 200,000
32 77 3,088 244,149 0 60,153 60,153 200,000
33 78 3,088 259,599 0 55,584 55,584 200,000
34 79 3,088 275,821 0 49,289 49,289 200,000
35 80 3,088 292,855 0 40,853 40,853 200,000
36 81 3,088 310,740 0 29,676 29,676 200,000
37 82 3,088 329,519 0 14,938 14,938 200,000
38 83 3,088 349,237 0 LAPSE LAPSE LAPSE
39 84 3,088 369,942 0
40 85 3,088 391,681 0
Total 123,520
41 86 3,088 414,508 0
42 87 3,088 438,475 0
43 88 3,088 463,642 0
44 89 3,088 490,066 0
45 90 3,088 517,812 0
46 91 3,088 546,945 0
47 92 3,088 577,534 0
48 93 3,088 609,654 0
49 94 3,088 643,379 0
50 95 3,088 678,790 0
-------
Total 154,400
<CAPTION>
CURRENT CHARGES
----------------------------------
6.00% (4.46% NET)
----------------------------------
(12)
(10) (11) BENEFIT
END OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- ------- --------
<S> <C> <C> <C>
31 127,119 127,119 200,000
32 133,902 133,902 200,000
33 141,009 141,009 200,000
34 148,271 148,271 200,000
35 155,975 155,975 200,000
36 164,270 164,270 200,000
37 173,296 173,296 200,000
38 183,423 183,423 200,000
39 194,724 194,724 204,460
40 206,554 206,554 216,882
Total
41 218,822 218,822 229,763
42 231,511 231,511 243,087
43 244,629 244,629 256,861
44 258,168 258,168 271,076
45 272,118 272,118 285,724
46 286,443 286,443 300,765
47 301,605 301,605 313,669
48 317,706 317,706 327,237
49 334,995 334,995 341,695
50 353,780 353,780 357,318
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 83. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 04:59 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-7
<PAGE> 94
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 PREF N/S DB OPT 1 6% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------------
6.00% (4.46% NET)
----------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 462 2,265 200,000
2 47 3,088 0 0 0 2,797 4,871 200,000
3 48 3,088 0 0 0 4,188 7,504 200,000
4 49 3,088 0 0 0 6,829 10,145 200,000
5 50 3,088 0 0 0 9,527 12,843 200,000
6 51 3,088 0 0 0 12,574 15,558 200,000
7 52 3,088 0 0 0 15,709 18,362 200,000
8 53 3,088 0 0 0 18,937 21,259 200,000
9 54 3,088 0 0 0 22,287 24,277 200,000
10 55 3,088 0 0 0 25,744 27,402 200,000
11 56 3,088 0 0 0 29,453 30,779 200,000
12 57 3,088 0 0 0 33,186 34,180 200,000
13 58 3,088 0 0 0 37,031 37,694 200,000
14 59 3,088 0 0 0 41,019 41,351 200,000
15 60 3,088 0 0 0 45,180 45,180 200,000
16 61 3,088 0 0 0 49,175 49,175 200,000
17 62 3,088 0 0 0 53,275 53,275 200,000
18 63 3,088 0 0 0 57,459 57,459 200,000
19 64 3,088 0 0 0 61,792 61,792 200,000
20 65 3,088 0 0 0 66,290 66,290 200,000
21 66 3,088 0 0 0 71,004 71,004 200,000
22 67 3,088 0 0 0 75,889 75,889 200,000
23 68 3,088 0 0 0 80,939 80,939 200,000
24 69 3,088 0 0 0 86,131 86,131 200,000
25 70 3,088 0 0 0 91,453 91,453 200,000
26 71 3,088 0 0 0 96,935 96,935 200,000
27 72 3,088 0 0 0 102,559 102,559 200,000
28 73 3,088 0 0 0 108,388 108,388 200,000
29 74 3,088 0 0 0 114,398 114,398 200,000
30 75 3,088 0 0 0 120,619 120,619 200,000
31 76 3,088 0 0 0 127,119 127,119 200,000
32 77 3,088 0 0 0 133,902 133,902 200,000
33 78 3,088 0 0 0 141,009 141,009 200,000
34 79 3,088 0 0 0 148,271 148,271 200,000
35 80 3,088 0 0 0 155,975 155,975 200,000
36 81 3,088 0 0 0 164,270 164,270 200,000
37 82 3,088 0 0 0 173,296 173,296 200,000
38 83 3,088 0 0 0 183,423 183,423 200,000
39 84 3,088 0 0 0 194,724 194,724 204,460
40 85 3,088 0 0 0 206,554 206,554 216,882
-------
Total 123,520
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 83. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 04:59 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-8
<PAGE> 95
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------------
6.00% (4.46% NET)
----------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 218,822 218,822 229,763
42 87 3,088 0 0 0 231,511 231,511 243,087
43 88 3,088 0 0 0 244,629 244,629 256,861
44 89 3,088 0 0 0 258,168 258,168 271,076
45 90 3,088 0 0 0 272,118 272,118 285,724
46 91 3,088 0 0 0 286,443 286,443 300,765
47 92 3,088 0 0 0 301,605 301,605 313,669
48 93 3,088 0 0 0 317,706 317,706 327,237
49 94 3,088 0 0 0 334,995 334,995 341,695
50 95 3,088 0 0 0 353,780 353,780 357,318
-------
Total 154,400
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 83. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 04:59 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-9
<PAGE> 96
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 12% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
MALE NON-SMOKER PREFERRED AGE 45 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
--------------------------------- -------------------------------------
(1) (2) (3) (6) (9)
NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
END OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- ------- ------- --------- --------- ------ -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 314 2,117 200,000 611 2,414 200,000
2 47 3,088 6,647 0 2,058 4,132 200,000 2,931 5,005 200,000
3 48 3,088 10,222 0 2,762 6,078 200,000 4,511 7,827 200,000
4 49 3,088 13,975 0 4,617 7,933 200,000 7,568 10,884 200,000
5 50 3,088 17,916 0 6,385 9,701 200,000 10,887 14,203 200,000
6 51 3.088 22,055 0 8,398 11,383 200,000 14,830 17,815 200,000
7 52 3,088 26,400 0 10,306 12,959 200,000 19,078 21,731 200,000
8 53 3,088 30,962 0 12,110 14,431 200,000 23,670 25,991 200,000
9 54 3,088 35,753 0 13,792 15,781 200,000 28,624 30,614 200,000
10 55 3,088 40,783 0 15,353 17,011 200,000 33,988 35,646 200,000
Total 30,880
11 56 3,088 46,064 0 16,931 18,258 200,000 40,073 41,399 200,000
12 57 3,088 51,610 0 18,356 19,351 200,000 46,701 47,695 200,000
13 58 3,088 57,433 0 19,629 20,292 200,000 53,949 54,612 200,000
14 59 3,088 63,547 0 20,731 21,063 200,000 61,885 62,217 200,000
15 60 3,088 69,966 0 21,643 21,643 200,000 70,592 70,592 200,000
16 61 3,088 76,707 0 22,012 22,012 200,000 79,837 79,837 200,000
17 62 3,088 83,785 0 22,149 22,149 200,000 90,066 90,066 200,000
18 63 3,088 91,216 0 22,053 22,053 200,000 101,434 101,434 200,000
19 64 3,088 99,020 0 21,639 21,639 200,000 114,068 114,068 200,000
20 65 3,088 107,213 0 20,881 20,881 200,000 128,171 128,171 200,000
Total 61,760
21 66 3,088 115,816 0 19,792 19,792 200,000 144,046 144,046 200,000
22 67 3,088 124,849 0 18,281 18,281 200,000 161,929 161,929 200,000
23 68 3,088 134,334 0 16,290 16,290 200,000 182,045 182,045 214,813
24 69 3,088 144,293 0 13,759 13,759 200,000 204,249 204,249 238,971
25 70 3,088 154,750 0 10,640 10,640 200,000 228,730 228,730 265,327
26 71 3,088 165,730 0 6,810 6,810 200,000 255,712 255,712 294,069
27 72 3,088 177,259 0 2,014 2,014 200,000 285,532 285,532 322,652
28 73 3,088 189,365 0 LAPSE LAPSE LAPSE 318,573 318,573 353,616
29 74 3,088 202,075 0 355,214 355,214 387,184
30 75 3,088 215,421 0 395,923 395,923 423,637
Total 92,640
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
(12)
(10) (11) BENEFIT
END OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- --------- ---------
<S> <C> <C> <C>
1 611 2,414 200,000
2 3,252 5,326 200,000
3 5,135 8,451 200,000
4 8,475 11,791 200,000
5 12,104 15,420 200,000
6 16,342 19,326 200,000
7 20,959 23,612 200,000
8 26,000 28,321 200,000
9 31,533 33,523 200,000
10 37,595 39,253 200,000
Total
11 44,465 45,791 200,000
12 51,941 52,936 200,000
13 60,182 60,845 200,000
14 69,301 69,633 200,000
15 79,426 79,426 200,000
16 90,334 90,334 200,000
17 102,445 102,445 200,000
18 115,901 115,901 200,000
19 130,925 130,925 200,000
20 147,730 147,730 200,000
Total
21 166,619 166,619 200,000
22 187,659 187,659 223,314
23 210,930 210,930 248,897
24 236,658 236,658 276,890
25 265,093 265,093 307,508
26 296,526 296,526 341,005
27 331,331 331,331 374,404
28 369,921 369,921 410,612
29 412,725 412,725 449,870
30 460,260 460,260 492,478
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in N.J.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 05:00 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-10
<PAGE> 97
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
--------------------------------- -------------------------------------
(1) (2) (3) (6) (9)
NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
END OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- ------- ------- --------- --------- ------ -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 3,088 229,435 0 441,266 441,266 463,329
32 77 3,088 244,149 0 491,271 491,271 515,834
33 78 3,088 259,599 0 546,387 546,387 573,706
34 79 3,088 275,821 0 607,103 607,103 637,458
35 80 3,088 292,855 0 673,946 673,946 707,643
36 81 3,088 310,740 0 747,470 747,470 784,843
37 82 3,088 329,519 0 828,266 828,266 869,680
38 83 3,088 349,237 0 916,937 916,937 962,784
39 84 3,088 369,942 0 1,014,117 1,014,117 1,064,823
40 85 3,088 391,681 0 1,120,475 1,120,475 1,176,499
Total 123,520
41 86 3,088 414,508 0 1,236,723 1,236,723 1,298,559
42 87 3,088 438,475 0 1,363,617 1,363,617 1,431,798
43 88 3,088 463,642 0 1,501,966 1,501,966 1,577,065
44 89 3,088 490,066 0 1,652,618 1,652,618 1,735,249
45 90 3,088 517,812 0 1,816,466 1,816,466 1,907,289
46 91 3,088 546,945 0 1,994,396 1,994,396 2,094,116
47 92 3,088 577,534 0 2,193,082 2,193,082 2,280,806
48 93 3,088 609,654 0 2,416,070 2,416,070 2,488,552
49 94 3,088 643,379 0 2,667,724 2,667,724 2,721,079
50 95 3,088 678,790 0 2,953,491 2,953,491 2,983,026
-------
Total 154,400
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
(12)
(10) (11) BENEFIT
END OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- --------- ---------
<S> <C> <C> <C>
31 513,134 513,134 538,791
32 571,602 571,602 600,182
33 636,223 636,223 668,034
34 707,462 707,462 742,835
35 786,062 786,062 825,365
36 872,748 872,748 916,385
37 968,248 968,248 1,016,661
38 1,073,711 1,073,711 1,127,397
39 1,189,890 1,189,890 1,249,384
40 1,317,705 1,317,705 1,383,590
Total
41 1,458,256 1,458,256 1,531,169
42 1,612,574 1,612,574 1,693,203
43 1,781,931 1,781,931 1,871,028
44 1,967,590 1,967,590 2,065,970
45 2,170,903 2,170,903 2,279,448
46 2,393,096 2,393,096 2,512,751
47 2,639,826 2,639,826 2,745,419
48 2,914,390 2,914,390 3,001,822
49 3,221,893 3,221,893 3,286,331
50 3,568,777 3,568,777 3,604,465
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in N.J.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 05:00 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-11
<PAGE> 98
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT 1 MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
12% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
MALE NON-SMOKER PREFERRED AGE 45 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER FUND VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 611 2,414 200,000
2 47 3,088 0 0 0 3,252 5,326 200,000
3 48 3,088 0 0 0 5,135 8,451 200,000
4 49 3,088 0 0 0 8,475 11,791 200,000
5 50 3,088 0 0 0 12,104 15,420 200,000
6 51 3,088 0 0 0 16,342 19,326 200,000
7 52 3,088 0 0 0 20,959 23,612 200,000
8 53 3,088 0 0 0 26,000 28,321 200,000
9 54 3,088 0 0 0 31,533 33,523 200,000
10 55 3,088 0 0 0 37,595 39,253 200,000
11 56 3,088 0 0 0 44,465 45,791 200,000
12 57 3,088 0 0 0 51,941 52,936 200,000
13 58 3,088 0 0 0 60,182 60,845 200,000
14 59 3,088 0 0 0 69,301 69,633 200,000
15 60 3,088 0 0 0 79,426 79,426 200,000
16 61 3,088 0 0 0 90,334 90,334 200,000
17 62 3,088 0 0 0 102,445 102,445 200,000
18 63 3,088 0 0 0 115,901 115,901 200,000
19 64 3,088 0 0 0 130,925 130,925 200,000
20 65 3,088 0 0 0 147,730 147,703 200,000
21 66 3,088 0 0 0 166,619 166,619 200,000
22 67 3,088 0 0 0 187,659 187,659 223,314
23 68 3,088 0 0 0 210,930 210,930 248,897
24 69 3,088 0 0 0 236,658 236,658 276,890
25 70 3,088 0 0 0 265,093 265,093 307,508
26 71 3,088 0 0 0 296,526 296,526 341,005
27 72 3,088 0 0 0 331,331 331,331 374,404
28 73 3,088 0 0 0 369,921 369,921 410,612
29 74 3,088 0 0 0 412,725 412,725 449,870
30 75 3,088 0 0 0 460,260 460,260 492,478
31 76 3,088 0 0 0 513,134 513,134 538,791
32 77 3,088 0 0 0 571,602 571,602 600,182
33 78 3,088 0 0 0 636,223 636,223 668,034
34 79 3,088 0 0 0 707,462 707,462 742,835
35 80 3,088 0 0 0 786,062 786,062 825,365
36 81 3,088 0 0 0 872,748 872,748 916,385
37 82 3,088 0 0 0 968,248 968,248 1,016,661
38 83 3,088 0 0 0 1,073,711 1,073,711 1,127,397
39 84 3,088 0 0 0 1,189,890 1,189,890 1,249,384
40 85 3,088 0 0 0 1,317,705 1,317,705 1,383,590
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 05:00 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-12
<PAGE> 99
<TABLE>
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER FUND VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,008 0 0 0 1,458,256 1,458,256 1,531,169
42 87 3,088 0 0 0 1,612,574 1,612,576 1,693,203
43 88 3,088 0 0 0 1,781,931 1,781,931 1,871,028
44 89 3,088 0 0 0 1,967,590 1,967,590 2,065,970
45 90 3,088 0 0 0 2,170,903 2,170,903 2,279,448
46 91 3,088 0 0 0 2,393,096 2,393,096 2,512,751
47 92 3,088 0 0 0 2,639,826 2,639,926 2,745,419
48 93 3,088 0 0 0 2,914,390 2,914,390 3,001,822
49 94 3,088 0 0 0 3,221,893 3,221,893 3,286,331
50 95 3,088 0 0 0 3,568,777 3,568,777 3,604,465
-------
Total 154,400
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 05:00 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-13
<PAGE> 100
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: FEMALE 45 PREF N/S DB OPT 1 0% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 2,578.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET)
--------------------------------- -------------------------------------
(1) (2) (3) (6) (9)
NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
END OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- ------ ------- --------- --------- ------ -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 2,707 0 27 1,698 200,000 27 1,698 200,000
2 47 2,578 5,549 0 1,422 3,320 200,000 1,422 3,320 200,000
3 48 2,578 8,534 0 1,966 4,899 200,000 1,966 4,899 200,000
4 49 2,578 11,667 0 3,481 6,415 200,000 3,481 6,415 200,000
5 50 2,578 14,957 0 4,911 7,844 200,000 4,911 7,844 200,000
6 51 2,578 18,412 0 6,573 9,213 200,000 6,573 9,213 200,000
7 52 2,578 22,040 0 8,152 10,499 200,000 8,152 10,499 200,000
8 53 2,578 25,848 0 9,651 11,705 200,000 9,651 11,705 200,000
9 54 2,578 29,848 0 11,071 12,832 200,000 11,071 12,832 200,000
10 55 2,578 34,047 0 12,414 13,881 200,000 12,414 13,881 200,000
Total 25,780
11 56 2,578 38,456 0 13,788 14,961 200,000 13,788 14,961 200,000
12 57 2,578 43,086 0 15,070 15,950 200,000 15,070 15,950 200,000
13 58 2,578 47,947 0 16,261 16,847 200,000 16,261 16,847 200,000
14 59 2,578 53,052 0 17,362 17,656 200,000 17,362 17,656 200,000
15 60 2,578 58,411 0 18,375 18,375 200,000 18,375 18,375 200,000
16 61 2,578 64,038 0 19,007 19,007 200,000 19,007 19,007 200,000
17 62 2,578 69,947 0 19,509 19,509 200,000 19,509 19,509 200,000
18 63 2,578 76,152 0 19,860 19,860 200,000 19,860 19,860 200,000
19 64 2,578 82,666 0 20,040 20,040 200,000 20,040 20,040 200,000
20 65 2,578 89,506 0 20,006 20,006 200,000 20,006 20,006 200,000
Total 51,560
21 66 2,578 96,688 0 19,766 19,766 200,000 19,766 19,766 200,000
22 67 2,578 104,230 0 19,288 19,288 200,000 19,288 19,288 200,000
23 68 2,578 112,148 0 18,549 18,549 200,000 18,549 18,549 200,000
24 69 2,578 120,462 0 17,545 17,545 200,000 17,545 17,545 200,000
25 70 2,578 129,192 0 16,248 16,248 200,000 16,248 16,248 200,000
26 71 2,578 138,359 0 14,609 14,609 200,000 14,609 14,609 200,000
27 72 2,578 147,984 0 12,527 12,527 200,000 12,527 12,527 200,000
28 73 2,578 158,090 0 9,920 9,920 200,000 9,920 9,920 200,000
29 74 2,578 168,701 0 6,627 6,627 200,000 6,627 6,627 200,000
30 75 2,578 179,843 0 2,519 2,519 200,000 2,519 2,519 200,000
Total 77,340
31 76 2,578 191,542 0 LAPSE LAPSE LAPSE LAPSE LAPSE LAPSE
32 77 2,578 203,826 0
33 78 2,578 216,725 0
34 79 2,578 230,268 0
35 80 2,578 244,488 0
36 81 2,578 259,419 0
37 82 2,578 275,097 0
38 83 2,578 291,559 0
------
Total 97,964
<CAPTION>
CURRENT CHARGES
-------------------------------------
0.00% (-1.49% NET)
-------------------------------------
(12)
(10) (11) BENEFIT
END OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- --------- ---------
<S> <C> <C> <C>
1 27 1,698 200,000
2 1,749 3,647 200,000
3 2,590 5,524 200,000
4 4,328 7,262 200,000
5 5,976 8,909 200,000
6 7,694 10,334 200,000
7 9,351 11,698 200,000
8 10,972 13,025 200,000
9 12,556 14,316 200,000
10 14,082 15,549 200,000
Total
11 15,624 16,797 200,000
12 17,095 17,975 200,000
13 18,517 19,104 200,000
14 19,828 20,121 200,000
15 21,113 21,113 200,000
16 22,080 22,080 200,000
17 23,023 23,023 200,000
18 23,837 23,837 200,000
19 24,628 24,628 200,000
20 25,313 25,313 200,000
Total
21 25,903 25,903 200,000
22 26,368 26,368 200,000
23 26,689 26,689 200,000
24 26,865 26,865 200,000
25 26,939 26,939 200,000
26 26,827 26,827 200,000
27 26,530 26,530 200,000
28 26,024 26,024 200,000
29 25,244 25,244 200,000
30 24,167 24,167 200,000
Total
31 22,680 22,680 200,000
32 20,772 20,772 200,000
33 18,364 18,364 200,000
34 15,303 15,303 200,000
35 11,556 11,556 200,000
36 6,899 6,899 200,000
37 1,291 1,291 200,000
38 LAPSE LAPSE LAPSE
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 83.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 01/04/95 05:01 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-14
<PAGE> 101
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: FEMALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 0%
FEMALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 2,578.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
0.00% (-1.49% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ----- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 0 0 27 1,698 200,000
2 47 2,578 0 0 0 1,749 3,647 200,000
3 48 2,578 0 0 0 2,590 5,524 200,000
4 49 2,578 0 0 0 4,328 7,262 200,000
5 50 2,578 0 0 0 5,976 8,909 200,000
6 51 2,578 0 0 0 7,694 10,334 200,000
7 52 2,578 0 0 0 9,351 11,698 200,000
8 53 2,578 0 0 0 10,972 13,025 200,000
9 54 2,578 0 0 0 12,556 14,316 200,000
10 55 2,578 0 0 0 14,082 15,549 200,000
11 56 2,578 0 0 0 15,624 16,797 200,000
12 57 2,578 0 0 0 17,095 17,975 200,000
13 58 2,578 0 0 0 18,517 19,104 200,000
14 59 2,578 0 0 0 19,828 20,121 200,000
15 60 2,578 0 0 0 21,113 21,113 200,000
