<PAGE> 1
REGISTRATION NO. 33-82570
REGISTRATION NO. 811-4235
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-6
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 [X]
OF SECURITIES OF UNIT
INVESTMENT TRUSTS REGISTERED ON FORM N-8B-2
PRE-EFFECTIVE AMENDMENT NO.
POST-EFFECTIVE AMENDMENT NO. 7
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)
FREDERICH C. TEDESCHI, ESQ.
VICE PRESIDENT AND CHIEF COUNSEL
MONY LIFE INSURANCE COMPANY
1740 BROADWAY
NEW YORK, NEW YORK 10019
(Name and Address of Agent for Service)
It is proposed that this filing become effective on May 1, 1999 pursuant to
Rule 485(b).
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STATEMENT PURSUANT TO RULE 24f-2
The Registrant registers an indefinite number or amount of its variable
life insurance contracts under the Securities Act of 1933 pursuant to Rule 24f-2
under the Investment Company Act of 1940. The Rule 24f-2 notice for Registrant's
fiscal year ending December 31, 1998 was filed on March 29, 1999.
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CROSS REFERENCE TO ITEMS REQUIRED BY FORM N-8B-2
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ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
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1.......................................... Cover Page
2.......................................... Cover Page
3.......................................... Not Applicable
4.......................................... DISTRIBUTION OF THE POLICY
5.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
6.......................................... MONY America Variable Account L
7.......................................... Not required
8.......................................... Not required
9.......................................... Legal Proceedings
10.......................................... THE POLICY; INFORMATION ABOUT THE COMPANY AND THE
VARIABLE ACCOUNT; CHARGES AND DEDUCTIONS; OTHER
INFORMATION; VOTING OF FUND SHARES; MORE ABOUT THE
POLICY
11.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE FUNDS; PURCHASE OF PORTFOLIO SHARES BY THE
VARIABLE ACCOUNT
12.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE FUNDS; PURCHASE OF PORTFOLIO SHARES BY THE
VARIABLE ACCOUNT
13.......................................... THE POLICY; CHARGES AND DEDUCTIONS; THE FUNDS
14.......................................... THE POLICY
15.......................................... THE POLICY
16.......................................... THE FUNDS; THE POLICY; INFORMATION ABOUT THE COMPANY AND
THE VARIABLE ACCOUNT
17.......................................... THE POLICY
18.......................................... THE FUNDS; THE POLICY; INFORMATION ABOUT COMPANY AND THE
VARIABLE ACCOUNT
19.......................................... VOTING OF FUND SHARES; MORE ABOUT THE POLICY
20.......................................... Not applicable
21.......................................... THE POLICY
22.......................................... Not applicable
23.......................................... Not applicable
24.......................................... IMPORTANT TERMS; MORE ABOUT THE POLICY
25.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
26.......................................... Not applicable
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ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
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27.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
28.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
29.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
30.......................................... Not applicable
31.......................................... Not applicable
32.......................................... Not applicable
33.......................................... Not applicable
34.......................................... Not applicable
35.......................................... MORE ABOUT THE POLICY
36.......................................... Not applicable
37.......................................... Not applicable
38.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
MORE ABOUT THE POLICY
39.......................................... MORE ABOUT THE POLICY
40.......................................... Not applicable
41.......................................... MORE ABOUT THE POLICY
42.......................................... Not applicable
43.......................................... Not applicable
44.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE POLICY; MORE ABOUT THE POLICY
45.......................................... Not applicable
46.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE POLICY; MORE ABOUT THE POLICY
47.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT;
THE POLICY; MORE ABOUT THE POLICY
48.......................................... Not applicable
49.......................................... Not applicable
50.......................................... INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
51.......................................... Cover Page; INFORMATION ABOUT THE COMPANY AND THE
VARIABLE ACCOUNT; THE POLICY; MORE ABOUT THE POLICY
52.......................................... OTHER INFORMATION
53.......................................... OTHER INFORMATION
54.......................................... Not applicable
55.......................................... Not applicable
56.......................................... Not required
57.......................................... Not required
58.......................................... Not required
59.......................................... FINANCIAL STATEMENTS
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PART I
(INFORMATION REQUIRED IN A PROSPECTUS)
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PROSPECTUS
Dated May 1, 1999
Variable Universal Life Insurance Policy
MONY Life Insurance Company of America issues a variable universal life
insurance policy described in this Prospectus. Among the policy's many terms
are:
Allocation of Premiums and Fund Values:
- - You can tell us what to do with your premium payments. You can also tell us
what to do with the cash values your policy may create for you resulting from
those premium payments.
- You can tell us to place them into a separate account. That separate
account is called MONY America Variable Account L.
- If you do, you can also tell us to place your premium payments and
cash values into any or all of 9 different subaccounts. Each of these
subaccounts seeks to achieve a different investment objective. If you
tell us to place your premium payments and cash values into one or
more subaccounts of the separate account, you bear the risk that the
investment objectives will not be met. That risk includes your not
earning any money on your premium payments and cash values and also
that your premium payments and cash values may lose some or all of
their value.
- You can also tell us to place some or all of your premium payments and
cash values into our account. Our account is called the Guaranteed
Interest Account. If you do, we will guarantee that those premium
payments and cash values will not lose any value. We also guarantee that
we will pay not less than 5% interest annually. We may pay more than 5%
if we choose. Premium payments and cash values you place into the
Guaranteed Interest Account become part of our assets.
Death Benefit:
- - We will pay a death benefit if you die before you reach age 95 while the
policy is in effect. That death benefit will never be less than amount
specified in the policy. It may be greater than the amount specified if the
policy's cash values increase.
Living Benefits:
- - You may ask for some or all of the policy's cash value at any time. If you do,
we may deduct a surrender charge. You may borrow up to 90% of the policy's
cash value from us at any time. You will have to pay interest to us on the
amount borrowed.
Charges and Fees:
- - The policy allows us to deduct certain charges from the cash value. These
charges are detailed in the policy and in this prospectus.
THESE ARE ONLY SOME OF THE TERMS OF THE POLICY.
PLEASE READ THE PROSPECTUS CAREFULLY FOR MORE COMPLETE DETAILS OF THE POLICY.
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of the prospectus. Any representation to the contrary is a
criminal offense. This prospectus comes with prospectuses for the MONY Series
Fund, Inc. and Enterprise Accumulation Trust. You should read these prospectuses
carefully and keep them for future reference.
MONY America Variable Account L
MONY Life Insurance Company of America
1740 Broadway, New York, New York 10019
1-800-487-6669
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TABLE OF CONTENTS
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PAGE
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Summary of the Policy....................................... 1
Important Policy Terms.................................... 1
Purpose of the Policy..................................... 1
Policy Premium Payments and Values........................ 1
Charges and Deductions.................................... 3
The Death Benefit......................................... 4
Premium Features.......................................... 5
MONY America Variable Account L........................... 5
Allocation Options........................................ 5
Transfer of Fund Value.................................... 5
Policy Loans.............................................. 5
Full Surrender............................................ 6
Partial Surrender......................................... 6
Preferred Partial Surrender............................... 6
Free Look Period.......................................... 6
Grace Period and Lapse.................................... 6
Tax Treatment of Increases in Fund Value.................. 7
Tax Treatment of Death Benefit............................ 7
Riders.................................................... 7
Contacting the Company.................................... 8
Understanding the Policy.................................. 8
Detailed Information about the Company and MONY America
Variable Account L........................................ 9
MONY Life Insurance Company of America.................... 9
Year 2000 Issue........................................... 9
MONY America Variable Account L........................... 11
The Funds................................................... 13
MONY Series Fund, Inc. ................................... 13
Enterprise Accumulation Trust............................. 14
Purchase of Portfolio Shares by MONY America Variable
Account L.............................................. 15
Detailed Information About The Policy....................... 16
Application for a Policy.................................. 16
Right to Examine a Policy -- Free Look Period............. 18
Premiums.................................................. 18
Choice of Guaranteed Death Benefit Riders................. 19
Allocation of Net Premiums................................ 20
Death Benefits under the Policy........................... 20
Changes in Specified Amount............................... 23
Other Optional Insurance Benefits......................... 25
Benefits at Maturity...................................... 26
Policy Values............................................. 27
Determination of Fund Value............................... 27
Calculating Unit Values for Each Subaccount............... 28
Transfer of Fund Value.................................... 29
Right to Exchange Policy.................................. 30
Policy Loans.............................................. 30
Full Surrender............................................ 31
Partial Surrender......................................... 31
Preferred Partial Surrender............................... 32
Grace Period and Lapse.................................... 32
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PAGE
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Charges and Deductions...................................... 35
Deductions from Premiums.................................. 36
Fund Charge............................................... 38
Transaction and Other Charges............................. 40
Fees and Expenses of the Funds............................ 40
Guarantee of Certain Charges.............................. 41
Other Information........................................... 42
Federal Income Tax Considerations......................... 42
Charge for Company Income Taxes........................... 46
Voting of Fund Shares..................................... 46
Disregard of Voting Instructions.......................... 47
Report to Policy Owners................................... 47
Substitution of Investments and Right to Change
Operations............................................. 47
Changes to Comply with Law................................ 48
Performance Information..................................... 48
The Guaranteed Interest Account............................. 49
General Description....................................... 49
Limitations on Amounts in the Guaranteed Interest
Account................................................ 49
Death Benefit............................................. 50
Policy Charges............................................ 50
Transfers................................................. 50
Surrenders and Policy Loans............................... 51
More About the Policy....................................... 51
Ownership................................................. 51
Beneficiary............................................... 51
Notification and Claims Procedures........................ 52
Payments.................................................. 52
Payment Plan/Settlement Provisions........................ 52
Payment in Case of Suicide................................ 52
Assignment................................................ 53
Errors on the Application................................. 53
Incontestability.......................................... 53
Policy Illustrations...................................... 53
Distribution of the Policy................................ 53
More About the Company...................................... 54
Management................................................ 54
State Regulation.......................................... 56
Telephone Transfer Privileges............................. 56
Legal Proceedings......................................... 56
Legal Matters............................................. 57
Registration Statement.................................... 57
Independent Accountants................................... 57
Financial Statements...................................... 57
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ii
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SUMMARY OF THE POLICY
This summary provides you with a brief overview of the more important
aspects of your policy. It is not intended to be complete. More detailed
information is contained in this prospectus on the pages following this Summary
and in your policy. This summary and the entire prospectus will describe the
part of the policy involving MONY America Variable Account L. The prospectus
also briefly will describe the Guaranteed Interest Account on page . The
Guaranteed Interest Account is also described in your policy. BEFORE PURCHASING
A POLICY, WE URGE YOU TO READ THE ENTIRE PROSPECTUS CAREFULLY.
IMPORTANT POLICY TERMS
We are providing you with definitions for the following terms to make the
description of the policy provisions easier for you to understand.
Outstanding Debt -- The unpaid balance of any loan which you request on the
policy. The unpaid balance includes accrued loan interest which is due and has
not been paid by you.
Loan Account -- An account to which amounts are transferred from the
subaccounts of MONY America Variable Account L and the Guaranteed Interest
Account as collateral for any loan you request. We will credit interest to the
Loan Account at a rate not less than 5%. The Loan Account is part of the
Company's General Account.
Fund Value -- The sum of the amounts under the policy held in each
subaccount of MONY America Variable Account L the Guaranteed Interest Account,
and the Loan Account, and any interest thereon to secure Outstanding Debt.
Cash Value -- The Fund Value of the policy less any fund charge.
Surrender Value -- The cash value less any outstanding debt reduced by any
unearned loan interest.
Minimum Monthly Premium -- The amount the Company determines is necessary
to keep the policy in effect for the first two policy years. In certain cases,
this also applies to the first two policy years following an increase in the
Specified Amount.
Guaranteed Interest Account -- This account is part of the general account
of MONY Life Insurance Company of America (the "Company"). You may allocate all
or a part of your net premium payments to this account. This account will credit
you with a fixed interest rate (which will not be less than 4.5%) declared by
the Company. (For more detailed information, see "The Guaranteed Interest
Account," page .)
Specified Amount -- The minimum death benefit for as long as the policy
remains in effect.
Valuation Date -- Each day that the New York Stock Exchange is open for
trading. It is also any other day on which there is sufficient trading in the
securities owned by a portfolio of the Funds to materially affect the unit value
of the corresponding subaccount of MONY America Variable Account L.
PURPOSE OF THE POLICY
The policy offers insurance protection on the life of the insured. If the
insured is alive on the anniversary of the policy date when the insured is age
95, a maturity benefit will be paid instead of a death benefit The policy
provides a death benefit equal to (a) its Specified Amount, or (b) its Specified
Amount plus accumulated of Fund Value. The policy also provides surrender and
loan privileges. 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. In addition, you, as owner of the policy, choose the amount
and frequency of premium payments, within certain limits.
POLICY PREMIUM PAYMENTS AND VALUES
The premium payments you make for the policy are received by the Company.
From those premium payments, the Company makes deductions to pay premium and
other taxes imposed by state and local
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<PAGE> 9
governments. The Company makes deductions to cover the cost to the Company of a
deferred acquisition tax imposed by the United States government. The Company
will also deduct a Sales Charge to cover the costs of making the policies
available to the public. After deduction of these charges, the amount remaining
is called the net premium payment.
You may allocate net premium payments among the various subaccounts of MONY
America Variable Account L and/or the Guaranteed Interest Account. As owner of
the policy, you may give the right to allocate net premium payments to someone
else.
The net premium payments you allocate among the various subaccounts of MONY
America Variable Account L may increase or decrease in value on any day
depending on the investment experience of the subaccounts you select. Your death
benefit may or may not increase or decrease depending on several factors
including the death benefit option you choose. The death benefit will never
decrease below the Specified Amount of your policy.
Net premium payments you allocate to the Guaranteed Interest Account will
be credited with interest at a rate determined by the Company. That rate will
not be less than 5%.
The value of the net premium payments you allocate to MONY America Variable
Account L and to the Guaranteed Interest Account are called the Fund Value.
There is no guarantee that the policy's Fund Value and death benefit will
increase. You bear the risk that the net premiums and Fund Value allocated to
MONY America Variable Account L may be worth more or less while the policy
remains in effect.
If you cancel the policy and return it to the Company during the Free Look
Period, your premium payments will be returned by the Company. After the Free
Look Period, you may cancel your policy by surrendering it to the Company. The
Company will pay you the Fund Value minus a charge if you cancel your policy
during the first fourteen years since the policy was issued or the Specified
Amount increased. The Company will also deduct any amount you have borrowed from
it from the amount it will pay you. The Fund Value minus Fund Charges and minus
the amount of debt outstanding from loans you have received plus any unearned
interest on the outstanding debt is called the Cash Value of the policy.
Charges and fees such as the cost of insurance, administrative charges, and
mortality and expense risk charges are imposed by the policy. These charges and
fees are deducted by the Company from the policy's Cash Value and are described
in further detail below.
The policy remains in effect until the earliest of:
- A grace period expires without the payment of sufficient additional
premium to cover policy charges or repayment of the Outstanding Debt.
- Age 95.
- Death of the insured.
- Full surrender of the policy.
Generally, the policy remains in effect only as long as the Cash Value less
any Outstanding Debt is sufficient to pay all monthly deductions. However,
during the first two years the policy is in effect, the Company will determine
an amount which if paid during those first two policy years will keep the policy
and all rider coverages in effect for the first two policy years even if the
Cash Value less any Outstanding Debt of the policy is not enough to pay monthly
deductions. This amount is called the Minimum Monthly Premium. If you increase
the Specified Amount during the first two policy years, you must pay the Minimum
Monthly Premium for two more years after the increase. A choice of two
Guaranteed Death Benefit Riders is also available at the time you purchase the
policy. It will extend the time during which the Specified Amount of the policy
and most riders may remain in effect. The Guaranteed Death Benefit Riders
require the payment of an agreed upon amount of premiums and is discussed below.
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CHARGES AND DEDUCTIONS
The policy provides for the deduction of the various charges, costs, and
expenses from the Fund Value of the policy. These deductions are summarized in
the table below. Additional details can be found on pages - .
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DEDUCTIONS FROM PREMIUMS
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Sales Charge -- Varies based on number of Premiums paid during first ten policy
years the policy has been in effect. It is years -- 4%
a % of Premium paid. Premiums paid during policy years
11-20 -- 2%
Premiums paid after policy year 20 -- 0%
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Tax Charge State and local -- 2.0%
Federal -- 1.25%
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DAILY DEDUCTION FROM MONY AMERICA VARIABLE ACCOUNT L
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Mortality & Expense Risk Charge -- Maximum .75% of subaccount value (0.002055% daily)
Annual Rate Reduces after 10th policy year
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DEDUCTIONS FROM FUND VALUE
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Cost of Insurance Charge Current cost of insurance rate x net amount
at risk at the beginning of the policy
month
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EACH OF
1ST 12 EACH
POLICY MONTH
SPECIFIED AMOUNT MONTHS THEREAFTER
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Administrative Charge -- monthly charge based on Less than $31.50* $6.50
Specified Amount of policy. $250,000............ $28.50* $3.50
$250,000-$499,999... $25.00* None
$500,000 or more....
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* Reduced by $5.00 for issue ages 0 through
17. Because issue ages are restricted on
Policies offered to residents of, or issued
for delivery in, the State of New Jersey,
no reduction in Administrative Charge will
occur.
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Guaranteed Death Benefit Charge $0.01 per $1,000 of Specified Amount and
Monthly Charge for Death Benefit Rider certain Rider amounts. Please note that
the Rider requires that premiums on the
policy itself be paid in order to remain
in effect.
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Optional Insurance Benefits Charge As applicable.
Monthly Deduction for any other Optional Insurance
Benefits added by rider.
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Transaction and Other Charges The lesser of 2% of the amount
-Partial Surrender Fee surrendered or $25.
-Transfer of Fund Value Currently $0. Maximum $25 on each
(at Company's Option) Transfer in a policy year exceeding four.
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ADMINISTRATIVE
Administrative Fund Charge ISSUE AGE* FUND CHARGE
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Over 14 years based on a schedule. Factors per 0-25........................ $2.50
$1,000 of Specified Amount vary based on issue age. 26.......................... 3.00
27.......................... 3.50
28.......................... 4.00
29.......................... 4.50
30 or higher................ 5.00
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Sales Fund Charge ISSUE AGE* PERCENTAGE
-------------------------------------------
Percentage of premiums paid in the first 5 years, 0-17........................... 50%
up to a maximum amount of premiums called the 18-65.......................... 75
target premium. 66............................. 70
67............................. 65
68............................. 60
69............................. 55
70 or higher................... 50
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* Issue Ages are restricted on Policies
offered to residents of, or issued for
delivery in, the State of New Jersey to
ages in excess of 17.
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.
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THE DEATH BENEFIT
The minimum initial Specified Amount is $100,000. You may elect one of two
options to compute the amount of death benefit payable under the policy. Your
selection may increase the death benefit.
Option I -- The death benefit equals the greater of:
(a) The Specified Amount plus the increase in Fund Value since the
last Monthly Anniversary Day, or
(b) Fund Value on the date of death, plus the increase in Fund Value
since the last Monthly Anniversary day, multiplied by a death
benefit percentage required by the federal tax law definition of
life insurance.
If you choose Option I, favorable investment performance will reduce
the cost you pay for the death benefit. This reduction will decrease the
deduction from Fund Value and
Option II -- The death benefit equals the greater of:
(a) The Specified Amount of the policy, plus the Fund Value on the
date of death, or
(b) The Fund Value on the date of death, plus the Fund Value on the
last Monthly Anniversary Date, multiplied by a death benefit
percentage required by the federal tax law definition of life
insurance.
If you choose Option II, favorable investment performance will
increase the Fund Value of the Policy which in turn increases insurance
coverage.
The Fund Value used in these calculations is the Fund Value as of the date of
the insured's death.
You may change the death benefit option and increase or decrease the
Specified Amount, subject to certain conditions. See "Death Benefits Under the
Policy," page .
When you apply for insurance, you can purchase either of the Guaranteed
Death Benefit Riders. This rider provides a guarantee that the Specified Amount
under the policy and most rider coverages will
4
<PAGE> 12
remain in effect until (a) the later of the insured's age 75, or ten years from
the date of the policy, or (b) the Maturity Date regardless of the policy's Cash
Value. See "Guaranteed Death Benefit Rider," page .
PREMIUM FEATURES
You must pay premiums equal to at least the amount necessary to keep the
policy in effect for the first two policy years. After that, subject to certain
limitations, you may choose the amount and frequency of premium payments as your
financial situation and needs change.
When you apply for a policy, you determine the level amount you intend to
pay at fixed intervals over a specified period of time. You elect to receive a
premium notice on an annual, semiannual, or quarterly basis. However, you may
choose to skip or stop making premium payments, your policy continues in effect
until the Cash Value can no longer cover (1) the monthly deductions from the
Fund Value for your policy, and (2) any optional insurance benefits added by
rider. You may pay premiums under the electronic funds transfer program. Under
this program, you authorize the Company to withdraw the amount you determine
from your checking account each month.
The amount, frequency and period of time over which you pay premiums may
affect whether or not the policy will be classified as a modified endowment
contract. You will find more information on the tax treatment of life insurance
contracts, including modified endowment contracts under "Federal Income Tax
Considerations," page .
The payment of premiums you specified on the application will not guarantee
that your policy will remain in effect. See "Grace Period and Lapse," page .
If any premium payment would result in an immediate increase in the net amount
at risk, the Company may, (1) reject a part of the premium payment, or (2) limit
the premium payment, unless you provide satisfactory evidence of insurability.
MONY AMERICA VARIABLE ACCOUNT L
MONY America Variable Account L is a separate investment account whose
assets are owned by the Company. See "MONY America Variable Account L" on page
.
ALLOCATION OPTIONS
You may allocate premium payments and Fund Values among the various
subaccounts of MONY America Variable Account L. Each of the subaccounts uses
premium payments and Fund Values to purchase shares of a designated portfolio of
the MONY Series Fund or the Enterprise Accumulation Trust. The subaccounts
available to you and the investment objectives of each available subaccount are
described in detail beginning on page .
TRANSFER OF FUND VALUE
You may transfer Fund Value among the subaccounts. Subject to certain
limitations, you may also transfer between the subaccounts and the Guaranteed
Interest Account. Transfers may be made by telephone if the proper form has been
completed, signed and filed at the Company's Syracuse Operations Center. See
Transfer of Fund Value," page .
POLICY LOANS
You may borrow up to 90% of your policy's Cash Value from the Company. Your
policy will be the only security required for a loan. See "Policy Loans," page
.
The amount of Outstanding Debt reduced by any Unearned Interest is
subtracted from your death benefit. Your Outstanding Debt reduced by any
Unearned Interest is repaid from the proceeds of a full surrender. See "Full
Surrender," page . Outstanding Debt may also affect the continuation of the
policy. See "Grace Period and Lapse," page . The Company charges interest on
policy loans. If you do not pay
5
<PAGE> 13
the interest when due, the amount due will be borrowed from the policy's Cash
Value and will become part of the Outstanding Debt.
FULL SURRENDER
You can surrender the policy during the insured's lifetime and receive its
Cash Value, which equals (a) Fund Value, minus (b) any surrender charge, and
minus (c) any Outstanding Debt plus any unearned loan interest. See "Full
Surrender," page .
PARTIAL SURRENDER
You may request a partial surrender after your Policy has been in effect
for 2 years if your Cash Value after the deduction of the requested surrender
amount and any fees is greater than $500. If the requested amount exceeds the
amount available, we will reject your request and return it to you. A partial
surrender will decrease the Specified Amount. See "Partial Surrender," at page
.
Partial surrenders must be for 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. A portion of the surrender charge may be assessed on a
partial surrender.
PREFERRED PARTIAL SURRENDER
You may request up to 10% of your Policy's Cash Value on that day, without
a Surrender Charge on the Specified Amount of your policy being reduced. You may
make this request after your Policy has been in effect for two years. You will
have to pay the partial surrender fee. See "Preferred Partial Surrender," page
.
FREE LOOK PERIOD
You have the right to examine the policy when you receive it. You may
return the policy for any reason and obtain a full refund of the premium you
paid if you return your policy within 10 days (or longer in some states) after
you receive it. You may also return the policy within 45 days after the date you
sign the application for the policy. During the Free Look Period, net premiums
will be allocated to the Money Market Subaccount of the Variable Account. See
"Right to Examine a Policy -- Free Look Period," page .
GRACE PERIOD AND LAPSE
Your policy will remain in effect as long as:
(1) it has a Cash Value greater than zero;
(2) you have purchased the Guaranteed Death Benefit Rider, and you
have met all the requirements of that Rider; or
(3) during the first two policy years if on each monthly anniversary
the sum of the premiums paid minus the sum of partial surrenders (and
related fees) and any Outstanding Debt, is greater than or equal to the
Minimum Monthly Premium times the number of months your policy has been in
effect. If you increase the Specified Amount during the first three policy
years, you must continue paying the Minimum Monthly Premium for an
additional three policy years from the date of the increase.
If the policy is about to terminate (or Lapse), we will give you notice
that you must pay additional premiums. That notice will tell you what the
minimum amount you must pay is if the policy is to remain in effect and the date
by which we must receive that amount (this period is called the "grace period").
In addition, we calculate each month whether you have paid the premiums
required to be paid by your Guaranteed Death Benefit Rider. See "Guaranteed
Death Benefits," page . If your policy does not
6
<PAGE> 14
meet the test on that date, a notice will be sent to you giving you 61 days from
its date to make additional payments to the Rider. See "Grace Period and Lapse",
page .
You must understand that after the first two policy years, the policy can
lapse even if the scheduled premium payments are made unless you have made all
the premium payments required by the Guaranteed Death Benefit Rider.
TAX TREATMENT OF INCREASES IN FUND VALUE
The federal income tax laws generally tie the taxation of Fund Values to
your receipt of those Fund Values. This policy is currently subject to the same
federal income tax treatment as fixed life insurance. Certain policy loans may
be taxable. You can find information on the tax treatment of the policy under
"Federal Income Tax Consideration," on page .
TAX TREATMENT OF DEATH BENEFIT
Generally, the death benefit will be fully excludable from the gross income
of the beneficiary under the Internal Revenue Code. Thus the death benefit
received by the beneficiary at the death of the insured will not be subject to
federal income taxes when received by the beneficiary. Also a death benefit paid
by this policy is currently subject to federal income tax treatment as a death
benefit paid by a fixed life insurance policy. See "Federal Income Tax
Considerations," page .
RIDERS
Additional optional insurance benefits may be added to the policy by an
addendum called a rider. There are nine riders available with this policy:
- Guaranteed Death Benefit Rider
- Spouse's Term Rider
- Children's Term Insurance Rider
- Accidental Death Benefit Rider
- Purchase Option Rider
- Waiver of Monthly Deductions Rider
7
<PAGE> 15
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.
UNDERSTANDING THE POLICY
The following chart may help you to understand how the policy works.
[HOW THE POLICY WORKS FLOW CHART]
8
<PAGE> 16
DETAILED INFORMATION ABOUT THE COMPANY
AND MONY AMERICA VARIABLE ACCOUNT L
MONY LIFE INSURANCE COMPANY OF AMERICA
MONY Life Insurance Company of America issues the policy. In this
prospectus MONY Life Insurance Company of America is called the "Company". The
Company is a stock life insurance company organized in the State of Arizona. The
Company is the corporate successor of VICO Credit Life Insurance Company
incorporated in Arizona on March 6, 1969. The Company is currently licensed to
sell life insurance and annuities in 49 states (not including New York), the
District of Columbia, Puerto Rico, and the Virgin Islands.
The Company is a wholly owned subsidiary of MONY Life Insurance Company
("MONY"). MONY was organized as a mutual life insurance company under the laws
of the State of New York in 1842 under the name The Mutual Life Insurance
Company of New York. In 1998, The Mutual Life Insurance Company of New York
converted to a stock company through demutualization and was renamed MONY Life
Insurance Company. The demutualization did not have any material effect on the
Company, MONY America Variable Account L, or the Contract. The principal offices
of both MONY and the Company are located at 1740 Broadway, New York, New York
10019. The Company's financial statements may be found in the Statement of
Additional Information.
At January 1, 1999, the rating assigned to the Company by A.M. Best
Company, Inc., an independent insurance company rating organization, was A-
(Excellent). This rating is based upon an analysis of financial condition and
operating performance through the end of 1997. 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 intends to administer the policies itself.
MONY Securities Corporation, a wholly owned subsidiary of the Company, is
the principal underwriter for the policies.
YEAR 2000 ISSUE
The Year 2000 issue is the result of widespread use of computer programs
which use two digits (rather than four) to define a year. By use of a two-digit
field, the industry avoided the greater cost of additional mainframe capacity.
As a result, any of the Company's computer systems that have time-sensitive
software may recognize a date using "00" as the year 1900 rather than the year
2000. This could result in a major system failure or in miscalculations.
State of Readiness
The Company has a service agreement with MONY whereby MONY provides
services and equipment including computer and information systems to the Company
to conduct its business.
In 1996, the Company initiated in conjunction with MONY and its affiliates
(hereafter collectively referred to as "MONY and its subsidiaries") a formal
Year 2000 Project to resolve the Year 2000 issue. The scope of the Project was
identified, and funding was established. In early 1997, MONY and its
subsidiaries retained Command Systems, Inc., and Keane, Inc. to assist the
Company in bringing its computer and information systems into Year 2000
compliance. MONY and its subsidiaries' overall goal for information technology
("IT") related items is to have business-critical hardware and software
compliant by December 31, 1998, with additional testing and enterprise
end-to-end testing occurring in 1999. MONY and its subsidiaries have also
retained Technology Resource Solutions to assist in the evaluation of Year 2000
issues affecting its non-IT systems in facilities and equipment which may
contain date logic in embedded chips. MONY's overall goal is to have these
non-IT systems compliant by mid-1999.
9
<PAGE> 17
The scope of the Project includes:
- ensuring the compliance of all applications, operating systems and
hardware on mainframe, PC and LAN platforms;
- ensuring the compliance of voice and data network software and hardware;
addressing issues related to non-IT systems in buildings, facilities and
equipment which may contain date logic in embedded chips; and
- addressing the compliance of key vendors and other third parties.
The phases of the Project are:
1 inventorying Year 2000 items and assigning priorities; assessing the Year
2000 compliance of items;
2 remediating or replacing items that are determined not to be Year 2000
compliant;
3 testing items for Year 2000 compliance; and
4 designing and implementing Year 2000 contingency and business continuity
plans.
To determine that all IT systems (whether internally developed or
purchased) are Year 2000 compliant, each system is tested using a standard
testing methodology which includes unit testing, baseline testing, and future
date testing. Future date testing includes critical dates near the end of 1999
and into the year 2000, including leap year testing.
The inventory and assessment phases of the Project were completed prior to
mid 1998. At December 31, 1998, all of MONY and its subsidiaries' application
systems had been remediated, and current date tested. In addition, approximately
94% of MONY and its subsidiaries' applications had been future date tested, with
future date testing for the remaining 6% scheduled for completion by mid-1999.
New implemented applications and new releases of software packages will be
tested in 1999 as part of the implementation process. Approximately 87% of the
operating systems, systems software, and hardware for mainframe, PC and LAN
platforms were deemed compliant based on information supplied by vendors
verbally, in writing, or on the vendor's Internet site. Of the IT business
critical items, essentially all were compliant and tested by December 31, 1998.
The remaining items will be resolved and tested in the first quarter of 1999.
Approximately 50% of non-IT business critical items had been remediated as of
December 31, 1998. Ongoing testing for Year 2000 compliance will continue in
1999, and is expected to be completed by mid-1999.
As part of the Project, significant service and information providers,
external vendors, suppliers, and other third parties that are believed to be
critical to business operations after January 1, 2000, have been identified and
steps are being undertaken in an attempt to reasonably ascertain their stage of
Year 2000 readiness through questionnaires, interviews, on-site visits, and
other available means.
Costs
The estimated total cost of the Year 2000 Project for the Company is
approximately $2.0 million. The total amount expended on the Project through
December 31, 1998 was $1.8 million. The estimated future cost of completing the
Year 2000 Project is estimated to be approximately $0.2 million. These amounts
include costs associated with the current development of contingency plans.
Risks
The Company believes that completed and planned modifications and
conversions of its internal systems and equipment will allow it to be Year 2000
compliant in a timely manner. There can be no assurance, however, that the
Company's internal systems or equipment or those third parties on which the
Company relies will be Year 2000 compliant in a timely manner or that the
Company's or third parties' contingency plans will mitigate the effects of any
noncompliance. The failure of the systems or equipment of the Company or third
parties (which the Company believes is the most reasonable likely worst case
scenario) could affect the distribution and sale of life insurance, annuity and
investment products and could have a material effect on the Company's financial
position and results of operations.
10
<PAGE> 18
Contingency Plans
MONY and its subsidiaries has retained outside consultants to assist in the
development of Business Continuity Plans, which includes identification of third
party service providers, information systems, equipment, facilities, and other
items which are mission critical to the operation of the business. In
conjunction with this effort, the Company is developing a Year 2000 Contingency
Plan to address failures due to the Year 2000 problem of third parties and other
items, which are critical to the ongoing operation of the business. The
Contingency Plan includes the performance of alternate processing as well as
consideration for changing third party service providers, vendors, and suppliers
if necessary. The scheduled date for completion of the Contingency Plan is mid
1999. The Company believes that due to the pervasive nature of potential Year
2000 issues, the contingency planning process is an ongoing one that will
require further modifications as the Company obtains additional information
regarding the status of third party Year 2000 readiness.
MONY Series Fund and the Accumulation Trust have reviewed their investment
advisers and other suppliers of services with respect to the Year 2000 issue.
MONY Series Fund and the Accumulation Trust prospectuses, which are included in
the Prospectus Portfolio, contain the results of these reviews. See MONY Series
Fund prospectus at page . Accumulation Trust prospectus at page .
MONY AMERICA VARIABLE ACCOUNT L
MONY America Variable Account L is a separate investment account of the
Company. Presently, only premium payments and cash values of flexible premium
variable life insurance policies are permitted to be allocated to MONY America
Variable Account L. The assets in MONY America Variable Account L are kept
separate from the general account assets and other separate accounts of the
Company.
The Company owns the assets in MONY America Variable Account L. The Company
is required to keep assets in MONY America Variable Account L that equal the
total market value of the policy liabilities funded by MONY America Variable
Account L. Realized or unrealized income gains or losses of MONY America
Variable Account L are credited or charged against MONY America Variable Account
L assets without regard to the other income, gains or losses of the Company.
Reserves and other liabilities under the policies are assets of MONY America
Variable Account L. MONY America Variable Account L assets are not chargeable
with liabilities of the Company's other businesses.
Fund Values of the policy allocated to the Guaranteed Interest Account are
held in the Company's general account. The Company's general account assets are
subject to the liabilities from the businesses the Company conducts. In
addition, the Company may transfer to its general account any assets that exceed
anticipated obligations of MONY America Variable Account L. All obligations of
the Company under the policy are general corporate obligations of the Company.
The Company may accumulate in MONY America Variable Account L proceeds from
various policy charges and investment results applicable to those assets.
MONY America Variable Account L was authorized by the Board of Directors of
the Company and established under Arizona law on February 19, 1985. MONY America
Variable Account L is registered with the SEC as a unit investment trust. The
SEC does not supervise the administration or investment practices or policies of
MONY America Variable Account L.
MONY America Variable Account L is divided into subdivisions called
subaccounts. There are currently nine subaccounts available to you. Each
subaccount invests exclusively in shares of a designated portfolio of MONY
Series Fund, Inc. and Enterprise Accumulation Trust (collectively called 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 serve only
as the underlying investment for variable annuity and variable life insurance
contracts issued through separate accounts of the Company or other life
insurance companies. The portfolios may also be available to certain pension
accounts. The portfolios are not available directly to individual investors. In
the future, the Company may establish
11
<PAGE> 19
additional subaccounts within MONY America Variable Account L. Future
subaccounts may invest in other portfolios of the Funds or in other securities.
Not all subaccounts are available to you.
The following table lists the subaccounts of MONY America Variable Account
L that are available to you, their respective investment objectives, and which
Fund portfolio shares are purchased:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
THE MONEY MARKET SUBACCOUNT Maximum current income consistent with
preservation of capital and maintenance of
This subaccount purchases shares of the liquidity. Attempts to achieve objective
MONY Series Fund, Inc. Money Market by investing in money market instruments.
Portfolio.
--------------------------------------------------------------------------------------------
THE GOVERNMENT SECURITIES SUBACCOUNT Maximum current income over the
intermediate term consistent with the
This subaccount purchases shares of the preservation of capital. Attempts to
MONY Series Fund, Inc. Government achieve objective through investment in
Securities Portfolio. 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.
--------------------------------------------------------------------------------------------
THE INTERMEDIATE TERM BOND SUBACCOUNT Maximize income over the intermediate term
consistent with the preservation of
This subaccount purchases shares of the capital. Seeks to achieve objective by
MONY Series Fund, Inc. Intermediate Term investing in highly rated debt securities,
Bond Portfolio. U.S. Government obligations, and money
market instruments, together having a
dollar-weighted average life of between 4
and 8 years.
--------------------------------------------------------------------------------------------
THE LONG TERM BOND SUBACCOUNT Maximize income over the longer term
consistent with preservation of capital.
This subaccount purchases shares of the Seeks to achieve objective by investing in
MONY Series Fund, Inc. Long Term Bond highly-rated debt securities, U.S.
Portfolio. Government obligations, and money market
instruments, together having a
dollar-weighted average life of more than
8 years.
--------------------------------------------------------------------------------------------
THE EQUITY SUBACCOUNT Long-term capital appreciation. Seeks to
achieve this objective by investing in a
This subaccount purchases shares of the diversified portfolio of primarily equity
Enterprise Accumulation Trust Equity securities selected on the basis of a
Portfolio. value-oriented approach to investing.
--------------------------------------------------------------------------------------------
THE MANAGED SUBACCOUNT Provide growth of capital over time. Seeks
to achieve investment objective by
This subaccount purchases shares of the investing in a portfolio consisting of
Enterprise Accumulation Trust Managed common stocks, bonds and cash equivalents,
Portfolio. the percentage of which vary over time
based on the investment manager's
assessment of the relative investment
values.
--------------------------------------------------------------------------------------------
</TABLE>
12
<PAGE> 20
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C>
THE SMALL COMPANY VALUE SUBACCOUNT Capital appreciation. Pursues its
investment objective by investing in a
This subaccount purchases shares of the diversified portfolio of primarily equity
Enterprise Accumulation Trust Small securities of companies with market
Company Value Portfolio. capitalization of under $1 billion.
--------------------------------------------------------------------------------------------
THE INTERNATIONAL GROWTH SUBACCOUNT Capital appreciation. Pursues its
investment objective primarily through a
This subaccount purchases shares of the diversified portfolio of non-United States
Enterprise Accumulation Trust equity securities.
International Growth Portfolio.
--------------------------------------------------------------------------------------------
THE HIGH YIELD BOND SUBACCOUNT Maximum current income. Seeks to meet its
investment objective primarily by
This subaccount purchases shares of the investing in debt securities that are
Enterprise Accumulation Trust High Yield rated Ba or lower by Moody's Investors
Bond Portfolio. Service, Inc. or BB or lower by Standard &
Poor's Corporation. These lower rated
bonds are 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 has 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.
----------------------------------------------------------------------------------------
</TABLE>
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. The SEC does not supervise the investments or investment policy of
the Funds.
MONY SERIES FUND, INC.
Only shares of four of the seven portfolios of the MONY Series Fund, Inc.
can be purchased by a subaccount available to you. Each of the portfolios has
different investment objectives and policies. The Company is a registered
investment adviser under the Investment Advisers Act of 1940. The Company, as
investment adviser, paid all expenses associated with organizing the MONY Series
Fund, Inc. when it was organized in 1985. Those expenses also included the costs
of the initial registration of its securities. The Company, as investment
adviser, currently pays the compensation of the Fund's directors, officers and
employees who are affiliated in some way with the Company. The MONY Series Fund,
Inc. pays for all other expenses including, for example, the calculation of the
net asset value of the portfolios. To carry out its duties as investment
adviser, The Company has entered into a Services Agreement with MONY to provide
personnel, equipment, facilities and other services. As the investment adviser
to the MONY Series Fund, Inc., the Company receives a daily investment advisory
fee for each portfolio (See chart below). Fees are deducted daily and paid to
the Company monthly.
13
<PAGE> 21
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT ADVISER INVESTMENT ADVISORY FEE
--------------------------------------------------------------------------------------------
<S> <C>
GOVERNMENT SECURITIES PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million,
MONY Life Insurance Company of America is and 0.30% in excess of $800 million of the
the Investment Adviser. portfolio's aggregate average daily net
assets
--------------------------------------------------------------------------------------------
LONG TERM BOND PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million,
MONY Life Insurance Company of America is and 0.30% in excess of $800 million of the
the Investment Adviser. portfolio's aggregate average daily net
assets
--------------------------------------------------------------------------------------------
INTERMEDIATE TERM BOND PORTFOLIO Annual rate of 0.50% of the first $400
million, 0.35% of the next $400 million,
MONY Life Insurance Company of America is and 0.30% in excess of $800 million of the
the Investment Adviser. portfolio's aggregate average daily net
assets
--------------------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO Annual rate of 0.40% of the first $400
million, 0.35% of the next $400 million,
MONY Life Insurance Company of America is and 0.30% of assets in excess of $800
the Investment Adviser. million of the portfolio's aggregate
average daily net assets.
----------------------------------------------------------------------------------------
</TABLE>
ENTERPRISE ACCUMULATION TRUST
Enterprise Accumulation Trust has ten portfolios, the shares of which can
all be purchased by subaccounts available to you. Enterprise Capital Management,
Inc. ("Enterprise Capital"), a wholly owned subsidiary of MONY, is the
investment adviser of Enterprise Accumulation Trust. Enterprise Capital is
responsible for the overall management of the portfolios, including meeting the
investment objectives and policies of the portfolios. Enterprise Capital
contracts with sub-investment advisers to assist in managing the portfolios. For
information on the sub-advisers for each portfolio, see page of the
Enterprise Accumulation Trust prospectus included in this prospectus portfolio.
Enterprise Accumulation Trust pays an investment advisory fee to Enterprise
Capital which in turn pays the sub-investment advisers. Fees are deducted daily
and paid to Enterprise Capital on a monthly basis. The daily investment advisory
fees and sub-investment advisory fees for each portfolio are shown in the chart
below.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT
SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
EQUITY PORTFOLIO Annual rate of 0.80% of the Annual rate of 0.40% up to
first $400 million, 0.75% of $1 billion, and 0.30% in
OpCap Advisors is the sub- the next $400 million and excess of $1 billion of the
investment adviser. 0.70% in excess of $800 portfolio's aggregate
million of the portfolio's average daily net assets.
aggregate average daily net
assets.
- ----------------------------------------------------------------------------------------------
</TABLE>
14
<PAGE> 22
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT
SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
MANAGED PORTFOLIO Annual rate of 0.80% of the Annual rate of 0.40% up to
first $400 million, 0.75% of $1 billion, 0.30% in excess
OpCap Advisors is the sub- the next $400 million and of $1 billion, and 0.25% in
investment adviser. 0.70% in excess of $800 excess of $2 billion of the
million of the portfolio's portfolio's aggregate
aggregate average daily net average daily net assets.
assets.
- ----------------------------------------------------------------------------------------------
SMALL COMPANY VALUE Annual rate of 0.75% of the Annual rate of 0.40% of the
PORTFOLIO portfolio's aggregate first $1 billion and 0.30%
average daily net assets. in excess of $1 billion of
Gabelli Asset Management, the portfolio's aggregate
Inc. is the sub-investment average daily net assets.
adviser.
- ----------------------------------------------------------------------------------------------
INTERNATIONAL GROWTH Annual rate of 0.85% of the Annual rate of 0.45% of the
PORTFOLIO portfolio's aggregate first $100 million of the
average daily net assets. portfolio's aggregate
Vontobel USA Inc. is the average daily net assets
sub-investment adviser. (fee declines as assets
exceed $100 million).
- ----------------------------------------------------------------------------------------------
HIGH YIELD BOND PORTFOLIO Annual rate of 0.60% of the Annual rate of 0.30% of the
portfolio's aggregate first $100 million and 0.25%
Caywood-Scholl Capital average daily net assets. in excess of $100 million of
Corporation is the sub- the portfolio's aggregate
investment adviser. average daily net assets.
- ----------------------------------------------------------------------------------------------
</TABLE>
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 affected portfolio. For each of the Funds this means the lesser of
(1) 67% of the portfolio shares represented at a meeting at which more than 50%
of the outstanding portfolio shares are represented or (2) more than 50% of the
outstanding portfolio shares.
PURCHASE OF PORTFOLIO SHARES BY MONY AMERICA VARIABLE ACCOUNT L
The Company purchases shares of each portfolio for the corresponding
sub-account at net asset value, i.e. without a sales load. Generally, all
dividends and capital gains distributions received from a portfolio are
automatically reinvested in the portfolio at net asset value. The Company, on
behalf of MONY America Variable Account L, may elect not to reinvest dividends
and capital gains distributions. The Company redeems Fund shares at net asset
value to make payments under the Policies.
Fund shares are offered only to insurance company separate accounts. The
insurance companies may or may not be affiliated with the Company or with each
other. This is called "shared funding." Shares may also be sold to separate
accounts to serve as the underlying investments for variable life insurance
policies and variable annuity policies. This is called "mixed funding."
Currently, the Company does not foresee any disadvantages to policy owners due
to mixed or shared funding. However, differences in tax treatment or other
considerations may at some time create conflict of interests between owners of
various contracts. The Company and the Boards of Directors of the Funds, and any
other insurance companies
15
<PAGE> 23
that participate in the Funds are required to monitor events to identify
material conflicts. If there is a conflict because of mixed or shared funding,
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.
The investment objectives of each of the portfolios is substantially
similar to the investment objectives of the subaccount which purchases shares of
that portfolio. A summary of the investment objective of each of the subaccounts
available to you is found in the chart on page . No portfolio can assure
you that its objective will be achieved. You will find more detailed information
in the prospectus of each Fund that you received with this prospectus. The
Funds' prospectuses include information on the risks of each portfolio's
investments and investment techniques.
THE FUNDS' PROSPECTUSES ACCOMPANY THIS PROSPECTUS AND SHOULD BE
READ CAREFULLY BEFORE INVESTING
DETAILED INFORMATION ABOUT THE POLICY
The Fund Value in MONY America Variable Account L and the Guaranteed
Interest Account provide many of the benefits of your policy. The information in
this section describes the benefits, features, charges, and other major
provisions of the policies and the extent to which those benefits depend upon
the Fund Value.
APPLICATION FOR A POLICY
The policy design meets the needs of individuals as well as for
corporations who provide coverage and benefits for key employees. A purchaser
must complete an application and personally deliver it to a licensed agent of
the Company, who is also a registered representative of MONY Securities
Corporation ("MSC"). The licensed agent submits the application to the Company.
The policy may also be sold through other broker-dealers authorized under the
law and by MSC. A policy can be issued on the life of an insured for ages up to
and including 80 with evidence of insurability that satisfies the Company.
Policies offered to residents of, or issued for delivery in, the State of
Maryland may only be issued on the life of an Insured for Ages up to and
including Age 70 with evidence of insurability satisfactory to the Company.
Policies offered to residents of, or issued for delivery in, the State of New
Jersey may only be issued on the lives of Insureds between the Ages of 18 and
70, depending upon the health and smoking status of the Insured applicants. The
age of the insured is the age on his or her birthday nearest to the date of the
policy. The Company accepts the application subject to its underwriting rules,
and may request additional information or reject an application.
The minimum Specified Amount you may apply for is $100,000. However, the
Company reserves the right to revise its rules at any time to require a
different minimum Specified Amount at issue for subsequently issued policies.
Each policy is issued with a policy date. The policy date is used to
determine the policy months and years, and policy monthly, quarterly,
semi-annual and annual anniversaries. The policy date is stated on page 1 of the
policy. The policy date will normally be the later of (1) the date that delivery
of the policy is authorized by the Company ("Policy Release Date"), or (2) the
policy date requested in the application. No premiums may be paid with the
application except under the temporary insurance procedures defined below.
Temporary Insurance Coverage
If you want insurance coverage before the Policy Release Date, and are more
than 15 days old and not more than 70 years old, you may be eligible for a
temporary insurance agreement. You must complete an application for the policy
and give it to the Company's licensed agent. The application contains a number
of questions about your health. Your eligibility for temporary coverage will
depend upon your
16
<PAGE> 24
answers to those questions. In addition, you must complete and sign the
Temporary Insurance Agreement Form. You must also submit payment for at least
one Minimum Monthly Premium for the Policy as applied for. Your coverage under
the Temporary Insurance Agreement starts on the date you sign the form and pay
the premium amount, or if later, the requested policy date. See "Premium
Flexibility," page .
Coverage under the Temporary Insurance Agreement ends on the earliest of:
- the Policy Release Date, if the policy is issued as applied for;
- the 15th day after the Policy Release Date or the date the policy takes
effect, if the policy is issued other than as applied for;
- no later than 90 days from the date the Temporary Insurance Agreement is
signed;
- the 45th day after the form is signed if you have not finished the last
required medical exam;
- 5 days after the Company sends notice to you that it declines to issue
any policy; and
- the date you tell the Company that the policy will be refused.
If the insured dies during the period of temporary coverage, the death
benefit will be:
(1) the insurance coverage applied for (including any optional riders)
up to $500,000, less
(2) the deductions from premium and the monthly deduction due prior to
the date of death.
Premiums paid for temporary insurance coverage are held in the Company's
general account until the Policy Release Date. Except as provided below,
interest is credited on the premiums (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% per year. If the policy is issued and accepted, these
amounts will be applied to the policy. These premiums will be returned to you
(without interest) within 5 days after the earliest of:
(1) the date you tell the Company that the policy will be refused.
Your refusal must be (a) at or before the Policy Release Date, or (b) (if
the policy is authorized for delivery other than as applied for), on or
before the 15th day after the Policy Release Date; or
(2) 30 days after the application is signed, if any required medical
exams or tests have not been finished.
Premiums will be returned to you with interest within 5 days after the date
the Company sends notice to you declining to issue any policy.
Initial Premium Payment
Once your application is approved and you are issued a policy, the balance
of the first scheduled premium payment is payable. The scheduled premium payment
specified in your policy must be paid in full when your policy is delivered.
Your policy is effective the later of (1) acceptance and payment of the
scheduled premium payment, or (2) the policy date requested in the application.
If you do not request a policy date or if the policy date you request is earlier
than the Policy Release Date, any premium balance remitted by you earns interest
until the Policy Release Date. The policy premium credited with interest equals
amounts in the general account under the Temporary Insurance Agreement, plus
interest credited minus deductions from premiums. The monthly deduction due
prior to or on the Policy Release Date will be made. If you request a policy
date which is later than the Policy Release Date, your premium will be held in
the general account until the policy date. Premium held in the Company's general
account earns an interest rate set by the Company, but will not be less than 5%
per year. Upon the Policy Release Date (or when your premium payment is received
if you did not pay premium when you applied for the policy) your premiums will
be allocated to the Money Market Subaccount. When the Free Look Period ends,
amounts held in the Money Market Subaccount will be allocated to the subaccounts
of MONY America Variable Account L or the Guaranteed Interest Account pursuant
to your instructions. (See "Right to Examine a Policy -- Right to Return Policy
Period," below.)