16 61 2,578 0 0 0 22,080 22,080 200,000
17 62 2,578 0 0 0 23,023 23,023 200,000
18 63 2,578 0 0 0 23,837 23,837 200,000
19 64 2,578 0 0 0 24,628 24,628 200,000
20 65 2,578 0 0 0 25,313 25,313 200,000
21 66 2,578 0 0 0 25,903 25,903 200,000
22 67 2,578 0 0 0 26,368 26,368 200,000
23 68 2,578 0 0 0 26,689 26,689 200,000
24 69 2,578 0 0 0 26,865 26,865 200,000
25 70 2,578 0 0 0 26,939 26,939 200,000
26 71 2,578 0 0 0 26,827 26,827 200,000
27 72 2,578 0 0 0 26,530 26,530 200,000
28 73 2,578 0 0 0 26,024 26,024 200,000
29 74 2,578 0 0 0 25,244 25,244 200,000
30 75 2,578 0 0 0 24,167 24,167 200,000
31 76 2,578 0 0 0 22,680 22,680 200,000
32 77 2,578 0 0 0 20,772 20,772 200,000
33 78 2,578 0 0 0 18,364 18,364 200,000
34 79 2,578 0 0 0 15,303 15,303 200,000
35 80 2,578 0 0 0 11,556 11,556 200,000
36 81 2,578 0 0 0 6,899 6,899 200,000
37 82 2,578 0 0 0 1,291 1,291 200,000
38 83 2,578 0 0 0 LAPSE LAPSE LAPSE
-------
Total 97,964
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 83.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 01/04/95 05:01 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-15
<PAGE> 102
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: FEMALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 6%
FEMALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 2,578.00 MONY LIFE OF AMERICA SPECIFIED AMOUNT
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------------
0.00% (- 1.49% NET) 6.00% (4.46% NET)
--------------------------------- --------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- -------- -------- --------- --------- ------- -------- --------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 2,707 0 27 1,698 200,000 149 1,819 200,000
2 47 2,578 5,549 0 1,422 3,320 200,000 1,770 3,668 200,000
3 48 2,578 8,534 0 1,966 4,899 200,000 2,648 5,581 200,000
4 49 2,578 11,667 0 3,481 6,415 200,000 4,606 7,540 200,000
5 50 2,578 14,957 0 4,911 7,844 200,000 6,589 9,523 200,000
6 51 2,578 18,412 0 6,573 9,213 200,000 8,916 11,556 200,000
7 52 2,578 22,040 0 8,152 10,499 200,000 11,274 13,620 200,000
8 53 2,578 25,848 0 9,651 11,705 200,000 13,665 15,719 200,000
9 54 2,578 29,848 0 11,071 12,832 200,000 16,094 17,854 200,000
10 55 2,578 34,047 0 12,414 13,881 200,000 18,563 20,030 200,000
Total 25,780
11 56 2,578 38,456 0 13,788 14,961 200,000 21,224 22,398 200,000
12 57 2,578 43,086 0 15,070 15,950 200,000 23,932 24,812 200,000
13 58 2,578 47,947 0 16,261 16,847 200,000 26,691 27,278 200,000
14 59 2,578 53,052 0 17,362 17,656 200,000 29,508 29,801 200,000
15 60 2,578 58,411 0 18,375 18,375 200,000 32,387 32,387 200,000
16 61 2,578 64,038 0 19,007 19,007 200,000 35,043 35,043 200,000
17 62 2,578 69,947 0 19,509 19,509 200,000 37,734 37,734 200,000
18 63 2,578 76,152 0 19,860 19,860 200,000 40,447 40,447 200,000
19 64 2,578 82,666 0 20,040 20,040 200,000 43,169 43,169 200,000
20 65 2,578 89,506 0 20,006 20,006 200,000 45,867 45,867 200,000
Total 51,560
21 66 2,578 96,688 0 19,766 19,766 200,000 48,564 48,564 200,000
22 67 2,578 104,230 0 19,280 19,288 200,000 51,232 51,232 200,000
23 68 2,578 112,148 0 18,549 18,549 200,000 53,857 53,857 200,000
24 69 2,578 120,462 0 17,545 17,545 200,000 56,445 56,445 200,000
25 70 2,578 129,192 0 16,248 16,248 200,000 58,983 58,983 200,000
26 71 2,578 138,359 0 14,609 14,609 200,000 61,442 61,442 200,000
27 72 2,578 147,984 0 12,527 12,527 200,000 63,757 63,757 200,000
28 73 2,578 158,090 0 9,920 9,920 200,000 65,877 65,877 200,000
29 74 2,578 168,701 0 6,627 6,627 200,000 67,702 67,702 200,000
30 75 2,578 179,843 0 2,519 2,519 200,000 69,155 69,155 200,000
Total 77,340
<CAPTION>
CURRENT CHARGES
---------------------------------
6.00% (4.46% NET)
---------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ------- --------
<S> <C> <C> <C>
1 149 1,819 200,000
2 2,108 4,005 200,000
3 3,311 6,245 200,000
4 5,538 8,471 200,000
5 7,799 10,732 200,000
6 10,254 12,894 200,000
7 12,769 15,116 200,000
8 15,370 17,423 200,000
9 18,062 19,822 200,000
10 20,828 22,294 200,000
Total
11 23,789 24,963 200,000
12 26,834 27,714 200,000
13 29,991 30,578 200,000
14 33,204 33,498 200,000
15 36,563 36,563 200,000
16 39,782 39,782 200,000
17 43,165 43,165 200,000
18 46,626 46,626 200,000
19 50,268 50,268 200,000
20 54,030 54,030 200,000
Total
21 57,943 57,943 200,000
22 61,986 61,986 200,000
23 66,154 66,154 200,000
24 70,464 70,464 200,000
25 74,962 74,962 200,000
26 79,606 79,606 200,000
27 84,416 84,416 200,000
28 89,398 89,398 200,000
29 94,537 94,537 200,000
30 99,848 99,848 200,000
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 87. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at an anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 01/04/95 05:02 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-16
<PAGE> 103
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------------
0.00% (- 1.49% NET) 6.00% (4.46% NET)
--------------------------------- --------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- -------- -------- --------- --------- ------- -------- --------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 2,578 191,542 0 LAPSE LAPSE LAPSE 70,134 70,134 200,000
32 77 2,578 203,826 0 70,542 70,542 200,000
33 78 2,578 216,725 0 70,296 70,296 200,000
34 79 2,578 230,268 0 69,246 69,246 200,000
35 80 2,578 244,488 0 67,228 67,228 200,000
36 81 2,578 259,419 0 63,986 63,986 200,000
37 82 2,578 275,097 0 59,183 59,183 200,000
38 83 2,578 291,559 0 52,314 52,314 200,000
39 84 2,578 308,844 0 42,695 42,695 200,000
40 85 2,578 326,993 0 29,464 29,464 200,000
Total 103,120
41 86 2,578 346,049 0 11,387 11,387 200,000
42 87 2,578 366,059 0 LAPSE LAPSE LAPSE
43 88 2,578 387,069 0
44 89 2,578 409,129 0
45 90 2,578 432,292 0
46 91 2,578 456,614 0
47 92 2,578 482,151 0
48 93 2,578 508,966 0
49 94 2,578 537,121 0
50 95 2,578 566,684 0
--------
Total 128,900
<CAPTION>
CURRENT CHARGES
---------------------------------
6.00% (4.46% NET)
---------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ------- --------
<S> <C> <C> <C>
31 105,301 105,301 200,000
32 110,931 110,931 200,000
33 116,748 116,748 200,000
34 122,738 122,738 200,000
35 128,956 128,956 200,000
36 135,400 135,400 200,000
37 142,154 142,154 200,000
38 149,173 149,173 200,000
39 156,551 156,551 200,000
40 164,328 164,328 200,000
Total
41 172,661 172,661 200,000
42 181,797 181,797 200,000
43 192,079 192,079 201,683
44 203,015 203,015 213,166
45 214,291 214,291 225,006
46 225,877 225,877 237,171
47 238,153 238,153 247,679
48 251,237 251,237 258,774
49 265,284 265,284 270,590
50 280,467 280,467 283,272
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 87. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at an anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 01/04/95 05:02 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-17
<PAGE> 104
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: FEMALE 45 PREF N/S DB OPT 1 6% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 2,578.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-------------------------------------
6.00% (4.46% NET)
-------------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON PAYABLE
YEAR AGE PREMIUM SURENDER LOAN LOAN SURRENDER FUND VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 0 0 149 1,819 200,000
2 47 2,578 0 0 0 2,108 4,005 200,000
3 48 2,578 0 0 0 3,311 6,245 200,000
4 49 2,578 0 0 0 5,538 8,471 200,000
5 50 2,578 0 0 0 7,799 10,732 200,000
6 51 2,578 0 0 0 10,254 12,894 200,000
7 52 2,578 0 0 0 12,769 15,116 200,000
8 53 2,578 0 0 0 15,370 17,423 200,000
9 54 2,578 0 0 0 18,062 19,822 200,000
10 55 2,578 0 0 0 20,828 22,294 200,000
11 56 2,578 0 0 0 23,789 24,963 200,000
12 57 2,578 0 0 0 26,834 27,714 200,000
13 58 2,578 0 0 0 29,991 30,578 200,000
14 59 2,578 0 0 0 33,204 33,498 200,000
15 60 2,578 0 0 0 36,563 36,563 200,000
16 61 2,578 0 0 0 39,782 39,782 200,000
17 62 2,578 0 0 0 43,165 43,165 200,000
18 63 2,578 0 0 0 46,626 46,626 200,000
19 64 2,578 0 0 0 50,268 50,268 200,000
20 65 2,578 0 0 0 54,030 54,030 200,000
21 66 2,578 0 0 0 57,943 57,943 200,000
22 67 2,578 0 0 0 61,986 61,986 200,000
23 68 2,578 0 0 0 66,154 66,154 200,000
24 69 2,578 0 0 0 70,464 70,464 200,000
25 70 2,578 0 0 0 74,962 74,962 200,000
26 71 2,578 0 0 0 79,606 79,606 200,000
27 72 2,578 0 0 0 84,416 84,416 200,000
28 73 2,578 0 0 0 89,398 89,398 200,000
29 74 2,578 0 0 0 94,537 94,537 200,000
30 75 2,578 0 0 0 99,848 99,848 200,000
31 76 2,578 0 0 0 105,301 105,301 200,000
32 77 2,578 0 0 0 110,931 110,931 200,000
33 78 2,578 0 0 0 116,748 116,748 200,000
34 79 2,578 0 0 0 122,738 122,738 200,000
35 80 2,578 0 0 0 128,956 128,956 200,000
36 81 2,578 0 0 0 135,400 135,400 200,000
37 82 2,578 0 0 0 142,154 142,154 200,000
38 83 2,578 0 0 0 149,173 149,173 200,000
39 84 2,578 0 0 0 156,551 156,551 200,000
40 85 2,578 0 0 0 164,328 164,328 200,000
-------
Total 123,520
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 83. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representaton of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shon if the actual
rates of investment return applicable to the contract averaged 0.00% or 6.00%
over a period of years, but also fluctuated above or below those averages for
individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 01/04/95 5:02 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-18
<PAGE> 105
<TABLE>
<CAPTION>
CURRENT CHARGES
-------------------------------------
6.00% (4.46% NET)
-------------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON PAYABLE
YEAR AGE PREMIUM SURENDER LOAN LOAN SURRENDER FUND VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 2,578 0 0 0 172,661 172,661 200,000
42 87 2,578 0 0 0 181,797 181,797 200,000
43 88 2,578 0 0 0 192,079 192,079 201,683
44 89 2,578 0 0 0 203,015 203,015 213,166
45 90 2,578 0 0 0 214,291 214,291 225,006
46 91 2,578 0 0 0 225,877 225,877 237,171
47 92 2,578 0 0 0 238,153 238,153 247,679
48 93 2,578 0 0 0 251,237 251,237 258,774
49 94 2,578 0 0 0 265,284 265,284 270,590
50 95 2,578 0 0 0 280,467 280,467 283,272
-------
Total 128,900
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 83. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representaton of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shon if the actual
rates of investment return applicable to the contract averaged 0.00% or 6.00%
over a period of years, but also fluctuated above or below those averages for
individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $3,517.70 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 01/04/95 5:02 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-19
<PAGE> 106
<TABLE>
<S> <C> <C>
STANDARD LEDGER STATEMENT
FOR: FEMALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 12%
FEMALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 2,578.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------------------
0.00% (- 1.49% NET) 12.00% (- 10.42% NET)
---------------------------------- -------------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ----- --- -------- ------- --------- --------- -------- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 2,707 0 27 1,698 200,000 270 1,940 200,000
2 47 2,578 5,549 0 1,422 1,422 200,000 2,133 4.031 200,000
3 48 2,578 8,534 0 1,966 4,899 200,000 3,388 6,322 200,000
4 49 2,578 11,667 0 3,481 6,415 200,000 5,878 8,812 200,000
5 50 2,578 14,957 0 4,911 7,844 200,000 8,566 11,499 200,000
6 51 2,578 18,412 0 6,573 9,213 200,000 11,791 14,431 200,000
7 52 2,578 22,040 0 8,152 10,499 200,000 15,266 17,612 200,000
8 53 2,578 25,848 0 9,651 11,705 200,000 19,019 21,213 200,000
9 54 2,578 29,848 0 11,071 12,832 200,000 23,086 24,846 200,000
10 55 2,578 34,047 0 12,414 13,881 200,000 27,502 28,968 200,000
Total 25,780
11 56 2,578 38,456 0 13,788 14,961 200,000 32,589 33,689 200,000
12 57 2,578 43,086 0 15,070 15,950 200,000 37,878 37,998 200,000
13 58 2,578 47,947 0 16,261 16,847 200,000 44,006 44,593 200,000
14 59 2,578 53,052 0 17,362 17,656 200,000 50,610 50,904 200,000
15 60 2,578 58,411 0 18,375 18,373 200,000 57,886 57,886 200,000
16 61 2,578 64,038 0 19,007 19,007 200,000 65,627 65,627 200,000
17 62 2,578 69,947 0 19,509 19,509 200,000 74,192 74,192 200,000
18 63 2,578 76,152 0 19,860 19,860 200,000 83,677 83,677 200,000
19 64 2,578 82,666 0 20,040 20,040 200,000 94,197 94,197 200,000
20 65 2,578 89,506 0 20,006 20,006 200,000 105,874 105,874 200,000
Total 51,560
21 66 2,578 96,688 0 19,766 19,766 200,000 118,917 118,917 200,000
22 67 2,578 104,230 0 19,288 19,288 200,000 133,486 133,486 200,000
23 68 2,578 112,148 0 18,549 18,549 200,000 149,810 149,810 200,000
24 69 ,578 120,462 0 17,545 17,545 200,000 168,162 168,162 200,000
25 70 2,578 129,192 0 16,248 16,248 200,000 188,706 188,706 218,899
26 71 ,578 138,359 0 14,609 14,609 200,000 211,422 211,422 243,135
27 72 2,578 147,984 0 12,527 12,527 200,000 236,581 236,581 267,336
28 73 2,578 158,090 0 9,920 9,920 200,000 264,462 264,462 293,553
29 74 2,578 168,701 0 6,627 6,627 200,000 295,379 295,379 321,963
30 75 2,578 179,843 0 2,519 2,519 200,000 329,703 329,703 352,782
Total 77,340
<CAPTION>
CURRENT CHARGES
------------------------
12.00% (- 10.42% NET)
-------------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ----- --------- ---------- ---------
<S> <C> <C> <C>
1 270 1,940 200,000
2 2,481 4,378 200,000
3 4,092 7,025 200,000
4 6,899 9,833 200,000
5 9,936 12,869 200,000
6 13,380 16,020 200,000
7 17,467 19,467 200,000
8 21,213 23,266 200,000
9 25,697 27,457 200,000
10 30,595 32,061 200,000
Total
11 36,137 37,310 200,000
12 42,224 43,104 200,000
13 48,944 49,531 200,000
14 56,318 56,611 200,000
15 64,500 64,500 200,000
16 73,295 73,295 200,000
17 83,105 83,105 200,000
18 93,979 93,979 200,000
19 106,124 106,124 200,000
20 119,649 119,649 200,000
Total
21 134,774 134,774 200,000
22 151,667 151,667 200,000
23 170,562 170,562 201,263
24 191,590 191,590 224,160
25 214,884 214,884 249,266
26 240,674 240,674 276,776
27 269,271 269,271 304,276
28 300,993 300,993 334,102
29 336,191 336,191 366,448
30 375,275 375,275 401,545
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 01/04/95 05:02 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-20
<PAGE> 107
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------------------
0.00% (- 1.49% NET) 12.00% (- 10.42% NET)
---------------------------------- -------------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ----- --- -------- ------- --------- --------- -------- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 2,578 191,542 0 LAPSE LAPSE LAPSE 367,868 367,868 386,262
32 77 2,578 203,826 0 410,040 410,040 430,542
33 78 2,578 216,725 0 456,622 456,622 479,453
34 79 2,578 230,268 0 508,044 508,044 533,447
35 80 2,578 244,488 0 564,780 564,780 593,019
36 81 2,578 259,419 0 627,330 627,330 658,697
37 82 2,578 275,097 0 696,232 696,232 731,044
38 83 2,578 291,559 0 772,041 772,041 810,643
39 84 2,578 308,844 0 855,342 855,342 898,109
40 85 2,578 326,993 0 946,761 946,761 994,099
Total 103,120
41 86 2,578 346,049 0 1,046,950 1,046,950 1,099,297
42 87 2,578 366,059 0 1,156,604 1,156,604 1,214,434
43 88 2,578 387,069 0 1,276,428 1,276,428 1,340,250
44 89 2,578 409,129 0 1,407,182 1,407,182 1,477,541
45 90 2,578 432,292 0 1,549,595 1,549,595 1,627,075
46 91 2,578 456,614 0 1,704,432 1,704,432 1,789,653
47 92 2,578 482,151 0 1,876,722 1,876,722 1,951,791
48 93 2,578 508,966 0 2,069,385 2,069,385 2,131,467
49 94 2,578 537,121 0 2,286,064 2,286,064 2,331,785
50 95 2,578 566,684 0 2,531,422 2,531,422 2,556,736
--------
Total 128,900
<CAPTION>
CURRENT CHARGES
------------------------
12.00% (- 10.42% NET)
-------------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ----- --------- ---------- ---------
<S> <C> <C> <C>
31 418,700 418,700 439,635
32 466,785 466,785 490,124
33 520,016 520,016 546,017
34 578,915 578,915 607,860
35 644,072 644,072 676,275
36 716,106 716,106 751,912
37 795,730 795,730 835,517
38 883,618 883,618 927,799
39 980,564 980,564 1,029,592
40 1,087,310 1,087,310 1,141,676
Total
41 1,204,684 1,204,684 1,264,919
42 1,333,568 1,333,568 1,400,246
43 1,474,873 1,474,873 1,548,617
44 1,629,899 1,629,899 1,711,394
45 1,799,772 1,799,772 1,889,761
46 1,985,522 1,985,522 2,084,798
47 2,192,001 2,192,001 2,279,682
48 2,422,361 2,422,361 2,495,032
49 2,680,521 2,680,521 2,734,131
50 2,971,114 2,971,114 3,000,825
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 01/04/95 05:02 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-21
<PAGE> 108
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: FEMALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 12%
FEMALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 2,578.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ----- --- ------- ----------- ---- ----- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 0 0 270 1,940 200,000
2 47 2,578 0 0 0 2,481 4,378 200,000
3 48 2,578 0 0 0 4,092 7,025 200,000
4 49 2,578 0 0 0 6,899 9,833 200,000
5 50 2,578 0 0 0 9,936 12,869 200,000
6 51 2,578 0 0 0 13,380 16,020 200,000
7 52 2,578 0 0 0 17,121 19,467 200,000
8 53 2,578 0 0 0 21,213 23,266 200,000
9 54 2,578 0 0 0 25,697 27,457 200,000
10 55 2,578 0 0 0 30,595 32,061 200,000
11 56 2,578 0 0 0 36,137 37,310 200,000
12 57 2,578 0 0 0 42,226 43,104 200,000
13 58 2,578 0 0 0 48,944 49,531 200,000
14 59 2,578 0 0 0 56,318 56,611 200,000
15 60 2,578 0 0 0 64,500 64,500 200,000
16 61 2,578 0 0 0 73,295 73,295 200,000
17 62 2,578 0 0 0 83,105 83,105 200,000
18 63 2,578 0 0 0 93,979 93,979 200,000
19 64 2,578 0 0 0 106,124 106,124 200,000
20 65 2,578 0 0 0 119,649 119,649 200,000
21 66 2,578 0 0 0 134,774 134,774 200,000
22 67 2,578 0 0 0 151,667 151,667 200,000
23 68 2,578 0 0 0 170,562 170,562 201,263
24 69 2,578 0 0 0 191,590 191,590 224,160
25 70 2,578 0 0 0 214,884 214,884 249,266
26 71 2,578 0 0 0 240,676 240,674 276,776
27 72 2,578 0 0 0 269,271 269,271 304,276
28 73 2,578 0 0 0 300,993 300,993 334,102
29 74 2,578 0 0 0 336,191 336,191 366,448
30 75 2,578 0 0 0 375,275 375,275 401,545
31 76 2,578 0 0 0 418,700 418,700 439,635
32 77 2,578 0 0 0 466,785 466,785 490,124