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<PAGE> 25
Policy Date
The Company may approve the backdating of a policy. However, the policy may
be backdated for not more than 6 months (a shorter period is required in certain
states) prior to the date of the application. Backdating can be to your
advantage if it lowers the insured's issue age and results in lower cost of
insurance rates. If the policy is backdated, the initial scheduled premium
payment will include sufficient premium to cover the extra charges for the
backdating period. Extra charges equal the monthly deductions for the period
that the policy date is backdated.
Risk Classification
Insureds are assigned to underwriting (risk) classes. Risk classes 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. This method may require a medical examination
of the proposed insured. The Company may use other forms of underwriting when it
is considered appropriate.
RIGHT TO EXAMINE A POLICY -- FREE LOOK PERIOD
The Right to Return Policy Period runs for 10 days (or longer in certain
states) after you receive the policy. During this period, you may cancel the
policy and receive a refund of the full amount of the premium paid.
PREMIUMS
The policy is a flexible premium policy. The policy provides considerable
flexibility, subject to the limitations described below, to pay premiums at your
discretion.
Premium Flexibility
The Company requires you to pay an amount equal to at least the Minimum
Monthly Premium to put the policy in effect. If you want to pay premiums less
often than monthly, the premium required to put the policy in effect is equal to
the Minimum Monthly Premium multiplied by 12 divided by the frequency of the
scheduled premium payments. This Minimum Monthly Premium will be based upon:
1) the policy's Specified Amount,
2) any riders added to the policy, and
3) the insured's
a) Age,
b) smoking status,
c) gender (unless unisex cost of insurance rates apply, see "Cost of
Insurance," page ), and
d) underwriting class.
The Minimum Monthly Premium will be shown in the policy. Thereafter,
subject to the limitations described below, you may choose the amount and
frequency of premium payments to reflect your varying financial conditions.
The policy is guaranteed not to lapse during the first three policy years
if on each monthly anniversary the conditions previously described in "Summary
of the Policy" on page are met. See also "Grace Period and Lapse," page .
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<PAGE> 26
Scheduled Premium Payments (Planned Premium Payments)
When you apply for a policy, you determine a scheduled premium payment.
This scheduled premium payment provides for the payment of level premiums at
fixed intervals over a specified period of time. You will receive a premium
reminder notice for the scheduled premium payment amount on an annual,
semiannual or quarterly basis, at your option. The minimum scheduled premium
payment equals the Minimum Monthly Premium multiplied by 12 divided by the
scheduled premium payment frequency. Although reminder notices will be sent, you
may not be required to pay scheduled premium payments. For policies offered to
residents of, or issued for delivery in the Commonwealth of Massachusetts, you
will determine a Planned Premium Payment. The Planned Premium Payment provides
for the payment of level premiums at fixed intervals over a specified period of
time. For those policyowners, the term "Scheduled Premium Payment" used in this
Prospectus refers to "Planned Premium Payment."
You may elect to make monthly premium payments by the MONYMatic Plan. Based
on your policy date, up to two Minimum Monthly Premiums may be required to be
paid in cash before premiums may be paid by the MonyMatic Plan. Paying premiums
by electronic funds transfer requires you to authorize the Company to withdraw
premiums from your checking account each month.
Payment of the scheduled premium payments will not guarantee that your
policy will remain in effect. (See "Grace Period and Lapse" in the Summary and
on page .)
CHOICE OF GUARANTEED DEATH BENEFIT RIDERS
Generally, your policy remains in effect so long as your policy has Cash
Value. Charges that maintain your policy are deducted monthly from Fund Value.
The Cash Value of your policy is affected by,
(1) the investment experience of any amounts in the subaccounts of
MONY America Variable Account L,
(2) the interest earned in the Guaranteed Interest Account, and
(3) the deduction from Cash Value of the various charges, costs, and
expenses imposed by the policy provisions.
This in turn affects the length of time your policy remains in effect
without the payment of additional premiums. Therefore, coverage will last as
long as the Cash Value of your policy is sufficient to pay these charges. See
"Grace Period and Lapse," page .
When you apply for a policy, you will be able to choose one of two
Guaranteed Death Benefit Riders. Either Rider may extend the period that the
Specified Amount of your policy and certain other rider coverages will remain in
effect if the subaccounts suffer adverse investment experience. See "Guaranteed
Death Benefit Riders," page . The Guaranteed Death Benefit Riders are not
available on policies offered to residents of, or issued for delivery in, the
Commonwealth of Massachusetts or the States of New Jersey and Texas.
Modified Endowment Contracts
The amount, frequency and period of time over which you pay premiums may
affect whether your policy will be classified as a modified endowment contract.
A modified endowment contract is a type of life insurance policy subject to
different tax treatment than that given to a conventional life insurance policy.
The difference in tax treatment occurs when you take certain pre-death
distributions from your policy. See "Federal Income Tax
Considerations -- Modified Endowment Contracts," page .
Unscheduled Premium Payments
Generally, you may make premium payments at any time and in any amount as
long as each payment is at least $250. However, if the premium payment you wish
to make exceeds the Scheduled Premium payments for the policy, the Company may
reject or limit any unscheduled premium payment that would
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<PAGE> 27
result in an immediate increase in the death benefit payable. An immediate
increase would occur if the policy's death benefit exceeds the Specified Amount
for the policy. The policy's death benefit would exceed the Specified Amount of
the policy if your Fund Value multiplied by the death benefit percentage
determined in accordance with the federal income tax law definition of life
insurance exceeds the Specified Amount. See "Death Benefits Under the Policy,"
page and "Federal Income Tax Considerations -- Definition of Life Insurance,"
page . However, such a premium may be accepted if you provide us with
satisfactory evidence of insurability. If satisfactory evidence of insurability
is not received, the payment or a part of it may be returned. In addition, all
or a part of a premium payment will be rejected and returned to you if it would
exceed the maximum premium limitations prescribed by the federal income tax law
definition of life insurance.
Payments you send to us will be treated as premium payments, and not as
repayment of Outstanding Debt, unless you request otherwise. If you request that
the payment be treated as a repayment of Outstanding Debt, any part of a payment
that exceeds the amount of Outstanding Debt will be applied to the Fund Value.
Applicable taxes and sales charges are only deducted from any payment that
constitutes a premium payment.
Premium Payments Affect the Continuation of the Policy
If you skip or stop paying premiums, the policy will continue in effect
until the Cash Value can no longer cover (1) the monthly deductions from the
Fund Value for the policy, and (2) the charges for any optional insurance
benefits added by rider. See "Grace Period and Lapse" page .
Your policy is guaranteed to remain in effect as long as: if:
(a) the Cash Value less any Outstanding Debt is greater than zero; or
(b) you have purchased one of the Guaranteed Death Benefit Riders and
you have met all the requirements of the rider chosen; or
(c) during the first two policy years, the Minimum Monthly Premium
requirements are satisfied, and if you increase the Specified Amount during
the first two policy years the Minimum Monthly Premium requirements are
satisfied during the two policy years following the effective date of the
increase.
ALLOCATION OF NET PREMIUMS
Net premiums may be allocated to any number of the nine available
subaccounts and to the Guaranteed Interest Account. Allocations must be in whole
percentages, and no allocation may be for less than 10% of a net premium.
Allocation percentages must sum to 100%.
You may change the allocation of net premiums at any time by submitting a
proper written request to the Company's administrative office at 1740 Broadway,
New York, New York, 10019. In addition, you may make changes in net premium
allocation instructions by telephone if a properly completed and signed
telephone transfer authorization form has been received by us at our Syracuse
Operations Center at 1 MONY Plaza, Syracuse, New York, 13202. The Company may
stop making available the ability to give net premium allocation instructions by
telephone at any time, but it will give you notice before doing so if we have
received your telephone transfer authorization form. See "Telephone Transfer
Privileges," page . Whether you give us instructions in writing or by
telephone, the revised allocation percentages will be effective 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 your policy is issued, the initial amount of insurance ("Specified
Amount") is shown on the specification page of your policy. The minimum
Specified Amount is $100,000.
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<PAGE> 28
As long as the policy is in effect, the Company will, upon proof of death
of an insured, pay death benefit proceeds to a named beneficiary. Death benefit
proceeds will consist of:
(1) The policy's death benefit, plus
(2) Any insurance proceeds provided by rider, less
(3) Any Outstanding Debt reduced by any unearned loan interest (and,
if in the Grace Period, less any overdue charges).
You may select one of two death benefit Options: Option I or Option II.
Generally, you designate the death benefit option in your application. If no
option is designated, the Company assumes Option I has been selected. Subject to
certain restrictions, you can change the death benefit option selected. As long
as your policy is in effect, the death benefit under either option will never be
less than the Specified Amount of your policy.
Option I -- The death benefit equals the greater of:
(a) The Specified Amount, plus the increase in Fund Value since last
monthly anniversary day or
(b) Fund Value on date of death plus FV since last monthly anniversary
day 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. The Internal Revenue Code addresses the definition of a life
insurance policy for tax purposes. See "Federal Income Tax
Considerations -- Definition of Life Insurance," page . The death benefit
percentage is 150% for insureds 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 your policy. If you seek to have favorable
investment performance reflected in increasing Fund Value, and not in
increasing insurance coverage, you should choose Option I.
Option II -- The death benefit equals the greater of:
(a) The Specified Amount of the policy, plus the Fund Value as of date
of death or
(b) The Fund Value on date of death plus Fund Value on the last
monthly anniversary day multiplied by a death benefit percentage.
The Fund Value used in these calculations is determined as of the date
of the insured's death. The death benefit percentage is the same as that
used for Option I and is stated in Appendix A. The death benefit in Option
II will always vary as Fund Value varies. If you seek to have favorable
investment performance reflected in increased insurance coverage, you
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 with the same Specified
Amount, but Fund Values that vary as shown. It is assumed that the 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 1............................... $100,000 $150,000 $212,500
Death Benefit under Option 2............................... $135,000 $160,000 $212,500
</TABLE>
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<PAGE> 29
Option I, Policy 1: The death benefit equals $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 x 250% =
$87,500).
Option I, Policies 2 & 3: The death benefit is equal to the Fund Value plus the
Fund Value multiplied by the death benefit percentage since ($60,000 x 250% =
$150,000 for Policy 2; $85,000 x 150% = $212,500 for Policy 3) is greater than
the Specified Amount ($100,000).
Option II, Policy 1: The death benefit equals $135,000 since the Specified
Amount plus the Fund Value ($100,000 + $35,000 = $135,000) is greater than the
Fund Value plus the Fund Value multiplied by the death benefit percentage
($35,000 x 150% = $87,500).
Option II, Policy 2: The death benefit equals the Specified Amount plus the
Fund Value ($100,000 + $60,000 = $160,000) since it is greater than the Fund
Value plus the Fund Value multiplied by the death benefit percentage ($60,000 x
150% = $150,000).
Option II, Policy 3: The death benefit is the Fund Value plus the Fund Value
multiplied by the death benefit percentage ($85,000 x 150% = $212,500) since it
is greater than the Specified Amount plus the Fund Value ($100,000 + $85,000 =
$185,000).
The Company pays death benefit proceeds 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
You may request that the death benefit option under your policy be changed
from Option I to Option II, or Option II to Option I. You may make a change by
sending a written request to the Company's administrative office. A change from
Option II to Option I is made without providing evidence of insurability. A
change from Option I to Option II will require that you provide satisfactory
evidence of insurability. The effective date of a change requested between
monthly anniversaries will be the next monthly anniversary day after the change
is accepted by the Company.
If you change from Option I to Option II your policy's Specified Amount is
reduced 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. The total
death benefit will not change immediately. The change to Option II will affect
the determination of the death benefit from that point on. As of the date of the
change, the Fund Value will be added to the new specified Amount. The death
benefit will then vary with the Fund Value. This change will not be permitted if
it would result in a new Specified Amount of less than $100,000.
If you change from Option II to Option I, the Specified Amount of the
policy will remain the same. The death benefit will be reduced to the Specified
Amount. However, the death benefit will equal the Fund Value on the date of
death plus the Fund Value on the Monthly Anniversary day prior to the date of
death times the Death Benefit Percentage if that amount is greater than the
Specified Amount. The change to Option I will generally reduce the death benefit
payable in the future.
A change in the death benefit option may affect the monthly cost of
insurance charge since this charge varies with the net amount at risk.
Generally, the net amount at risk is the amount by which the death benefit
exceeds Fund Value. See "Cost of Insurance," page . If the policy's death
benefit is not based on the death benefit percentage under Option I or II,
changing from Option II to Option I will generally decrease the net amount at
risk. Therefore, this change may 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. However, such a change will result in an increase in
the cost of insurance charges over time. This results because the cost of
insurance rates increase with the insured's age.
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<PAGE> 30
CHANGES IN SPECIFIED AMOUNT
You may request an increase or decrease in the Specified Amount under your
policy subject to Company approval. A change in the 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. For policies offered to
residents of, or issued for delivery in, the State of New Jersey, increases in
Specified Amount are not permitted after the insured's age 66. Increasing the
Specified Amount will generally increase the policy's death benefit. Decreasing
the Specified Amount will generally decrease the policy's death benefit. The
amount of change in the death benefit depends on (1) the death benefit option
chosen, and (2) whether the death benefit under the policy is being computed
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 effect and the policy values. For example, an increase in
Specified Amount may increase the net amount at risk, which will increase your
cost of insurance charges over time. Conversely, a decrease in Specified Amount
may decrease the net amount at risk, which may decrease your cost of insurance
over time.
To increase or decrease the Specified Amount, send a written application to
the Company's administrative office. It will become effective on the monthly
anniversary day on or next following the Company's acceptance of your request.
If you are not the insured, the Company may also require the consent of the
insured before accepting a request.
Increases
An increase of Specified Amount requires that additional, satisfactory
evidence of insurability be provided to the Company. An increase will not be
given for increments of Specified Amount less than $10,000.
When you request an increase in Specified Amount, a new "coverage segment"
is created for which cost of insurance and other charges are computed
separately. See "Charges and Deductions," page . In addition, the fund charge
associated with your policy will increase. The fund charge for the increase is
computed in a similar way 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. The adjustment will be done prospectively to
reflect the increase. If the Specified Amount is increased when 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, Fund
Value after the increase will be allocated, (1) first to the original coverage
segment, and (2) the new coverage segments. Allocation to new coverage segments
will be in the same proportion that the guideline annual premiums for each
segment bear to the sum of guideline annual premiums for all segments. Guideline
annual premiums are defined by federal securities law. 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 (1) 45 days after Part I of the application for the increase
is signed, (2) ten days (or longer in certain states) after receipt of the
policy endorsement applicable to the increase, or (3) 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 requested by you or resulting
from a partial surrender or a death benefit option change) will be applied:
(1) To reduce the coverage segments of Specified Amount associated
with the most recent increases, then
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<PAGE> 31
(2) To the next most recent increases successively, and last
(3) 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 when 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 reject a requested decrease. Decreases
will not be permitted if:
(1) Compliance with the guideline premium limitations under federal
tax law resulting from the decrease would result in immediate termination
of your policy, or
(2) To effect the decrease, payments to you would have to be made from
Fund Value for compliance with the guideline premium limitations, and the
amount of the payments would exceed the Surrender Value of your policy.
If a requested change is not approved, we will send you a written notice of our
decision. See "Federal Income Tax Considerations -- Definition of Life
Insurance," page .
Guaranteed Death Benefit Rider
When you apply for your policy you may choose to apply for one of two
Guaranteed Death Benefit Riders. These riders provide under certain
circumstances a death benefit (equal to the Specified Amount only of your
policy) and may keep certain rider coverages in effect, even if the Cash Value
of the policy is zero on any monthly anniversary date.
The two riders vary primarily by the length of the period during which the
policy is guaranteed to remain in effect. The two periods are:
- to the Insured's Age 75 but not less than 10 years from the Policy Date;
or
- to the Maturity Date of your policy.
In order to remain in effect, both Guaranteed Death Benefit Riders require
that you have paid a certain amount of premiums during the time that the Rider
is in effect. This amount is described in the next paragraph. If the premiums
you have paid do not equal or exceed this amount, the rider will automatically
end. In addition, this rider will automatically end at the later of the
insured's age 75 or ten years from the policy date ("Guarantee Period"). An
extra charge will be deducted from your Fund Value each month during the
Guarantee Period. This charge will end at the conclusion of the Guarantee
Period, and it will end if on any monthly anniversary date you have not paid the
amount of premiums the rider requires you to pay. See "Guaranteed Death Benefit
Charge," page .
On each monthly anniversary day we test to determine whether you have paid
the amount of premiums you are required to pay in order to keep the Guaranteed
Death Benefit Rider you have chosen in effect. To remain in effect, we make two
calculations.
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<PAGE> 32
The first calculation shows the net premiums you have paid. We:
(1) total the actual premiums you have paid for the policy, and
(2) subtract the amount of:
(a) partial surrenders (and associated fees), and
(b) outstanding debt
The second calculation shows the amount of premiums the rider required you
to pay. We
(1) take the Monthly Guarantee Premium specified by the rider and
(2) multiply it by the number of complete months since the policy
date.
If the net premiums you have paid equals or exceeds the amount of premiums
the rider required you to pay, the rider remains in effect until the next
monthly anniversary date. If the amount of premiums the rider required you to
pay exceeds the net premiums you have paid, we will send you a notice that
requires you to pay additional premiums within the time specified in the notice.
This time is called the grace period for the rider. If you fail to pay the
additional premiums required the Guarantee Period, and therefore the Rider, will
end. Once ended, the Rider can not be reinstated.
The grace period for this Rider is explained in the section called "Grace
Period and Lapse -- If Guaranteed Death Benefit Is in Effect" on page .
The Guaranteed Death Benefit Rider is not available on policies offered to
residents of, or issued for delivery in, the Commonwealth of Massachusetts or
the states of New Jersey or Texas. Because the Guaranteed Death Benefit Rider is
not available, the Grace Period and Lapse will be treated as if the Guaranteed
Death Benefit is not in effect.
It is important to consider the Guaranteed Death Benefit Rider premium
requirements when setting the amount of the scheduled premium payments for your
policy. (See Appendix .)
OTHER OPTIONAL INSURANCE BENEFITS
Subject to certain requirements, you may elect to add one or more of the
optional insurance benefits described below. Optional insurance benefits are
added when you apply for your policy. These other optional benefits are added to
your policy by an addendum called a rider. A charge is deducted monthly from the
Fund Value for each optional benefit added to your policy. See "Charges and
Deductions," page . You can cancel these benefits 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 your policy's status as
a modified endowment contract. See "Federal Income Tax
Considerations -- Modified Endowment Contracts," page . 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.
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. 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. The coverage continues to the policy anniversary
nearest the Insured's Age 65 or the child's 22nd birthday,
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<PAGE> 33
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.
Accidental Death Benefit Rider
This rider pays the benefit amount selected if the insured dies as a result
of an accident. The accident must occur after the insured's age 5 and prior to
insured's age 70. A benefit equal to twice the rider amount is payable if:
(1) accidental death occurs as the result of riding as a passenger,
and
(2) the accidental death occurred while riding in a public conveyance,
and
(3) the public conveyance was 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:
(1) $100,000 total coverage of all such insurance in the Company or
its affiliates, or
(2) $200,000 of all such coverages regardless of insurance companies
issuing such coverages.
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. Coverage may be added on each 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
the following events:
- Marriage of the insured.
- Birth of a child of the insured.
- Legal adoption of a child by 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.
Waiver of Monthly Deduction Rider
This rider provides for the waiver of certain charges while the insured has
a covered disability and the policy is in effect. While the insured is disabled,
no deductions are made for (1) monthly administrative charges, (2) cost of
insurance charges, and rider charges. During this period the charges are 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.
BENEFITS AT MATURITY
The maturity date for this policy is the policy anniversary on which the
insured is age 95. If the insured is living on the maturity date, the Company
will pay to you, as an endowment benefit, the Surrender Value of the policy.
Ordinarily, the Company pays within seven days of the policy anniversary.
Payments may be postponed in certain circumstances. See "Payments," page .
Premiums will not be accepted, nor will monthly deductions be made, after the
maturity date.
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<PAGE> 34
POLICY VALUES
Fund Value
The Fund Value is the sum of the amounts under the policy held in each
subaccount of MONY America Variable Account L and any Guaranteed Interest
Account. It also includes the amount set aside in the Company's Loan Account,
and any interest, to secure Outstanding Debt.
On each Valuation Date, the part of the Fund Value allocated to any
particular subaccount is adjusted to reflect the investment experience of that
subaccount. On each monthly anniversary day, the Fund Value also is adjusted to
reflect interest on the Guaranteed Interest Account and the Loan Account and the
assessment of the monthly deduction. See "Determination of Fund Value," page .
No minimum amount of Fund Value allocated to a particular subaccount is
guaranteed. You bear 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 any Outstanding
Debt reduced by any unearned loan interest. Thus, the Fund Value exceeds your
policy's Cash Value by the amount of the surrender charge. Once the surrender
charge expires, the Cash Value equals the Fund Value.
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. The Fund Value varies
depending on several factors:
- Payment of premiums.
- Amount held in the Loan Account to secure any Outstanding Debt.
- Partial surrenders.
- Preferred Partial Surrenders.
- The charges assessed in connection with the policy.
- Investment experience of the subaccounts.
- Amounts credited to the Guaranteed Interest Account.
There is no guaranteed minimum Fund Value (except to the extent that you have
allocated net premium payments and cash values to the Guaranteed Interest
Account) and you bear the entire risk relating to the investment performance of
Fund Value allocated to the subaccounts.
The Company uses amounts allocated to the subaccounts to purchase shares of
the corresponding portfolios of the Funds. The values of the subaccounts reflect
the investment experience of the corresponding portfolio. The investment
experience reflects:
- The investment income.
- Realized and unrealized capital gains and losses.
- Expenses of a portfolio including the investment adviser fees.
- Any dividends or distributions declared by a portfolio.
Any dividends or distributions from any portfolio of the Funds are reinvested
automatically in shares of the same portfolio. However, the Company, on behalf
of MONY America Variable Account L, may elect 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. Units
are a measure of value used for bookkeeping purposes. The value of amounts
invested in each subaccount is represented by the
27
<PAGE> 35
value of units credited to the policy for that subaccount. (See "Calculating
Unit Values for Each Subaccount," on page .) On any day, the amount in a
subaccount of MONY America Variable Account L is equal to the unit value times
the number of units in that subaccount credited to the policy. The units of each
subaccount will have different unit values.
Units of a subaccount are purchased (credited) whenever premiums or amounts
transferred (including transfers from the Loan Account) are allocated to that
subaccount. Units are redeemed (debited) to:
- Make partial surrenders.
- Make Preferred Partial Surrenders.
- Make full surrenders.
- Transfer amounts from a subaccount (including transfers to the Loan
Account).
- Pay the death benefit when the insured dies.
- Pay monthly deductions from the policy's Fund Value.
- Pay policy transaction charges.
- Pay surrender charges.
The number of units purchased or redeemed is determined by dividing the dollar
amount of the transaction by the unit value of the affected subaccount, computed
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 later changes in unit value.
Transactions are processed when a premium or an acceptable written or
telephone request is received at the Company's administrative office. If the
premium or request reaches the administrative office on a day that is not a
Valuation Date, or after the close of business on a Valuation Date (after 4:00
Eastern Time), the transaction date will be the next 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.,
Saturday), the calculations will be done on the next day that the New York Stock
Exchange is open for trading.
CALCULATING UNIT VALUES FOR EACH SUBACCOUNT
The Company calculates the unit value of a subaccount on any 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. This
calculation is done 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.
(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 . 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.
28
<PAGE> 36
DETERMINING FUND VALUE
[DETERMINING FUND VALUE FLOW CHART]
TRANSFER OF FUND VALUE
You may transfer Fund Value among the subaccounts after the Free Look
Period by sending a proper written request to the Company's administrative
office. Transfers may be made by telephone if you have proper authorization. See
"Telephone Transfer Privileges," page . Currently, there are no limitations on
the number of transfers between subaccounts. There is also no minimum amount
required: (1) to make a transfer, or (2) to remain in the subaccount after a
transfer. You may not make a transfer if your policy is in the grace period and
a payment required to avoid lapse is not paid. See "Grace Period and Lapse,"
page . No charges are currently imposed upon these transfers. However, the
Company reserves the right to assess a $25 transfer charge in the future on
policy transfers in excess of four during a policy year and to discontinue
telephone transfers.
29
<PAGE> 37
After the Free Look Period, Fund Value may also be transferred from the
subaccounts to the Guaranteed Interest Account. Transfers from the Guaranteed
Interest Account to the subaccounts will only be permitted in the policy month
following a policy anniversary as described in "The Guaranteed Interest
Account," page .
RIGHT TO EXCHANGE POLICY
During the first 24 months following the policy date or an increase in the
Specified Amount, you may exchange your policy for a policy where the investment
experience is guaranteed. To accomplish this, the entire amount in the
subaccounts of MONY America Variable Account L is transferred to the Guaranteed
Interest Account. All future premiums are allocated to the Guaranteed Interest
Account. This serves as an exchange of your policy for the equivalent of a
flexible premium universal life policy. See "The Guaranteed Interest Account,"
page . No charge is imposed on the transfer when you exercise the exchange
privilege.