33 78 2,578 0 0 0 520,016 520,016 546,017
34 79 2,578 0 0 0 578,915 578,915 607,860
35 80 2,578 0 0 0 644,072 644,072 676,275
36 81 2,578 0 0 0 716,106 716,106 751,912
37 82 2,578 0 0 0 795,730 795,730 835,517
38 83 2,578 0 0 0 883,618 883,618 927,799
39 84 2,578 0 0 0 980,564 980,564 1,029,592
40 85 2,578 0 0 0 1,087,310 1,087,310 1,141,676
-------
Total 103,120
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 01/04/95 05:03 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-22
<PAGE> 109
<TABLE>
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ----- --- ------- ----------- ---- ----- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 2,578 0 0 0 1,204,684 1,204,684 1,284,919
42 87 2,578 0 0 0 1,333,568 1,333,568 1,400,246
43 88 2,578 0 0 0 1,474,873 1,474,873 1,548,617
44 89 2,578 0 0 0 1,629,899 1,629,899 1,711,394
45 90 2,578 0 0 0 1,799,772 1,799,772 1,889,761
46 91 2,578 0 0 0 1,985,522 1,985,522 2,084,798
47 92 2,578 0 0 0 2,192,001 2,192,001 2,279,682
48 93 2,578 0 0 0 2,422,361 2,422,361 2,495,032
49 94 2,578 0 0 0 2,680,521 2,680,521 2,734,131
50 95 2,578 0 0 0 2,971,114 2,971,114 3,000,825
-------
Total 128,900
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,625.68 INITIAL GUIDELINE ANNUAL: $2,941.36 INITIAL TWO YEAR MINIMUM: $2,578.00
PREPARED ON: 01/04/95 05:03 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-23
<PAGE> 110
<TABLE>
<S> <C> <C>
STANDARD LEDGER STATEMENT
FOR: MALE 45 STANDARD SMOKER DB OPT 1 0% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE SMOKER STANDARD AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 4,162.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-------------------------------------------------------------------------
0.00% (- 1.49% NET) 0.00% (- 1.49% NET)
---------------------------------- ----------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- -------- -------- --------- --------- -------- -------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 4,370 0 573 2,655 200,000 573 2,655 200,000
2 47 4,162 8,959 0 2,572 5,023 200,000 2,572 5,023 200,000
3 48 4,162 13,777 0 3,136 7,258 200,000 3,186 7,258 200,000
4 49 4,162 18,836 0 5,218 9,339 200,000 5,218 9,339 200,000
5 50 4,162 24,148 0 7,151 11,272 200,000 7,151 11,272 200,000
6 51 4,162 29,725 0 9,350 13,060 200,000 9,350 13,060 200,000
7 52 4,162 35,581 0 11,386 14,684 200,000 11,386 14,684 200,000
8 53 4,162 41,731 0 13,219 16,104 200,000 13,219 16,104 200,000
9 54 4,162 48,187 0 14,850 17,323 200,000 14,850 17,323 200,000
10 55 4,162 54,967 0 16,242 18,303 200,000 16,242 18,303 200,000
Total 41,620
11 56 4,162 62,085 0 17,604 19,253 200,000 17,604 19,253 200,000
12 57 4,162 69,559 0 18,714 19,951 200,000 18,714 19,951 200,000
13 58 4,162 77,408 0 19,551 20,375 200,000 19,551 20,375 200,000
14 59 4,162 85,648 0 20,092 20,504 200,000 20,092 20,504 200,000
15 60 4,162 94,300 0 20,336 20,336 200,000 20,336 20,336 200,000
16 61 4,162 103,386 0 19,843 19,843 200,000 19,843 19,843 200,000
17 62 4,162 112,925 0 18,957 18,957 200,000 18,957 18,957 200,000
18 63 4,162 122,941 0 17,624 17,624 200,000 17,624 17,624 200,000
19 64 4,162 133,459 0 15,785 15,785 200,000 15,785 15,785 200,000
20 65 4,162 144,502 0 13,354 13,354 200,000 13,354 13,354 200,000
Total 83,240
21 66 4,162 156,097 0 10,320 10,320 200,000 10,320 10,320 200,000
22 67 4,162 168,272 0 6,561 6,561 200,000 6,561 6,561 200,000
23 68 4,162 181,055 0 1,981 1,981 200,000 1,981 1,981 200,000
24 69 4,162 194,478 0 LAPSE LAPSE LAPSE LAPSE LAPSE LAPSE
25 70 4,162 208,572 0
26 71 4,162 223,371 0
27 72 4,162 238,910 0
28 73 4,162 255,225 0
29 74 4,162 272,356 0
--------
Total 120,698
<CAPTION>
CURRENT CHARGES
----------------------------------
0.00% (- 1.49% NET)
----------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- -------- --------
<S> <C> <C> <C>
1 573 2,655 200,000
2 3,036 5,486 200,000
3 4,030 8,151 200,000
4 6,511 10,632 200,000
5 8,859 12,980 200,000
6 11,467 15,176 200,000
7 13,928 17,225 200,000
8 16,289 19,174 200,000
9 18,510 20,983 200,000
10 20,573 22,634 200,000
Total
11 22,566 24,214 200,000
12 24,395 25,631 200,000
13 25,877 26,701 200,000
14 27,220 27,632 200,000
15 28,364 28,364 200,000
16 28,898 28,898 200,000
17 29,131 29,131 200,000
18 29,041 29,041 200,000
19 28,624 28,624 200,000
20 27,935 27,935 200,000
Total
21 26,992 26,992 200,000
22 25,721 25,721 200,000
23 24,051 24,051 200,000
24 21,837 21,837 200,000
25 18,904 18,904 200,000
26 15,254 15,254 200,000
27 10,680 10,680 200,000
28 5,180 5,180 200,000
29 LAPSE LAPSE LAPSE
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 73. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 80.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.88 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 01/04/95 05:03 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-24
<PAGE> 111
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 STANDARD SMOKER DE OPT 1 0% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE SMOKER STANDARD AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 4,162.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
0.00% (-1.49% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 0 0 573 2,655 200,000
2 47 4,162 0 0 0 3,036 5,486 200,000
3 48 4,162 0 0 0 4,030 8,151 200,000
4 49 4,162 0 0 0 6,511 10,632 200,000
5 50 4,162 0 0 0 8,859 12,980 200,000
6 51 4,162 0 0 0 11,467 15,176 200,000
7 52 4,162 0 0 0 13,928 17,225 200,000
8 53 4,162 0 0 0 16,289 19,174 200,000
9 54 4,162 0 0 0 18,510 20,983 200,000
10 55 4,162 0 0 0 20,573 22,634 200,000
11 56 4,162 0 0 0 22,566 24,214 200,000
12 57 4,162 0 0 0 24,395 25,631 200,000
13 58 4,162 0 0 0 25,877 26,701 200,000
14 59 4,162 0 0 0 27,220 27,632 200,000
15 60 4,162 0 0 0 28,364 28,364 200,000
16 61 4,162 0 0 0 28,898 28,898 200,000
17 62 4,162 0 0 0 29,131 29,131 200,000
18 63 4,162 0 0 0 29,041 29,041 200,000
19 64 4,162 0 0 0 28,624 28,624 200,000
20 65 4,162 0 0 0 27,935 27,935 200,000
21 66 4,162 0 0 0 26,992 26,992 200,000
22 67 4,162 0 0 0 25,721 25,721 200,000
23 68 4,162 0 0 0 24,051 24,051 200,000
24 69 4,162 0 0 0 21,837 21,837 200,000
25 70 4,162 0 0 0 18,904 18,904 200,000
26 71 4,162 0 0 0 15,254 15,254 200,000
27 72 4,162 0 0 0 10,680 10,680 200,000
28 73 4,162 0 0 0 5,180 5,180 200,000
29 74 4,162 0 0 0 LAPSE LAPSE LAPSE
-------
Total 120,698
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 69. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 74.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 01/04/95 05:03 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-25
<PAGE> 112
<TABLE>
<S> <C> <C>
STANDARD LEDGER STATEMENT
FOR: MALE 45 STANDARD SMOKER DB OPT 1 6% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE SMOKER STANDARD AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 4,162.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
-------------------------------- --------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- -------- -------- --------- --------- ------ -------- --------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 4,370 0 373 2,655 200,000 766 2,848 200,000
2 47 4,162 8,959 0 2,572 5,023 200,000 3,120 5,570 200,000
3 48 4,162 13,777 0 3,136 7,258 200,000 4,195 8,316 200,000
4 49 4,162 18,836 0 5,218 9,339 200,000 6,945 11,066 200,000
5 50 4,162 24,148 0 7,151 11,272 200,000 9,704 13,825 200,000
6 51 4,162 29,725 0 9,350 13,060 200,000 12,889 16,598 200,000
7 52 4,162 35,581 0 11,386 14,684 200,000 16,070 19,367 200,000
8 53 4,162 41,731 0 13,219 16,104 200,000 19,208 22,093 200,000
9 54 4,162 48,187 0 14,850 17,323 200,000 22,306 24,779 200,000
10 55 4,162 54,967 0 16,242 18,303 200,000 25,326 27,387 200,000
Total 41,620
11 56 4,162 62,085 0 17,604 19,253 200,000 28,537 30,186 200,000
12 57 4,162 69,559 0 18,714 19,951 200,000 31,685 32,922 200,000
13 58 4,162 77,408 0 19,551 20,375 200,000 34,753 35,578 200,000
14 59 4,162 85,648 0 20,092 20,504 200,000 37,724 38,137 200,000
15 60 4,162 94,300 0 20,336 20,336 200,000 40,601 40,601 200,000
16 61 4,162 103,386 0 19,843 19,843 200,000 42,952 42,952 200,000
17 62 4,162 112,925 0 18,957 18,957 200,000 45,135 45,135 200,000
18 63 4,162 122,941 0 17,624 17,624 200,000 47,106 47,106 200,000
19 64 4,162 133,459 0 15,785 15,785 200,000 48,822 48,822 200,000
20 65 4,162 144,502 0 13,354 13,354 200,000 50,216 50,216 200,000
Total 83,240
21 66 4,162 156,097 0 10,320 10,320 200,000 51,304 51,304 200,000
22 67 4,162 168,272 0 6,561 6,561 200,000 51,976 51,976 200,000
23 68 4,162 181,055 0 1,981 1,981 200,000 52,162 52,162 200,000
24 69 4,162 194,478 0 LAPSE LAPSE LAPSE 51,835 51,835 200,000
25 70 4,162 208,572 0 50,866 50,866 200,000
26 71 4,162 223,371 0 49,107 49,107 200,000
27 72 4,162 238,910 0 46,396 46,396 200,000
28 73 4,162 255,225 0 42,461 42,461 200,000
29 74 4,162 272,356 0 37,007 37,007 200,000
30 75 4,162 290,344 0 29,682 29,682 200,000
Total 124,860
<CAPTION>
CURRENT CHARGES
----------------------------------
6.00% (4.46% NET)
----------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- -------- --------
<S> <C> <C> <C>
1 766 2,848 200,000
2 3,597 6,048 200,000
3 5,143 9,264 200,000
4 8,359 12,481 200,000
5 11,626 15,747 200,000
6 15,339 19,049 200,000
7 19,095 22,392 200,000
8 22,941 25,826 200,000
9 26,846 29,319 200,000
10 30,796 32,857 200,000
Total
11 34,955 36,604 200,000
12 39,189 40,425 200,000
13 43,336 44,161 200,000
14 47,596 48,008 200,000
15 51,926 51,926 200,000
16 55,930 55,930 200,000
17 59,949 59,949 200,000
18 63,980 63,980 200,000
19 68,043 68,043 200,000
20 72,202 72,202 200,000
Total
21 76,522 76,522 200,000
22 80,959 80,959 200,000
23 85,495 85,495 200,000
24 90,076 90,076 200,000
25 94,640 94,640 200,000
26 99,248 99,248 200,000
27 103,852 103,852 200,000
28 108,528 108,528 200,000
29 113,234 113,234 200,000
30 117,960 117,960 200,000
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 01/04/95 05:04 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-26
<PAGE> 113
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
--------------------------------- ---------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- -------- -------- --------- --------- ------- -------- --------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 4,162 309,232 0 19,952 19,952 200,000
32 77 4,162 329,063 0 7,238 7,238 200,000
33 78 4,162 349,887 0 LAPSE LAPSE LAPSE
34 79 4,162 371,751 0
35 80 4,162 394,709 0
36 81 4,162 418,814 0
37 82 4,162 444,125 0
38 83 4,162 470,701 0
39 84 4,162 498,607 0
40 85 4,162 527,907 0
Total 166,480
41 86 4,162 558,673 0
42 87 4,162 590,976 0
43 88 4,162 624,895 0
44 89 4,162 660,510 0
45 90 4,162 697,906 0
46 91 4,162 737,171 0
47 92 4,162 778,400 0
48 93 4,162 821,690 0
49 94 4,162 867,144 0
50 95 4,162 914,872 0
--------
Total 208,100
<CAPTION>
CURRENT CHARGES
----------------------------------
6.00% (4.46% NET)
----------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- -------- --------
<S> <C> <C> <C>
31 122,834 122,834 200,000
32 127,784 127,784 200,000
33 132,820 132,820 200,000
34 137,470 137,470 200,000
35 142,146 142,146 200,000
36 146,991 146,991 200,000
37 152,021 152,021 200,000
38 157,902 157,902 200,000
39 164,507 164,507 200,000
40 172,054 172,054 200,000
Total
41 180,995 180,995 200,000
42 191,867 191,867 201,460
43 203,527 203,527 213,704
44 215,470 215,470 226,243
45 227,678 227,678 239,062
46 240,096 240,096 252,100
47 253,429 253,429 263,566
48 267,859 267,859 275,895
49 283,596 283,596 289,268
50 300,893 300,893 303,902
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 01/04/95 05:04 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-27
<PAGE> 114
ALLOCATION OF VALUE
<TABLE>
<S> <C> <C>
FOR: MALE 45 STANDARD SMOKER DB OPT 1 6% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE SMOKER STANDARD AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 4,162.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------------
6.00% (4.46% NET)
----------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 0 0 766 2,848 200,000
2 47 4,162 0 0 0 3,597 6,048 200,000
3 48 4,162 0 0 0 5,143 9,264 200,000
4 49 4,162 0 0 0 8,359 12,481 200,000
5 50 4,162 0 0 0 11,626 15,747 200,000
6 51 4,162 0 0 0 15,339 19,049 200,000
7 52 4,162 0 0 0 19,095 22,392 200,000
8 53 4,162 0 0 0 22,941 25,826 200,000
9 54 4,162 0 0 0 26,846 29,319 200,000
10 55 4,162 0 0 0 30,796 32,857 200,000
11 56 4,162 0 0 0 34,955 36,604 200,000
12 57 4,162 0 0 0 39,189 40,425 200,000
13 58 4,162 0 0 0 43,336 44,161 200,000
14 59 4,162 0 0 0 47,596 48,008 200,000
15 60 4,162 0 0 0 51,926 51,926 200,000
16 61 4,162 0 0 0 55,930 55,930 200,000
17 62 4,162 0 0 0 59,949 59,949 200,000
18 63 4,162 0 0 0 63,980 63,980 200,000
19 64 4,162 0 0 0 68,043 68,043 200,000
20 65 4,162 0 0 0 72,202 72,202 200,000
21 66 4,162 0 0 0 76,522 76,522 200,000
22 67 4,162 0 0 0 80,959 80,959 200,000
23 68 4,162 0 0 0 85,495 85,495 200,000
24 69 4,162 0 0 0 90,076 90,076 200,000
25 70 4,162 0 0 0 94,640 94,640 200,000
26 71 4,162 0 0 0 99,248 99,248 200,000
27 72 4,162 0 0 0 103,852 103,852 200,000
28 73 4,162 0 0 0 108,528 108,528 200,000
29 74 4,162 0 0 0 113,234 113,234 200,000
30 75 4,162 0 0 0 117,960 117,960 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 01/04/95 05:04 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-28
<PAGE> 115
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------------
6.00% (4.46% NET)
----------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 4,162 0 0 0 122,834 112,834 200,000
32 77 4,162 0 0 0 127,784 112,784 200,000
33 78 4,162 0 0 0 132,820 132,820 200,000
34 79 4,162 0 0 0 137,470 137,470 200,000
35 80 4,162 0 0 0 142,146 142,146 200,000
36 81 4,162 0 0 0 146,991 146,991 200,000
37 82 4,162 0 0 0 152,021 152,021 200,000
38 83 4,162 0 0 0 157,902 157,902 200,000
39 84 4,162 0 0 0 164,507 164,507 200,000
40 85 4,162 0 0 0 172,054 172,054 200,000
-------
Total 166,480
41 86 4,162 0 0 0 180,995 180,995 200,000
42 87 4,162 0 0 0 191,867 191,867 201,460
43 88 4,162 0 0 0 203,527 203,527 213,704
44 89 4,162 0 0 0 215,470 215,470 226,243
45 90 4,162 0 0 0 227,678 227,678 239,062
46 91 4,162 0 0 0 240,096 240,096 252,100
47 92 4,162 0 0 0 253,429 253,429 263,566
48 93 4,162 0 0 0 267,859 267,859 275,895
49 94 4,162 0 0 0 283,596 283,596 289,268
50 95 4,162 0 0 0 300,893 300,893 303,902
-------
Total 208,100
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 01/04/95 05:04 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-29
<PAGE> 116
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 STANDARD SMOKER DB OPT 1 12% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE SMOKER STANDARD AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 4,162.00 MONY LIFE OF AMERICA SPECIFIED AMOUNT
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------------------
0.00% (- 1.49% NET) 12.00% (10.42% NET)
-------------------------------- -------------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- -------- -------- --------- --------- ------ -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 4,370 0 573 2,655 200,000 960 3,042 200,000
2 47 4,162 8,959 0 2,572 5,023 200,000 3,691 6,142 200,000
3 48 4,162 13,777 0 3,136 7,258 200,000 5,347 9,468 200,000
4 49 4,162 18,836 0 5,218 9,339 200,000 8,904 13,026 200,000
5 50 4,162 24,148 0 7,151 11,272 200,000 12,725 16,846 200,000
6 51 4,162 29,725 0 9,350 13,060 200,000 17,257 20,966 200,000
7 52 4,162 35,581 0 11,386 14,684 200,000 22,106 25,403 200,000
8 53 4,162 41,731 0 13,219 16,104 200,000 27,273 30,158 200,000
9 54 4,162 48,187 0 14,850 17,323 200,000 32,807 35,280 200,000
10 55 4,162 54,967 0 16,242 18,303 200,000 38,722 40,783 200,000
Total 41,620
11 56 4,162 62,085 0 17,604 19,253 200,000 45,434 47,083 200,000
12 57 4,162 69,559 0 18,714 19,951 200,000 52,717 53,954 200,000
13 58 4,162 77,408 0 19,551 20,375 200,000 60,648 61,472 200,000
14 59 4,162 85,648 0 20,092 20,504 200,000 69,317 69,729 200,000
15 60 4,162 94,300 0 20,336 20,336 200,000 78,853 78,853 200,000
16 61 4,162 103,386 0 19,843 19,843 200,000 88,978 88,978 200,000
17 62 4,162 112,925 0 18,957 18,957 200,000 100,237 100,237 200,000
18 63 4,162 122,941 0 17,624 17,624 200,000 112,817 112,817 200,000
19 64 4,162 133,459 0 15,785 15,785 200,000 126,948 126,948 200,000
20 65 4,162 114,502 0 13,354 13,354 200,000 142,908 142,908 200,000
Total 83,240
21 66 4,162 156,097 0 10,320 10,320 200,000 161,147 161,147 200,000
22 67 4,162 168,272 0 6,561 6,561 200,000 181,799 181,799 216,341
23 68 4,162 181,055 0 1,981 1,981 200,000 204,513 204,513 241,326
24 69 4,162 194,478 0 LAPSE LAPSE LAPSE 229,486 229,486 268,499
25 70 4,162 208,572 0 256,936 256,936 298,046
26 71 4,162 223,371 0 287,105 287,105 330,171
27 72 4,162 238,910 0 320,462 320,462 362,122
28 73 4,162 255,225 0 357,400 357,400 396,714
29 74 4,162 272,356 0 398,397 398,397 434,253
30 75 4,162 290,344 0 444,031 444,031 475,113
Total 124,860
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ---------- ---------
<S> <C> <C> <C>
1 960 3,042 200,000
2 4,183 6,633 200,000
3 6,351 10,472 200,000
4 10,447 14,568 200,000
5 14,881 19,003 200,000
6 20,088 23,797 200,000
7 25,702 28,999 200,000
8 31,820 34,705 200,000
9 38,464 40,937 200,000
10 45,683 47,744 200,000
Total
11 53,821 55,470 200,000
12 62,765 64,001 200,000
13 72,483 73,308 200,000
14 83,267 83,680 200,000
15 95,230 95,230 200,000
16 108,138 108,138 200,000
17 122,562 122,562 200,000
18 138,746 138,746 200,000
19 156,992 156,992 200,000
20 177,515 177,515 216,568
Total
21 200,293 200,293 240,352
22 225,419 225,419 268,248
23 253,123 253,123 298,685
24 283,646 283,646 331,865
25 317,241 317,241 368,000
26 354,247 354,247 407,385
27 395,165 395,165 446,536
28 440,512 440,512 488,969
29 490,830 490,830 535,005
30 546,774 546,774 585,048
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract lapses at age 95. Assuming Current Charges and a Gross
Investment Return of 12.00%, contract lapses at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 01/04/95 05:05 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-30
<PAGE> 117
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------------------
0.00% (- 1.49% NET) 12.00% (10.42% NET)
-------------------------------- -----------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- -------- -------- --------- --------- ---------- --------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> C> <C>
31 76 4,162 309,232 0 494,985 494,985 519,734
32 77 4,162 329,063 0 551,063 551,063 578,617
33 78 4,162 349,887 0 612,750 612,750 643,388
34 79 4,162 371,751 0 680,580 680,580 714,609
35 80 4,162 394,709 0 755,119 755,119 792,875
36 81 4,162 418,814 0 836,961 836,961 878,810
37 82 4,162 444,125 0 926,746 926,746 973,083
38 83 4,162 470,701 0 1,025,122 1,025,122 1,076,378
39 84 4,162 498,607 0 1,132,771 1,132,771 1,189,410
40 85 4,162 527,907 0 1,250,435 1,250,435 1,312,956
--------
Total 166,480
41 86 4,162 558,673 0 1,378,916 1,378,916 1,447,861
42 87 4,162 590,976 0 1,519,102 1,519,102 1,595,057
43 88 4,162 624,895 0 1,671,954 1,671,954 1,755,552
44 89 4,162 660,510 0 1,838,358 1,838,358 1,930,276
45 90 4,162 697,906 0 2,019,364 2,019,364 2,120,332
46 91 4,162 737,171 0 2,216,060 2,216,060 2,326,863
47 92 4,162 778,400 0 2,436,327 2,436,327 2,533,780
48 93 4,162 821,690 0 2,684,138 2,684,138 2,764,663
49 94 4,162 867,144 0 2,964,133 2,964,133 3,023,416
50 95 4,162 914,872 0 3,282,329 3,282,329 3,315,152
--------
Total 208,100
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ---------- ---------
<S> <C> <C> <C>
31 609,180 609,180 639,639
32 677,986 677,986 711,885
33 753,785 753,785 791,474
34 836,901 836,901 878,746
35 928,188 928,188 974,598
36 1,028,413 1,028,413 1,079,834
37 1,138,252 1,138,252 1,195,164
38 1,259,189 1,259,189 1,322,149
39 1,391,761 1.301,761 1,461,349
40 1,536,790 1,536,790 1,613,629
Total
41 1,695,378 1,695,378 1,780,146
42 1,868,356 1,868,356 1,961,773
43 2,056,970 2,056,970 2,159,818
44 2,262,325 2,262,325 2,375,441
45 2,485,627 2,485,627 2,609,908
46 2,727,707 2,727,707 2,864,092
47 2,998,404 2,998,404 3,118,340
48 3,302,730 3,302,730 3,401,812
49 3,646,756 3,646,756 3,719,691
50 4,037,926 4,037,926 4,078,306
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract lapses at age 95. Assuming Current Charges and a Gross
Investment Return of 12.00%, contract lapses at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 01/04/95 05:05 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-31
<PAGE> 118
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 STANDARD SMOKER DB OPT 1 12% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE SMOKER STANDARD AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 4,162.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ----- --- ------- ----------- ---- ----- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 0 0 960 3,042 200,000
2 47 4,162 0 0 0 4,183 6,633 200,000
3 48 4,162 0 0 0 6,351 10,472 200,000
4 49 4,162 0 0 0 10,447 14,568 200,000
5 50 4,162 0 0 0 14,881 19,003 200,000
6 51 4,162 0 0 0 20,088 23,797 200,000
7 52 4,162 0 0 0 25,702 28,999 200,000
8 53 4,162 0 0 0 31,820 34,705 200,000
9 54 4,162 0 0 0 38,464 40,937 200,000
10 55 4,162 0 0 0 45,683 47,744 200,000
11 56 4,162 0 0 0 53,821 55,470 200,000
12 57 4,162 0 0 0 62,765 64,001 200,000
13 58 4,162 0 0 0 72,483 73,308 200,000
14 59 4,162 0 0 0 83,267 83,680 200,000
15 60 4,162 0 0 0 95,230 95,230 200,000
16 61 4,162 0 0 0 108,138 108,138 200,000
17 62 4,162 0 0 0 122,562 122,562 200,000
18 63 4,162 0 0 0 138,746 138,746 200,000
19 64 4,162 0 0 0 156,992 156,992 200,000
20 65 4,162 0 0 0 177,515 177,515 216,568
21 66 4,162 0 0 0 200,293 200,293 240,352
22 67 4,162 0 0 0 225,419 225,419 268,248
23 68 4,162 0 0 0 253,123 253,123 298,685
24 69 4,162 0 0 0 283,646 283,646 331,865
25 70 4,162 0 0 0 317,241 317,241 368,000
26 71 4,162 0 0 0 354,247 354,247 407,385
27 72 4,162 0 0 0 395,165 395,165 446,536
28 73 4,162 0 0 0 440,512 440,512 488,969
29 74 4,162 0 0 0 490,830 490,830 535,005
30 75 4,162 0 0 0 546,774 546,774 585,048
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 01/04/95 05:05 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-32
<PAGE> 119
<TABLE>
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ----- --- ------- ----------- ---- ----- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 4,162 0 0 0 609,180 609,180 639,639
32 77 4,162 0 0 0 677,986 677,986 711,885
33 78 4,162 0 0 0 753,785 753,785 791,474
34 79 4,162 0 0 0 836,901 836,901 878,746
35 80 4,162 0 0 0 928,188 928,188 974,598
36 81 4,162 0 0 0 1,028,413 1,028,413 1,079,834
37 82 4,162 0 0 0 1,138,252 1,138,252 1,195,164
38 83 4,162 0 0 0 1,259,189 1,259,189 1,322,149
39 84 4,162 0 0 0 1,391,761 1,391,761 1,461,349
40 85 4,162 0 0 0 1,536,790 1,536,790 1,613,629
-------
Total 166,480
41 86 4,162 0 0 0 1,695,378 1,695,378 1,780,146
42 87 4,162 0 0 0 1,868,356 1,868,356 1,961,773
43 88 4,162 0 0 0 2,056,970 2,056,970 2,159,818
44 89 4,162 0 0 0 2,262,325 2,262,325 2,375,441
45 90 4,162 0 0 0 2,485,627 2,485,627 2,609,908
46 91 4,162 0 0 0 2,727,707 2,727,707 2,864,092
47 92 4,162 0 0 0 2,998,404 2,998,404 3,118,340
48 93 4,162 0 0 0 3,302,730 3,302,730 3,401,812
49 94 4,162 0 0 0 3,646,756 3,646,756 3,719,691
50 95 4,162 0 0 0 4,037,926 4,037,926 4,078,306
-------
Total 208,100
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $58,140.00 INITIAL GUIDELINE ANNUAL: $4,757.12 INITIAL TWO YEAR MINIMUM: $4,162.00
PREPARED ON: 01/04/95 05:05 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-33
<PAGE> 120
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
2 0% GROSS
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT PLUS FUND VALUE
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET)
-------------------------------- --------------------------------
(1) (2) (3) (6) (9)
NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
END OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- ------- ------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 310 2,113 202,113 310 2,113 202,113
2 47 3,088 6,647 0 1,506 4,112 204,112 1,506 4,112 204,112
3 48 3,088 10,222 0 2,716 6,032 206,032 2,716 6,032 206,032
4 49 3,088 13,975 0 4,537 7,853 207,853 4,537 7,853 207,853
5 50 3,088 17,916 0 6,260 9,576 209,576 6,620 9,576 209,576
6 51 3.088 22,055 0 8,216 11,201 211,201 8,216 11,201 211,201
7 52 3,088 26,400 0 10,054 12,706 212,706 10,054 12,706 212,706
8 53 3,088 30,962 0 11,773 14,094 214,094 11,773 14,094 214,094
9 54 3,088 35,753 0 13,353 15,343 215,343 13,353 15,343 215,343
10 55 3,088 40,783 0 14,795 16,453 216,453 14,795 16,453 216,453
Total 30,880
11 56 3,088 46,064 0 16,230 17,557 217,557 16,230 17,557 217,557
12 57 3,088 51,610 0 17,487 18,482 218,482 17,487 18,482 218,482
13 58 3,088 57,433 0 18,568 19,231 219,231 18,568 19,231 219,231
14 59 3,088 63,547 0 19,450 19,782 219,782 19,450 19,782 219,782
15 60 3,088 69,966 0 20,112 20,112 220,112 20,112 20,112 220,112
16 61 3,088 76,707 0 20,200 20,200 220,200 20,200 20,200 220,200
17 62 3,088 83,785 0 20,025 20,025 220,025 20,025 20,025 220,025
18 63 3,088 91,216 0 19,589 19,589 219,589 19,589 19,589 219,589
19 64 3,088 99,020 0 18,799 18,799 218,799 18,799 18,799 218,799
20 65 3,088 107,213 0 17,635 17,635 217,635 17,635 17,635 217,635
Total 61,760
21 66 3,088 115,816 0 16,114 16,114 216,114 16,114 16,114 216,114
22 67 3,088 124,849 0 14,155 14,155 214,155 14,155 14,155 214,155
23 68 3,088 134,334 0 11,714 11,714 211,714 11,714 11,714 211,714
24 69 3,088 144,293 0 8,749 8,749 208,749 8,749 8,749 208,749
25 70 3,088 154,750 0 5,240 5,240 205,240 5,240 5,240 205,240
26 71 3,088 165,730 0 1,098 1,098 201,098 1,098 1,098 201,098
27 72 3,088 177,259 0 LAPSE LAPSE LAPSE LAPSE LAPSE LAPSE
28 73 3,088 189,365 0
29 74 3,088 202,075 0
30 75 3,088 215,421 0
Total 92,640
31 76 3,088 229,435 0
32 77 3,088 244,149 0
33 78 3,088 259,599 0
34 79 3,088 275,821 0
-------
Total 104,992
<CAPTION>
CURRENT CHARGES
--------------------------------
0.00% (-1.49% NET)
--------------------------------
(12)
(10) (11) BENEFIT
END OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- ----- --------
<S> <C> <C> <C>
1 310 2,113 202,113
2 1,815 4,421 204,421
3 3,283 6,599 206,599
4 5,310 8,626 208,626
5 7,235 10,551 210,551
6 9,344 12,328 212,328
7 11,378 14,031 214,031
8 13,340 15,661 215,661
9 15,254 17,243 217,243
10 17,096 18,754 218,754
Total
11 18,938 20,264 220,264
12 20,573 21,568 221,568
13 22,101 22,764 222,764
14 23,544 23,876 223,876
15 24,929 24,929 224,929
16 25,900 25,900 225,900
17 26,694 26,694 226,694
18 27,266 27,266 227,266
19 27,689 27,689 227,689
20 27,964 27,964 227,964
Total
21 28,106 28,106 228,106
22 28,057 28,057 228,057
23 27,769 27,769 227,769
24 27,173 27,173 227,173
25 26,202 26,202 226,202
26 24,858 24,858 224,858
27 23,050 23,050 223,050
28 20,831 20,831 220,831
29 18,061 18,061 218,061
30 14,698 14,698 214,698
Total
31 10,772 10,772 210,772
32 6,121 6,121 206,121
33 634 634 200,634
34 LAPSE LAPSE LAPSE
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 72. Assuming current charges and a gross
investment return of 0.00%, contract lapses at age 79.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by a contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The surrender value, fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 05:05 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-34
<PAGE> 121
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
2 0% GROSS
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT PLUS FUND VALUE
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
0.00% (-1.49% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 310 2,113 202,113
2 47 3,088 0 0 0 1,815 4,421 204,421
3 48 3,088 0 0 0 3,283 6,599 206,599
4 49 3,088 0 0 0 5,310 8,626 208,626
5 50 3,088 0 0 0 7,235 10,551 210,551
6 51 3,088 0 0 0 9,344 12,328 212,328
7 52 3,088 0 0 0 11,378 14,031 214,031
8 53 3,088 0 0 0 13,340 15,661 215,661
9 54 3,088 0 0 0 15,254 17,243 217,243
10 55 3,088 0 0 0 17,096 18,754 218,754
11 56 3,088 0 0 0 18,938 20,264 220,264
12 57 3,088 0 0 0 20,573 21,568 221,568
13 58 3,088 0 0 0 22,101 22,764 222,764
14 59 3,088 0 0 0 23,544 23,876 223,876
15 60 3,088 0 0 0 24,929 24,929 224,929
16 61 3,088 0 0 0 25,900 25,900 225,900
17 62 3,088 0 0 0 26,694 26,694 226,694
18 63 3,088 0 0 0 27,266 27,266 227,266
19 64 3,088 0 0 0 27,689 27,689 227,689
20 65 3,088 0 0 0 27,964 27,964 227,964
21 66 3,088 0 0 0 28,106 28,106 228,106
22 67 3,088 0 0 0 28,057 28,057 228,057
23 68 3,088 0 0 0 27,769 27,769 227,769
24 69 3,088 0 0 0 27,173 27,173 227,173
25 70 3,088 0 0 0 26,202 26,202 226,202
26 71 3,088 0 0 0 24,858 24,858 224,858
27 72 3,088 0 0 0 23,050 23,050 223,050
28 73 3,088 0 0 0 20,831 20,831 220,831
29 74 3,088 0 0 0 18,061 18,061 218,061
30 75 3,088 0 0 0 14,698 14,698 214,698
31 76 3,088 0 0 0 10,772 10,772 210,772
32 77 3,088 0 0 0 6,121 6,121 206,121
33 78 3,088 0 0 0 634 634 200,634
34 79 3,088 0 0 0 LAPSE LAPSE LAPSE
-------
Total 104,992
</TABLE>
Assuming guaranteed charges and a gross investment return of 0.00%, contract
lapses at age 72. Assuming guaranteed charges and a gross investment return of
0.00%, contract lapses at age 72. Assuming current charges and a gross
investment return of 0.00%, contract lapses at age 79.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by a contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The surrender value, fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 05:06 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-35
<PAGE> 122
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
2 6% GROSS
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT PLUS FUND VALUE
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
-------------------------------- --------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- -------- -------- --------- --------- ------ -------- --------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 310 2,113 202,113 458 2,261 202,261
2 47 3,088 6,647 0 1,506 4,112 204,112 1,931 4,537 204,537
3 48 3,088 10,222 0 2,716 6,032 206,032 3,549 6,865 206,865
4 49 3,088 13,975 0 4,537 7,853 207,853 5,907 9,223 209,223
5 50 3,088 17,916 0 6,260 9,576 209,576 8,297 11,613 211,613
6 51 3,088 22,055 0 8,216 11,201 211,201 11,051 14,036 214,036
7 52 3,088 26,400 0 10,054 12,706 212,706 13,816 16,468 216,468
8 53 3,088 30,962 0 11,773 14,094 214,094 16,590 18,911 218,911
9 54 3,088 35,753 0 13,353 15,343 215,343 19,351 21,340 221,340
10 55 3,088 40,783 0 14,795 16,453 216,453 22,097 23,755 223,755
Total 30,880
11 56 3,088 46,064 0 16,230 17,557 217,557 25,003 26,330 226,330
12 57 3,088 51,610 0 17,487 18,482 218,482 27,865 28,860 228,860
13 58 3,088 57,433 0 18,568 19,231 219,231 30,681 31,344 231,344
14 59 3,088 63,547 0 19,450 19,782 219,782 33,424 33,755 233,755
15 60 3,088 69,966 0 20,112 20,112 220,112 36,065 36,065 236,065
16 61 3,088 76,707 0 20,200 20,200 220,200 38,243 38,243 238,243
17 62 3,088 83,785 0 20,025 20,025 220,025 40,259 40,259 240,259
18 63 3,088 91,216 0 19,589 19,589 219,589 42,104 42,104 242,104
19 64 3,088 99,020 0 18,799 18,799 218,799 43,671 43,671 243,671
20 65 3,088 107,213 0 17,635 17,635 217,635 44,922 44,922 244,922
Total 61,760
21 66 3,088 115,816 0 16,114 16,114 216,114 45,858 45,858 245,858
22 67 3,088 124,849 0 14,155 14,155 214,155 46,371 46,371 246,371
23 68 3,088 134,334 0 11,714 11,714 211,714 46,393 46,393 246,393
24 69 3,088 144,293 0 8,749 8,749 208,749 45,848 45,848 245,848
25 70 3,088 154,750 0 5,240 5,240 205,240 44,686 44,686 244,686
26 71 3,088 165,730 0 1,098 1,098 201,098 42,775 42,775 242,775
27 72 3,088 177,259 0 LAPSE LAPSE LAPSE 39,857 39,857 239,857
28 73 3,088 189,365 0 36,005 36,005 236,005
29 74 3,088 202,075 0 30,950 30,950 230,950
30 75 3,088 215,421 0 24,261 24,461 224,261
Total 92,640
<CAPTION>
CURRENT CHARGES
--------------------------------
6.00% (4.46% NET)
--------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ------ --------
<S> <C> <C> <C>
1 458 2,261 202,261
2 2,250 4,856 204,856
3 4,153 7,469 207,469
4 6,759 10,075 210,075
5 9,408 12,724 212,724
6 12,384 15,369 215,369
7 15,429 18,082 218,082
8 18,546 20,868 220,868
9 21,763 23,753 223,753
10 25,059 26,717 226,717
11 28,557 29,883 229,883
12 32,015 33,010 233,010
13 35,531 36,194 236,194
14 39,131 39,463 239,463
15 42,845 42,845 242,845
16 46,323 46,323 246,323
17 49,801 49,801 249,801
18 53,231 53,231 253,231
19 56,684 56,684 256,684
20 60,162 60,162 260,162
21 63,681 63,681 263,681
22 67,178 67,178 267,178
23 70,603 70,603 270,603
24 73,878 73,878 273,878
25 76,922 76,922 276,922
26 79,725 79,725 279,725
27 82,173 82,173 282,173
28 84,301 84,301 284,301
29 85,943 85,943 285,943
30 87,026 87,026 287,026
</TABLE>
Assuming guaranteed charges and a gross investment return of 0.00%, contract
lapses at age 72. Assuming guaranteed charges and a gross investment return of
6.00%, contract lapses at age 78. Assuming current charges and a gross
investment return of 6.00%, contract lapses at age 87.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by a contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The surrender value, fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 05:06 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-36
<PAGE> 123
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
-------------------------------- --------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- -------- -------- --------- --------- ------ -------- --------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 3,088 229,435 0 16,366 16,366 216,366
32 77 3,088 244,149 0 6,513 6,513 206,513
33 78 3,088 259,599 0 LAPSE LAPSE LAPSE
34 79 3,088 275,821 0
35 80 3,088 292,855 0
36 81 3,088 310,740 0
37 82 3,088 329,519 0
38 83 3,088 349,237 0
39 84 3,088 369,942 0
40 85 3,088 391,681 0
Total 123,520
41 86 3,088 414,508 0
42 87 3,088 438,475 0
Total 129,696
<CAPTION>
CURRENT CHARGES
--------------------------------
6.00% (4.46% NET)
--------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ------ --------
<S> <C> <C> <C>
31 87,547 87,547 287,547
32 87,306 87,306 287,306
33 86,141 86,141 286,141
34 83,045 83,045 283,045
35 78,463 78,463 278,463
36 72,298 72,298 272,298
37 64,174 64,174 264,174
38 55,127 55,127 255,127
39 44,176 44,176 244,176
40 30,854 30,854 230,854
41 15,045 15,045 215,045
42 LAPSE LAPSE LAPSE
</TABLE>
Assuming guaranteed charges and a gross investment return of 0.00%, contract
lapses at age 72. Assuming guaranteed charges and a gross investment return of
6.00%, contract lapses at age 78. Assuming current charges and a gross
investment return of 6.00%, contract lapses at age 87.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by a contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The surrender value, fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 05:06 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-37
<PAGE> 124
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
2 6% GROSS
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT PLUS FUND
VALUE
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------------
6.00% (4.46% NET)
----------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 458 2,261 202,261
2 47 3,088 0 0 0 2,250 4,856 204,856
3 48 3,088 0 0 0 4,153 7,469 207,469
4 49 3,088 0 0 0 6,759 10,075 210,075
5 50 3,088 0 0 0 9,408 12,724 212,724
6 51 3,088 0 0 0 12,384 15,369 215,369
7 52 3,088 0 0 0 15,429 18,082 218,082
8 53 3,088 0 0 0 18,546 20,868 220,868
9 54 3,088 0 0 0 21,763 23,753 223,753
10 55 3,088 0 0 0 25,059 26,717 226,717
11 56 3,088 0 0 0 28,557 29,883 229,883
12 57 3,088 0 0 0 32,015 33,010 233,010
13 58 3,088 0 0 0 35,531 36,194 236,194
14 59 3,088 0 0 0 39,131 39,463 239,463
15 60 3,088 0 0 0 42,845 42,845 242,845
16 61 3,088 0 0 0 46,323 46,323 246,323
17 62 3,088 0 0 0 49,801 49,801 249,801
18 63 3,088 0 0 0 53,231 53,231 253,231
19 64 3,088 0 0 0 56,684 56,684 256,684
20 65 3,088 0 0 0 60,162 60,162 260,162
21 66 3,088 0 0 0 63,681 63,681 263,681
22 67 3,088 0 0 0 67,178 67,178 267,178
23 68 3,088 0 0 0 70,603 70,603 270,603
24 69 3,088 0 0 0 73,878 73,878 273,878
25 70 3,088 0 0 0 76,922 76,922 276,922
26 71 3,088 0 0 0 79,725 79,725 279,725
27 72 3,088 0 0 0 82,173 82,173 282,173