POLICY LOANS
You may borrow money from the Company at any time using your policy as
security for the loan. You take a loan by submitting a proper written request to
the Company's administrative office. You may take a loan any time your policy
has a positive Cash Value. The minimum amount you may borrow is $250. The
maximum amount you may borrow at any time is 90% of the Cash Value of your
policy less any Outstanding Debt. (If you request a loan on a monthly
anniversary day, the maximum loan is 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 arrears on each policy anniversary at an annual
rate of 5.4%. Interest on the full amount of any Outstanding Debt for the
following Policy Year is due 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.
You may repay all or part of the Outstanding Debt at any time while your
policy is in effect. Only payments shown as loan or interest payments will be
treated as such. If a loan repayment is made which exceeds the Outstanding Debt,
the excess will be applied as a scheduled premium payment. The payment will be
subject to the rules on acceptance of premium payments.
When you take a loan, an amount equal to the loan is transferred out of the
subaccounts and the Guaranteed Interest Account into the Loan Account to secure
the loan. Within certain limits, you may specify the amount or the percentage of
the loan amount to be deducted from the subaccounts and the Guaranteed Interest
Account. 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. On each policy anniversary, an
amount equal to the loan interest due and unpaid for the policy year will be
transferred to the Loan Account. The transfer is made from the subaccounts and
the Guaranteed Interest Account on the basis you specify, or, if you do not
specify, on a proportional basis.
The Fund Value in excess of the Outstanding Debt will be allocated to the
subaccounts and/or the Guaranteed Interest Account in a manner determined by the
Company.
The Loan Account is part of the Company's general account. Amounts held in
the Loan Account are credited monthly with an annual rate of interest not less
than 5%. 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 you request
otherwise, amounts released from the Loan Account will be transferred into the
subaccounts and Guaranteed Interest Account pursuant to your most recent valid
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
30
<PAGE> 38
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.
Amounts held in the Loan Account to secure Outstanding Debt forego the
investment experience of the subaccounts and the current interest rate of the
Guaranteed Interest Account. Thus Outstanding Debt, whether or not repaid, has a
permanent effect on your policy values and may have an effect on the amount and
duration of the death benefit. If not repaid, the Outstanding Debt will be
deducted from the amount of the death benefit upon the death of the insured, or
the value paid upon surrender or maturity.
Outstanding Debt may affect the length of time the policy remains in
effect. After the third policy anniversary (or, in some instances, the third
anniversary following an increase), your policy will lapse when (1) Cash Value
is insufficient to cover the monthly deduction against the policy's Fund Value
on any monthly anniversary day, and (2) 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 Death Benefit Rider may end if total premiums received less
(1) any partial surrenders and their fees, and (2) Outstanding Debt do not
exceed the premiums required under that Rider. Additional payments or repayments
of a part of Outstanding Debt may be required to keep the Policy or Rider in
effect. See "Grace Period and Lapse," page .
A loan will not be treated as a distribution from your policy and will not
result in taxable income to you unless your policy is a modified endowment
contract. If your policy is a modified endowment contract, a loan will be
treated as a distribution that may give rise to taxable income. If your policy
lapses with an outstanding loan balance there could be adverse federal income
tax consequences depending on the particular facts and circumstances. For
example, if (1) your policy lapses with an outstanding loan balance, and (2) it
does not lapse under a non-forfeiture option, you can have ordinary income to
the extent the outstanding loan exceeds your investment in the policy (i.e.
generally premiums paid less prior non-taxable distributions). For more
information on the tax treatment of loans, see "Federal Income Tax
Considerations," page .
FULL SURRENDER
You may fully surrender your policy at any time during the lifetime of the
insured. The amount received for a full surrender is the policy's Fund Value
less (1) any fund charge, and (2) any Outstanding Debt reduced by any unearned
loan interest.
You may surrender your policy by sending a written request together with
the policy to the Company's administrative office. The proceeds will be
determined as of the end of the valuation period during which the request for
surrender is received. You may elect to (1) have the proceeds paid in cash, or
(2) apply the proceeds under a payment plan offered under your policy. See
"Payment Plan Settlement Provisions," page . For information on the tax
effects of surrender of a policy, see "Federal Income Tax Consideration," page
.
PARTIAL SURRENDER
With a partial surrender, you obtain a part of the Surrender Value of your
policy without having to surrender the policy in full. You may request a partial
surrender after the second policy anniversary. The partial surrender will take
effect on (1) the business day that we receive your request at our
administrative office, or (2) on the next business day if that day is not a
business day. There is currently no limit on the number of partial surrenders
allowed in a policy year. However, 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). In
addition, your policy's Surrender Value must be at least $500 after the partial
surrender.
You 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,
your Fund Value, Cash Value, and Surrender
31
<PAGE> 39
Value are reduced by the amount surrendered (plus the applicable fee). The
amount of any partial surrender (plus the applicable fee) is allocated
proportionately to the policy owner's Fund Value in the subaccounts and
Guaranteed Interest Account unless he/she requests otherwise. If the insured
dies after the request for a partial surrender is sent to the Company and prior
to it being effected, the amount of the partial surrender will be deducted from
the death benefit proceeds. The death benefit proceeds will be determined 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 (1) the amount of the partial surrender or (2) 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 .
A fee for each Partial Surrender will be assessed. See "Charges and
Deductions -- Transaction and Other Charges", page 35. 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 33.
For information on the tax treatment of partial surrenders, see "Federal
Income Tax Considerations," page .
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. The Cash Value of the policy is
determined 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.
GRACE PERIOD AND LAPSE
Your policy will remain in effect as long as:
(1) it has a Cash Value greater than zero,
(2) you have purchased one of the Guaranteed Death Benefit Riders, and
you have met all the requirements of that rider, and
(3) you make any required additional premium payments during a 61-day
Grace Period.
Special Rule for First Two Policy Years
During the first two policy years, your policy and any riders are
guaranteed not to lapse if on each monthly anniversary day either:
- Your policy's Cash Value is greater than zero, or
- The sum of the premiums paid minus all partial surrenders (and related
fees), minus any Outstanding Debt, is greater than or equal to
- The Minimum Monthly Premium times the number of months your policy has
been in effect
32
<PAGE> 40
Your policy may be at risk of lapse depending on whether or not a
Guaranteed Death Benefit Rider is in effect if:
- The insufficiency occurs at any other time, or
- The Minimum Monthly Premium test has not been met during the first two
policy years (as described above).
See the explanation below.
If Guaranteed Death Benefit Rider Is Not in Effect
To avoid lapse if (1) the Cash Value is insufficient to pay the current
Monthly Deduction, and (2) the Guaranteed Death Benefit Rider is not in effect,
you must pay the necessary amount during the grace period. When an insufficiency
occurs, you may also be required to pay any unpaid loan interest accrued for the
policy year. The interest amount will also have to be paid prior to the end of
the grace period.
We will reject any payment if is means your total premium payments will
exceed the maximum permissible premium for your policy's Specified Amount under
the Internal Revenue Code. This may happen when you have Outstanding Debt. In
this event, you could repay enough of the Outstanding Debt to avoid termination.
You may also wish to repay an additional part of the Outstanding Debt to avoid
recurrence of the potential lapse. If premium payments have not exceeded the
maximum permissible premiums, you may wish to make larger or more frequent
premium payments to avoid recurrence of the potential lapse. However, we will
not reject any premium payments necessary to prevent lapse of your policy.
If the Cash Value of your policy less any Outstanding Debt will not cover
the entire monthly deduction on a monthly anniversary day, we will deduct the
amount that is available. We will notify you (and any assignee of record) of the
payment necessary to keep your policy in effect. You will then have a grace
period of 61 days, from the date the notice was sent, to make the payment.
During the first two policy years, if the Cash Value of the policy is less than
zero, you must pay:
(1) The Minimum Monthly Premium not paid, plus
(2) 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:
(1) The monthly deduction not paid, plus
(2) Two succeeding monthly deductions plus the amount of the
deductions from premiums for various taxes and the sales charge.
(See "Charges and Deductions -- Deductions from Premiums," page ). The policy
will remain in effect through the grace period. If you fail to make the
necessary payment within the grace period, your coverage under the policy will
end and your policy will lapse. Necessary premium payments made during the grace
period will be allocated among the subaccounts and the Guaranteed Interest
Account. The allocation is made in according to your current scheduled premium
payment allocation instructions. Any monthly deduction due will be charged
proportionately to the subaccounts and the Guaranteed Interest Account. If the
insured dies during the grace period, the death benefit proceeds will equal:
(1) The amount of the death benefit immediately prior to the start of
the grace period, reduced by
(2) Any unpaid monthly deductions and any Outstanding Debt.
33
<PAGE> 41
If Guaranteed Death Benefit Rider Is in Effect
The Specified Amount of your policy and most rider coverages will not lapse
during the guarantee period even if the Cash Value is not enough to cover all
the deductions from the Fund Value on any monthly anniversary day if:
(1) Either of the Guaranteed Death Benefit Riders is in effect, and
(2) The test for continuation of the guarantee period has been met.
See "Guaranteed Death Benefit Rider," page .
While the Guaranteed Death Benefit Rider chosen is in effect, the Fund
Value of your policy will be reduced by monthly deductions but not below zero.
During the guarantee period, we will waive any monthly deduction that will
reduce the Fund Value below zero. If the Guaranteed Death Benefit Rider chosen
is ended, the normal test for lapse will resume.
Reinstatement
We will reinstate a lapsed policy at any time:
(1) Before the maturity date, and
(2) Within five years after the monthly anniversary day which precedes
the start of the grace period.
To reinstate a lapsed policy we must also receive:
(1) A written application from you
(2) Evidence of insurability satisfactory to us
(3) Payment of all monthly deductions that were due and unpaid during
the grace period
(4) Payment of an amount at least sufficient to keep your policy in
effect for three months after the reinstatement date
(5) Payment of interest on debt reinstated from the beginning of the
grace period to the end of the grace period at the rate that applies to
policy loans on the date of reinstatement
When your policy is reinstated, the Fund Value will be equal to the Fund
Value on the date of the lapse subject to the following:
(1) The Fund charge will be equal to the Fund charge that would have
existed had your policy been in effect since the original policy date.
(2) The Fund Value will be reduced by the decrease, if any, in the
Fund charge during the period that the policy was not in effect.
(3) Any Outstanding Debt on the date of lapse will also be reinstated.
(4) No interest on amounts held in our 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 us. At that time, the Fund Value minus, if
applicable, Outstanding Debt will be allocated among the subaccounts and the
Guaranteed Interest Account pursuant to your most recent scheduled premium
payment allocation instructions.
34
<PAGE> 42
CHARGES AND DEDUCTIONS
The following chart is intended to provide an overview of the current
charges and deductions under the policy. Please see the discussion of each item
in this prospectus and in the policy for further details.
- --------------------------------------------------------------------------------
DEDUCTIONS FROM PREMIUMS
<TABLE>
<CAPTION>
<S> <C> <C>
- -----------------------------------------------------------------------------------------------
Sales Charge -- It is a % of Premium paid 4% during first 10 policy years 2% in
policy years 11-20
- -----------------------------------------------------------------------------------------------
Tax Charge State and local -- 2%
Federal -- 1.25%
- -----------------------------------------------------------------------------------------------
</TABLE>
DAILY DEDUCTION FROM MONY AMERICA VARIABLE ACCOUNT L
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Mortality & Expense Risk Charge -- Maximum .75% of subaccount value (0.002055% daily)
Annual Rate Reduces after 10th policy year.
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DEDUCTIONS FROM FUND VALUE
<TABLE>
<CAPTION>
<S> <C> <C>
- ----------------------------------------------------------------------------------------------
Cost of Insurance Charge Current cost of insurance rate x net amount
at risk at the beginning of the policy
month
- ----------------------------------------------------------------------------------------------
Administrative Charge -- monthly See discussion of Administrative Charge for
schedule.
- ----------------------------------------------------------------------------------------------
Guaranteed Death Benefit Charge Monthly $0.01 per $1,000 of Specified Amount and
Charge for Death Benefit Rider certain Rider amounts. Please note that the
Rider requires that premiums on the policy
itself be paid in order to remain in
effect.
- ----------------------------------------------------------------------------------------------
Optional Insurance Benefits Charge Monthly As applicable.
Deduction for any other Optional Insurance
Benefits added by rider
- ----------------------------------------------------------------------------------------------
Transaction and Other Charges
- Partial Surrender Fee - The lesser of 2% of the amount
surrendered or $25.
- Transfer of Fund Value (at Company's - Currently $0.
Option)
- ----------------------------------------------------------------------------------------------
Administrative Fund Charge Grades from 80% See discussion of Fund Charge for grading
to 0 over 15 years based on a schedule. schedule.
Factors per $1,000 of Specified Amount vary
based on issue age, gender, and
underwriting class
- ----------------------------------------------------------------------------------------------
Sales Fund Charge Percentage of premium See discussion of Fund Charge for
paid in first five years up to a maximum percentage schedule.
amount of premiums called the target
premium.
- ----------------------------------------------------------------------------------------------
</TABLE>
The following provides additional details of the deductions from premium
payments under a policy prior to allocating net premium payments to the
subaccounts of MONY America Variable Account L or to the Guaranteed Interest
Account and of the deductions from MONY America Variable Account L and from the
policy's Fund Value.
35
<PAGE> 43
DEDUCTIONS FROM PREMIUMS
Deductions are made from each premium payment prior to applying the net
premium payment to the Fund Value.
Sales Charge -- This charge is equal to a percent of premiums paid
as follows:
Policy years 1-10: 4%
Policy years 11-20: 2%
Policy years after 20: 0%
You should refer to your policy to determine your Specified Amount and the
amount of any Term Life Term Insurance in force.
The sales charge compensates us for the cost of distributing the policies.
This charge is not expected to be enough to cover sales and distribution
expenses for the policies. To the extent that sales and distribution expenses
exceed sales charges, amounts derived from surrender charges will be used.
Expenses in excess of the sales and surrender charges may be recovered from
other charges, including amount indirectly derived from the charge for mortality
and expense risks and mortality gains.
Tax Charge -- State and local premium tax -- currently 2% Federal
tax for deferred acquisition costs of the
Company -- currently 1.25%
All states levy taxes on life insurance premium payments. These taxes vary
from state to state and may vary from jurisdiction to jurisdiction within a
state. Currently, these taxes range from 0% to 4%. Therefore, the 2% current
deduction may be higher or lower than the actual premium tax imposed by a
jurisdiction. Our current tax charge is an approximate average of the actual
premium tax we expect to pay on premiums. We do not expect to profit from this
charge.
The 1.25% current charge against each premium covers our estimated cost for
the Federal income tax treatment of deferred acquisition costs. This is
determined solely by the amount of life insurance premiums received. We believe
this charge is reasonable in relation to our increased federal tax burden under
IRC Section 848 resulting from the receipt of premium payments. No charge will
be deducted where premiums received from you are not subject to this tax.
We reserve the right to increase or decrease the charge for taxes due to
any change in tax law or due to any change in the cost to us.
Daily Deduction From MONY
America Variable Account
L -- A charge is deducted daily from each subaccount of
MONY America Variable Account L for the mortality
and expense risks assumed by the Company.
Mortality and Expense Risk
Charge -- Maximum of .002055% of the amount in the
subaccount, which is equivalent to an annual rate
of .75% of subaccount value.
The Mortality and Expense Risk Charge will
effectively be reduced after the tenth policy
anniversary. Each month after said date, an
expected amount equal to .04167% of the subaccount
value will be credited to the Fund Value allocated
to the subaccounts. This is equivalent to 0.5% on
an annualized basis. This amount is not guaranteed.
The allocation among subaccounts will be done
proportionately on each monthly anniversary
following the tenth policy anniversary.
This charge compensates us 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. Therefore, the cost of insurance
charges specified in the policy will not be enough to meet our actual claims. We
assume an expense risk that other expenses incurred in issuing and administering
the policies and operating MONY America Variable Account L will be greater than
the amount estimated when
36
<PAGE> 44
setting the charges for these expenses. We will realize a profit from this fee
to the extent it is not needed to provide benefits and pay expenses under the
policies. We may use this profit for other purposes. These purposes may include
any distribution expenses not covered by the sales charge or surrender charge.
This charge is not assessed against the amount of the policy Fund Value
that is allocated to the Guaranteed Interest Account, nor to amounts in the Loan
Account.
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 charge compensates us for the anticipated cost
of paying death benefits in excess of Fund Value to
insureds' beneficiaries. 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. Here,
net amount at risk equals the death benefit payable
at the beginning of the policy month less the Fund
Value at that time.
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 until attained age 15. Where unisex cost of
insurance rates apply, the 1980 Commissioners Ordinary Smoker and Nonsmoker
Mortality Table B applies.) These rates are based on the age and underwriting
class of the insured. They are also based on the gender of the insured, but
unisex rates are used where appropriate under applicable law. Unisex laws
include the State of Montana 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, we charge "current rates" that are
lower (i.e., less expensive) than the guaranteed rates. We may 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
later 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>
FIRST 12 EACH POLICY
POLICY MONTHS MONTH THEREAFTER
------------- ----------------
<S> <C> <C>
Specified Amount:
Less than $250,000........................................ $ 31.50* $6.50
$250,000 to $499,000...................................... 28.50* 3.50
$500,000 or more.......................................... 25.00* None
</TABLE>
- ------------------------
* Reduced by $5.00 for issue ages 0 through 17. Issue Ages are restricted on
Policies offered to residents of, or issued for delivery in, the State of New
Jersey to ages in excess of 17.
37
<PAGE> 45
For purposes of this charge, if an increase or decrease in Specified Amount
causes your 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.
Guaranteed Death Benefit
Charge -- If you elect the Guaranteed Death Benefit Rider,
you will be charged $0.01 per $1,000 of policy
Specified Amount and certain Rider amounts per
month during the term of the Guaranteed Death
Benefit Rider. This charge is guaranteed never to
exceed this amount.
Optional Insurance Benefits
Charge -- A monthly deduction for any other optional
insurance benefits added to the policy by rider.
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>
- ---------------
* Issue Ages are restricted on Policies offered to residents of, or issued for
delivery in, the State of New Jersey to ages in excess of 17.
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.)
38
<PAGE> 46
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 your 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 your policy is a percentage of the premiums paid on your 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>
- ---------------
* Issue Ages are restricted on Policies offered to residents of, or issued for
delivery in, the State of New Jersey to ages in excess of 17.
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 (1) a
requested decrease, (2) a change of death benefit option from Option II to
Option I, or (3) a partial surrender. The fund charge, as well as the
transaction
39
<PAGE> 47
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.
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 computed in the same manner as the fund charge
for the original Specified Amount. It will reduce over the 15-year period
following the increase. The new fund charge for the policy will equal:
(1) The remaining part of the fund charge for the original Specified
Amount, plus
(2) 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 I to Option II, or
- a partial surrender.
The Fund Charge, as well as any applicable transaction charge assessed for
the partial surrender, will be deducted from the subaccounts and the Guaranteed
Interest Account. The deduction will be made on the same basis that the partial
surrender is allocated. 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.
TRANSACTION AND OTHER CHARGES
- Partial Surrender Fee -- The lesser of 2% of the partial surrender amount
or $25.
- Transfer of Fund Value -- Currently $0.
The partial surrender fee is guaranteed not to exceed the amounts above.
Currently, we do not charge for transfers of Fund Value between the subaccounts.
However, we reserve the right to assess a $25 charge on transfers which exceed 4
in any policy year. For policies issued for delivery to residents of the
Commonwealth of Massachusetts, we guarantee that no transfer charge will be
imposed on transfers made within one year from the date the policy is issued.
We may charge the subaccounts for federal income taxes that are incurred by
us and are attributable to MONY America Variable Account L and its subaccounts.
No such charge is currently assessed. See "Charge for Company Income Taxes,"
page .
We will bear the direct operating expenses of MONY America Variable Account
L. The subaccounts purchase shares of the corresponding portfolio of the
underlying Fund. The Fund's expenses are not fixed or specified under the terms
of the policy.
FEES AND EXPENSES OF THE FUNDS
The Fund and each of its portfolios incur certain charges including the
investment advisory fee and certain operating expenses. These fees and expenses
vary by portfolio and are set forth below. Their Boards govern the Funds. The
advisory fees are summarized at pages . Fees and expenses of the Funds are
described in more detail in the Funds' prospectuses.
40
<PAGE> 48
Information contained in the following table was provided by the respective
Funds and has not been independently verified by us.
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C>
ANNUAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1998
- ------------------------------------------------------------------------------------------------
OTHER EXPENSES
(AFTER
FUND/PORTFOLIO MANAGEMENT FEES REIMBURSEMENT) TOTAL EXPENSES
- ------------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
- ------------------------------------------------------------------------------------------------
Intermediate Term Bond
Portfolio .50% .11%(1) .61%
- ------------------------------------------------------------------------------------------------
Long Term Bond Portfolio .50% .07%(1) .57%
- ------------------------------------------------------------------------------------------------
Government Securities Portfolio .50% .13%(1) .63%
- ------------------------------------------------------------------------------------------------
Money Market Portfolio .40% .05%(1) .45%
- ------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
- ------------------------------------------------------------------------------------------------
Equity Portfolio .78% .05%(2) .83%
- ------------------------------------------------------------------------------------------------
Small Company Value Portfolio .80% .05%(2) .85%
- ------------------------------------------------------------------------------------------------
Managed Portfolio .72% .04%(2) .76%
- ------------------------------------------------------------------------------------------------
International Growth Portfolio .85% .37%(2) 1.22%
- ------------------------------------------------------------------------------------------------
High Yield Bond Portfolio .60% .12%(2) .72%
- ------------------------------------------------------------------------------------------------
</TABLE>
1. Expenses also include custodial credit percentages as follows:
Intermediate Term Bond -- .009%; Long Term Bond -- .005%; Government
Securities -- .012%; and Money Market -- .004%. Absent custodial
credits, expenses would have been as follows: Intermediate Term
Bond -- .62%; Long Term Bond -- .58%; Government Securities -- .64%; and
Money Market -- .45%.
2. Reflects expense reimbursements in effect since May 1, 1996. Absent
these expense reimbursements, expenses would have been as follows:
Equity -- .83%; Small Company Value -- .85%; Managed -- .76%;
International Growth -- 1.22%; and High Yield Bond -- .72%. The Equity,
Small Company Value, and Managed Portfolio reimbursements relate to
mutual fund accounting expense.
GUARANTEE OF CERTAIN CHARGES
We guarantee that the following charges will not increase:
(1) Mortality and expense risk charge.
(2) Administrative charge.
(3) Sales charge.
(4) Guaranteed cost of insurance rates.
(5) Fund charge.
Any changes in the current cost of insurance charges or charges for
optional insurance benefits will be made based on the class of the insured.
Changes will be based on changes in:
(1) Future expectations with respect to investment earnings,
(2) Mortality,
41
<PAGE> 49
(3) Length of time policies will remain in effect,
(4) Expenses, and
(5) Taxes.
In no event will they exceed the guaranteed rates defined in the policy.
OTHER INFORMATION
FEDERAL INCOME TAX CONSIDERATIONS
The following provides a general description of the federal income tax
considerations relating to the policy. This discussion is based upon our
understanding of the present federal income tax laws as the Internal Revenue
Service ("IRS") currently interprets them. This discussion is not intended as
tax advice. Tax laws are very complex and tax results will vary according to
your individual circumstances. A person considering the purchase of the policy
may need tax advice. It should be understood that these comments on federal
income tax consequences are not an exhaustive discussion of all tax questions
that might arise under the policy. Special rules that are not discussed here may
apply in certain situations. We make no representation as to the likelihood of
continuation of federal income tax or estate or gift tax laws or of the current
interpretations of the IRS or the courts. Future legislation may adversely
affect the tax treatment of life insurance policies or other tax rules that we
describe here or that relate directly or indirectly to life insurance policies.
Our comments do not take into account any state or local income tax
considerations that may be involved in the purchase of the policy.
Definition of Life Insurance
Under section 7702 of the Internal Revenue Code (the "Code"), a policy will
be treated as a life insurance policy for federal tax purposes if one of two
alternate tests are met. These tests are:
(1) "Cash Value Accumulation Test"
(2) "Guideline Premium/Cash Value Corridor Test"
Your policy is tested under the Guideline Premium/Cash Value Corridor Test.
This test provides for, among other things:
(1) A maximum allowable premium per thousand dollars of death benefit,
known as the "guideline annual premium," and
(2) A minimum ongoing "corridor" of death benefit in relation to the
Fund Value of the policy, known as the "death benefit percentage."
See Appendix A, for a table of the Guideline Premium/Cash Value Corridor Test
factors.
We believe 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. You generally should not be considered to be
in constructive receipt of the cash values under the policy until a full
surrender, maturity of the policy, or a 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.
42
<PAGE> 50
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. 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, which if paid for each of the first seven years, will
fully pay for all future death and endowment benefits under a contract.
Example: "Seven-pay premium = $1,000
Maximum premium to avoid "modified endowment" treatment =
First year -- $1,000
Through first two years -- $2,000
Through first three years -- $3,000 etc.
Under this test, a policy may or may not be a modified endowment contract. The
outcome depends on the amount of premiums paid during each of the policy's first
seven contract years. Changes in benefits may require testing to determine if
the policy is to be classified as a modified endowment contract. A modified
endowment contract is treated differently for tax purposes then a conventional
life insurance contract.
Conventional Life Insurance Policies
If a policy is not a modified endowment contract distributions are treated
as follows. Upon a full surrender or maturity of a policy for its Cash Value,
the excess if any, of the Cash Value plus Outstanding Debt divided by 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. Under Section 7702 of
the Code, special rules apply to determine whether part or all 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.