28 73 3,088 0 0 0 84,301 84,301 284,301
29 74 3,088 0 0 0 85,943 85,943 285,943
30 75 3,088 0 0 0 87,026 87,026 287,026
31 76 3,088 0 0 0 87,547 87,547 287,547
32 77 3,088 0 0 0 87,306 87,306 287,306
33 78 3,088 0 0 0 86,141 86,141 286,141
34 79 3,088 0 0 0 83,045 83,045 283,045
35 80 3,088 0 0 0 78,463 78,463 278,463
36 81 3,088 0 0 0 72,298 72,298 272,298
37 82 3,088 0 0 0 64,174 64,174 264,174
38 83 3,088 0 0 0 55,127 55,127 255,127
39 84 3,088 0 0 0 44,176 44,176 244,176
40 85 3,088 0 0 0 30,854 30,854 230,854
41 86 3,088 0 0 0 15,045 15,045 215,045
42 87 3,088 0 0 0 LAPSE LAPSE LAPSE
-------
Total 129,696
</TABLE>
Assuming guaranteed charges and a gross investment return of 0.00%, contract
lapses at age 72. Assuming guaranteed charges and a gross investment return of
6.00%, contract lapses at age 78. Assuming current charges and a gross
investment return of 6.00%, contract lapses at age 87.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the investment allocations by a contract holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The surrender value, fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.25 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 05:06 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-38
<PAGE> 125
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT 2 12% GROSS MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 TO AGE 95 SPECIFIED AMOUNT PLUS FUND VALUE
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------------------
12.00% (10.42% NET)
0.00% (-1.49% NET) -------------------------------------
--------------------------------
(1) (2) (3) (6) (7) (9)
NET PREMIUM NET (4) (5) BENEFIT VALUE (8) BENEFIT
END OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- ------- ------- --------- --------- ----- -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 310 2,113 202,113 606 2,409 202,409
2 47 3,088 6,647 0 1,506 4,112 204,112 2,374 4,980 204,980
3 48 3,088 10,222 0 2,716 6,032 206,032 4,452 7,768 207,768
4 49 3,088 13,975 0 4,537 7,853 207,853 7,455 10,771 210,771
5 50 3,088 17,916 0 6,260 9,576 209,576 10,695 14,011 214,011
6 51 3,088 22,055 0 8,216 11,201 211,201 14,528 17,512 217,512
7 52 3,088 26,400 0 10,054 12,706 212,706 18,624 21,277 221,277
8 53 3,088 30,962 0 11,773 14,094 214,094 23,012 25,333 225,333
9 54 3,088 35,753 0 13,353 15,343 215,343 27,695 29,684 229,684
10 55 3,088 40,783 0 14,795 16,453 216,453 32,705 34,363 234,363
Total 30,880
11 56 3,088 46,064 0 16,230 17,557 217,557 38,320 39,646 239,646
12 57 3,088 51,610 0 17,487 18,482 218,482 44,337 45,332 245,332
13 58 3,088 57,433 0 18,568 19,231 219,231 50,800 51,463 251,463
14 59 3,088 63,547 0 19,450 19,782 219,782 57,732 58,064 258,064
15 60 3,088 69,966 0 20,112 20,112 220,112 65,160 65,160 265,160
16 61 3,088 76,707 0 20,200 20,200 220,200 72,782 72,782 272,782
17 62 3,088 83,785 0 20,025 20,025 220,025 80,959 80,959 280,959
18 63 3,088 91,216 0 19,589 19,589 219,589 89,755 89,755 289,755
19 64 3,088 99,020 0 18,799 18,799 218,799 99,135 99,135 299,135
20 65 3,088 107,213 0 17,635 17,635 217,635 109,138 109,138 309,138
Total 61,760
21 66 3,088 115,816 0 16,114 16,114 216,114 119,849 119,849 319,849
22 67 3,088 124,849 0 14,155 14,155 214,155 131,253 131,253 331,253
23 68 3,088 134,334 0 11,714 11,714 211,714 143,375 143,375 343,375
24 69 3,088 144,293 0 8,749 8,749 208,749 156,242 156,242 356,242
25 70 3,088 154,750 0 5,240 5,240 205,240 169,912 169,912 369,912
26 71 3,088 165,730 0 1,098 1,098 201,098 184,370 184,370 384,370
27 72 3,088 177,259 0 LAPSE LAPSE LAPSE 199,475 199,475 399,475
28 73 3,088 189,365 0 215,424 215,424 415,424
29 74 3,088 202,075 0 232,082 232,082 432,082
30 75 3,088 215,421 0 249,348 249,348 449,348
Total 92,640
31 76 3,088 229,435 0 267,187 267,187 467,187
32 77 3,088 244,149 0 285,587 285,587 485,587
33 78 3,088 259,599 0 304,532 304,532 504,532
34 79 3,088 275,821 0 324,006 324,006 524,006
35 80 3,088 292,855 0 343,965 343,965 543,965
36 81 3,088 310,740 0 364,286 364,286 564,286
37 82 3,088 329,519 0 384,804 384,804 584,804
38 83 3,088 349,237 0 405,211 405,211 605,211
39 84 3,088 369,942 0 425,189 425,189 625,189
40 85 3,088 391,681 0 444,413 444,413 644,413
Total 123,520
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
(10) (12)
VALUE (11) BENEFIT
END OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- --------- ---------
<S> <C> <C> <C>
1 606 2,409 202,409
2 2,704 5,309 205,309
3 5,095 8,411 208,411
4 8,393 11,709 211,709
5 11,958 15,274 215,274
6 16,100 19,084 219,084
7 20,588 23,241 223,241
8 25,458 27,780 227,780
9 30,777 32,766 232,766
10 36,564 38,222 238,222
Total
11 43,059 44,386 244,386
12 50,028 51,023 251,023
13 57,624 58,287 258,287
14 65,940 66,272 266,272
15 75,082 75,082 275,082
16 84,782 84,782 284,782
17 95,369 95,369 295,369
18 106,889 106,889 306,889
19 119,521 119,521 319,521
20 133,386 133,386 333,386
Total
21 148,638 148,638 348,638
22 165,360 165,360 365,360
23 183,663 183,663 383,663
24 203,644 203,644 403,644
25 225,411 225,411 425,411
26 249,160 249,160 449,160
27 275,006 275,006 475,006
28 303,231 303,231 503,231
29 333,943 333,943 533,943
30 367,365 367,365 567,365
Total
31 403,818 403,818 603,818
32 443,459 443,459 643,459
33 486,509 486,509 686,509
34 532,352 532,352 732,352
35 581,853 581,853 781,853
36 635,388 635,388 835,388
37 693,096 693,096 893,096
38 756,602 756,602 956,602
39 825,577 825,577 1,025,577
40 900,240 900,240 1,110,240
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 05:07 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-39
<PAGE> 126
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------------------
12.00% (10.42% NET)
0.00% (-1.49% NET) -------------------------------------
--------------------------------
(1) (2) (3) (6) (7) (9)
NET PREMIUM NET (4) (5) BENEFIT VALUE (8) BENEFIT
END OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- ------- ------- --------- --------- ----- -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 414,508 0 462,570 462,570 662,570
42 87 3,088 438,475 0 479,366 479,366 679,366
43 88 3,088 463,642 0 494,526 494,526 694,526
44 89 3,088 490,066 0 507,741 507,741 707,741
45 90 3,088 517,812 0 518,697 518,697 718,697
46 91 3,088 546,945 0 526,943 526,943 726,943
47 92 3,088 577,534 0 531,902 531,902 731,902
48 93 3,088 609,654 0 532,807 532,807 732,807
49 94 3,088 643,379 0 528,553 528,553 728,553
50 95 3,088 678,790 0 516,974 516,974 716,974
-------
Total 154,400
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
(10) (12)
VALUE (11) BENEFIT
END OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- --------- ---------
<S> <C> <C> <C>
41 981,215 981,215 1,181,215
42 1,068,764 1,068,764 1,268,764
43 1,163,658 1,163,658 1,363,658
44 1,266,500 1,266,500 1,466,500
45 1,377,984 1,377,984 1,577,984
46 1,498,525 1,498,525 1,698,525
47 1,628,075 1,628,075 1,828,075
48 1,765,743 1,765,743 1,965,743
49 1,911,911 1,911,911 2,111,911
50 2,066,496 2,066,496 2,266,496
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 05:07 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-40
<PAGE> 127
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 PREF N/S DB OPT 2--12% MONY EQUITYMASTER
GROSS FLEXIBLE PREMIUM VARIABLE LIFE SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 45 TO AGE 95 INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 3,088.00 MONY LIFE OF AMERICA SPECIFIED AMOUNT
DECLARED PREMIUMS PLUS FUND VALUE
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER FUND VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 606 2,409 202,409
2 47 3,088 0 0 0 2,704 5,309 205,309
3 48 3,088 0 0 0 5,095 8,411 208,411
4 49 3,088 0 0 0 8,393 11,709 211,709
5 50 3,088 0 0 0 11,958 15,274 215,274
6 51 3,088 0 0 0 16,100 19,084 219,084
7 52 3,088 0 0 0 20,588 23,241 223,241
8 53 3,088 0 0 0 25,458 27,780 227,780
9 54 3,088 0 0 0 30,777 32,766 232,766
10 55 3,088 0 0 0 36,564 38,222 238,222
11 56 3,088 0 0 0 43,059 44,386 244,386
12 57 3,088 0 0 0 50,028 51,023 251,023
13 58 3,088 0 0 0 57,624 58,287 258,287
14 59 3,088 0 0 0 65,940 66,272 266,272
15 60 3,088 0 0 0 75,082 75,082 275,082
16 61 3,088 0 0 0 84,782 84,782 284,782
17 62 3,088 0 0 0 95,369 95,369 295,369
18 63 3,088 0 0 0 106,889 106,889 306,889
19 64 3,088 0 0 0 119,521 119,521 319,521
20 65 3,088 0 0 0 133,386 133,386 333,386
21 66 3,088 0 0 0 148,638 148,638 348,638
22 67 3,088 0 0 0 165,360 165,360 365,360
23 68 3,088 0 0 0 183,663 183,663 383,663
24 69 3,088 0 0 0 203,644 203,644 403,644
25 70 3,088 0 0 0 255,411 225,411 425,411
26 71 3,088 0 0 0 249,160 249,160 449,160
27 72 3,088 0 0 0 275,006 275,006 475,006
28 73 3,088 0 0 0 303,231 303,231 503,231
29 74 3,088 0 0 0 333,943 333,943 533,943
30 75 3,088 0 0 0 367,365 367,365 567,365
31 76 3,088 0 0 0 403,818 403,818 603,818
32 77 3,088 0 0 0 443,459 443,459 643,459
33 78 3,088 0 0 0 486,509 486,509 686,509
34 79 3,088 0 0 0 532,352 532,352 732,352
35 80 3,088 0 0 0 581,853 581,853 781,853
36 81 3,088 0 0 0 635,388 635,388 835,388
37 82 3,088 0 0 0 693,096 693,096 893,096
38 83 3,088 0 0 0 756,602 756,602 956,602
39 84 3,088 0 0 0 825,577 825,577 1,025,577
40 85 3,088 0 0 0 900,240 900,240 1,100,240
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 05:07 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-41
<PAGE> 128
<TABLE>
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER FUND VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,008 0 0 0 981,215 981,215 1,181,215
42 87 3,088 0 0 0 1,068,764 1,068,764 1,268,764
43 88 3,088 0 0 0 1,163,658 1,163,658 1,363,658
44 89 3,088 0 0 0 1,266,500 1,266,500 1,466,500
45 90 3,088 0 0 0 1,377,984 1,377,984 1,577,984
46 91 3,088 0 0 0 1,498,525 1,498,525 1,698,525
47 92 3,088 0 0 0 1,628,075 1,628,075 1,828,075
48 93 3,088 0 0 0 1,765,743 1,765,743 1,965,743
49 94 3,088 0 0 0 1,911,911 1,911,911 2,111,911
50 95 3,088 0 0 0 2,066,496 2,066,496 2,266,496
-------
Total 154,400
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $45,107.88 INITIAL GUIDELINE ANNUAL: $8,016.26 INITIAL TWO YEAR MINIMUM: $3,088.00
PREPARED ON: 01/04/95 05:07 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-42
<PAGE> 129
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 35 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 0%
MALE NON-SMOKER PREFERRED AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 1,646.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------------
0.00% (- 1.49% NET) 0.00% (- 1.49% NET)
-------------------------------- --------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- ------- ------- --------- --------- ------ -------- --------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 1,728 0 0 869 200,000 0 869 200,000
2 37 1,646 3,543 0 299 1,929 200,000 299 1,929 200,000
3 38 1,646 5,448 0 718 2,952 200,000 718 2,952 200,000
4 39 1,646 7,449 0 1,704 3,938 200,000 1,704 3,938 200,000
5 40 1,646 9,550 0 2,654 4,889 200,000 2,654 4,889 200,000
6 41 1,646 11,756 0 3,793 5,804 200,000 3,793 5,804 200,000
7 42 1,646 14,072 0 4,874 6,661 200,000 4,874 6,661 200,000
8 43 1,646 16,504 0 5,921 7,485 200,000 5,921 7,485 200,000
9 44 1,646 19,057 0 6,913 8,254 200,000 6,913 8,254 200,000
10 45 1,646 21,738 0 7,850 8,967 200,000 7,850 8,967 200,000
Total 16,460
11 46 1,646 26,554 0 8,816 9,710 200,000 8,816 9,710 200,000
12 47 1,646 27,510 0 9,732 10,402 200,000 9,732 10,402 200,000
13 48 1,646 30,613 0 10,598 11,045 200,000 10,598 11,045 200,000
14 49 1,646 33,872 0 11,393 11,617 200,000 11,393 11,617 200,000
15 50 1,646 37,294 0 12,118 12,118 200,000 12,118 12,118 200,000
16 51 1,646 40,887 0 12,549 12,549 200,000 12,549 12,549 200,000
17 52 1,646 44,660 0 12,889 12,889 200,000 12,889 12,889 200,000
18 53 1,646 48,621 0 13,138 13,138 200,000 13,138 13,138 200,000
19 54 1,646 52,781 0 13,275 13,275 200,000 13,275 13,275 200,000
20 55 1,646 57,148 0 13,300 13,300 200,000 13,300 13,300 200,000
Total 32,920
21 56 1,646 61,734 0 13,224 13,224 200,000 13,224 13,224 200,000
22 57 1,646 66,549 0 12,992 12,992 200,000 12,992 12,992 200,000
23 58 1,646 71,604 0 12,605 12,605 200,000 12,605 12,605 200,000
24 59 1,646 76,913 0 12,039 12,039 200,000 12,039 12,039 200,000
25 60 1,646 82,487 0 11,270 11,270 200,000 11,270 11,270 200,000
26 61 1,646 88,339 0 10,274 10,274 200,000 10,274 10,274 200,000
27 62 1,646 94,485 0 9,025 9,025 200,000 9,025 9,025 200,000
28 63 1,646 100,937 0 7,519 7,519 200,000 7,519 7,519 200,000
29 64 1,646 107,712 0 5,658 5,658 200,000 5,658 5,658 200,000
30 65 1,646 114,826 0 3,409 3,409 200,000 3,409 3,409 200,000
Total 49,380
31 66 1,646 122,296 0 713 713 200,000 713 713 200,000
32 67 1,646 130,139 0 LAPSE LAPSE LAPSE LAPSE LAPSE LAPSE
33 68 1,646 138,374 0
34 69 1,646 147,021 0
35 70 1,646 156,101 0
36 71 1,646 165,634 0
37 72 1,646 175,644 0
38 73 1,646 186,154 0
39 74 1,646 197,190 0
-------
Total 64,194
<CAPTION>
CURRENT CHARGES
--------------------------------
0.00% (- 1.49% NET)
--------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- ------ --------
<S> <C> <C> <C>
1 0 869 200,000
2 393 2,023 200,000
3 928 3,162 200,000
4 2,004 4,239 200,000
5 3,044 5,278 200,000
6 4,247 6,258 200,000
7 5,414 7,201 200,000
8 6,569 8,133 200,000
9 7,689 9,030 200,000
10 8,775 9,892 200,000
11 9,870 10,764 200,000
12 10,914 11,585 200,000
13 11,930 12,377 200,000
14 12,895 13,119 200,000
15 13,812 13,812 200,000
16 14,456 14,456 200,000
17 15,029 15,029 200,000
18 15,556 15,556 200,000
19 16,035 16,035 200,000
20 16,490 16,490 200,000
21 16,954 16,954 200,000
22 17,328 17,328 200,000
23 17,591 17,591 200,000
24 17,745 17,745 200,000
25 17,768 17,768 200,000
26 17,661 17,661 200,000
27 17,401 17,401 200,000
28 16,968 16,968 200,000
29 16,381 16,381 200,000
30 15,641 15,641 200,000
31 14,723 14,723 200,000
32 13,625 13,625 200,000
33 12,300 12,300 200,000
34 10,676 10,676 200,000
35 8,678 8,678 200,000
36 6,296 6,296 200,000
37 3,422 3,422 200,000
38 84 84 200,000
39 LAPSE LAPSE LAPSE
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 67. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 74.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 01/04/95 05:08 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-43
<PAGE> 130
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 35 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 0% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
MALE NON-SMOKER PREFERRED AGE 35 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
0.00% (-1.49% NET)
--------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 0 0 869 200,000
2 37 1,646 0 0 0 393 2,023 200,000
3 38 1,646 0 0 0 928 3,162 200,000
4 39 1,646 0 0 0 2,004 4,239 200,000
5 40 1,646 0 0 0 3,044 5,278 200,000
6 41 1,646 0 0 0 4,247 6,258 200,000
7 42 1,646 0 0 0 5,414 7,201 200,000
8 43 1,646 0 0 0 6,569 8,133 200,000
9 44 1,646 0 0 0 7,689 9,030 200,000
10 45 1,646 0 0 0 8,775 9,892 200,000
11 46 1,646 0 0 0 9,870 10,764 200,000
12 47 1,646 0 0 0 10,914 11,585 200,000
13 48 1,646 0 0 0 11,930 12,377 200,000
14 49 1,646 0 0 0 12,895 13,119 200,000
15 50 1,646 0 0 0 13,812 13,812 200,000
16 51 1,646 0 0 0 14,456 14,456 200,000
17 52 1,646 0 0 0 15,029 15,029 200,000
18 53 1,646 0 0 0 15,556 15,556 200,000
19 54 1,646 0 0 0 16,035 16,035 200,000
20 55 1,646 0 0 0 16,490 16,490 200,000
21 56 1,646 0 0 0 16,954 16,954 200,000
22 57 1,646 0 0 0 17,328 17,328 200,000
23 58 1,646 0 0 0 17,591 17,591 200,000
24 59 1,646 0 0 0 17,745 17,745 200,000
25 60 1,646 0 0 0 17,768 17,768 200,000
26 61 1,646 0 0 0 17,661 17,661 200,000
27 62 1,646 0 0 0 17,401 17,401 200,000
28 63 1,646 0 0 0 16,968 16,968 200,000
29 64 1,646 0 0 0 16,381 16,381 200,000
30 65 1,646 0 0 0 15,641 15,641 200,000
31 66 1,646 0 0 0 14,723 14,723 200,000
32 67 1,646 0 0 0 13,625 13,625 200,000
33 68 1,646 0 0 0 12,300 12,300 200,000
34 69 1,646 0 0 0 10,676 10,676 200,000
35 70 1,646 0 0 0 8,678 8,678 200,000
36 71 1,646 0 0 0 6,296 6,296 200,000
37 72 1,646 0 0 0 3,422 3,422 200,000
38 73 1,646 0 0 0 84 84 200,000
39 74 1,646 0 0 0 LAPSE LAPSE LAPSE
-------
Total 64,194
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 67. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 74.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 01/04/95 05:08 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-44
<PAGE> 131
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 35 PREF N/S DB OPT 1 6% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 1,646.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
-------------------------------- -------------------------------------
(1) (2) (3) (6) (9)
NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
END OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- ------- ------- --------- --------- ----- -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 1,728 0 0 869 200,000 0 939 200,000
2 37 1,646 3,543 0 299 1,929 200,000 502 2,132 200,000
3 38 1,646 5,448 0 718 2,952 200,000 1,121 3,355 200,000
4 39 1,646 7,449 0 1,704 3,938 200,000 2,378 4,612 200,000
5 40 1,646 9,550 0 2,654 4,889 200,000 3,669 5,904 200,000
6 41 1,646 11,756 0 3,793 5,804 200,000 5,221 7,233 200,000
7 42 1,646 14,072 0 4,874 6,661 200,000 6,789 8,577 200,000
8 43 1,646 16,504 0 5,921 7,485 200,000 8,397 9,961 200,000
9 44 1,646 19,057 0 6,913 8,254 200,000 10,023 11,364 200,000
10 45 1,646 21,738 0 7,850 8,967 200,000 11,671 12,788 200,000
Total 16,460
11 46 1,646 24,554 0 8,816 9,710 200,000 13,449 14,343 200,000
12 47 1,646 27,510 0 9,732 10,402 200,000 15,265 15,935 200,000
13 48 1,646 30,613 0 10,598 11,045 200,000 17,121 17,568 200,000
14 49 1,646 33,872 0 11,393 11,617 200,000 18,998 19,221 200,000
15 50 1,646 37,294 0 12,118 12,118 200,000 20,898 20,898 200,000
16 51 1,646 40,887 0 12,549 12,549 200,000 22,601 22,601 200,000
17 52 1,646 44,660 0 12,889 12,889 200,000 24,311 24,311 200,000
18 53 1,646 48,621 0 13,138 13,138 200,000 26,029 26,029 200,000
19 54 1,646 52,781 0 13,275 13,275 200,000 27,738 27,738 200,000
20 55 1,646 57,148 0 13,300 13,300 200,000 29,438 29,438 200,000
Total 32,920
21 56 1,646 61,734 0 13,224 13,224 200,000 31,145 31,145 200,000
22 57 1,646 66,549 0 12,992 12,992 200,000 32,807 32,807 200,000
23 58 1,646 71,604 0 12,605 12,605 200,000 34,423 34,423 200,000
24 59 1,646 76,913 0 12,039 12,039 200,000 35,973 35,973 200,000
25 60 1,646 82,487 0 11,270 11,270 200,000 37,437 37,437 200,000
26 61 1,646 88,339 0 10,274 10,274 200,000 38,792 38,792 200,000
27 62 1,646 94,485 0 9,025 9,025 200,000 40,015 40,015 200,000
28 63 1,646 100,937 0 7,519 7,519 200,000 41,100 41,100 200,000
29 64 1,646 107,712 0 5,658 5,658 200,000 41,964 41,964 200,000
30 65 1,646 114,826 0 3,409 3,409 200,000 42,575 42,575 200,000
Total 49,380
31 66 1,646 122,296 0 713 713 200,000 42,879 42,879 200,000
32 67 1,646 130,139 0 LAPSE LAPSE LAPSE 42,835 42,835 200,000
33 68 1,646 138,374 0 42,379 42,379 200,000
34 69 1,646 147,021 0 41,436 41,436 200,000
35 70 1,646 156,101 0 39,943 39,943 200,000
36 71 1,646 165,634 0 37,765 37,765 200,000
37 72 1,646 175,644 0 34,642 34,642 200,000
38 73 1,646 186,154 0 30,564 30,564 200,000
39 74 1,646 197,190 0 25,213 25,213 200,000
Total 65,840
<CAPTION>
CURRENT CHARGES
-------------------------------------
6.00% (4.46% NET)
-------------------------------------
(12)
(10) (11) BENEFIT
END OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- --------- ---------
<S> <C> <C> <C>
1 0 939 200,000
2 599 2,229 200,000
3 1,343 3,578 200,000
4 2,706 4,941 200,000
5 4,109 6,343 200,000
6 5,753 7,764 200,000
7 7,439 9,227 200,000
8 9,194 10,758 200,000
9 10,997 12,338 200,000
10 12,852 13,969 200,000
Total
11 14,830 15,723 200,000
12 16,854 17,525 200,000
13 18,952 19,399 200,000
14 21,105 21,329 200,000
15 23,318 23,318 200,000
16 25,370 25,370 200,000
17 27,468 27,468 200,000
18 29,638 29,638 200,000
19 31,884 31,884 200,000
20 34,233 34,233 200,000
Total
21 36,725 36,725 200,000
22 39,274 39,274 200,000
23 41,867 41,867 200,000
24 44,508 44,508 200,000
25 47,185 47,185 200,000
26 49,905 49,905 200,000
27 52,654 52,654 200,000
28 55,423 55,423 200,000
29 58,234 58,234 200,000
30 61,096 61,096 200,000
Total
31 63,999 63,999 200,000
32 66,953 66,953 200,000
33 69,933 69,933 200,000
34 72,902 72,902 200,000
35 75,820 75,820 200,000
36 78,698 78,698 200,000
37 81,483 81,483 200,000
38 84,212 84,212 200,000
39 86,808 86,808 200,000
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 77. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 91.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.09 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 01/04/95 05:08 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-45
<PAGE> 132
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
-------------------------------- -------------------------------------
(1) (2) (3) (6) (9)
NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
END OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- ------- ------- --------- --------- ----- -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
40 75 1,646 208,778 0 18,247 18,247 200,000
41 76 1,646 220,945 0 9,314 9,314 200,000
42 77 1,646 233,721 0 LAPSE LAPSE LAPSE
43 78 1,646 247,135 0
44 79 1,646 261,220 0
45 80 1,646 276,010 0
46 81 1,646 291,539 0
47 82 1,646 307,844 0
48 83 1,646 324,964 0
49 84 1,646 342,941 0
50 85 1,646 361,816 0
Total 82,300
51 86 1,646 381,635 0
52 87 1,646 402,445 0
53 88 1,646 424,296 0
54 89 1,646 447,239 0
55 90 1,646 471,329 0
56 91 1,646 496,624 0
-------
Total 92,176
<CAPTION>
CURRENT CHARGES
-------------------------------------
6.00% (4.46% NET)
-------------------------------------
(12)
(10) (11) BENEFIT
END OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- --------- ---------
<S> <C> <C> <C>
40 89,248 89,248 200,000
41 91,549 91,549 200,000
42 93,620 93,620 200,000
43 95,391 95,391 200,000
44 96,343 96,343 200,000
45 96,695 96,695 200,000
46 96,373 96,373 200,000
47 95,134 95,134 200,000
48 93,456 93,456 200,000
49 90,755 90,755 200,000
50 86,636 86,636 200,000
Total
51 80,810 80,810 200,000
52 72,627 72,627 200,000
53 61,523 61,523 200,000
54 46,554 46,554 200,000
55 26,426 26,426 200,000
56 LAPSE LAPSE LAPSE
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 77. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 91.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.09 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 01/04/95 05:08 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-46
<PAGE> 133
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 35 PREF N/S DB OPT 1 6% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 1,646.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------------
6.00% (4.46% NET)
----------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 0 0 939 200,000
2 37 1,646 0 0 0 599 2,229 200,000
3 38 1,646 0 0 0 1,343 3,578 200,000
4 39 1,646 0 0 0 2,706 4,941 200,000
5 40 1,646 0 0 0 4,109 6,343 200,000
6 41 1,646 0 0 0 5,753 7,764 200,000
7 42 1,646 0 0 0 7,439 9,227 200,000
8 43 1,646 0 0 0 9,194 10,758 200,000
9 44 1,646 0 0 0 10,997 12,338 200,000
10 45 1,646 0 0 0 12,852 13,969 200,000
11 46 1,646 0 0 0 14,830 15,723 200,000
12 47 1,646 0 0 0 16,854 17,525 200,000
13 48 1,646 0 0 0 18,952 19,399 200,000
14 49 1,646 0 0 0 21,105 21,329 200,000
15 50 1,646 0 0 0 23,318 23,318 200,000
16 51 1,646 0 0 0 25,370 25,370 200,000
17 52 1,646 0 0 0 27,468 27,468 200,000
18 53 1,646 0 0 0 29,638 29,638 200,000
19 54 1,646 0 0 0 31,884 31,884 200,000
20 55 1,646 0 0 0 34,233 34,233 200,000
21 56 1,646 0 0 0 36,725 36,725 200,000
22 57 1,646 0 0 0 39,274 39,274 200,000
23 58 1,646 0 0 0 41,867 41,867 200,000
24 59 1,646 0 0 0 44,508 44,508 200,000
25 60 1,646 0 0 0 47,185 47,185 200,000
26 61 1,646 0 0 0 49,905 49,905 200,000
27 62 1,646 0 0 0 52,654 52,654 200,000
28 63 1,646 0 0 0 55,423 55,423 200,000
29 64 1,646 0 0 0 58,234 58,234 200,000
30 65 1,646 0 0 0 61,096 61,096 200,000
31 66 1,646 0 0 0 63,999 63,999 200,000
32 67 1,646 0 0 0 66,953 66,953 200,000
33 68 1,646 0 0 0 69,933 69,933 200,000
34 69 1,646 0 0 0 72,902 72,902 200,000
35 70 1,646 0 0 0 75,820 75,820 200,000
36 71 1,646 0 0 0 78,698 78,698 200,000
37 72 1,646 0 0 0 81,483 81,483 200,000
38 73 1,646 0 0 0 84,212 84,212 200,000
39 74 1,646 0 0 0 86,808 86,808 200,000
40 75 1,646 0 0 0 89,248 89,248 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 77. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 91.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 01/04/95 05:09 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-47
<PAGE> 134
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------------
6.00% (4.46% NET)
----------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 76 1,646 0 0 0 91,549 91,549 200,000
42 77 1,646 0 0 0 93,620 93,620 200,000
43 78 1,646 0 0 0 95,391 95,391 200,000
44 79 1,646 0 0 0 96,343 96,343 200,000
45 80 1,646 0 0 0 96,695 96,695 200,000
46 81 1,646 0 0 0 96,373 96,373 200,000
47 82 1,646 0 0 0 95,134 95,134 200,000
48 83 1,646 0 0 0 93,456 93,456 200,000
49 84 1,646 0 0 0 90,755 90,755 200,000
50 85 1,646 0 0 0 86,636 86,636 200,000
51 86 1,646 0 0 0 80,810 80,810 200,000
52 87 1,646 0 0 0 72,627 72,627 200,000
53 88 1,646 0 0 0 61,523 61,523 200,000
54 89 1,646 0 0 0 46,554 46,554 200,000
55 90 1,646 0 0 0 26,426 26,426 200,000
56 91 1,646 0 0 0 LAPSE LAPSE LAPSE
-------
Total 92,176
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 77. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 91.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 01/04/95 05:09 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS AND
SUPPLEMENTAL FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-48
<PAGE> 135
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 35 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 12%
MALE NON-SMOKER PREFERRED AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 1,646.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------------------
0.00% (1.49% NET) 12.00% (10.42% NET)
-------------------------------- -------------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- -------- -------- --------- --------- ------ -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 1,728 0 0 869 200,000 0 1,010 200,000
2 37 1,646 3,543 0 299 1,929 200,000 713 2,343 200,000
3 38 1,646 5,448 0 718 2,952 200,000 1,558 3,793 200,000
4 39 1,646 7,449 0 1,704 3,938 200,000 3,138 5,372 200,000
5 40 1,646 9,550 0 2,654 4,889 200,000 4,861 7,095 200,000
6 41 1,646 11,756 0 3,793 5,804 200,000 6,967 8,978 200,000
7 42 1,646 14,072 0 4,874 6,661 200,000 9,226 11,013 200,000
8 43 1,646 16,504 0 5,921 7,485 200,000 11,678 13,242 200,000
9 44 1,646 19,057 0 6,913 8,254 200,000 14,323 15,664 200,000
10 45 1,646 21,738 0 7,850 8,967 200,000 17,181 18,299 200,000
Total 16,460
11 46 1,646 24,554 0 8,816 9,710 200,000 20,422 21,316 200,000
12 47 1,646 27,510 0 9,732 10,402 200,000 23,961 24,631 200,000
13 48 1,646 30,613 0 10,598 11,045 200,000 27,832 28,279 200,000
14 49 1,646 33,872 0 11,393 11,617 200,000 32,055 32,278 200,000
15 50 1,646 37,294 0 12,118 12,118 200,000 36,672 36,672 200,000
16 51 1,646 40,887 0 12,549 12,549 200,000 41,509 41,509 200,000
17 52 1,646 44,660 0 12,889 12,889 200,000 46,824 46,824 200,000
18 53 1,646 48,621 0 13,138 13,138 200,000 52,678 52,678 200,000
19 54 1,646 52,781 0 13,275 13,275 200,000 59,121 59,121 200,000
20 55 1,646 57,148 0 13,300 13,300 200,000 66,230 66,230 200,000
Total 32,920
21 56 1,646 61,734 0 13,224 13,224 200,000 74,114 74,114 200,000
22 57 1,646 66,549 0 12,992 12,992 200,000 82,822 82,822 200,000
23 58 1,646 71,604 0 12,605 12,605 200,000 92,470 92,470 200,000
24 59 1,646 76,913 0 12,039 12,039 200,000 103,174 103,174 200,000
25 60 1,646 82,487 0 11,270 11,270 200,000 115,074 115,074 200,000
26 61 1,646 88,339 0 10,274 10,274 200,000 128,332 128,332 200,000
27 62 1,646 94,485 0 9,025 9,025 200,000 143,142 143,142 200,000
28 63 1,646 100,937 0 7,519 7,519 200,000 159,742 159,742 201,274
29 64 1,646 107,712 0 5,658 5,658 200,000 178,218 178,218 220,990
30 65 1,646 114,826 0 3,409 3,409 200,000 198,621 198,621 242,318
Total 49,380
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- ---------- ---------
<S> <C> <C> <C>
1 0 1,010 200,000
2 813 2,443 200,000
3 1,794 4,028 200,000
4 3,497 5,731 200,000
5 5,355 7,590 200,000
6 7,587 9,598 200,000
7 10,007 11,795 200,000
8 12,662 14,226 200,000
9 15,552 16,893 200,000
10 18,704 19,821 200,000
Total
11 22,253 23,147 200,000
12 26,133 26,803 200,000
13 30,404 30,850 200,000
14 35,090 35,313 200,000
15 40,241 40,241 200,000
16 45,688 45,688 200,000
17 51,698 51,698 200,000
18 58,358 58,358 200,000
19 65,745 65,745 200,000
20 73,964 73,964 200,000
Total
21 83,149 83,149 200,000
22 93,334 93,334 200,000
23 104,633 104,633 200,000
24 117,188 117,188 200,000
25 131,153 131,153 200,000
26 146,716 146,716 200,000
27 164,066 164,066 210,005
28 183,289 183,289 230,944
29 204,565 204,565 253,661
30 228,122 228,122 278,309
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract lapses at age 95. Assuming Current Charges and a Gross
Investment Return of 12.00%, contract lapses at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 01/04/95 05:09 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-49
<PAGE> 136
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------------------
0.00% (1.49% NET) 12.00% (10.42% NET)
-------------------------------- -------------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- -------- -------- --------- --------- ------ -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 66 1,646 122,296 0 713 713 200,000 221,157 221,157 265,389
32 67 1,646 130,139 0 LAPSE LAPSE LAPSE 246,006 246,006 292,747
33 68 1,646 138,374 0 273,398 273,398 322,610
34 69 1,646 147,021 0 303,591 303,591 355,201
35 70 1,646 156,101 0 336,874 336,874 390,773
36 71 1,646 165,634 0 373,552 373,552 429,585
37 72 1,646 175,644 0 414,092 414,092 467,924
38 73 1,646 186,154 0 459,019 459,019 509,512
39 74 1,646 197,190 0 508,855 508,855 554,651
40 75 1,646 208,778 0 564,235 564,235 603,731
Total 65,840
41 76 1,646 220,945 0 625,941 625,941 657,238
42 77 1,646 233,721 0 693,982 693,982 728,681
43 78 1,646 247,135 0 768,969 768,969 807,417
44 79 1,646 261,220 0 851,566 851,566 894,144
45 80 1,646 276,010 0 942,486 942,486 989,610
46 81 1,646 291,539 0 1,042,484 1,042,484 1,094,608
47 82 1,646 307,844 0 1,152,361 1,152,361 1,209,979
48 83 1,646 324,964 0 1,272,931 1,272,931 1,336,578
49 84 1,646 342,941 0 1,405,055 1,405,055 1,475,308
50 85 1,646 361,816 0 1,549,640 1,549,640 1,627,122
Total 82,300
51 86 1,646 381,635 0 1,707,649 1,707,649 1,793,031
52 87 1,646 402,445 0 1,880,108 1,880,108 1,974,113
53 88 1,646 424,296 0 2,068,113 2,068,113 2,171,519
54 89 1,646 447,239 0 2,272,813 2,272,813 2,386,453
55 90 1,646 471,329 0 2,495,419 2,495,419 2,620,190
56 91 1,646 496,624 0 2,737,133 2,737,133 2,873,989
57 92 1,646 523,183 0 3,007,090 3,007,090 3,127,373
58 93 1,646 551,071 0 3,310,119 3,310,119 3,409,423
59 94 1,646 580,353 0 3,652,169 3,652,169 3,725,212
60 95 1,646 611,099 0 4,040,658 4,040,658 4,081,064
--------
Total 98,760
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- ---------- ---------
<S> <C> <C> <C>
31 254,208 254,208 305,049
32 283,068 283,068 336,850
33 314,987 314,987 371,684
34 350,274 350,274 409,820
35 389,268 389,268 451,551
36 432,371 432,371 497,226
37 480,101 480,101 542,514
38 533,026 533,026 591,656
39 591,737 591,737 644,994
40 656,946 656,946 702,932
Total
41 729,490 729,490 765,965
42 809,704 809,704 850,189
43 898,354 898,354 943,272
44 996,071 996,071 1,045,875
45 1,103,877 1,103,877 1,159,071
46 1,222,765 1,222,765 1,283,903
47 1,353,732 1,353,732 1,421,419
48 1,498,358 1,498,358 1,573,276
49 1,657,669 1,657,669 1,740,552
50 1,832,925 1,832,925 1,924,571
Total
51 2,025,633 2,025,633 2,126,915
52 2,237,204 2,237,204 2,349,064
53 2,469,377 2,469,377 2,592,846
54 2,723,884 2,723,884 2,860,079
55 3,002,575 3,002,575 3,152,704
56 3,307,126 3,307,126 3,472,482
57 3,645,329 3,645,329 3,791,142
58 4,021,712 4,021,712 4,142,364
59 4,443,288 4,443,288 4,532,154
60 4,918,907 4,918,907 4,968,096
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract lapses at age 95. Assuming Current Charges and a Gross
Investment Return of 12.00%, contract lapses at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 01/04/95 05:09 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-50
<PAGE> 137
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 35 PREF N/S DB OPT 1 12% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 1,646.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER FUND VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 0 0 1,010 200,000
2 37 1,646 0 0 0 813 2,443 200,000
3 38 1,646 0 0 0 1,794 4,028 200,000
4 39 1,646 0 0 0 3,497 5,731 200,000
5 40 1,646 0 0 0 5,355 7,590 200,000
6 41 1,646 0 0 0 7,587 9,598 200,000
7 42 1,646 0 0 0 10,007 11,795 200,000
8 43 1,646 0 0 0 12,662 14,226 200,000
9 44 1,646 0 0 0 15,552 16,893 200,000
10 45 1,646 0 0 0 18,704 19,821 200,000
11 46 1,646 0 0 0 22,253 23,147 200,000
12 47 1,646 0 0 0 26,133 26,803 200,000
13 48 1,646 0 0 0 30,404 30,850 200,000
14 49 1,646 0 0 0 35,090 35,313 200,000
15 50 1,646 0 0 0 40,241 40,241 200,000
16 51 1,646 0 0 0 45,688 45,688 200,000
17 52 1,646 0 0 0 51,698 51,698 200,000
18 53 1,646 0 0 0 58,358 58,358 200,000
19 54 1,646 0 0 0 65,745 65,745 200,000
20 55 1,646 0 0 0 73,964 73,964 200,000
21 56 1,646 0 0 0 83,149 83,149 200,000
22 57 1,646 0 0 0 93,334 93,334 200,000
23 58 1,646 0 0 0 104,633 104,633 200,000
24 59 1,646 0 0 0 117,188 117,188 200,000
25 60 1,646 0 0 0 131,153 131,153 200,000
26 61 1,646 0 0 0 146,716 146,716 200,000
27 62 1,646 0 0 0 164,066 164,066 210,005
28 63 1,646 0 0 0 183,289 183,289 230,944
29 64 1,646 0 0 0 204,565 204,565 253,661
30 65 1,646 0 0 0 228,122 228,122 278,309
31 66 1,646 0 0 0 254,208 254,208 305,049
32 67 1,646 0 0 0 283,068 283,068 336,850
33 68 1,646 0 0 0 314,987 314,987 371,684
34 69 1,646 0 0 0 350,274 350,274 409,820
35 70 1,646 0 0 0 389,268 389,268 451,551
36 71 1,646 0 0 0 432,371 432,371 497,226
37 72 1,646 0 0 0 480,101 480,101 542,314
38 73 1,646 0 0 0 533,026 533,026 591,659
39 74 1,646 0 0 0 591,737 591,737 644,994
40 75 1,646 0 0 0 656,946 656,946 702,932
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 01/04/95 05:09 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-51
<PAGE> 138
<TABLE>
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER FUND VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 76 1,646 0 0 0 729,490 729,490 765,965
42 77 1,646 0 0 0 809,704 809,704 850,189
43 78 1,646 0 0 0 898,354 898,354 943,272
44 79 1,646 0 0 0 996,071 996,071 1,045,875
45 80 1,646 0 0 0 1,103,877 1,103,877 1,159,071
46 81 1,646 0 0 0 1,222,765 1,222,765 1,283,903
47 82 1,646 0 0 0 1,353,732 1,353,732 1,421,419
48 83 1,646 0 0 0 1,498,358 1,498,358 1,573,276
49 84 1,646 0 0 0 1,657,669 1,657,669 1,740,552
50 85 1,646 0 0 0 1,832,925 1,832,925 1,924,571
51 86 1,646 0 0 0 2,025,633 2,025,633 2,126,915
52 87 1,646 0 0 0 2,237,204 2,237,204 2,349,064
53 88 1,646 0 0 0 2,469,377 2,469,377 2,592,846
54 89 1,646 0 0 0 2,723,884 2,723,884 2,860,079
55 90 1,646 0 0 0 3,002,575 3,002,575 3,152,704
56 91 1,646 0 0 0 3,307,126 3,307,126 3,472,482
57 92 1,646 0 0 0 3,645,329 3,645,329 3,791,142
58 93 1,646 0 0 0 4,021,712 4,021,712 4,142,364
59 94 1,646 0 0 0 4,443,288 4,443,288 4,532,154
60 95 1,646 0 0 0 4,918,907 4,918,907 4,968,096
-------
Total 98,760
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $29,091.76 INITIAL GUIDELINE ANNUAL: $2,161.98 INITIAL TWO YEAR MINIMUM: $1,646.00
PREPARED ON: 01/04/95 05:09 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-52
<PAGE> 139
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 55 PREF N/S DB OPT 1 0% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 5,010.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET)
-------------------------------- -------------------------------------
(1) (2) (3) (6) (9)
NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
END OF ANNUAL ACCUM'D LOANS/ VALUE ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- ------- ------- --------- --------- ----- -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 5,261 0 1,270 3,573 200,000 1,270 3,573 200,000