We believe that loans received under policies that are not modified
endowment contracts will be treated as indebtedness of the owner. Thus, no part
of any loan under the policy will constitute income to the owner until the
policy matures, unless the policy is surrendered before it matures. 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. Deductibility will be
subject to several limitations, depending upon (1) the use to which the proceeds
are put and (2) the tax rules applicable to the policy owner. If, for example,
an individual who uses the proceeds of a loan for business or investment
purposes, may be able to deduct all or part of the interest expense. Generally,
if an individual uses the policy loan for personal purposes, the interest
expense is not deductible. The deductibility of loan interest (whether incurred
under a policy loan or other indebtedness) also may be subject to other
limitations.
For example, the interest may be deductible to the extent that the interest
is attributable to the first $50,000 of the Outstanding Debt where:
- The interest is paid (or accrued by an accrual basis taxpayer) on a loan
under a policy, and
- The policy covers the life of an officer, employee, or person financially
interested in the trade or business of the policy owners.
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 result in
taxable income. Upon full surrender or maturity of the policy, the policy owner
would recognize ordinary income for federal income
43
<PAGE> 51
tax purposes. Ordinary income will equal the amount by which the Cash Value plus
Outstanding Debt exceeds the investment in the policy. (The investment in the
policy is 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 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 distribution. The tax law provides for aggregation of two or
more policies classified as modified endowment contracts if:
(1) The policies are purchased from any one insurance company
(including the Company), and
(2) The purchases take place during a calendar year.
The policies are aggregated for the purpose of determining the part of the
pre-death distributions allocable to income on the policies and the part
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. This additional tax is 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:
(1) When the taxpayer is at least 59 1/2 years old;
(2) Which is attributable to the taxpayer becoming disabled; or
(3) 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.
A contract may not be a modified endowment contract originally but may
become one later. Treasury Department regulations, yet to be prescribed, cover
pre-death distributions received in anticipation of the policy's failure to meet
the seven-pay premium test. These distributions are to be treated as pre-death
distributions from a modified endowment contract (and, therefore, are to be
taxed as described above). This treatment is applied even though the policy was
not yet a modified endowment contract. The Code defines a distribution in
anticipation of failing the test as one made within two years of the policy
being classified as a modified endowment contract.
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, its deductibility will be subject to the same limitations as
conventional life insurance contracts (see "Conventional Life Insurance
Policies," page .)
Reasonableness Requirement for Charges
The tax law also deals with allowable mortality costs and other expenses
used in the calculations to determine whether a contract qualifies as life
insurance for income tax purposes. For policies entered into on or after October
21, 1988, the calculations must be based upon, (1) reasonable mortality charges,
and (2) other charges reasonably expected to be paid. The Treasury Department is
expected to declare regulations governing reasonableness standards for mortality
charges. We believe our mortality costs and other expenses used in these
calculations meet the current requirements. It is possible that future
regulations will contain standards that would require us to modify our mortality
charges for these calculations. We reserve the right to make modifications to
retain the policy's qualification as life insurance for federal income tax
purposes.
Pension and Profit Sharing Plans
Policies purchased by a fund, which is part of a pension or profit sharing
plan (under Sections 401(a) or 403 of the Code), will be treated differently
from that described above. For participants in these plans, the current cost of
insurance for the net amount at risk is treated as a "current fringe benefit."
The current
44
<PAGE> 52
cost of insurance must be included annually in the plan participant's gross
income. This cost (referred to as the "P.S. 58" cost) is reported to the
participant annually. The excess of the death benefit over the policy Fund Value
will not be subject to federal income tax if:
(1) The plan participant dies while covered by the plan, and
(2) The policy proceeds are paid to the participant's beneficiary.
However, the policy Fund Value will generally be taxable to the extent it
exceeds the sum of (1) $5,000 plus (2) 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 has borrowed from his or her 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, to provide for employee benefits. These policy owners
also must consider whether the policy was applied for by or issued to a person
having an insurable interest under applicable state law. The lack of insurable
interest may, among other things, affect the qualification of the policy as life
insurance for federal income tax purposes. It may also affect 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 owner's legal advisor
should be consulted to address these issues.
Diversification Requirements
To comply with regulations under Section 817(h) of the Code, each portfolio
is required to diversify its investments. Generally, on the last day of each
quarter of a calendar year,
(1) No more than 55% of the value of the portfolio's assets can be
represented by any one investment,
(2) No more than 70% can be represented by any two investments,
(3) No more than 80% can be represented by any three investments, and
(4) No more than 90% can be 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. Any security issued,
guaranteed, or insured (to the extent guaranteed and 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, as applicable.
Currently, for federal income tax purposes, the portfolio shares underlying
the subaccounts available under the policies are owned by the Company and not by
you or any beneficiary. However, no representation is or can be made regarding
the likelihood of the continuation of current interpretations by the IRS.
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.
45
<PAGE> 53
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:
(1) The tax treatment of the Company is ultimately determined to be
other than what the Company currently believes it to be,
(2) There are changes made in the federal income tax treatment of
variable life insurance at the insurance company level, or
(3) 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 any such taxes attributable to the Account.
VOTING OF FUND SHARES
Based on 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. We will exercise such rights at any regular and special
meetings of the shareholders of the Funds on matters requiring shareholder
voting under the Investment Company Act of 1940. Our will exercise of these
voting rights will be based on instructions received from persons having the
voting interest in corresponding subaccounts of MONY America Variable Account L.
We may elect to vote the shares of the Funds in our own right if:
(1) The Investment Company Act of 1940 or any regulations thereunder
is amended, or
(2) The present interpretation of the Act should change, and
(3) As a result we determine that it is permitted to vote the shares
of the Funds in our right.
The person having the voting interest under a policy is the policy owner.
Unless otherwise required by applicable law, a policy owner will have the right
to instruct for the number of votes of any portfolio determined by dividing his
or her Fund Value in the subaccount that corresponds to the portfolio by $100.
Fractional votes will be counted. The number policy owner votes will be
determined as of the date set by the Company. However, such date will not be
more than 90 days prior to the date established by the corresponding Fund for
determining shareholders eligible to vote at that Fund's meeting. If required by
the Securities and Exchange Commission, the Company reserves the right to
determine the voting rights in a different fashion. Voting instructions may be
cast in person or by proxy.
If the Company does not receive voting instructions from the policy owner
on time, the Company will vote his or her votes. The Company will vote in the
same proportion as voting instructions received on time 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. These votes will be exercised in the same proportion as the
voting instructions that are received on time for all policies participating in
that subaccount. Generally, the Company will vote any voting rights attributable
to shares of portfolios of the Funds held in its General Account. These votes
will be exercised in the same
46
<PAGE> 54
proportion as the aggregate votes cast with respect to shares of portfolios of
the Funds held by MONY America Variable Account L and other separate accounts of
the Company.
DISREGARD OF VOTING INSTRUCTIONS
The Company may disregard voting instructions when required by state
insurance regulatory authorities, if, (1) the instructions require that voting
rights be exercised so as to cause a change in the subclassification or
investment objective of a Portfolio, or (2) 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. The
Company's disapproval of such change must be reasonable and must be 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. If 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:
(1) A summary of the transactions which occurred since the last
statement, and
(2) Indicating the death benefit, Specified Amount, Fund Value, Cash
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 MONY America Variable Account L and the
Funds. The Funds' statement 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 or may be purchased by MONY America Variable Account
L or any of its other separate accounts. 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 if:
(1) Shares of any or all of the portfolios of the Funds should no
longer be available for investment or,
(2) 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.
Where required, the Company will not substitute any shares attributable to
a policy owner's interest in MONY America Variable Account L without notice,
policy owner approval, or prior approval of the Securities and Exchange
Commission. The Company will also follow the filing or other procedures
established by applicable state insurance regulators. Applicable state insurance
regulators include the Commissioner of Insurance of the State of Arizona.
The Company also reserves the right to establish additional subaccounts of
MONY America Variable Account L. Each additional subaccount would invest in (1)
a new portfolio of the Funds, or (2) in shares of another investment company, a
portfolio thereof, or (3) another suitable investment vehicle, with a
47
<PAGE> 55
specified investment objective. New subaccounts may 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.
If a substitution or change is made, the Company may make changes in this
and other policies as may be necessary or appropriate to reflect such
substitution or change. If the Company considers it to be in the best interests
of persons having voting rights under the policies, MONY America Variable
Account L may:
(1) Be operated as a management investment company under the
Investment Company Act of 1940 or any other form permitted by law,
(2) Be deregistered under that Act if such registration is no longer
required, or
(3) 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 MONY America Variable Account L.
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. Federal and State
laws include but not limited to requirements for life insurance contracts under
the Internal Revenue Code, and regulations of the United States Treasury
Department or any state.
PERFORMANCE INFORMATION
We may advertise the performance of the MONY America Variable Account L
subaccounts. We will also report performance to policy owners and may make
performance information available to prospective purchasers. This information
will be presented in compliance with applicable law.
Performance information may show the change in a policy owner's Fund Value
in one or more subaccounts, or as a change in a policy owner's death benefit.
Performance information 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. Such performance is based upon a hypothetical
policy in which premiums have been allocated to a particular subaccount of MONY
America Variable Account L over certain periods of time that will include one,
five and ten years, or from the commencement of operation of the subaccount of
MONY America Variable Account L 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 surrender charge, if applicable, by assuming surrender at the
end of the particular period. However, other quotations may simultaneously be
given that do not assume surrender and do not take into account deduction of the
surrender charge.
Performance information for MONY America Variable Account L may be compared
in advertisements, sales literature, and reports to policy owners to:
(1) 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
(2) The Consumer Price Index (measure for inflation) to assess the
real rate of return from the purchase of a policy.
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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 MONY America Variable Account
L reflects only the performance of a hypothetical policy whose Fund Value is
allocated to MONY America Variable Account L 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 MONY America Variable Account L invests.
The market conditions during the given period of time should not be considered
as a representation of what may be achieved in the future.
THE GUARANTEED INTEREST ACCOUNT
You may allocate all or a portion of your 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. The amounts allocated
to the General Account of the Company are subject to the liabilities arising
from the business the Company conducts. 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 MONY America Variable Account L 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.
You may elect to allocate net premiums to the Guaranteed Interest Account,
MONY America Variable Account L, or both. You may also transfer Fund Value from
the subaccounts of MONY America Variable Account L to the Guaranteed Interest
Account or from the Guaranteed Interest Account to the subaccounts. The Company
guarantees that the Fund Value in the Guaranteed Interest Account will be
credited with a minimum interest rate of 0.0133689% daily, compounded daily, for
a minimum effective annual rate of 5%. 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% annual rate. (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%.) After the tenth policy anniversary, an increase in the annual interest
rates that apply to the Fund Value in the Guaranteed Interest Account and Loan
Account is expected. The rate is expected to be .5% higher. 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
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<PAGE> 57
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 .
DEATH BENEFIT
The death benefit under the policy will be determined in the same fashion
if you have Fund Value in the Guaranteed Interest Account or Fund Value in the
subaccounts. The death benefit under Option I will be equal to the Specified
Amount of the Policy plus the increase in Fund Value since the last monthly
anniversary or, if greater, Fund Value on the date of death plus Fund Value on
the last monthly anniversary 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 multiplied by a death benefit percentage.
See "Death Benefits under the Policy," page .
POLICY CHARGES
Deductions from premium, monthly deductions from the Fund Value, and Fund
charges will be the same if you allocate net premiums or transfer Fund Value to
the Guaranteed Interest Account or 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 sales Fund Charge. Fees for
partial surrenders and, if applicable, transfer charges, will also be deducted
from the Guaranteed Interest Account.
You will not directly or indirectly pay charges applicable to the
portfolios, including the operating expenses of the portfolios, and the
investment advisory fee charged by the portfolio managers if your 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 you 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. These limits are waived if the
policyowner elects the Right to Exchange the Policy. See "Right to
Exchange the Policy", page 17.
- Transfers from the Guaranteed Interest Account to the subaccounts are
limited to:
- one in any policy year,
- the greater of $5,000 and 25% of the Fund Value allocated to the
Guaranteed Interest Account on the date of transfer, and
- the period which begins on the policy anniversary and which ends 30
days after the policy anniversary.
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If the transfer request is received on the policy anniversary, it will be
processed as of the policy anniversary. If the transfer request 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 considered 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
You may also make full surrenders, partial surrenders, and preferred
partial surrenders from the Guaranteed Interest Account to the same extent as if
you had allocated premiums and cash values to the subaccounts. See "Full
Surrender," page and "Partial Surrender", page . 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. However, with respect to policies issued for delivery to residents of
the Commonwealth of Pennsylvania, the Company will not delay payment of
surrenders or loans, the proceeds of which will be used to pay premiums on the
policy.
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. The Company must receive the request at its
administrative 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, the beneficiary must be living at the time of the insured's
death to receive the proceeds.
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.
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NOTIFICATION AND CLAIMS PROCEDURES
Any election, designation, change, assignment, or request made by you 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.
If an insured dies while the policy is in effect, 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
Within seven days after the Company receives all the information needed for
processing a payment, the Company will:
(1) Pay death benefit proceeds,
(2) Pay the Cash Value on surrender, partial surrenders and loan
proceeds based on allocations made to the subaccounts, and
(3) Effect a transfer between subaccounts or from the Variable Account
to the Guaranteed Interest Account.
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.
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. 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 or if the proceeds are less than $1,000. 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, (1) while sane or insane, (2) 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
amounts (and their fees) and any Outstanding Debt. If an insured dies by
suicide, (1) while sane or insane, (2) 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.
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ASSIGNMENT
You may assign your 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 administrative office. The assignment 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 .)
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:
(1) What would be purchased by the most recent cost of insurance
charge at the correct age and gender, or
(2) 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 gender. See "Cost of Insurance," page .
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:
(1) 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
(2) 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 you an illustration of future benefits
under the policy based on both guaranteed and current cost assumptions.
DISTRIBUTION OF THE POLICY
MONY Securities Corporation ("MSC"), a wholly owned subsidiary of MONY Life
Insurance Company, is principal underwriter (distributor) of the policies. MSC
is a New York corporation organized on September 26, 1969. 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 up to a
maximum amount. Thereafter, commissions will equal at most 3.0 percent of any
additional premiums plus, on the sixth and each succeeding quarterly anniversary
for so long as the policy shall remain in effect,
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an annualized rate of 0.10 percent of the Fund Value of the policy. 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 non-cash 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.
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........... Director, Vice President and Actuary
Margaret G. Gale............... Director and Vice President
Stephen J. Hall................ Director
Charles P. Leone............... Director, Vice President and Chief Compliance Officer
Kenneth M. Levine.............. Director and Executive Vice President
David S. Waldman............... Secretary
David V. Weigel................ Treasurer
</TABLE>
No officer or director listed above receives any compensation from the
Company in addition to compensation paid by MONY.
Biographical information for each of the individuals listed in the above
table is set forth below.
DIRECTORS AND EXECUTIVE OFFICERS. Set forth below is a description of the
business positions during at least the past five years for the directors and the
executive officers of the Company.
Michael I. Roth is Director, Chairman of the Board and Chief Executive
Officer of the Company. He is Chairman of the Board (since July 1993) and Chief
Executive Officer (since January 1993) of MONY and has been a Trustee since May
1991. Mr. Roth is also a director of the following subsidiaries of MONY: 1740
Advisers, Inc. (since December 1992) and MONY CS, Inc. (since December 1989). He
has also served as MONY's President and Chief Executive Officer (from January
1993 to July 1993), President and Chief Operating Officer (from January 1991 to
January 1993) and Executive Vice President and Chief Financial Officer (from
March 1989 to January 1991). Mr. Roth has been with MONY for 9 years. Mr. Roth
also served on the board of directors of the American Council of Life Insurance
and serves on the boards of directors of the Life Insurance Council of New York,
Insurance Marketplace Standards Association, Enterprise Foundation (a charitable
foundation which develops housing not affiliated with the Enterprise Group of
Funds), Metropolitan Development Association of Syracuse and
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Central New York, Enterprise Group of Funds, Inc., Enterprise Accumulation
Trust, Pitney Bowes, Inc. and Promus Hotel Corporation.
Samuel J. Foti is Director, President and Chief Operating Officer of the
Company. He is President and Chief Operating Officer (since February 1994) of
MONY and has been a Trustee since January 1993. Mr. Foti is also a director of
the following subsidiaries of MONY: MONY Brokerage, Inc. (since January 1990),
MONY International Holdings, Inc. (since October 1994), MONY Life Insurance
Company of the Americas, Ltd., (since December 1994) and MONY Bank & Trust
Company of the Americas, Ltd. (since December 1994). He has also served as
MONY's Executive Vice President (from January 1991 to February 1994) and Senior
Vice President (from April 1989 to January 1991). Mr. Foti has been with MONY
for 10 years. Mr. Foti also serves on the board of directors of the Life
Insurance Marketing and Research Association, where he served as Chairman from
October 1996 through October 1997, Enterprise Group of Funds, Inc., Enterprise
Accumulation Trust and The American College.
Richard Daddario is Director, Vice President and Controller of the Company.
He is Executive Vice President and Chief Financial Officer (since April 1994) of
MONY. Mr. Daddario is also a director of the following subsidiaries of MONY:
MONY Brokerage, Inc. (since June 1997) and MONY Life Insurance Company of the
Americas, Ltd. (since December 1997). He has also served as MONY's Chief
Financial Officer (from January 1991 to present) and Senior Vice President (from
July 1989 to April 1994). Mr. Daddario has been with MONY for 9 years.
Kenneth M. Levine is Director and Executive Vice President of the Company.
He is Executive Vice President (since February 1990) and Chief Investment
Officer (since January 1991) of MONY and has been a Trustee since May 1994. Mr.
Levine is also a director of the following subsidiaries of MONY: 1740 Advisers,
Inc. (since December 1989), MONY Funding, Inc. (since October 1991), MONY Realty
Partners, Inc. (since October 1991) and 1740 Ventures, Inc. (since October
1991). He has also served as MONY's Senior Vice President -- Pensions (from
January 1988 to February 1990). Prior to that time, Mr. Levine held various
management positions within MONY. Mr. Levine has been with MONY for 25 years.
Richard E. Connors is Director of the Company. He is Senior Vice President
of MONY (since February 1994). Mr. Connors is also a director of the following
subsidiary of MONY: MONY Brokerage, Inc. (since May 1994). He has also served as
MONY's Regional Vice President -- Western Region (from June 1991 to February
1994), Vice President -- Small Business Marketing (from January 1990 to June
1991) and Vice President -- Manpower Development (from March 1988 to January
1990). Mr. Connors has been with MONY for 10 years.
Phillip A. Eisenberg is Director, Vice President and Actuary of the
Company. He is Senior Vice President and Chief Actuary of MONY (since April
1993). He has also served as MONY's Vice President -- Individual Financial
Affairs (from January 1989 to March 1993). Prior to that time, Mr. Eisenberg
held various positions within MONY. Mr. Eisenberg has been with MONY for 34
years.
Margaret G. Gale is Director and Vice President of the Company. She is Vice
President of MONY (since February 1991). She has also served as Vice
President -- Policyholder Services (from 1988 to 1991). Ms. Gale has been with
MONY for 20 years.
Stephen J. Hall is Director of the Company. He is Senior Vice President of
MONY (since February 1994). Mr. Hall is also a director of the following
subsidiary of MONY: MONY Brokerage, Inc. (since October 1991). He has also
served as MONY's Vice President & Chief Marketing Officer (from November 1990 to
February 1994) and prior to that time was manager of MONY's Boise, Idaho
insurance agency. Mr. Hall has been with MONY for 24 years.
Charles P. Leone is Director, Vice President and Chief Compliance Officer
of the Company. He is Vice President and Chief Corporate Compliance Officer of
MONY (since 1996). He has also served as Vice President of MONY (from 1987 to
1996). Mr. Leone has been with MONY for 35 years.
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David S. Waldman is Secretary of the Company. He is Assistant Vice
President and Senior Counsel -- Operations (since 1992). He has also served as
Assistant General Counsel of MONY (from 1986 to 1992). Mr. Waldman has been with
MONY for 16 years.
David V. Weigel is Treasurer of the Company. He is Vice
President -- Treasurer of MONY (since 1994). He has also served as Assistant
Treasurer of MONY (from 1986 to 1994). Mr. Weigel has been with MONY for 25
years.
No officer or director listed above receives any compensation from MONY
America Variable Account L. The Company or any of its affiliates has paid no
separately allocable compensation 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
You 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. The Company may record all or part of any telephone conversation with
respect to transfer and allocation instructions. 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 your instructions,
subject to the limitations stated in this prospectus (presuming that the Right
to Return Policy 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),
you 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.
The Company has adopted guidelines (which it believes to be reasonable)
relating to telephone transfers and allocation instructions. These guidelines,
among other things, outline procedures to be followed which are designed to
prevent unauthorized instructions. If these procedures are followed, the Company
shall not be liable for, and you will therefore bear the entire risk of, any
loss as a result of the Company's following telephone instructions if 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 MONY America Variable
Account L is a party, or which would materially affect MONY America Variable
Account L.
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LEGAL MATTERS
Legal matters have been passed on by the then Vice President and Deputy
General Counsel of The Mutual Life Insurance Company of New York (now MONY Life
Insurance Company) in connection with:
(1) The issue and sale of the policies described in this prospectus,
(2) The organization of the Company,
(3) The Company's authority to issue the policies under Arizona law, and
(4) The validity of the forms of the policies under Arizona law.
Edward P. Bank, then Vice President -- Deputy General Counsel of The Mutual
Life Insurance Company of New York (now MONY Life Insurance Company) has passed
upon legal matters relating to the federal income tax laws.
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 MONY America Variable Account L and
for the Company included in this Prospectus and in the Registration Statement
have been audited by PricewaterhouseCoopers LLP, independent accountants, as
indicated in their reports herein. The audited financial statements are included
in reliance upon the authority of said firm as experts in accounting and
auditing. PricewaterhouseCoopers LLP's office is located at 1177 Avenue of the
Americas, New York, New York, 10036.
FINANCIAL STATEMENTS
The audited financial statements for MONY America Variable Account L are
set forth herein, starting on page F-2. The audited financial statements of the
Company are set forth herein, starting on page F-35.
The financial statements of MONY America Variable Account L and of the
Company have been audited by PricewaterhouseCoopers LLP. The financial
statements of the Company should be distinguished from the financial statements
of MONY America Variable Account L and should be considered only as bearing upon
the ability of the Company to meet its obligations under the Policies.
57
<PAGE> 65
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,
1998................................................... F-3
Statements of operations for the year ended December 31,
1998................................................... F-5
Statements of changes in net assets for the years ended
December 31, 1998 and 1997............................. F-7
Notes to financial statements............................. F-10
Report of Independent Accountants......................... F-13
Statements of assets and liabilities as of December 31,
1997................................................... F-14
Statements of operations for the year ended December 31,
1997................................................... F-16
Statements of changes in net assets for the years ended
December 31, 1997 and 1996............................. F-18
Notes to financial statements............................. F-21
Report of Independent Accountants......................... F-24
Statements of assets and liabilities as of December 31,
1996................................................... F-25
Statements of operations for the year ended December 31,
1996................................................... F-27
Statements of changes in net assets for the years ended
December 31, 1996 and 1995............................. F-29
Notes to financial statements............................. F-32
With respect to MONY Life Insurance Company of America:
Report of Independent Accountants......................... F-35
Balance sheets as of December 31, 1998 and 1997........... F-36
Statements of income and comprehensive income for the
years ended December 31, 1998, 1997 and 1996........... F-37
Statements of changes in shareholder's equity for the
years ended December 31, 1998, 1997 and 1996........... F-38
Statements of cash flows for the years ended December 31,
1998, 1997 and 1996.................................... F-39
Notes to financial statements............................. F-41
</TABLE>
F-1
<PAGE> 66
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 -- Strategist/MONYEquity
Master:
In our opinion, the accompanying statements of assets and liabilities and the
related statements of operations and of changes in net assets present fairly, in
all material respects, the financial position of each of the respective
subaccounts constituting MONY America Variable Account L (comprising,
respectively, Strategist's Equity Growth, Equity Income, Intermediate Term Bond,
Long Term Bond, Diversified, and Money Market Subaccounts; and MONYEquity
Master's Intermediate Term Bond, Long Term Bond, Government Securities, Money
Market, Equity, Small Cap, Managed, International Growth, and High Yield Bond
Subaccounts) at December 31, 1998, the results of each of their operations for
the year then ended and the changes in each of their net assets for each of the
two years in the period then ended, in conformity with generally accepted
accounting principles. These financial statements are the responsibility of MONY
Life Insurance Company of America's management; our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which 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, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 1998 by
correspondence with the custodian, provide a reasonable basis for the opinion
expressed above.