2 57 5,010 10,784 0 3,567 6,369 200,000 3,567 6,369 200,000
3 58 5,010 16,584 0 4,231 8,988 200,000 4,231 8,988 200,000
4 59 5,010 22,673 0 6,656 11,414 200,000 6,656 11,414 200,000
5 60 5,010 29,068 0 8,871 13,629 200,000 8,871 13,629 200,000
6 61 5,010 35,781 0 11,335 15,617 200,000 11,335 15,617 200,000
7 62 5,010 42,831 0 13,557 17,363 200,000 13,557 17,363 200,000
8 63 5,010 50,233 0 15,540 18,870 200,000 15,540 18,870 200,000
9 64 5,010 58,005 0 17,203 20,057 200,000 17,203 20,057 200,000
10 65 5,010 66,166 0 18,529 20,908 200,000 18,529 20,908 200,000
Total 50,100
11 66 5,010 74,735 0 19,696 21,599 200,000 19,696 21,599 200,000
12 67 5,010 83,732 0 20,468 21,895 200,000 20,468 21,895 200,000
13 68 5,010 93,179 0 20,799 21,751 200,000 20,799 21,751 200,000
14 69 5,010 103,099 0 20,639 21,115 200,000 20,639 21,115 200,000
15 70 5,010 113,514 0 19,954 19,954 200,000 19,954 19,954 200,000
16 71 5,010 124,450 0 18,164 18,164 200,000 18,164 18,164 200,000
17 72 5,010 135,933 0 15,518 15,518 200,000 15,518 15,518 200,000
18 73 5,010 147,990 0 12,080 12,080 200,000 12,080 12,080 200,000
19 74 5,010 160,650 0 7,591 7,591 200,000 7,591 7,591 200,000
20 75 5,010 173,943 0 1,800 1,800 200,000 1,800 1,800 200,000
Total 100,200
21 76 5,010 187,901 0 LAPSE LAPSE LAPSE LAPSE LAPSE LAPSE
22 77 5,010 202,557 0
23 78 5,010 217,945 0
24 79 5,010 234,103 0
25 80 5,010 251,068 0
26 81 5,010 268,882 0
27 82 5,010 287,587 0
28 83 5,010 307,227 0
29 84 5,010 327,849 0
-------
Total 145,290
<CAPTION>
CURRENT CHARGES
-------------------------------------
0.00% (-1.49% NET)
-------------------------------------
(12)
(10) (11) BENEFIT
END OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- --------- ---------
<S> <C> <C> <C>
1 1,270 3,573 200,000
2 4,509 7,311 200,000
3 6,114 10,871 200,000
4 9,460 14,218 200,000
5 12,580 17,337 200,000
6 15,913 20,195 200,000
7 19,163 22,969 200,000
8 22,332 25,662 200,000
9 25,401 28,256 200,000
10 28,255 30,633 200,000
Total
11 30,969 32,872 200,000
12 33,415 34,842 200,000
13 35,713 36,664 200,000
14 37,809 38,285 200,000
15 39,687 39,687 200,000
16 40,817 40,817 200,000
17 41,619 41,619 200,000
18 41,886 41,886 200,000
19 41,838 41,838 200,000
20 41,319 41,319 200,000
Total
21 40,418 40,418 200,000
22 38,884 38,884 200,000
23 36,591 36,591 200,000
24 32,722 32,722 200,000
25 27,590 27,590 200,000
26 21,047 21,047 200,000
27 12,660 12,660 200,000
28 3,249 3,249 200,000
29 LAPSE LAPSE LAPSE
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 84.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $69,009.20 INITIAL GUIDELINE ANNUAL: $6,002.06 INITIAL TWO YEAR MINIMUM: $5,010.00
PREPARED ON: 01/04/95 05:11 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-53
<PAGE> 140
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 55 PREF N/S DB OPT 1 0% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 5,010.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------------
0.00% (-1.49% NET)
----------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 0 0 1,270 3,573 200,000
2 57 5,010 0 0 0 4,509 7,311 200,000
3 58 5,010 0 0 0 6,114 10,871 200,000
4 59 5,010 0 0 0 9,460 14,218 200,000
5 60 5,010 0 0 0 12,580 17,337 200,000
6 61 5,010 0 0 0 15,913 20,195 200,000
7 62 5,010 0 0 0 19,163 22,969 200,000
8 63 5,010 0 0 0 22,332 25,662 200,000
9 64 5,010 0 0 0 25,401 28,256 200,000
10 65 5,010 0 0 0 28,255 30,633 200,000
11 66 5,010 0 0 0 30,969 32,872 200,000
12 67 5,010 0 0 0 33,415 34,842 200,000
13 68 5,010 0 0 0 35,713 36,664 200,000
14 69 5,010 0 0 0 37,809 38,285 200,000
15 70 5,010 0 0 0 39,687 39,687 200,000
16 71 5,010 0 0 0 40,817 40,817 200,000
17 72 5,010 0 0 0 41,619 41,619 200,000
18 73 5,010 0 0 0 41,886 41,886 200,000
19 74 5,010 0 0 0 41,838 41,838 200,000
20 75 5,010 0 0 0 41,319 41,319 200,000
21 76 5,010 0 0 0 40,418 40,418 200,000
22 77 5,010 0 0 0 38,884 38,884 200,000
23 78 5,010 0 0 0 36,591 36,591 200,000
24 79 5,010 0 0 0 32,722 32,722 200,000
25 80 5,010 0 0 0 27,590 27,590 200,000
26 81 5,010 0 0 0 21,047 21,047 200,000
27 82 5,010 0 0 0 12,660 12,660 200,000
28 83 5,010 0 0 0 3,249 3,249 200,000
29 84 5,010 0 0 0 LAPSE LAPSE LAPSE
-------
Total 145,290
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 84.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
0.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $69,009.20 INITIAL GUIDELINE ANNUAL: $6,002.06 INITIAL TWO YEAR MINIMUM: $5,010.00
PREPARED ON: 01/04/95 05:11 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-54
<PAGE> 141
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 55 PREF N/S DB OPT 1 6% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 5,010.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
------------------------------------------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET)
---------------------------- -----------------------------------
(1) (2) (3) (4) (6) (9)
NET PREMIUM NET VALUE (5) BENEFIT (7) (8) BENEFIT
END OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE VALUE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ------ --- ------- ------- --------- ----- ----- -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 5,261 0 1,270 3,573 200,000 1,515 3,818 200,000
2 57 5,010 10,784 0 3,567 6,369 200,000 4,260 7,062 200,000
3 58 5,010 16,584 0 4,231 8,988 200,000 5,560 10,318 200,000
4 59 5,010 22,673 0 6,656 11,414 200,000 8,810 13,568 200,000
5 60 5,010 29,068 0 8,871 13,629 200,000 12,038 16,795 200,000
6 61 5,010 35,781 0 11,335 15,617 200,000 15,703 19,985 200,000
7 62 5,010 42,831 0 13,557 17,363 200,000 19,314 23,120 200,000
8 63 5,010 50,233 0 15,540 18,870 200,000 22,876 26,206 200,000
9 64 5,010 58,005 0 17,203 20,057 200,000 26,310 29,165 200,000
10 65 5,010 66,166 0 18,529 20,908 200,000 29,599 31,978 200,000
Total 50,100
11 66 5,010 74,735 0 19,696 21,599 200,000 32,994 34,897 200,000
12 67 5,010 83,732 0 20,468 21,895 200,000 36,219 37,647 200,000
13 68 5,010 93,179 0 20,799 21,751 200,000 39,235 40,187 200,000
14 69 5,010 103,099 0 20,639 21,115 200,000 42,001 42,476 200,000
15 70 5,010 113,514 0 19,954 19,954 200,000 44,489 44,489 200,000
16 71 5,010 124,450 0 18,164 18,164 200,000 46,136 46,136 200,000
17 72 5,010 135,933 0 15,518 15,518 200,000 47,230 47,230 200,000
18 73 5,010 147,990 0 12,080 12,080 200,000 47,821 47,821 200,000
19 74 5,010 160,650 0 7,591 7,591 200,000 47,699 47,699 200,000
20 75 5,010 173,943 0 1,800 1,800 200,000 46,657 46,657 200,000
Total 100,200
21 76 5,010 187,901 0 LAPSE LAPSE LAPSE 44,617 44,617 200,000
22 77 5,010 202,557 0 41,269 41,269 200,000
23 78 5,010 217,945 0 36,345 36,345 200,000
24 79 5,010 234,103 0 29,507 29,507 200,000
25 80 5,010 251,068 0 20,294 20,294 200,000
26 81 5,010 268,882 0 8,039 8,039 200,000
27 82 5,010 287,587 0 LAPSE LAPSE LAPSE
28 83 5,010 307,227 0
29 84 5,010 327,849 0
30 85 5,010 349,502 0
Total 150,300
31 86 5,010 372,237 0
32 87 5,010 396,109 0
33 88 5,010 421,175 0
34 89 5,010 447,495 0
35 90 5,010 475,130 0
36 91 5,010 504,147 0
37 92 5,010 534,615 0
38 93 5,010 566,606 0
39 94 5,010 600,197 0
40 95 5,010 635,467 0
-------
Total 200,400
<CAPTION>
CURRENT CHARGES
-------------------------------------
6.00% (4.46% NET)
-------------------------------------
(12)
(10) (11) BENEFIT
END OF VALUE ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ------ --------- --------- ---------
<S> <C> <C> <C>
1 1,515 3,818 200,000
2 5,230 8,032 200,000
3 7,555 12,312 200,000
4 11,866 16,623 200,000
5 16,195 20,953 200,000
6 20,986 25,268 200,000
7 25,942 29,748 200,000
8 31,075 34,405 200,000
9 36,378 39,233 200,000
10 41,750 41,750 200,000
Total
11 47,377 49,280 200,000
12 53,077 54,504 200,000
13 58,977 59,928 200,000
14 65,050 65,526 200,000
15 71,309 71,309 200,000
16 77,259 77,259 200,000
17 83,369 83,369 200,000
18 89,524 89,524 200,000
19 95,930 95,930 200,000
20 102,535 102,535 200,000
Total
21 109,506 109,506 200,000
22 116,735 116,735 200,000
23 124,254 124,254 200,000
24 131,819 131,819 200,000
25 139,752 139,752 200,000
26 148,197 148,197 200,000
27 157,263 157,263 200,000
28 167,395 167,395 200,000
29 178,665 178,665 200,000
30 191,373 191,373 200,942
Total
31 204,906 204,906 215,151
32 218,923 218,923 229,869
33 233,433 233,433 245,105
34 248,430 248,430 260,852
35 263,907 263,907 277,102
36 279,828 279,828 293,819
37 296,648 296,648 308,514
38 314,474 314,474 323,908
39 333,561 333,561 340,232
40 354,226 354,226 357,769
Total
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 82. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $69,009.20 INITIAL GUIDELINE ANNUAL: $6,002.06 INITIAL TWO YEAR MINIMUM: $5,010.00
PREPARED ON: 01/04/95 05:11 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-55
<PAGE> 142
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 55 PREF N/S DB OPT 1 6% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 5,010.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------------
6.00% (4.46% NET)
----------------------------------
UNSCHEDULED BENEFIT
END OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ------ --- ------- ----------- ---- ----- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 0 0 1,515 3,818 200,000
2 57 5,010 0 0 0 5,230 8,032 200,000
3 58 5,010 0 0 0 7,555 12,312 200,000
4 59 5,010 0 0 0 11,866 16,623 200,000
5 60 5,010 0 0 0 16,195 20,953 200,000
6 61 5,010 0 0 0 20,986 25,268 200,000
7 62 5,010 0 0 0 25,942 29,748 200,000
8 63 5,010 0 0 0 31,075 34,405 200,000
9 64 5,010 0 0 0 36,378 39,233 200,000
10 65 5,010 0 0 0 41,750 44,129 200,000
11 66 5,010 0 0 0 47,377 49,280 200,000
12 67 5,010 0 0 0 53,077 54,504 200,000
13 68 5,010 0 0 0 58,977 59,928 200,000
14 69 5,010 0 0 0 65,050 65,526 200,000
15 70 5,010 0 0 0 71,309 71,309 200,000
16 71 5,010 0 0 0 77,259 77,259 200,000
17 72 5,010 0 0 0 83,369 83,369 200,000
18 73 5,010 0 0 0 89,524 89,524 200,000
19 74 5,010 0 0 0 95,930 95,930 200,000
20 75 5,010 0 0 0 102,535 102,535 200,000
21 76 5,010 0 0 0 109,506 109,506 200,000
22 77 5,010 0 0 0 116,735 116,735 200,000
23 78 5,010 0 0 0 124,254 124,254 200,000
24 79 5,010 0 0 0 131,819 131,819 200,000
25 80 5,010 0 0 0 139,752 139,752 200,000
26 81 5,010 0 0 0 148,197 148,197 200,000
27 82 5,010 0 0 0 157,263 157,263 200,000
28 83 5,010 0 0 0 167,395 167,395 200,000
29 84 5,010 0 0 0 178,665 178,665 200,000
30 85 5,010 0 0 0 191,373 191,373 200,942
31 86 5,010 0 0 0 204,906 204,906 215,151
32 87 5,010 0 0 0 218,923 218,923 229,869
33 88 5,010 0 0 0 233,433 233,433 245,105
34 89 5,010 0 0 0 248,430 248,430 260,852
35 90 5,010 0 0 0 263,907 263,907 277,102
36 91 5,010 0 0 0 279,828 279,828 293,819
37 92 5,010 0 0 0 296,648 296,648 308,514
38 93 5,010 0 0 0 314,474 314,474 323,908
39 94 5,010 0 0 0 333,561 333,561 340,232
40 95 5,010 0 0 0 354,226 354,226 357,769
-------
Total 200,400
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 82. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
6.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $69,009.20 INITIAL GUIDELINE ANNUAL: $6,002.06 INITIAL TWO YEAR MINIMUM: $5,010.00
PREPARED ON: 01/04/95 05:11 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-56
<PAGE> 143
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 55 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 12%
MALE NON-SMOKER PREFERRED AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 5,010.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------------------
0.00% (- 1.49% NET) 12.00% (10.42% NET)
-------------------------------- -------------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- -------- -------- --------- --------- ------ -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 5,261 0 1,270 3,573 200,000 1,760 4,063 200,000
2 57 5,010 10,784 0 3,567 6,369 200,000 4,985 7,786 200,000
3 58 5,010 16,584 0 4,231 8,988 200,000 7,009 11,766 200,000
4 59 5,010 22,673 0 6,656 11,414 200,000 11,258 16,015 200,000
5 60 5,010 29,068 0 8,871 13,629 200,000 15,794 20,551 200,000
6 61 5,010 35,781 0 11,335 15,617 200,000 21,113 25,395 200,000
7 62 5,010 42,831 0 13,557 17,363 200,000 26,768 30,574 200,000
8 63 5,010 50,233 0 15,540 18,870 200,000 32,813 36,143 200,000
9 64 5,010 58,005 0 17,203 20,057 200,000 39,229 42,084 200,000
10 65 5,010 66,166 0 18,529 20,908 200,000 46,066 48,443 200,000
Total 50,100
11 66 5,010 74,735 0 19,696 21,599 200,000 53,767 55,670 200,000
12 67 5,010 83,732 0 20,468 21,895 200,000 62,095 63,522 200,000
13 68 5,010 93,179 0 20,799 21,751 200,000 71,141 72,092 200,000
14 69 5,010 103,099 0 20,639 21,115 200,000 81,019 81,495 200,000
15 70 5,010 113,514 0 19,954 19,954 200,000 91,891 91,891 200,000
16 71 5,010 124,450 0 18,164 18,164 200,000 103,435 103,435 200,000
17 72 5,010 135,933 0 15,518 15,518 200,000 116,280 116,280 200,000
18 73 5,010 147,990 0 12,080 12,080 200,000 130,799 130,799 200,000
19 74 5,010 160,650 0 7,591 7,591 200,000 147,307 147,307 200,000
20 75 5,010 173,943 0 1,800 1,800 200,000 166,269 166,269 200,000
Total 100,200
21 76 5,010 187,901 0 LAPSE LAPSE LAPSE 188,449 188,449 200,000
22 77 5,010 202,557 0 213,707 213,707 224,392
23 78 5,010 217,945 0 241,558 241,558 253,636
24 79 5,010 234,103 0 272,253 272,253 285,865
25 80 5,010 251,068 0 306,057 306,057 321,360
26 81 5,010 268,882 0 343,256 343,256 360,419
27 82 5,010 287,587 0 384,151 384,151 403,359
28 83 5,010 307,227 0 429,051 429,051 450,504
29 84 5,010 327,849 0 478,282 478,282 502,197
30 85 5,010 349,502 0 532,188 532,188 558,797
Total 150,300
31 86 5,010 372,237 0 591,133 591,133 620,689
32 87 5,010 396,109 0 655,504 655,504 688,279
33 88 5,010 421,175 0 725,716 725,716 762,002
34 89 5,010 447,495 0 802,203 802,203 842,313
35 90 5,010 475,130 0 885,422 885,422 929,693
36 91 5,010 504,147 0 975,828 975,828 1,024,619
37 92 5,010 534,615 0 1,076,717 1,076,717 1,119,786
38 93 5,010 566,606 0 1,189,873 1,189,873 1,225,569
39 94 5,010 600,197 0 1,317,489 1,317,489 1,343,839
40 95 5,010 635,467 0 1,462,306 1,462,306 1,476,929
--------
Total 200,400
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
(10) (11) (12)
END VALUE BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ---------- ---------
<S> <C> <C> <C>
1 1,760 4,063 200,000
2 5,982 8,784 200,000
3 9,116 13,874 200,000
4 14,578 19,336 200,000
5 20,441 25,198 200,000
6 27,195 31,477 200,000
7 34,596 38,402 200,000
8 42,722 46,052 200,000
9 51,642 54,497 200,000
10 61,350 63,728 200,000
11 72,282 74,185 200,000
12 84,298 85,726 200,000
13 97,656 98,608 200,000
14 112,517 112,993 200,000
15 129,104 129,104 200,000
16 147,191 147,191 200,000
17 167,569 167,569 200,000
18 190,541 190,541 211,500
19 216,097 216,097 235,546
20 244,471 244,471 261,584
21 276,129 276,129 289,936
22 311,142 311,142 326,699
23 349,847 349,847 367,339
24 392,529 392,529 412,156
25 439,632 439,632 461,614
26 491,592 491,592 516,171
27 548,847 548,847 576,289
28 612,079 612,079 642,683
29 681,747 681,747 715,835
30 758,407 758,407 796,328
31 842,720 842,720 884,857
32 935,310 935,310 982,075
33 1,036,939 1,036,939 1,088,786
34 1,148,370 1,148,370 1,205,789
35 1,270,417 1,270,417 1,333,938
36 1,403,822 1,403,822 1,474,013
37 1,551,933 1,551,933 1,614,010
38 1,716,721 1,716,721 1,768,223
39 1,901,232 1,901,232 1,939,257
40 2,109,307 2,109,307 2,130,400
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $69,009.20 INITIAL GUIDELINE ANNUAL: $6,002.06 INITIAL TWO YEAR MINIMUM: $5,010.00
PREPARED ON: 01/04/95 05:12 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-57
<PAGE> 144
ALLOCATION OF VALUE
<TABLE>
<S> <C> <C>
FOR: MALE 55 PREF N/S DB OPT 1 12% MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE NON-SMOKER PREFERRED AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
1ST YR ANNUAL PREMIUM = 5,010.00 TO AGE 95 SPECIFIED AMOUNT
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-------------------------------------
12.00% (10.42% NET)
-------------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ----- --- ------- ----------- ---- ----- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 0 0 1,760 4,063 200,000
2 57 5,010 0 0 0 5,982 8,784 200,000
3 58 5,010 0 0 0 9,116 13,874 200,000
4 59 5,010 0 0 0 14,578 19,336 200,000
5 60 5,010 0 0 0 20,441 25,198 200,000
6 61 5,010 0 0 0 27,195 31,477 200,000
7 62 5,010 0 0 0 34,596 38,402 200,000
8 63 5,010 0 0 0 42,722 46,052 200,000
9 64 5,010 0 0 0 51,642 54,497 200,000
10 65 5,010 0 0 0 61,350 63,728 200,000
- -- -- ------- - - - --------- --------- ---------
11 66 5,010 0 0 0 72,282 74,185 200,000
12 67 5,010 0 0 0 84,298 85,726 200,000
13 68 5,010 0 0 0 97,656 98,608 200,000
14 69 5,010 0 0 0 112,517 112,993 200,000
15 70 5,010 0 0 0 129,104 129,104 200,000
16 71 5,010 0 0 0 147,191 147,191 200,000
17 72 5,010 0 0 0 167,569 167,569 200,000
18 73 5,010 0 0 0 190,541 190,541 211,500
19 74 5,010 0 0 0 216,097 216,097 235,546
20 75 5,010 0 0 0 244,471 244,471 261,584
- -- -- ------- - - - --------- --------- ---------
21 76 5,010 0 0 0 276,129 276,129 289,936
22 77 5,010 0 0 0 311,142 311,142 326,699
23 78 5,010 0 0 0 349,847 349,847 367,339
24 79 5,010 0 0 0 392,529 392,529 412,156
25 80 5,010 0 0 0 439,632 439,632 461,614
26 81 5,010 0 0 0 491,592 491,592 516,171
27 82 5,010 0 0 0 548,847 548,847 576,289
28 83 5,010 0 0 0 612,079 612,079 642,683
29 84 5,010 0 0 0 681,747 681,747 715,835
30 85 5,010 0 0 0 758,407 758,407 796,328
- -- -- ------- - - - --------- --------- ---------
31 86 5,010 0 0 0 842,720 842,720 884,857
32 87 5,010 0 0 0 935,310 935,310 982,075
33 88 5,010 0 0 0 1,036,939 1,036,939 1,088,786
34 89 5,010 0 0 0 1,148,370 1,148,370 1,205,789
35 90 5,010 0 0 0 1,270,417 1,270,417 1,333,938
36 91 5,010 0 0 0 1,403,822 1,403,822 1,494,013
37 92 5,010 0 0 0 1,551,933 1,551,933 1,614,010
38 93 5,010 0 0 0 1,716,721 1,716,721 1,768,223
39 94 5,010 0 0 0 1,901,232 1,901,232 1,939,257
40 95 5,010 0 0 0 2,109,307 2,109,307 2,130,400
-------
Total 200,400
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract lapses at age 95. Assuming current charges and a gross
investment return of 12.00%, contract lapses at age 95.
This is an illustration, not a contract. For presentation in NJ.
The hypothetical investment results are illustrative only, and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown, and will depend on a number of
factors, including the Investment Allocations by a Contract Holder, and the
different investment rates of return for the MONY Series Fund or Enterprise
Accumulation Trust Portfolios. The Surrender Value, Fund Value and benefit
payable at death for a contract would be different from those shown if the
actual rates of investment return applicable to the contract averaged 0.00% or
12.00% over a period of years, but also fluctuated above or below those averages
for individual contract years. No representations can be made by MONY Life of
America, MONY Series Fund or Enterprise Accumulation Trust that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $69,009.20 INITIAL GUIDELINE ANNUAL: $6,002.06 INITIAL TWO YEAR MINIMUM: $5,010.00
PREPARED ON: 01/04/95 05:12 pm PREPARED BY: Agent NOT VALID WITHOUT CURRENT
PROSPECTUS AND SUPPLEMENTAL
FOOTNOTE PAGE
</TABLE>
THIS ILLUSTRATION NOT VALID IN FLORIDA
B-58
<PAGE> 145
APPENDIX C
GUARANTEED DEATH BENEFIT RIDER
MONTHLY GUARANTEE PREMIUM FOR GUARANTEED DEATH
BENEFIT RIDER WITH TEN YEAR/AGE 75 GUARANTEE PERIOD
<TABLE>
<CAPTION>
MONTHLY GUARANTEE
PREMIUM
-----------------
<S> <C>
Specified Amount = $200,000
Male age 45 Preferred Nonsmoker Death Benefit Option 1...................... $257.33
Female age 45 Preferred Nonsmoker Death Benefit Option 1.................... $214.83
Male age 45 Standard Smoker Death Benefit Option 1.......................... $346.83
Male age 45 Preferred Nonsmoker Death Benefit Option 2...................... $257.33
Male age 35 Preferred Nonsmoker Death Benefit Option 1...................... $137.17
Male age 55 Preferred Nonsmoker Death Benefit Option 1...................... $417.50
</TABLE>
C-1
<PAGE> 146
APPENDIX D
GUARANTEED DEATH BENEFIT RIDER
MONTHLY GUARANTEE PREMIUM FOR GUARANTEED DEATH
BENEFIT RIDER WITH LIFETIME GUARANTEE PERIOD
<TABLE>
<CAPTION>
MONTHLY GUARANTEE
PREMIUM
-----------------
<S> <C>
Specified Amount = $200,000
Male age 45 Preferred Nonsmoker Death Benefit Option 1...................... $295.19
Female age 45 Preferred Nonsmoker Death Benefit Option 1.................... $247.16
Male age 45 Standard Smoker Death Benefit Option 1.......................... $398.48
Male age 45 Preferred Nonsmoker Death Benefit Option 2...................... $295.19
Male age 35 Preferred Nonsmoker Death Benefit Option 1...................... $182.22
Male age 55 Preferred Nonsmoker Death Benefit Option 1...................... $502.22
</TABLE>
D-1
<PAGE> 147
PART II
(INFORMATION NOT REQUIRED IN PROSPECTUS)
UNDERTAKING TO FILE REPORTS
Subject to the terms and conditions of Section 15(d) of the Securities
Exchange Act of 1934, the Registrant hereby undertakes to file with the
Securities and Exchange Commission such supplementary and periodic information,
documents, and Reports as may be prescribed by any rule or regulation of the
Commission heretofore, or hereafter duly adopted pursuant to authority conferred
in that Section.
RULE 484 UNDERTAKING
The By-Laws of MONY Life Insurance Company of America ("MONY America")
provide, in Article VI as follows:
SECTION 1. The Corporation shall indemnify any existing or former
director, officer, employee or agent of the Corporation against all
expenses incurred by them and each of them which may arise or be incurred,
rendered or levied in any legal action brought or threatened against any of
them for or on account of any action or omission alleged to have been
committed while acting within the scope of employment as director, officer,
employee or agent of the Corporation, whether or not any action is or has
been filed against them and whether or not any settlement or compromise is
approved by a court, all subject and pursuant to the provisions of the
Articles of Incorporation of this Corporation.
SECTION 2. The indemnification provided in this By-Law shall not be
deemed exclusive of any other rights to which those seeking indemnification
may be entitled under By-Law, agreement, vote of stockholders or
disinterested directors or otherwise, both as to action in his official
capacity and as to action in another capacity while holding office, and
shall continue as to a person who has ceased to be a director, officer,
employee or agent and shall inure to the benefit of the heirs, executors
and administrators of such a person.
Insofar as indemnification for liability arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification for such
liabilities (other than the payment by the Registrant of expense incurred or
paid by a director, officer, or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant, will (unless in the opinion of its counsel the
matter has been settled by controlling precedent) submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
REPRESENTATIONS RELATING TO RULE 6E-3(T)
1. This filing is made pursuant to Rules 6c-3 and 6e-3(T) under the
Investment Company Act of 1940.
2. Registrant elects to be governed by Rule 6e-3(T) (b) (13) (iii) (F)
under the Investment Company Act of 1940.
3. Section 6e-3(T) (b) (13) (iii) (F) is being relied upon.
4. The level of the mortality and expense risk charge is within the range
of industry practice for comparable flexible contracts.
5. The proceeds from explicit sales loads will cover the expected costs of
distributing the Policies.
II-1
<PAGE> 148
The methodology used to support the representation made in paragraph 4
above is based on an analysis of flexible premium variable life policies
submitted to the Commission and currently available for sale which contain
similar guarantees and are sold in similar markets. Registrant undertakes to
keep and make available to the Commission on request the documents used to
support the representation in paragraph 4 above.
CONTENTS OF REGISTRATION STATEMENT
This Registration Statement comprises the following papers and documents:
The Facing Sheet.
Cross-Reference to items required by Form N-8B-2.
Prospectus consisting of 52 pages.
The Undertaking to file reports.
The signatures.
Written consents of the following persons:
a. Edward P. Bank, Vice President and Deputy General Counsel, The
Mutual Life Insurance Company of New York
b. Evelyn Peos, FSA
c. Coopers & Lybrand L.L.P. Independent Accountants
The following exhibits:
<TABLE>
<S> <C>
1. The following exhibits correspond to those required by paragraph A of the
instructions as exhibits to Form N-8B-2:
(1) Resolution of the Board of Directors of MONY America authorizing
establishment of MONY Variable Account L, filed as Exhibit 1 to Registration
Statement on Form S-6, dated February 21, 1985 (Registration Nos. 2-95900
and 811-4235), is incorporated herein by reference.
(2) Not applicable.
(3) (a) Underwriting Agreement between MONY Life Insurance Company of America,
MONY Series Fund, Inc., and MONY Securities Corp., filed as Exhibit
3(a) to Pre-Effective Amendment No. 1 to Registration Statement on
Form S-6, dated January 6, 1995 (Registration Nos. 33-82570 and
811-4235), is incorporated by referenced herein.
(b) Proposed specimen agreement between MONY Securities Corp. and
registered representatives, filed as Exhibit 3(b) of Pre-Effective
Amendment No. 1, dated December 17, 1990, to Registration Statement on
Form N-4 (Registration Nos. 33-37722 and 811-6126) is incorporated
herein by reference.
(c) Commission schedule (with Commission Contract), filed as Exhibit 3(c)
to Pre-Effective Amendment No. 1 to Registration Statement on Form
S-6, dated January 6, 1995 (Registration Nos. 33-82570 and 811-4235),
is incorporated by referenced herein.
(4) Not applicable.
(5) Form of policy, filed as Exhibit 5 to Registration Statement on Form S-6,
dated August 8, 1994 (Registration Nos. 33-82570 and 811-4235), is
incorporated herein by reference.
</TABLE>
II-2
<PAGE> 149
<TABLE>
<S> <C>
(6) Articles of Incorporation and By-Laws of MONY America filed as Exhibits 6(a)
and 6(b), respectively, to Registration Statement (Registration No.
33-13183) dated April 6, 1987, is incorporated herein by reference.
(7) Not applicable.
(8) (a) Form of agreement to purchase shares. [See Exhibit 1(3)(a)].
(b) Investment Advisory Agreement between MONY Life Insurance Company of
America and MONY Series Fund, Inc. filed as Exhibit 5(i) to
Pre-Effective amendment No. 2 to Registration Statement (Registration
Nos. 2-95501 and 811-4209) dated July 19, 1985, is incorporated herein
by reference.
Investment Advisory Agreement between Enterprise Capital Management,
Inc., ("Enterprise Capital") and The Enterprise Accumulation Trust
("Trust"), and Enterprise Capital, the Trust, and Quest for Value
Advisors, as sub-advisor, filed as Exhibit 5 to Post-Effective
Amendment No. 8, dated September 30, 1994, to Registration Statement
on Form N-1A (Registration No. 33-21534), is incorporated herein by
reference.
(c) Services Agreement between The Mutual Life Insurance Company of New
York and MONY Life Insurance Company of America filed as Exhibit 5(ii)
to Pre-Effective Amendment to Registration Statement (Registration
Nos. 2-95501 and 811-4209) dated July 19, 1985, is incorporated herein
by reference.
(9) Not applicable.
(10) Application Form for Flexible Premium Variable Universal Life Insurance
Policy. [See Exhibit 1(3)(a).]
2. Opinion and consent of Edward P. Bank, Vice President and Deputy General Counsel,
The Mutual Life Insurance Company of New York, as to legality of the securities
being registered, filed as Exhibit 2 to Pre-Effective Amendment No. 1 to
Registration Statement on Form S-6, dated January 6, 1995 (Registration Nos.
33-82570 and 811-4235), is incorporated by referenced herein.
3. Not applicable.
4. Not applicable.
5. Not applicable.
6. Opinion and consent of Evelyn L. Peos, FSA, as to actuarial matters, filed as
Exhibit 6 to Pre-Effective Amendment No. 1 to Registration Statement on Form S-6,
dated January 6, 1995 (Registration Nos. 33-82570 and 811-4235), is incorporated by
referenced herein.
7. Consent of Coopers & Lybrand L.L.P. as to financial statements of MONY America
Variable Account L.
Consent of Coopers & Lybrand L.L.P. as to financial statements of MONY Life
Insurance Company of America.
</TABLE>
II-3
<PAGE> 150
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933 AND THE
INVESTMENT COMPANY ACT OF 1940, THE REGISTRANT, MONY AMERICA VARIABLE ACCOUNT L,
HAS DULY CAUSED THIS POST-EFFECTIVE AMENDMENT NO. 2 TO THE REGISTRATION
STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY
AUTHORIZED, IN THE CITY OF NEW YORK AND THE STATE OF NEW YORK, ON THIS 25TH DAY
OF APRIL, 1995.
MONY AMERICA VARIABLE ACCOUNT L
(Registrant)
MONY LIFE INSURANCE COMPANY OF AMERICA
(Depositor)
By: /s/ MICHAEL I. ROTH
------------------------------------
Michael I. Roth, Director,
Chairman and Chief Executive Officer
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THIS
POST-EFFECTIVE AMENDMENT NO. TO THE REGISTRATION STATEMENT HAS BEEN SIGNED
BELOW BY THE FOLLOWING PERSONS IN THE CAPACITIES AND ON THE DATE INDICATED
BELOW.
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
- ------------------------------------------ ---------------------------------- ---------------
<S> <C> <C>
/s/ MICHAEL I. ROTH Director, Chairman of the Board
- ------------------------------------------ and Chief Executive Office
Michael I. Roth
/s/ SAMUEL J. FOTI Director, President and Chief
- ------------------------------------------ Operating Officer
Samuel J. Foti
/s/ RICHARD DADDARIO Director, Vice President and
- ------------------------------------------ Controller (Principal Financial
Richard Daddario and Accounting Officer
/s/ KENNETH M. LEVINE Director and Executive Vice
- ------------------------------------------ President
Kenneth M. Levine
/s/ THEODORE J. SHALACK Director and Vice President April 25, 1995
- ------------------------------------------
Theodore J. Shalack
/s/ RICHARD E. CONNORS Director
- ------------------------------------------
Richard E. Connors
/s/ STEPHEN J. HALL Director
- ------------------------------------------
Stephen J. Hall
/s/ CHARLES D. WYCKOFF Director
- ------------------------------------------
Charles D. Wyckoff
</TABLE>
II-4
<PAGE> 151
EXHIBIT INDEX
7. Consent of Coopers & Lybrand L.L.P., Independent Accountants.
27. Financial Data Schedule.
<PAGE> 1
[COOPERS & LYBRAND LETTERHEAD]
CONSENT OF INDEPENDENT ACCOUNTANTS
------------
We consent to the inclusion in Post-Effective Amendment No. 2 to the
Registration Statement on Form S-6 (File No. 33-82570) of our reports, dated
February 15, 1995, February 14, 1994 and February 8, 1993 on our audits of the
financial statements of MONY America Variable Account L, and February 28, 1995,
on our audit of the financial statements of MONY Life Insurance Company of
America.
We also consent to the reference to our Firm in the Statement of Additional
Information under the caption "Independent Accountants".
/s/ Coopers & Lybrand L.L.P.
----------------------------
COOPERS & LYBRAND L.L.P.
New York, New York
April 24, 1995
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A) The
Mony Life Insurance Company Annual Statement which is prepared in conformity
with Statutory Accounting Principles.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<DEBT-HELD-FOR-SALE> 0
<DEBT-CARRYING-VALUE> 992,054,074
<DEBT-MARKET-VALUE> 938,000,000
<EQUITIES> 299,939
<MORTGAGE> 175,707,618
<REAL-ESTATE> 69,892,725
<TOTAL-INVEST> 1,277,611,624
<CASH> 78,662,397
<RECOVER-REINSURE> 0
<DEFERRED-ACQUISITION> 0
<TOTAL-ASSETS> 2,393,269,410
<POLICY-LOSSES> 459,458,737
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 3,253,309
<POLICY-HOLDER-FUNDS> 844,971,978
<NOTES-PAYABLE> 0
<COMMON> 2,500,000
0
0
<OTHER-SE> 102,414,927
<TOTAL-LIABILITY-AND-EQUITY> 2,393,269,410
500,329,021
<INVESTMENT-INCOME> 96,286,949
<INVESTMENT-GAINS> (2,344,052)
<OTHER-INCOME> 23,290
<BENEFITS> 525,809,515
<UNDERWRITING-AMORTIZATION> 0
<UNDERWRITING-OTHER> 59,133,632
<INCOME-PRETAX> 9,352,061
<INCOME-TAX> 3,241,000
<INCOME-CONTINUING> 6,111,061
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,111,061
<EPS-PRIMARY> 2.44
<EPS-DILUTED> 0
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
</TABLE>