PricewaterhouseCoopers LLP
New York, New York
February 12, 1999
F-2
<PAGE> 67
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)..... $ 682,834 $ 595,988 $ 140,141 $ 61,136 $1,014,298 $ 69,117
========= ========= ========= ========= ========== =========
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)............................. $ 961,335 $ 759,055 $ 150,496 $ 70,834 $1,234,825 $ 69,117
Amount due from MONY Series Fund,
Inc............................ 7 38 0 0 157 21
Amount due from MONY America..... 10 10 0 0 27 0
--------- --------- --------- --------- ---------- ---------
Total assets........... 961,352 759,103 150,496 70,834 1,235,009 69,138
--------- --------- --------- --------- ---------- ---------
LIABILITIES
Amount due to MONY Series Fund,
Inc............................ 10 10 0 0 27 0
Amount due to MONY America....... 7 38 0 0 157 21
--------- --------- --------- --------- ---------- ---------
Total liabilities...... 17 48 0 0 184 21
--------- --------- --------- --------- ---------- ---------
Net assets....................... $ 961,335 $ 759,055 $ 150,496 $ 70,834 $1,234,825 $ 69,117
========= ========= ========= ========= ========== =========
Net assets consist of:
Contractholders' net
payments.................... $ 532,846 $ 452,429 $ 186,834 $ 110,895 $ 870,386 $ 202,760
Cost of insurance withdrawals
(Note 3).................... (407,376) (523,633) (212,856) (165,781) (973,530) (214,120)
Undistributed net investment
income...................... 301,309 441,681 171,031 103,589 787,844 80,477
Accumulated net realized gain
(loss) on investments....... 256,055 225,511 (4,868) 12,433 329,598 0
Unrealized appreciation of
investments................. 278,501 163,067 10,355 9,698 220,527 0
--------- --------- --------- --------- ---------- ---------
Net assets....................... $ 961,335 $ 759,055 $ 150,496 $ 70,834 $1,234,825 $ 69,117
========= ========= ========= ========= ========== =========
Number of units outstanding* .... 14,007 11,808 5,977 2,112 25,565 3,678
--------- --------- --------- --------- ---------- ---------
Net asset value per unit
outstanding* .................. $ 68.63 $ 64.28 $ 25.18 $ 33.55 $ 48.30 $ 18.79
========= ========= ========= ========= ========== =========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-3
<PAGE> 68
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1998
<TABLE>
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)...... $641,572 $1,472,004 $697,449 $5,330,496
======== ========== ======== ==========
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2).................. $ 0 $ 0 $ 0 $ 0
Investments in MONY Series Fund,
Inc. at net asset value (Note
2).............................. 652,021 1,555,776 719,374 5,330,496
Amount due from Enterprise
Accumulation Trust.............. 0 0 0 0
Amount due from MONY America...... 7,498 164 11 12,554
Amount due from MONY Series Fund,
Inc............................. 1,617 236 55 2,757
-------- --------- -------- ----------
Total assets.............. 661,136 1,556,176 719,440 5,345,807
-------- --------- -------- ----------
LIABILITIES
Amount due to Enterprise
Accumulation Trust.............. 0 0 0 0
Amount due to MONY America........ 1,617 236 55 2,757
Amount due to MONY Series Fund,
Inc............................. 7,498 164 11 12,554
-------- --------- -------- ----------
Total liabilities......... 9,115 400 66 15,311
-------- ---------- -------- ----------
Net assets........................ $652,021 $1,555,776 $719,374 $5,330,496
======== ========== ======== ==========
Net assets consist of:
Contractholders' net payments... $705,932 $1,622,461 $816,253 $5,888,281
Cost of insurance withdrawals
(Note 3)...................... (88,135) (304,221) (164,506) (923,486)
Undistributed net investment
income........................ 18,034 91,808 28,936 365,701
Accumulated net realized gain on
investments................... 5,741 61,956 16,766 0
Unrealized appreciation
(depreciation) of
investments................... 10,449 83,772 21,925 0
-------- ---------- -------- ----------
Net assets........................ $652,021 $1,555,776 $719,374 $5,330,496
======== ========== ======== ==========
Number of units outstanding* ..... 51,260 104,745 57,728 449,645
-------- --------- -------- ----------
Net asset value per unit
outstanding* ................... $ 12.72 $ 14.85 $ 12.46 $ 11.85
======== ========= ======== ==========
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ----------- ------------ ------------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)...... $29,267,109 $17,465,483 $ 92,486,951 $7,465,956 $3,681,980
=========== =========== ============ ========== ==========
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2).................. $30,077,398 $17,326,567 $ 91,853,472 $7,618,801 $3,535,771
Investments in MONY Series Fund,
Inc. at net asset value (Note
2).............................. 0 0 0 0 0
Amount due from Enterprise
Accumulation Trust.............. 13,686 5,946 36,505 2,166 1,550
Amount due from MONY America...... 5,988 3,942 7,552 637 586
Amount due from MONY Series Fund,
Inc............................. 0 0 0 0 0
----------- ----------- ------------ ---------- ----------
Total assets.............. 30,097,072 17,336,455 91,897,529 7,621,604 3,537,907
----------- ----------- ------------ ---------- ----------
LIABILITIES
Amount due to Enterprise
Accumulation Trust.............. 5,988 3,942 7,552 637 586
Amount due to MONY America........ 13,686 5,946 36,505 2,166 1,550
Amount due to MONY Series Fund,
Inc............................. 0 0 0 0 0
----------- ----------- ------------ ---------- ----------
Total liabilities......... 19,674 9,888 44,057 2,803 2,136
----------- ----------- ------------ ---------- ----------
Net assets........................ $30,077,398 $17,326,567 $ 91,853,472 $7,618,801 $3,535,771
=========== =========== ============ ========== ==========
Net assets consist of:
Contractholders' net payments... $31,708,512 $17,792,682 $ 94,994,106 $8,279,552 $3,923,901
Cost of insurance withdrawals
(Note 3)...................... (6,356,307) (3,239,637) (19,694,177) (1,552,052) (698,846)
Undistributed net investment
income........................ 1,671,285 1,649,083 9,179,832 425,563 404,804
Accumulated net realized gain on
investments................... 2,243,619 1,263,355 8,007,190 312,893 52,121
Unrealized appreciation
(depreciation) of
investments................... 810,289 (138,916) (633,479) 152,845 (146,209)
----------- ----------- ------------ ---------- ----------
Net assets........................ $30,077,398 $17,326,567 $ 91,853,472 $7,618,801 $3,535,771
=========== =========== ============ ========== ==========
Number of units outstanding* ..... 1,373,480 874,371 4,216,748 475,982 245,156
----------- ----------- ------------ ---------- ----------
Net asset value per unit
outstanding* ................... $ 21.90 $ 19.82 $ 21.78 $ 16.01 $ 14.42
=========== =========== ============ ========== ==========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-4
<PAGE> 69
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
STRATEGIST
------------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income..................... $138,443 $118,315 $ 8,132 $ 3,912 $ 261,166 $ 3,735
Mortality and expense risk charges
(Note 3).......................... (5,155) (4,392) (935) (418) (6,828) (434)
-------- -------- -------- -------- --------- --------
Net investment income............... 133,288 113,923 7,197 3,494 254,338 3,301
-------- -------- -------- -------- --------- --------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales............... 83,899 70,294 26,174 11,980 244,465 17,192
Cost of shares sold............... (52,145) (45,970) (25,047) (10,356) (171,058) (17,192)
-------- -------- -------- -------- --------- --------
Net realized gain on investments.... 31,754 24,324 1,127 1,624 73,407 0
Net increase (decrease) in
unrealized appreciation of
investments....................... 26,614 (55,179) 1,982 1,198 (84,041) 0
-------- -------- -------- -------- --------- --------
Net realized and unrealized gain
(loss) on investments............. 58,368 (30,855) 3,109 2,822 (10,634) 0
-------- -------- -------- -------- --------- --------
Net increase in net assets resulting
from operations................... $191,656 $ 83,068 $ 10,306 $ 6,316 $ 243,704 $ 3,301
======== ======== ======== ======== ========= ========
</TABLE>
See notes to financial statements.
F-5
<PAGE> 70
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
MONYEQUITY MASTER
-----------------------------------------------------
MONY SERIES FUND, INC.
-----------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ------------
<S> <C> <C> <C> <C>
Dividend income................. $ 14,696 $ 53,185 $ 18,282 $ 167,557
Mortality and expense risk
charges (Note 3).............. (2,759) (8,684) (3,870) (24,447)
--------- --------- --------- ------------
Net investment income........... 11,937 44,501 14,412 143,110
--------- --------- --------- ------------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales........... 129,866 518,157 250,828 22,561,017
Cost of shares sold........... (125,053) (464,446) (240,034) (22,561,017)
--------- --------- --------- ------------
Net realized gain on
investments................... 4,813 53,711 10,794 0
Net increase (decrease) in
unrealized appreciation of
investments................... 5,189 5,771 5,587 0
--------- --------- --------- ------------
Net realized and unrealized gain
(loss) on investments......... 10,002 59,482 16,381 0
--------- --------- --------- ------------
Net increase in net assets
resulting from operations..... $ 21,939 $ 103,983 $ 30,793 $ 143,110
========= ========= ========= ============
<CAPTION>
MONYEQUITY MASTER
---------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ----------- ------------ ------------- ----------
<S> <C> <C> <C> <C> <C>
Dividend income................. $ 1,305,382 $ 1,037,569 $ 7,035,689 $ 352,610 $ 263,918
Mortality and expense risk
charges (Note 3).............. (173,004) (94,319) (575,478) (42,760) (20,051)
----------- ----------- ------------ ----------- ---------
Net investment income........... 1,132,378 943,250 6,460,211 309,850 243,867
----------- ----------- ------------ ----------- ---------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales........... 6,165,465 3,785,091 18,055,194 1,538,299 804,131
Cost of shares sold........... (4,866,214) (2,904,815) (13,791,374) (1,390,455) (788,311)
----------- ----------- ------------ ----------- ---------
Net realized gain on
investments................... 1,299,251 880,276 4,263,820 147,844 15,820
Net increase (decrease) in
unrealized appreciation of
investments................... (555,041) (781,462) (6,000,861) 260,368 (184,965)
----------- ----------- ------------ ----------- ---------
Net realized and unrealized gain
(loss) on investments......... 744,210 98,814 (1,737,041) 408,212 (169,145)
----------- ----------- ------------ ----------- ---------
Net increase in net assets
resulting from operations..... $ 1,876,588 $ 1,042,064 $ 4,723,170 $ 718,062 $ 74,722
=========== =========== ============ =========== =========
</TABLE>
See notes to financial statements.
F-6
<PAGE> 71
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
STRATEGIST
--------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
--------------------------------------------------------------------------------------
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM LONG TERM
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT BOND SUBACCOUNT
------------------- -------------------- ------------------- -------------------
1998 1997 1998 1997 1998 1997 1998 1997
-------- -------- -------- --------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income......... $133,288 $ 53,040 $113,923 $ 76,627 $ 7,197 $ 9,374 $ 3,494 $ 5,147
Net realized gain on
investments................. 31,754 33,607 24,324 84,704 1,127 1,672 1,624 3,780
Net increase (decrease) in
unrealized appreciation of
investments................. 26,614 101,936 (55,179) 32,332 1,982 288 1,198 649
-------- -------- -------- --------- -------- -------- -------- --------
Net increase in net assets
resulting from operations..... 191,656 188,583 83,068 193,663 10,306 11,334 6,316 9,576
-------- -------- -------- --------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance
of units.................... 47,550 35,646 31,012 39,172 8,787 8,194 4,168 4,547
Net asset value of units
redeemed or used to meet
contract obligations........ (76,005) (59,621) (60,685) (193,625) (25,134) (40,032) (11,205) (37,821)
-------- -------- -------- --------- -------- -------- -------- --------
Net decrease from unit
transactions.................. (28,455) (23,975) (29,673) (154,453) (16,347) (31,838) (7,037) (33,274)
-------- -------- -------- --------- -------- -------- -------- --------
Net increase (decrease) in net
assets........................ 163,201 164,608 53,395 39,210 (6,041) (20,504) (721) (23,698)
Net assets beginning of year.... 798,134 633,526 705,660 666,450 156,537 177,041 71,555 95,253
-------- -------- -------- --------- -------- -------- -------- --------
Net assets end of year*......... $961,335 $798,134 $759,055 $ 705,660 $150,496 $156,537 $ 70,834 $ 71,555
======== ======== ======== ========= ======== ======== ======== ========
Units outstanding beginning of
year.......................... 14,506 14,958 12,292 15,149 6,639 8,041 2,334 3,504
Units issued during the year.... 803 747 526 783 363 362 127 165
Units redeemed during the
year.......................... (1,302) (1,199) (1,010) (3,640) (1,025) (1,764) (349) (1,335)
-------- -------- -------- --------- -------- -------- -------- --------
Units outstanding end of year... 14,007 14,506 11,808 12,292 5,977 6,639 2,112 2,334
======== ======== ======== ========= ======== ======== ======== ========
- ---------------
* Includes undistributed net
investment income of: $301,309 $168,021 $441,681 $ 327,758 $171,031 $163,834 $103,589 $100,095
<CAPTION>
STRATEGIST
---------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT
----------------------- -------------------
1998 1997 1998 1997
---------- ---------- -------- --------
<S> <C> <C> <C> <C>
From operations:
Net investment income......... $ 254,338 $ 77,745 $ 3,301 $ 3,689
Net realized gain on
investments................. 73,407 100,092 0 0
Net increase (decrease) in
unrealized appreciation of
investments................. (84,041) 59,772 0 0
---------- ---------- -------- --------
Net increase in net assets
resulting from operations..... 243,704 237,609 3,301 3,689
---------- ---------- -------- --------
From unit transactions:
Net proceeds from the issuance
of units.................... 63,685 77,730 6,765 6,471
Net asset value of units
redeemed or used to meet
contract obligations........ (183,727) (287,917) (16,512) (19,886)
---------- ---------- -------- --------
Net decrease from unit
transactions.................. (120,042) (210,187) (9,747) (13,415)
---------- ---------- -------- --------
Net increase (decrease) in net
assets........................ 123,662 27,422 (6,446) (9,726)
Net assets beginning of year.... 1,111,163 1,083,741 75,563 85,289
---------- ---------- -------- --------
Net assets end of year*......... $1,234,825 $1,111,163 $ 69,117 $ 75,563
========== ========== ======== ========
Units outstanding beginning of
year.......................... 28,291 34,279 4,207 4,970
Units issued during the year.... 1,509 2,219 369 368
Units redeemed during the
year.......................... (4,235) (8,207) (898) (1,131)
---------- ---------- -------- --------
Units outstanding end of year... 25,565 28,291 3,678 4,207
========== ========== ======== ========
- ---------------
* Includes undistributed net
investment income of: $ 787,844 $ 533,506 $ 80,477 $ 77,176
</TABLE>
See notes to financial statements.
F-7
<PAGE> 72
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
MONYEQUITY MASTER
--------------------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
--------------------------------------------------------------------------------------------------
INTERMEDIATE TERM LONG TERM GOVERNMENT MONEY
BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------- ---------------------- --------------------- ---------------------------
1998 1997 1998 1997 1998 1997 1998 1997
-------- -------- ---------- --------- --------- --------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income...... $ 11,937 $ 5,087 $ 44,501 $ 36,542 $ 14,412 $ 11,060 $ 143,110 $ 115,801
Net realized gain on
investments.............. 4,813 1,269 53,711 6,284 10,794 4,933 0 0
Net increase in unrealized
appreciation of
investments.............. 5,189 3,027 5,771 56,115 5,587 9,241 0 0
-------- -------- ---------- --------- --------- --------- ------------ ------------
Net increase in net assets
resulting from
operations................. 21,939 9,383 103,983 98,941 30,793 25,234 143,110 115,801
-------- -------- ---------- --------- --------- --------- ------------ ------------
From unit transactions:
Net proceeds from the
issuance of units........ 495,470 172,340 910,497 471,749 389,606 288,293 21,592,510 20,219,389
Net asset value of units
redeemed or used to meet
contract obligations..... (99,753) (38,182) (407,166) (236,759) (199,430) (107,779) (20,103,798) (20,985,756)
-------- -------- ---------- --------- --------- --------- ------------ ------------
Net increase (decrease) from
unit transactions.......... 395,717 134,158 503,331 234,990 190,176 180,514 1,488,712 (766,367)
-------- -------- ---------- --------- --------- --------- ------------ ------------
Net increase (decrease) in
net assets................. 417,656 143,541 607,314 333,931 220,969 205,748 1,631,822 (650,566)
Net assets beginning of
year....................... 234,365 90,824 948,462 614,531 498,405 292,657 3,698,674 4,349,240
-------- -------- ---------- --------- --------- --------- ------------ ------------
Net assets end of year*...... $652,021 $234,365 $1,555,776 $ 948,462 $ 719,374 $ 498,405 $ 5,330,496 $ 3,698,674
======== ======== ========== ========= ========= ========= ============ ============
Units outstanding beginning
of year.................... 19,650 8,138 69,779 50,910 42,420 26,498 325,979 400,565
Units issued during the
year....................... 39,723 14,831 63,831 37,613 31,996 25,322 1,861,351 1,818,649
Units redeemed during the
year....................... (8,113) (3,319) (28,865) (18,744) (16,688) (9,400) (1,737,685) (1,893,235)
-------- -------- ---------- --------- --------- --------- ------------ ------------
Units outstanding end of
year....................... 51,260 19,650 104,745 69,779 57,728 42,420 449,645 325,979
======== ======== ========== ========= ========= ========= ============ ============
- ---------------
* Includes undistributed net
investment income of: $ 18,034 $ 6,097 $ 91,808 $ 47,307 $ 28,936 $ 14,524 $ 365,701 $ 222,591
</TABLE>
See notes to financial statements.
F-8
<PAGE> 73
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
MONYEQUITY MASTER
----------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------------------
EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------------- ------------------------- --------------------------
1998 1997 1998 1997 1998 1997
----------- ----------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income......... $ 1,132,378 $ 467,545 $ 943,250 $ 660,447 $ 6,460,211 $ 2,400,789
Net realized gain on
investments................. 1,299,251 746,120 880,276 342,745 4,263,820 2,836,432
Net increase (decrease) in
unrealized appreciation of
investments................. (555,041) 984,236 (781,462) 568,217 (6,000,861) 3,108,829
----------- ----------- ----------- ----------- ------------ -----------
Net increase in net assets
resulting from operations..... 1,876,588 2,197,901 1,042,064 1,571,409 4,723,170 8,346,050
----------- ----------- ----------- ----------- ------------ -----------
From unit transactions:
Net proceeds from the issuance
of units.................... 17,178,981 11,812,002 11,226,613 5,248,401 43,195,093 36,238,986
Net asset value of units
redeemed or used to meet
contract obligations........ (5,460,969) (2,656,849) (3,126,835) (1,072,152) (16,133,792) (9,726,108)
----------- ----------- ----------- ----------- ------------ -----------
Net increase from unit
transactions.................. 11,718,012 9,155,153 8,099,778 4,176,249 27,061,301 26,512,878
----------- ----------- ----------- ----------- ------------ -----------
Net increase in net assets...... 13,594,600 11,353,054 9,141,842 5,747,658 31,784,471 34,858,928
Net assets beginning of year.... 16,482,798 5,129,744 8,184,725 2,437,067 60,069,001 25,210,073
----------- ----------- ----------- ----------- ------------ -----------
Net assets end of year*......... $30,077,398 $16,482,798 $17,326,567 $ 8,184,725 $ 91,853,472 $60,069,001
=========== =========== =========== =========== ============ ===========
Units outstanding beginning of
year.......................... 821,090 319,002 449,403 191,743 2,954,670 1,532,486
Units issued during the year.... 812,747 647,931 594,256 326,703 2,028,359 1,945,611
Units redeemed during the
year.......................... (260,357) (145,843) (169,288) (69,043) (766,281) (523,427)
----------- ----------- ----------- ----------- ------------ -----------
Units outstanding end of year... 1,373,480 821,090 874,371 449,403 4,216,748 2,954,670
=========== =========== =========== =========== ============ ===========
- ---------------
* Includes undistributed net
investment income of: $ 1,671,285 $ 538,907 $ 1,649,083 $ 705,833 $ 9,179,832 $ 2,719,621
<CAPTION>
MONYEQUITY MASTER
--------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------------------ -----------------------
1998 1997 1998 1997
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
From operations:
Net investment income......... $ 309,850 $ 98,833 $ 243,867 $ 111,190
Net realized gain on
investments................. 147,844 135,511 15,820 35,931
Net increase (decrease) in
unrealized appreciation of
investments................. 260,368 (204,105) (184,965) 12,532
----------- ---------- ---------- ----------
Net increase in net assets
resulting from operations..... 718,062 30,239 74,722 159,653
----------- ---------- ---------- ----------
From unit transactions:
Net proceeds from the issuance
of units.................... 4,158,036 3,034,936 2,119,601 1,268,282
Net asset value of units
redeemed or used to meet
contract obligations........ (1,336,551) (717,365) (598,271) (319,664)
----------- ---------- ---------- ----------
Net increase from unit
transactions.................. 2,821,485 2,317,571 1,521,330 948,618
----------- ---------- ---------- ----------
Net increase in net assets...... 3,539,547 2,347,810 1,596,052 1,108,271
Net assets beginning of year.... 4,079,254 1,731,444 1,939,719 831,448
----------- ---------- ---------- ----------
Net assets end of year*......... $ 7,618,801 $4,079,254 $3,535,771 $1,939,719
=========== ========== ========== ==========
Units outstanding beginning of
year.......................... 290,466 128,820 138,275 66,709
Units issued during the year.... 275,608 211,751 148,827 95,695
Units redeemed during the
year.......................... (90,092) (50,105) (41,946) (24,129)
----------- ---------- ---------- ----------
Units outstanding end of year... 475,982 290,466 245,156 138,275
=========== ========== ========== ==========
- ---------------
* Includes undistributed net
investment income of: $ 425,563 $ 115,713 $ 404,804 $ 160,937
</TABLE>
See notes to financial statements.
F-9
<PAGE> 74
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 to support Flexible Premium Variable Life Insurance policies,
which include Variable Life (Strategist), Variable Universal Life (MONYEquity
Master and MONY Custom Equity Master) and Corporate Sponsored Variable Universal
Life Insurance policies. These policies are issued by MONY America, which is a
wholly-owned subsidiary of MONY Life Insurance Company ("MONY"). For
presentation purposes, the information related to the Variable Life (Strategist)
and Variable Universal Life (MONYEquity Master) Insurance policies is presented
here.
There are currently six Strategist Subaccounts and nine MONYEquity Master
Subaccounts within the Variable Account, each invests only in a corresponding
portfolio of the MONY Series Fund, Inc. (the "Fund") or the Enterprise
Accumulation Trust ("Enterprise") (collectively, the "Funds"). The Funds are
registered under the 1940 Act as open end, diversified, management investment
companies.
A full presentation of the related financial statements and footnotes of
the Fund and Enterprise are contained on pages hereinafter and should be read in
conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
Investment:
The investment in shares of each of the respective Funds' portfolios is
stated at value which is the net asset value of each portfolio. Except for the
Money Market Portfolio, net asset values are based upon market valuations of the
securities held in each of the corresponding portfolios of the Funds. For the
Money Market Portfolio, the net asset value is based on amortized cost of the
securities held which approximates value.
Taxes:
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.
3. RELATED PARTY TRANSACTIONS
MONY America is the legal owner of the assets held by the Variable Account.
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 the Strategist and MONYEquity Master Subaccounts for 1998
aggregated $16,555,277.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of .60 percent (for the Strategist
Subaccounts) and .75 percent (for the MONYEquity Master Subaccounts) of average
daily net assets of the subaccounts. As investment adviser to the Fund, it
receives amounts paid by the Fund for those services.
F-10
<PAGE> 75
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. RELATED PARTY TRANSACTIONS (CONTINUED)
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to Enterprise, and it receives amounts paid by
Enterprise for those services.
4. INVESTMENTS
Investments in MONY Series Fund, Inc. at cost, at December 31, 1998 consist
of the following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
--------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ------------ --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares........................ 22,121 26,039 14,077 5,245 53,914 75,563
Amount........................ $546,247 $487,414 $148,164 $ 63,055 $ 806,595 $ 75,563
-------- -------- -------- -------- ---------- --------
Shares acquired:
Shares........................ 1,464 1,429 801 331 6,247 7,011
Amount........................ $ 50,289 $ 36,229 $ 8,892 $ 4,525 $ 117,595 $ 7,011
Shares received for reinvestment
of dividends:
Shares........................ 4,089 4,582 759 300 14,780 3,735
Amount........................ $138,443 $118,315 $ 8,132 $ 3,912 $ 261,166 $ 3,735
Shares redeemed:
Shares........................ (2,508) (2,799) (2,354) (878) (12,921) (17,192)
Amount........................ $(52,145) $(45,970) $(25,047) $(10,356) $ (171,058) $(17,192)
-------- -------- -------- -------- ---------- --------
Net change:
Shares........................ 3,045 3,212 (794) (247) 8,106 (6,446)
Amount........................ $136,587 $108,574 $ (8,023) $ (1,919) $ 207,703 $ (6,446)
-------- -------- -------- -------- ---------- --------
Shares end of year:
Shares........................ 25,166 29,251 13,283 4,998 62,020 69,117
Amount........................ $682,834 $595,988 $140,141 $ 61,136 $1,014,298 $ 69,117
======== ======== ======== ======== ========== ========
</TABLE>
F-11
<PAGE> 76
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
Investments in MONY Series Fund, Inc. and Enterprise Accumulation Trust at
cost, at December 31, 1998 consist of the following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
-----------------------------------------------------
LONG
INTERMEDIATE TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ---------- ---------- ------------
<S> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 21,076 $ 69,535 45,767 3,698,674
Amount............. $ 229,105 $ 870,461 $ 482,067 $ 3,698,674
--------- ---------- --------- ------------
Shares acquired:
Shares............. 46,749 73,783 39,894 24,025,282
Amount............. $ 522,824 $1,012,804 $ 437,134 $ 24,025,282
Shares received for
reinvestment of
dividends:
Shares............. 1,372 4,085 1,728 167,557
Amount............. $ 14,696 $ 53,185 $ 18,282 $ 167,557
Shares redeemed:
Shares............. (11,649) (37,609) (22,987) (22,561,017)
Amount............. $(125,053) $ (464,446) $(240,034) $(22,561,017)
--------- ---------- --------- ------------
Net change:
Shares............. 36,472 40,259 18,635 1,631,822
Amount............. $ 412,467 $ 601,543 $ 215,382 $ 1,631,822
--------- ---------- --------- ------------
Shares end of year:
Shares............. 57,548 109,794 64,402 5,330,496
Amount............. $ 641,572 $1,472,004 $ 697,449 $ 5,330,496
========= ========== ========= ============
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------
HIGH
INTERNATIONAL YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ------------ ------------- ----------
<S> <C> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 469,730 306,544 1,473,001 660,074 339,706
Amount............. $15,117,468 $ 7,542,179 $ 54,701,619 $ 4,186,777 $1,900,963
----------- ----------- ------------ ----------- ----------
Shares acquired:
Shares............. 478,902 425,502 1,044,855 650,298 414,614
Amount............. $17,710,473 $11,790,550 $ 44,541,017 $ 4,317,024 $2,305,410
Shares received for
reinvestment of
dividends:
Shares............. 35,588 39,617 173,464 54,331 48,034
Amount............. $ 1,305,382 $ 1,037,569 $ 7,035,689 $ 352,610 $ 263,918
Shares redeemed:
Shares............. (167,343) (138,382) (426,688) (234,317) (143,923)
Amount............. $(4,866,214) $(2,904,815) $(13,791,374) $(1,390,455) $ (788,311)
----------- ----------- ------------ ----------- ----------
Net change:
Shares............. 347,147 326,737 791,631 470,312 318,725
Amount............. $14,149,641 $ 9,923,304 $ 37,785,332 $ 3,279,179 $1,781,017
----------- ----------- ------------ ----------- ----------
Shares end of year:
Shares............. 816,877 633,281 2,264,632 1,130,386 658,431
Amount............. $29,267,109 $17,465,483 $ 92,486,951 $ 7,465,956 $3,681,980
=========== =========== ============ =========== ==========
</TABLE>
F-12
<PAGE> 77
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 -- Variable Life/Variable
Universal Life:
We have audited the accompanying statements of assets and liabilities of
MONY America Variable Account L -- Variable Life/Variable Universal Life
(comprising, respectively, the Variable Life's Equity Growth, Equity Income,
Intermediate Term Bond, Long Term Bond, Diversified and Money Market Subaccounts
and the Variable Universal Life's Intermediate Term Bond, Long Term Bond,
Government Securities, Money Market, Equity, Small Cap, Managed, International
Growth and High Yield Bond Subaccounts) as of December 31, 1997, 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, 1997, 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 -- Variable
Life/Variable Universal Life as of December 31, 1997, the results of their
operations and the changes in their net assets for each of the periods referred
to above, in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
New York, New York
February 11, 1998
F-13
<PAGE> 78
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE LIFE
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)..... $ 546,247 $ 487,414 $ 148,164 $ 63,055 $ 806,595 $ 75,563
========= ========= ========= ========= ========== =========
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)............................. $ 798,134 $ 705,660 $ 156,537 $ 71,555 $1,111,163 $ 75,563
Amount due from MONY Series Fund,
Inc. .......................... 9 9 0 0 26 0
--------- --------- --------- --------- ---------- ---------
Total assets........... 798,143 705,669 156,537 71,555 1,111,189 75,563
--------- --------- --------- --------- ---------- ---------
LIABILITIES
Amount due to MONY America....... 9 9 0 0 26 0
--------- --------- --------- --------- ---------- ---------
Net assets....................... $ 798,134 $ 705,660 $ 156,537 $ 71,555 $1,111,163 $ 75,563
========= ========= ========= ========= ========== =========
Net assets consist of:
Contractholders' net
payments.................... $ 537,453 $ 445,418 $ 192,229 $ 108,555 $ 933,695 $ 198,422
Cost of insurance withdrawals
(Note 3).................... (383,528) (486,949) (201,904) (156,404) (916,797) (200,035)
Undistributed net investment
income...................... 168,021 327,758 163,834 100,095 533,506 77,176
Accumulated net realized gain
(loss) on investments....... 224,301 201,187 (5,995) 10,809 256,191 0
Unrealized appreciation of
investments................. 251,887 218,246 8,373 8,500 304,568 0
--------- --------- --------- --------- ---------- ---------
Net assets....................... $ 798,134 $ 705,660 $ 156,537 $ 71,555 $1,111,163 $ 75,563
========= ========= ========= ========= ========== =========
Number of units outstanding* .... 14,506 12,292 6,639 2,334 28,291 4,207
--------- --------- --------- --------- ---------- ---------
Net asset value per unit
outstanding* .................. $ 55.02 $ 57.41 $ 23.58 $ 30.65 $ 39.28 $ 17.96
========= ========= ========= ========= ========== =========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-14
<PAGE> 79
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
----------------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)...... $229,105 $ 870,461 $482,067 $3,698,674 $15,117,468 $ 7,542,179 $ 54,701,619
======== ========= ======== ========== =========== =========== ============
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2).................. $ 0 $ 0 $ 0 $ 0 $16,482,798 $ 8,184,725 $ 60,069,001
Investments in MONY Series Fund,
Inc. at net asset value (Note
2).............................. 234,365 948,462 498,405 3,698,674 0 0 0
Amount due from Enterprise
Accumulation Trust.............. 0 0 0 0 3,531 859 9,107
Amount due from MONY America...... 48 418 202 80,882 25,829 2,025 37,486
Amount due from MONY Series Fund,
Inc............................. 11 130 41 11,681 0 0 0
-------- --------- -------- ---------- ----------- ----------- ------------
Total assets.............. 234,424 949,010 498,648 3,791,237 16,512,158 8,187,609 60,115,594
-------- --------- -------- ---------- ----------- ----------- ------------
LIABILITIES
Amount due to Enterprise
Accumulation Trust.............. 0 0 0 0 25,829 2,025 37,486
Amount due to MONY America........ 11 130 41 11,681 3,531 859 9,107
Amount due to MONY Series Fund,
Inc............................. 48 418 202 80,882 0 0 0
-------- --------- -------- ---------- ----------- ----------- ------------
Total liabilities......... 59 548 243 92,563 29,360 2,884 46,593
-------- --------- -------- ---------- ----------- ----------- ------------
Net assets........................ $234,365 $ 948,462 $498,405 $3,698,674 $16,482,798 $ 8,184,725 $ 60,069,001
======== ========= ======== ========== =========== =========== ============
Net assets consist of:
Contractholders' net
payments...................... $265,298 $ 982,905 $552,598 $4,020,118 $16,582,774 $ 7,692,676 $ 58,710,094
Cost of insurance withdrawals
(Note 3)...................... (43,218) (167,996) (91,027) (544,035) (2,948,581) (1,239,409) (10,471,466)
Undistributed net investment
income........................ 6,097 47,307 14,524 222,591 538,907 705,833 2,719,621
Accumulated net realized gain on
investments................... 928 8,245 5,972 0 944,368 383,079 3,743,370
Unrealized appreciation
(depreciation) of
investments................... 5,260 78,001 16,338 0 1,365,330 642,546 5,367,382
-------- --------- -------- ---------- ----------- ----------- ------------
Net assets........................ $234,365 $ 948,462 $498,405 $3,698,674 $16,482,798 $ 8,184,725 $ 60,069,001
======== ========= ======== ========== =========== =========== ============
Number of units outstanding* ..... 19,650 69,779 42,420 325,979 821,090 449,403 2,954,670
-------- --------- -------- ---------- ----------- ----------- ------------
Net asset value per unit
outstanding* ................... $ 11.93 $ 13.59 $ 11.75 $ 11.35 $ 20.07 $ 18.21 $ 20.33
======== ========= ======== ========== =========== =========== ============
<CAPTION>
VARIABLE UNIVERSAL LIFE
--------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------- ----------
<S> <C> <C>
ASSETS
Investments at cost (Note 4)...... $4,186,777 $1,900,963
========== ==========
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2).................. $4,079,254 $1,939,719
Investments in MONY Series Fund,
Inc. at net asset value (Note
2).............................. 0 0
Amount due from Enterprise
Accumulation Trust.............. 308 240
Amount due from MONY America...... 214 71
Amount due from MONY Series Fund,
Inc............................. 0 0
---------- ----------
Total assets.............. 4,079,776 1,940,030
---------- ----------
LIABILITIES
Amount due to Enterprise
Accumulation Trust.............. 214 71
Amount due to MONY America........ 308 240
Amount due to MONY Series Fund,
Inc............................. 0 0
---------- ----------
Total liabilities......... 522 311
---------- ----------
Net assets........................ $4,079,254 $1,939,719
========== ==========
Net assets consist of:
Contractholders' net
payments...................... $4,679,851 $2,041,929
Cost of insurance withdrawals
(Note 3)...................... (773,836) (338,204)
Undistributed net investment
income........................ 115,713 160,937
Accumulated net realized gain on
investments................... 165,049 36,301
Unrealized appreciation
(depreciation) of
investments................... (107,523) 38,756
---------- ----------
Net assets........................ $4,079,254 $1,939,719
========== ==========
Number of units outstanding* ..... 290,466 138,275
---------- ----------
Net asset value per unit
outstanding* ................... $ 14.04 $ 14.03
========== ==========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-15
<PAGE> 80
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE LIFE
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income.................... $ 57,504 $ 80,960 $ 10,378 $ 5,654 $ 84,416 $ 4,176
Mortality and expense risk charges
(Note 3)......................... (4,464) (4,333) (1,004) (507) (6,671) (487)
-------- --------- -------- -------- --------- --------
Net investment income.............. 53,040 76,627 9,374 5,147 77,745 3,689
-------- --------- -------- -------- --------- --------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales.............. 87,998 205,963 55,717 38,794 311,417 32,317
Cost of shares sold.............. (54,391) (121,259) (54,045) (35,014) (211,325) (32,317)
-------- --------- -------- -------- --------- --------
Net realized gain on investments... 33,607 84,704 1,672 3,780 100,092 0
Net increase in unrealized
appreciation of investments...... 101,936 32,332 288 649 59,772 0
-------- --------- -------- -------- --------- --------
Net realized and unrealized gain on
investments...................... 135,543 117,036 1,960 4,429 159,864 0
-------- --------- -------- -------- --------- --------
Net increase in net assets
resulting from operations........ $188,583 $ 193,663 $ 11,334 $ 9,576 $ 237,609 $ 3,689
======== ========= ======== ======== ========= ========
</TABLE>
See notes to financial statements.
F-16
<PAGE> 81
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income.................. $ 6,095 $ 42,293 $ 14,009 $ 135,531 $ 544,698 $ 694,933 $ 2,719,101
Mortality and expense risk
charges (Note 3)............... (1,008) (5,751) (2,949) (19,730) (77,153) (34,486) (318,312)
-------- --------- --------- ------------ ----------- ----------- -----------
Net investment income............ 5,087 36,542 11,060 115,801 467,545 660,447 2,400,789
-------- --------- --------- ------------ ----------- ----------- -----------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales............ 52,711 292,029 143,307 24,713,256 3,327,872 1,503,358 11,923,853
Cost of shares sold............ (51,442) (285,745) (138,374) (24,713,256) (2,581,752) (1,160,613) (9,087,421)
-------- --------- --------- ------------ ----------- ----------- -----------
Net realized gain on
investments.................... 1,269 6,284 4,933 0 746,120 342,745 2,836,432
Net increase (decrease) in
unrealized appreciation of
investments.................... 3,027 56,115 9,241 0 984,236 568,217 3,108,829
-------- --------- --------- ------------ ----------- ----------- -----------
Net realized and unrealized gain
(loss) on investments.......... 4,296 62,399 14,174 0 1,730,356 910,962 5,945,261
-------- --------- --------- ------------ ----------- ----------- -----------
Net increase in net assets
resulting from operations...... $ 9,383 $ 98,941 $ 25,234 $ 115,801 $ 2,197,901 $ 1,571,409 $ 8,346,050
======== ========= ========= ============ =========== =========== ===========
<CAPTION>
VARIABLE UNIVERSAL LIFE
--------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------- ----------
<S> <C> <C>
Dividend income.................. $120,361 $ 121,077
Mortality and expense risk
charges (Note 3)............... (21,528) (9,887)
---------- ---------
Net investment income............ 98,833 111,190
---------- ---------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales............ 1,007,459 636,523
Cost of shares sold............ (871,948) (600,592)
---------- ---------
Net realized gain on
investments.................... 135,511 35,931
Net increase (decrease) in
unrealized appreciation of
investments.................... (204,105) 12,532
---------- ---------
Net realized and unrealized gain
(loss) on investments.......... (68,594) 48,463
---------- ---------
Net increase in net assets
resulting from operations...... $30,239 $ 159,653
========== =========
</TABLE>
See notes to financial statements.
F-17
<PAGE> 82
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
VARIABLE LIFE
--------------------------------------------------------------------------------------
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM LONG TERM
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT BOND SUBACCOUNT
------------------- -------------------- ------------------- -------------------
1997 1996 1997 1996 1997 1996 1997 1996
-------- -------- --------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)........... $ 53,040 $ (3,666) $ 76,627 $ (2,649) $ 9,374 $ (1,063) $ 5,147 $ (582)
Net realized gain on investments....... 33,607 22,971 84,704 35,481 1,672 665 3,780 1,989
Net increase (decrease) in unrealized
appreciation of investments.......... 101,936 92,373 32,332 80,163 288 5,698 649 (2,681)
-------- -------- --------- -------- -------- -------- -------- --------
Net increase (decrease) in net assets
resulting from operations.............. 188,583 111,678 193,663 112,995 11,334 5,300 9,576 (1,274)
-------- -------- --------- -------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units................................ 35,646 46,370 39,172 38,780 8,194 12,039 4,547 5,926
Net asset value of units redeemed or
used to meet contract obligations.... (59,621) (75,563) (193,625) (90,508) (40,032) (23,076) (37,821) (15,517)
-------- -------- --------- -------- -------- -------- -------- --------
Net decrease from unit transactions...... (23,975) (29,193) (154,453) (51,728) (31,838) (11,037) (33,274) (9,591)
-------- -------- --------- -------- -------- -------- -------- --------
Net increase (decrease) in net assets.... 164,608 82,485 39,210 61,267 (20,504) (5,737) (23,698) (10,865)
Net assets beginning of year............. 633,526 551,041 666,450 605,183 177,041 182,778 95,253 106,118
-------- -------- --------- -------- -------- -------- -------- --------
Net assets end of year*.................. $798,134 $633,526 $ 705,660 $666,450 $156,537 $177,041 $ 71,555 $ 95,253
======== ======== ========= ======== ======== ======== ======== ========
Units outstanding beginning of year...... 14,958 15,643 15,149 16,377 8,041 8,556 3,504 3,869
Units issued during the year............. 747 1,232 783 1,004 362 562 165 226
Units redeemed during the year........... (1,199) (1,917) (3,640) (2,232) (1,764) (1,077) (1,335) (591)
-------- -------- --------- -------- -------- -------- -------- --------
Units outstanding end of year............ 14,506 14,958 12,292 15,149 6,639 8,041 2,334 3,504
======== ======== ========= ======== ======== ======== ======== ========
- ---------------
* Includes undistributed net investment
income of: $168,021 $114,981 $ 327,758 $251,131 $163,834 $154,460 $100,095 $ 94,948
<CAPTION>
VARIABLE LIFE
---------------------------------------------
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT
----------------------- -------------------
1997 1996 1997 1996
---------- ---------- -------- --------
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)........... $ 77,745 $ (6,210) $ 3,689 $ 3,835
Net realized gain on investments....... 100,092 29,580 0 0
Net increase (decrease) in unrealized
appreciation of investments.......... 59,772 110,202 0 0
---------- ---------- -------- --------
Net increase (decrease) in net assets
resulting from operations.............. 237,609 133,572 3,689 3,835
---------- ---------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units................................ 77,730 85,626 6,471 9,558
Net asset value of units redeemed or
used to meet contract obligations.... (287,917) (124,946) (19,886) (18,398)
---------- ---------- -------- --------
Net decrease from unit transactions...... (210,187) (39,320) (13,415) (8,840)
---------- ---------- -------- --------
Net increase (decrease) in net assets.... 27,422 94,252 (9,726) (5,005)
Net assets beginning of year............. 1,083,741 989,489 85,289 90,294
---------- ---------- -------- --------
Net assets end of year*.................. $1,111,163 $1,083,741 $ 75,563 $ 85,289
========== ========== ======== ========
Units outstanding beginning of year...... 34,279 35,607 4,970 5,499
Units issued during the year............. 2,219 2,942 368 570
Units redeemed during the year........... (8,207) (4,270) (1,131) (1,099)
---------- ---------- -------- --------
Units outstanding end of year............ 28,291 34,279 4,207 4,970
========== ========== ======== ========
- ---------------
* Includes undistributed net investment
income of: $ 533,506 $ 455,761 $ 77,176 $ 73,487
</TABLE>
See notes to financial statements.
F-18
<PAGE> 83
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------------------------------
INTERMEDIATE TERM LONG TERM GOVERNMENT MONEY
BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------- -------------------- -------------------- ---------------------------
1997 1996 1997 1996 1997 1996 1997 1996
-------- -------- --------- -------- --------- -------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income
(loss)...................... $ 5,087 $ (404) $ 36,542 $ (3,193) $ 11,060 $ (1,630) $ 115,801 $ 86,414
Net realized gain (loss) on
investments................. 1,269 (715) 6,284 795 4,933 906 0 0
Net increase in unrealized
appreciation of
investments................. 3,027 3,148 56,115 13,609 9,241 7,805 0 0
-------- -------- --------- -------- --------- -------- ------------ ------------
Net increase in net assets
resulting from operations..... 9,383 2,029 98,941 11,211 25,234 7,081 115,801 86,414
-------- -------- --------- -------- --------- -------- ------------ ------------
From unit transactions:
Net proceeds from the issuance
of units.................... 172,340 82,991 471,749 425,430 288,293 149,977 20,219,389 15,675,163
Net asset value of units
redeemed or used to meet
contract obligations........ (38,182) (20,916) (236,759) (91,922) (107,779) (35,779) (20,985,756) (13,113,154)
-------- -------- --------- -------- --------- -------- ------------ ------------
Net increase (decrease) from
unit transactions............. 134,158 62,075 234,990 333,508 180,514 114,198 (766,367) 2,562,009
-------- -------- --------- -------- --------- -------- ------------ ------------
Net increase (decrease) in net
assets........................ 143,541 64,104 333,931 344,719 205,748 121,279 (650,566) 2,648,423
Net assets beginning of year.... 90,824 26,720 614,531 269,812 292,657 171,378 4,349,240 1,700,817
-------- -------- --------- -------- --------- -------- ------------ ------------
Net assets end of year*......... $234,365 $ 90,824 $ 948,462 $614,531 $ 498,405 $292,657 $ 3,698,674 $ 4,349,240
======== ======== ========= ======== ========= ======== ============ ============
Units outstanding beginning of
year.......................... 8,138 2,464 50,910 22,127 26,498 15,959 400,565 163,465
Units issued during the year.... 14,831 7,592 37,613 36,743 25,322 13,851 1,818,649 1,469,700
Units redeemed during the
year.......................... (3,319) (1,918) (18,744) (7,960) (9,400) (3,312) (1,893,235) (1,232,600)
-------- -------- --------- -------- --------- -------- ------------ ------------
Units outstanding end of year... 19,650 8,138 69,779 50,910 42,420 26,498 325,979 400,565
======== ======== ========= ======== ========= ======== ============ ============
- ---------------
* Includes undistributed net
investment income of: $ 6,097 $ 1,010 $ 47,307 $ 10,765 $ 14,524 $ 3,464 $ 222,591 $ 106,790
</TABLE>
See notes to financial statements.
F-19
<PAGE> 84
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE (CONTINUED)
-------------------------------------------------------------------------------
EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------------ ------------------------ -------------------------
1997 1996 1997 1996 1997 1996
----------- ---------- ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)....... $ 467,545 $ 46,194 $ 660,447 $ 28,953 $ 2,400,789 $ 134,759
Net realized gain on investments... 746,120 174,857 342,745 30,574 2,836,432 783,666
Net increase (decrease) in
unrealized appreciation of
investments...................... 984,236 357,881 568,217 78,392 3,108,829 2,166,435
----------- ---------- ----------- ---------- ----------- -----------
Net increase in net assets resulting
from operations.................... 2,197,901 578,932 1,571,409 137,919 8,346,050 3,084,860
----------- ---------- ----------- ---------- ----------- -----------
From unit transactions:
Net proceeds from the issuance
of units......................... 11,812,002 4,459,200 5,248,401 2,152,749 36,238,986 20,620,582
Net asset value of units redeemed
or used to meet contract
obligations...................... (2,656,849) (952,864) (1,072,152) (454,428) (9,726,108) (4,735,332)
----------- ---------- ----------- ---------- ----------- -----------
Net increase from unit
transactions....................... 9,155,153 3,506,336 4,176,249 1,698,321 26,512,878 15,885,250
----------- ---------- ----------- ---------- ----------- -----------
Net increase in net assets........... 11,353,054 4,085,268 5,747,658 1,836,240 34,858,928 18,970,110
Net assets beginning of year......... 5,129,744 1,044,476 2,437,067 600,827 25,210,073 6,239,963
----------- ---------- ----------- ---------- ----------- -----------
Net assets end of year*.............. $16,482,798 $5,129,744 $ 8,184,725 $2,437,067 $60,069,001 $25,210,073
=========== ========== =========== ========== =========== ===========
Units outstanding beginning of
year............................... 319,002 80,766 191,743 52,194 1,532,486 465,095
Units issued during the year......... 647,931 303,412 326,703 176,984 1,945,611 1,382,408
Units redeemed during the year....... (145,843) (65,176) (69,043) (37,435) (523,427) (315,017)
----------- ---------- ----------- ---------- ----------- -----------
Units outstanding end of year........ 821,090 319,002 449,403 191,743 2,954,670 1,532,486
=========== ========== =========== ========== =========== ===========
- ---------------
* Includes undistributed net
investment income of: $ 538,907 $ 71,362 $ 705,833 $ 45,386 $ 2,719,621 $ 318,832
<CAPTION>
VARIABLE UNIVERSAL LIFE (CONTINUED)
------------------------------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
----------------------- ----------------------
1997 1996 1997 1996
---------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)....... $ 98,833 $ (1,058) $ 111,190 $ 42,346
Net realized gain on investments... 135,511 23,372 35,931 180
Net increase (decrease) in
unrealized appreciation of
investments...................... (204,105) 96,691 12,532 25,863
---------- ---------- ---------- ---------
Net increase in net assets resulting
from operations.................... 30,239 119,005 159,653 68,389
---------- ---------- ---------- ---------
From unit transactions:
Net proceeds from the issuance
of units......................... 3,034,936 1,524,746 1,268,282 535,643
Net asset value of units redeemed
or used to meet contract
obligations...................... (717,365) (291,724) (319,664) (125,293)
---------- ---------- ---------- ---------
Net increase from unit
transactions....................... 2,317,571 1,233,022 948,618 410,350
---------- ---------- ---------- ---------
Net increase in net assets........... 2,347,810 1,352,027 1,108,271 478,739
Net assets beginning of year......... 1,731,444 379,417 831,448 352,709
---------- ---------- ---------- ---------
Net assets end of year*.............. $4,079,254 $1,731,444 $1,939,719 $ 831,448
========== ========== ========== =========
Units outstanding beginning of
year............................... 128,820 31,566 66,709 31,730
Units issued during the year......... 211,751 120,205 95,695 45,756
Units redeemed during the year....... (50,105) (22,951) (24,129) (10,777)
---------- ---------- ---------- ---------
Units outstanding end of year........ 290,466 128,820 138,275 66,709
========== ========== ========== =========
- ---------------
* Includes undistributed net
investment income of: $ 115,713 $ 16,880 $ 160,937 $ 49,747
</TABLE>
See notes to financial statements.
F-20
<PAGE> 85
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 to support Flexible Premium Variable Life Insurance policies,
which include Variable Life Insurance (Strategist), Variable Universal Life
(MONYEquity Master) and Corporate Sponsored 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"). For presentation
purposes, the information related to the Variable Life and Variable Universal
Life Insurance policies are presented here.
There are currently six Variable Life Subaccounts and nine Variable
Universal Life Subaccounts within the Variable Account, each invests only in a
corresponding portfolio of the MONY Series Fund, Inc. (the "Fund") or the
Enterprise Accumulation Trust ("Enterprise") (collectively, the "Funds"). The
subaccounts of the Variable Universal Life commenced operations during 1995. The
Funds are registered under the 1940 Act as open end, diversified, management
investment companies.
A full presentation of the related financial statements and footnotes of
the Fund and Enterprise are contained on pages 68 to 102 and 105 to 142,
respectively, and should be read in conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
Investment:
The investment in shares of each of the respective portfolios is stated at
value which is the net asset values of the Funds. Except for the Money Market
Portfolios, net asset values are based upon market quotations of the securities
held in each of the corresponding portfolios of the Funds. For the Money Market
Portfolios, the net asset values are based on amortized cost of the securities
held which approximates value.
Taxes:
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.
3. RELATED PARTY TRANSACTIONS
MONY America is the legal owner of the assets held by the Variable Account.
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 the Variable Life and Variable Universal Subaccounts for 1997
aggregated $10,793,622.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of .60 percent (for the Variable
Life Subaccounts) and .75 percent (for the Variable
F-21
<PAGE> 86
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. RELATED PARTY TRANSACTIONS (CONTINUED)
Universal Life Subaccounts) of aggregate average daily net assets. As investment
adviser to the Fund, it receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to Enterprise, and it receives amounts paid by
Enterprise for those services.
4. INVESTMENTS
Investments in Variable Life at cost, at December 31, 1997 consist of the
following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
--------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ------------ --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares....................... 20,860 28,432 16,153 7,418 60,241 85,289
Amount....................... $483,575 $ 480,537 $168,956 $ 87,403 $ 838,945 $ 85,289
-------- --------- -------- -------- --------- --------
Shares acquired:
Shares....................... 1,812 1,865 2,121 395 4,933 18,415
Amount....................... $ 59,559 $ 47,176 $ 22,875 $ 5,012 $ 94,559 $ 18,415
Shares received for
reinvestment of dividends:
Shares....................... 2,038 3,766 1,007 483 5,055 4,176
Amount....................... $ 57,504 $ 80,960 $ 10,378 $ 5,654 $ 84,416 $ 4,176
Shares redeemed:
Shares....................... (2,589) (8,024) (5,204) (3,051) (16,315) (32,317)
Amount....................... $(54,391) $(121,259) $(54,045) $(35,014) $(211,325) $(32,317)
-------- --------- -------- -------- --------- --------
Net change:
Shares....................... 1,261 (2,393) (2,076) (2,173) (6,327) (9,726)
Amount....................... $ 62,672 $ 6,877 $(20,792) $(24,348) $ (32,350) $ (9,726)
-------- --------- -------- -------- --------- --------
Shares end of year:
Shares....................... 22,121 26,039 14,077 5,245 53,914 75,563
Amount....................... $546,247 $ 487,414 $148,164 $ 63,055 $ 806,595 $ 75,563
======== ========= ======== ======== ========= ========
</TABLE>
F-22
<PAGE> 87
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
Investments in Variable Universal Life at cost, at December 31, 1997
consist of the following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
----------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ --------- ---------- ------------
<S> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 8,287 47,861 27,661 4,349,240
Amount............. $ 88,592 $ 592,645 $ 285,560 $ 4,349,240
-------- --------- --------- ------------
Shares acquired:
Shares............. 17,072 40,961 30,184 23,927,159
Amount............. $185,860 $ 521,268 $ 320,872 $ 23,927,159
Shares received for
reinvestment of
dividends:
Shares............. 591 3,615 1,373 135,531
Amount............. $ 6,095 $ 42,293 $ 14,009 $ 135,531
Shares redeemed:
Shares............. (4,874) (22,902) (13,451) (24,713,256)
Amount............. $(51,442) $(285,745) $(138,374) $(24,713,256)
-------- --------- --------- ------------
Net change:
Shares............. 12,789 21,674 18,106 (650,566)
Amount............. $140,513 $ 277,816 $ 196,507 $ (650,566)
-------- --------- --------- ------------
Shares end of year:
Shares............. 21,076 69,535 45,767 3,698,674
Amount............. $229,105 $ 870,461 $ 482,067 $ 3,698,674
======== ========= ========= ============
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------
HIGH
INTERNATIONAL YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 177,746 120,528 734,773 286,189 150,898
Amount............. $ 4,748,651 $ 2,362,738 $22,951,520 $1,634,862 $ 805,224
----------- ----------- ----------- ---------- ----------
Shares acquired:
Shares............. 377,731 219,786 977,516 509,835 284,392
Amount............. $12,405,871 $ 5,645,121 $38,118,419 $3,303,502 $1,575,254
Shares received for
reinvestment of
dividends:
Shares............. 15,523 26,027 66,677 19,476 17,799
Amount............. $ 544,698 $ 694,933 $ 2,719,101 $ 120,361 $ 121,077
Shares redeemed:
Shares............. (101,270) (59,797) (305,965) (155,426) (113,383)
Amount............. $(2,581,752) $(1,160,613) $(9,087,421) $ (871,948) $ (600,592)
----------- ----------- ----------- ---------- ----------
Net change:
Shares............. 291,984 186,016 738,228 373,885 188,808
Amount............. $10,368,817 $ 5,179,441 $31,750,099 $2,551,915 $1,095,739
----------- ----------- ----------- ---------- ----------
Shares end of year:
Shares............. 469,730 306,544 1,473,001 660,074 339,706
Amount............. $15,117,468 $ 7,542,179 $54,701,619 $4,186,777 $1,900,963
=========== =========== =========== ========== ==========
</TABLE>
F-23
<PAGE> 88
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 Variable Life's
Equity Growth, Equity Income, Intermediate Term Bond, Long Term Bond,
Diversified and Money Market Subaccounts and the Variable Universal Life's
Intermediate Term Bond, Long Term Bond, Government Securities, Money Market,
Equity, Small Cap, Managed, International Growth and High Yield Bond
Subaccounts) as of December 31, 1996, for the Variable Life's Subaccounts, 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, and
for the Variable Universal Life's Subaccounts, the related statements of
operations for the year then ended and the statements of changes in net assets
for the year ended December 31, 1996 and for the Intermediate Term Bond
Subaccount for which the period is from April 20, 1995 (commencement of
operations) to December 31, 1995, the Long Term Bond Subaccount for which the
period is from March 31, 1995 (commencement of operations) to December 31, 1995,
the Government Securities and High Yield Bond Subaccounts for which the period
is from March 20, 1995 (commencement of operations) to December 31, 1995, the
Money Market Subaccount for which the period is from February 17, 1995
(commencement of operations) to December 31, 1995, the Equity, Managed and
International Growth Subaccounts for which the period is from March 8, 1995
(commencement of operations) to December 31, 1995, and the Small Cap Subaccount
for which the period is from March 9, 1995 (commencement of operations) to
December 31, 1995. 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, 1996, 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,
1996, the results of their operations for the year then ended, and the changes
in their net assets for each of the periods referred to above, in conformity
with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
New York, New York
February 14, 1997
F-24
<PAGE> 89
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1996
<TABLE>
<CAPTION>
VARIABLE LIFE
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)..... $ 483,575 $ 480,536 $ 168,956 $ 87,402 $ 838,945 $ 85,289
========= ========= ========= ========= ========== =========
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)............................. $ 633,526 $ 666,450 $ 177,041 $ 95,253 $1,083,741 $ 85,289
Amount due from MONY America..... 5 5 0 0 0 0
Amount due from MONY Series Fund,
Inc. .......................... 9 9 0 0 26 0
--------- --------- --------- --------- ---------- ---------
Total assets........... 633,540 666,464 177,041 95,253 1,083,767 85,289
--------- --------- --------- --------- ---------- ---------
LIABILITIES
Amount due to MONY America....... 9 9 0 0 26 0
Amount due to MONY Series Fund,
Inc. .......................... 5 5 0 0 0 0
--------- --------- --------- --------- ---------- ---------
Total liabilities...... 14 14 0 0 26 0
--------- --------- --------- --------- ---------- ---------
Net assets....................... $ 633,526 $ 666,450 $ 177,041 $ 95,253 $1,083,741 $ 85,289
========= ========= ========= ========= ========== =========
Net assets consist of:
Contractholders' net
payments.................. $ 530,611 $ 564,123 $ 211,304 $ 127,727 $1,079,623 $ 198,280
Cost of insurance
withdrawals (Note 3)...... (352,711) (451,201) (189,141) (142,302) (852,538) (186,478)
Undistributed net investment
income.................... 114,981 251,131 154,460 94,948 455,761 73,487
Accumulated net realized
gain (loss) on
investments............... 190,694 116,483 (7,667) 7,029 156,099 0
Unrealized appreciation of
investments............... 149,951 185,914 8,085 7,851 244,796 0
--------- --------- --------- --------- ---------- ---------
Net assets....................... $ 633,526 $ 666,450 $ 177,041 $ 95,253 $1,083,741 $ 85,289
========= ========= ========= ========= ========== =========
Number of units outstanding*..... 14,958 15,149 8,041 3,504 34,279 4,970
--------- --------- --------- --------- ---------- ---------
Net asset value per unit
outstanding*................... $ 42.35 $ 43.99 $ 22.02 $ 27.18 $ 31.62 $ 17.16
========= ========= ========= ========= ========== =========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-25
<PAGE> 90
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1996
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
-------------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)....... $ 88,591 $592,645 $285,560 $4,349,240 $4,748,650 $2,362,738 $22,951,520
======== ======== ======== ========== ========== ========== ===========
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2)................... $ 0 $ 0 $ 0 $ 0 $5,129,744 $2,437,067 $25,210,073
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)............................... 90,824 614,531 292,657 4,349,240 0 0 0
Amount due from Enterprise
Accumulation Trust............... 0 0 0 0 1,772 1,113 5,270
Amount due from MONY America....... 33 123 85 8,194 2,031 583 30,697
Amount due from MONY Series Fund,
Inc.............................. 10 0 26 113,916 0 0 0
-------- -------- -------- ---------- ---------- ---------- -----------
Total assets............... 90,867 614,654 292,768 4,471,350 5,133,547 2,438,763 25,246,040
-------- -------- -------- ---------- ---------- ---------- -----------
LIABILITIES
Amount due to Enterprise
Accumulation Trust............... 0 0 0 0 2,031 583 30,697
Amount due to MONY America......... 10 0 26 113,916 1,772 1,113 5,270
Amount due to MONY Series Fund,
Inc.............................. 33 123 85 8,194 0 0 0
-------- -------- -------- ---------- ---------- ---------- -----------
Total liabilities.......... 43 123 111 122,110 3,803 1,696 35,967
-------- -------- -------- ---------- ---------- ---------- -----------
Net assets......................... $ 90,824 $614,531 $292,657 $4,349,240 $5,129,744 $2,437,067 $25,210,073
======== ======== ======== ========== ========== ========== ===========
Net assets consist of:
Contractholders' net
payments..................... $106,061 $656,214 $317,161 $4,461,789 $5,366,348 $2,733,551 $25,623,125
Cost of insurance withdrawals
(Note 3)..................... (18,139) (76,295) (36,104) (219,339) (887,308) (456,533) (3,897,375)
Undistributed net investment
income....................... 1,010 10,765 3,464 106,790 71,362 45,386 318,832
Accumulated net realized gain
(loss) on investments........ (341) 1,961 1,039 0 198,248 40,334 906,938
Unrealized appreciation of
investments.................. 2,233 21,886 7,097 0 381,094 74,329 2,258,553
-------- -------- -------- ---------- ---------- ---------- -----------
Net assets......................... $ 90,824 $614,531 $292,657 $4,349,240 $5,129,744 $2,437,067 $25,210,073
======== ======== ======== ========== ========== ========== ===========
Number of units outstanding*....... 8,138 50,910 26,498 400,565 319,002 191,743 1,532,486
-------- -------- -------- ---------- ---------- ---------- -----------
Net asset value per unit
outstanding*..................... $ 11.16 $ 12.07 $ 11.04 $ 10.86 $ 16.08 $ 12.71 $ 16.45
======== ======== ======== ========== ========== ========== ===========
<CAPTION>
VARIABLE UNIVERSAL LIFE
--------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------- ----------
<S> <C> <C>
ASSETS
Investments at cost (Note 4)....... $1,634,862 $ 805,224
========== =========
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2)................... $1,731,444 $ 831,448
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)............................... 0 0
Amount due from Enterprise
Accumulation Trust............... 338 154
Amount due from MONY America....... 323 113
Amount due from MONY Series Fund,
Inc.............................. 0 0
---------- ---------
Total assets............... 1,732,105 831,715
---------- ---------
LIABILITIES
Amount due to Enterprise
Accumulation Trust............... 323 113
Amount due to MONY America......... 338 154
Amount due to MONY Series Fund,
Inc.............................. 0 0
---------- ---------
Total liabilities.......... 661 267
---------- ---------
Net assets......................... $1,731,444 $ 831,448
========== =========
Net assets consist of:
Contractholders' net
payments..................... $1,864,972 $ 885,885
Cost of insurance withdrawals
(Note 3)..................... (276,528) (130,778)
Undistributed net investment
income....................... 16,880 49,747
Accumulated net realized gain
(loss) on investments........ 29,538 370
Unrealized appreciation of
investments.................. 96,582 26,224
---------- ---------
Net assets......................... $1,731,444 $ 831,448
========== =========
Number of units outstanding*....... 128,820 66,709
---------- ---------
Net asset value per unit
outstanding*..................... $ 13.44 $ 12.46
========== =========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-26
<PAGE> 91
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
VARIABLE LIFE
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income..................... $ 0 $ 1,204 $ 0 $ 0 $ 0 $ 4,359
Mortality and expense risk charges
(Note 3).......................... 3,666 3,853 1,063 582 6,210 524
-------- -------- ------- ------- -------- -------
Net investment income (loss)........ (3,666) (2,649) (1,063) (582) (6,210) 3,835
-------- -------- ------- ------- -------- -------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales............... 93,619 102,327 28,266 17,665 140,885 22,914
Cost of shares sold............... 70,648 66,846 27,601 15,676 111,305 22,914
-------- -------- ------- ------- -------- -------
Net realized gain on investments.... 22,971 35,481 665 1,989 29,580 0
Net increase (decrease) in
unrealized appreciation of
investments....................... 92,373 80,163 5,698 (2,681) 110,202 0
-------- -------- ------- ------- -------- -------
Net realized and unrealized gain
(loss) on investments............. 115,344 115,644 6,363 (692) 139,782 0
-------- -------- ------- ------- -------- -------
Net increase (decrease) in net
assets resulting from
operations........................ $111,678 $112,995 $ 5,300 $(1,274) $133,572 $ 3,835
======== ======== ======= ======= ======== =======
</TABLE>
See notes to financial statements.
F-27
<PAGE> 92
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
-------------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income............... $ 0 $ 0 $ 0 $ 101,677 $ 66,222 $ 39,244 $ 243,882
Mortality and expense risk
charges (Note 3)............ 404 3,193 1,630 15,263 20,028 10,291 109,123
------- -------- ------- ----------- ---------- -------- ----------
Net investment income
(loss)...................... (404) (3,193) (1,630) 86,414 46,194 28,953 134,759
------- -------- ------- ----------- ---------- -------- ----------
Realized and unrealized gain
(loss) on investments (Note
2):
Proceeds from sales......... 38,393 159,811 53,965 15,827,331 1,265,465 634,803 6,072,015
Cost of shares sold......... 39,108 159,016 53,059 15,827,331 1,090,608 604,229 5,288,349
------- -------- ------- ----------- ---------- -------- ----------
Net realized gain (loss) on
investments................. (715) 795 906 0 174,857 30,574 783,666
Net increase in unrealized
appreciation of
investments................. 3,148 13,609 7,805 0 357,881 78,392 2,166,435
------- -------- ------- ----------- ---------- -------- ----------
Net realized and unrealized
gain on investments......... 2,433 14,404 8,711 0 532,738 108,966 2,950,101
------- -------- ------- ----------- ---------- -------- ----------
Net increase in net assets
resulting from operations... $ 2,029 $ 11,211 $ 7,081 $ 86,414 $ 578,932 $137,919 $3,084,860
======= ======== ======= =========== ========== ======== ==========
<CAPTION>
VARIABLE UNIVERSAL LIFE
--------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------- ----------
<S> <C> <C>
Dividend income............... $ 6,221 $ 46,366
Mortality and expense risk
charges (Note 3)............ 7,279 4,020
-------- --------
Net investment income
(loss)...................... (1,058) 42,346
-------- --------
Realized and unrealized gain
(loss) on investments (Note
2):
Proceeds from sales......... 432,562 387,912
Cost of shares sold......... 409,190 387,732
-------- --------
Net realized gain (loss) on
investments................. 23,372 180
Net increase in unrealized
appreciation of
investments................. 96,691 25,863
-------- --------
Net realized and unrealized
gain on investments......... 120,063 26,043
-------- --------
Net increase in net assets
resulting from operations... $119,005 $ 68,389
======== ========
</TABLE>
See notes to financial statements.
F-28
<PAGE> 93
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
VARIABLE LIFE
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM LONG TERM
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT BOND SUBACCOUNT
------------------- ------------------- ------------------- -------------------
1996 1995 1996 1995 1996 1995 1996 1995
-------- -------- -------- -------- -------- -------- -------- --------
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)...... $ (3,666) $ 33,459 $ (2,649) $ 27,822 $ (1,063) $ 9,165 $ (582) $ 5,101
Net realized gain on
investments..................... 22,971 30,308 35,481 39,090 665 2,059 1,989 5,208
Net increase (decrease) in
unrealized appreciation of
investments..................... 92,373 57,362 80,163 88,922 5,698 11,732 (2,681) 16,634
-------- -------- -------- -------- -------- -------- -------- --------
Net increase (decrease) in net
assets resulting from operations.. 111,678 121,129 112,995 155,834 5,300 22,956 (1,274) 26,943
-------- -------- -------- -------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units........................... 46,370 246,538 38,780 56,024 12,039 13,113 5,926 7,195
Net asset value of units redeemed
or used to meet contract
obligations..................... (75,563) (164,237) (90,508) (132,231) (23,076) (23,804) (15,517) (29,360)
-------- -------- -------- -------- -------- -------- -------- --------
Net increase (decrease) from unit
transactions...................... (29,193) 82,301 (51,728) (76,207) (11,037) (10,691) (9,591) (22,165)
-------- -------- -------- -------- -------- -------- -------- --------
Net increase (decrease) in net
assets............................ 82,485 203,430 61,267 79,627 (5,737) 12,265 (10,865) 4,778
Net assets beginning of year....... 551,041 347,611 605,183 525,556 182,778 170,513 106,118 101,340
-------- -------- -------- -------- -------- -------- -------- --------
Net assets end of year*............ $633,526 $551,041 $666,450 $605,183 $177,041 $182,778 $ 95,253 $106,118
======== ======== ======== ======== ======== ======== ======== ========
Units outstanding beginning of
year.............................. 15,643 12,809 16,377 18,826 8,556 9,112 3,869 4,777
Units issued during the year....... 1,232 8,221 1,004 1,763 562 652 226 296
Units redeemed during the year..... (1,917) (5,387) (2,232) (4,212) (1,077) (1,208) (591) (1,204)
-------- -------- -------- -------- -------- -------- -------- --------
Units outstanding end of year...... 14,958 15,643 15,149 16,377 8,041 8,556 3,504 3,869
======== ======== ======== ======== ======== ======== ======== ========
- ---------------
*Includes undistributed net
investment income of: $114,981 $118,647 $251,131 $253,780 $154,460 $155,523 $ 94,948 $ 95,530
<CAPTION>
VARIABLE LIFE
-------------------------------------------
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT
--------------------- -------------------
1996 1995 1996 1995
---------- -------- -------- --------
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)...... $ (6,210) $ 46,804 $ 3,835 $ 5,662
Net realized gain on
investments..................... 29,580 35,442 0 0
Net increase (decrease) in
unrealized appreciation of
investments..................... 110,202 125,651 0 0
---------- -------- ------- --------
Net increase (decrease) in net
assets resulting from operations.. 133,572 207,897 3,835 5,662
---------- -------- ------- --------
From unit transactions:
Net proceeds from the issuance of
units........................... 85,626 90,610 9,558 137,395
Net asset value of units redeemed
or used to meet contract
obligations..................... (124,946) (145,580) (18,398) (235,050)
---------- -------- ------- --------
Net increase (decrease) from unit
transactions...................... (39,320) (54,970) (8,840) (97,655)
---------- -------- ------- --------
Net increase (decrease) in net
assets............................ 94,252 152,927 (5,005) (91,993)
Net assets beginning of year....... 989,489 836,562 90,294 182,287
---------- -------- ------- --------
Net assets end of year*............ $1,083,741 $989,489 $85,289 $ 90,294
========== ======== ======= ========
Units outstanding beginning of
year.............................. 35,607 37,807 5,499 11,659
Units issued during the year....... 2,942 3,647 570 8,586
Units redeemed during the year..... (4,270) (5,847) (1,099) (14,746)
---------- -------- ------- --------
Units outstanding end of year...... 34,279 35,607 4,970 5,499
========== ======== ======= ========
- ---------------
*Includes undistributed net
investment income of: $ 455,761 $461,971 $73,487 $ 69,652
</TABLE>
See notes to financial statements.
F-29
<PAGE> 94
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
--------------------------------------------------------------------------------
INTERMEDIATE TERM LONG TERM GOVERNMENT
BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------------------- ------------------------------- ------------
FOR THE PERIOD FOR THE PERIOD
FOR THE YEAR APRIL 20, 1995** FOR THE YEAR MARCH 31, 1995** FOR THE YEAR
ENDED THROUGH ENDED THROUGH ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1996 1995 1996 1995 1996
------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)..... $ (404) $ 1,414 $ (3,193) $ 13,958 $ (1,630)
Net realized gain (loss) on
investments.................... (715) 374 795 1,166 906
Net increase (decrease) in
unrealized appreciation of
investments.................... 3,148 (915) 13,609 8,277 7,805
------- ------- -------- -------- --------
Net increase in net assets
resulting from operations........ 2,029 873 11,211 23,401 7,081
------- ------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units.......................... 82,991 29,827 425,430 254,605 149,977
Net asset value of units redeemed
or used to meet contract
obligations.................... (20,916) (3,980) (91,922) (8,194) (35,779)
------- ------- -------- -------- --------
Net increase from unit
transactions..................... 62,075 25,847 333,508 246,411 114,198
------- ------- -------- -------- --------
Net increase in net assets......... 64,104 26,720 344,719 269,812 121,279
Net assets beginning of period..... 26,720 0 269,812 0 171,378
------- ------- -------- -------- --------
Net assets end of period*.......... $90,824 $26,720 $614,531 $269,812 $292,657
======= ======= ======== ======== ========
Units outstanding beginning of
period........................... 2,464 0 22,127 0 15,959
Units issued during the period..... 7,592 2,838 36,743 22,925 13,851
Units redeemed during the period... (1,918) (374) (7,960) (798) (3,312)
------- ------- -------- -------- --------
Units outstanding end of period.... 8,138 2,464 50,910 22,127 26,498
======= ======= ======== ======== ========
- ---------------
*Includes undistributed net
investment income of: $ 1,010 $ 1,414 $ 10,765 $ 13,958 $ 3,464
**Commencement of operations.
<CAPTION>
VARIABLE UNIVERSAL LIFE
-----------------------------------------------------
GOVERNMENT MONEY
SECURITIES MARKET
SUBACCOUNT SUBACCOUNT
---------------- ----------------------------------
FOR THE PERIOD FOR THE PERIOD
MARCH 20, 1995** FOR THE YEAR FEBRUARY 17, 1995**
THROUGH ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1995 1996 1995
---------------- ------------ -------------------
<S> <C> <C> <C>
From operations:
Net investment income (loss)..... $ 5,094 $ 86,414 $ 20,376
Net realized gain (loss) on
investments.................... 133 0 0
Net increase (decrease) in
unrealized appreciation of
investments.................... (708) 0 0
-------- ------------ -----------
Net increase in net assets
resulting from operations........ 4,519 86,414 20,376
-------- ------------ -----------
From unit transactions:
Net proceeds from the issuance of
units.......................... 171,901 15,675,163 8,289,772
Net asset value of units redeemed
or used to meet contract
obligations.................... (5,042) (13,113,154) (6,609,331)
-------- ------------ -----------
Net increase from unit
transactions..................... 166,859 2,562,009 1,680,441
-------- ------------ -----------
Net increase in net assets......... 171,378 2,648,423 1,700,817
Net assets beginning of period..... 0 1,700,817 0
-------- ------------ -----------
Net assets end of period*.......... $171,378 $ 4,349,240 $ 1,700,817
======== ============ ===========
Units outstanding beginning of
period........................... 0 163,465 0
Units issued during the period..... 16,439 1,469,700 807,565
Units redeemed during the period... (480) (1,232,600) (644,100)
-------- ------------ -----------
Units outstanding end of period.... 15,959 400,565 163,465
======== ============ ===========
- ---------------
*Includes undistributed net
investment income of: $ 5,094 $ 106,790 $ 20,376
**Commencement of operations.
</TABLE>
See notes to financial statements.
F-30
<PAGE> 95
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE (CONTINUED)
------------------------------------------------------------------------------
MANAGED
EQUITY SUBACCOUNT SMALL CAP SUBACCOUNT SUBACCOUNT
------------------------------ ------------------------------ ------------
FOR THE PERIOD FOR THE PERIOD
FOR THE YEAR MARCH 8, 1995** FOR THE YEAR MARCH 9, 1995** FOR THE YEAR
ENDED THROUGH ENDED THROUGH ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1996 1995 1996 1995 1996
------------ --------------- ------------ --------------- ------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)................ $ 46,194 $ 25,168 $ 28,953 $ 16,433 $ 134,759
Net realized gain on investments............ 174,857 23,391 30,574 9,760 783,666
Net increase (decrease) in unrealized
appreciation of investments............... 357,881 23,213 78,392 (4,063) 2,166,435
---------- ---------- ---------- -------- -----------
Net increase in net assets resulting from
operations.................................. 578,932 71,772 137,919 22,130 3,084,860
---------- ---------- ---------- -------- -----------
From unit transactions:
Net proceeds from the issuance of units..... 4,459,200 1,073,215 2,152,749 662,265 20,620,582
Net asset value of units redeemed or used to
meet contract obligations................. (952,864) (100,511) (454,428) (83,568) (4,735,332)
---------- ---------- ---------- -------- -----------
Net increase from unit transactions.......... 3,506,336 972,704 1,698,321 578,697 15,885,250
---------- ---------- ---------- -------- -----------
Net increase in net assets................... 4,085,268 1,044,476 1,836,240 600,827 18,970,110
Net assets beginning of period............... 1,044,476 0 600,827 0 6,239,963
---------- ---------- ---------- -------- -----------
Net assets end of period*.................... $5,129,744 $1,044,476 $2,437,067 $600,827 $25,210,073
========== ========== ========== ======== ===========
Units outstanding beginning of period........ 80,766 0 52,194 0 465,095
Units issued during the period............... 303,412 88,980 176,984 59,708 1,382,408
Units redeemed during the period............. (65,176) (8,214) (37,435) (7,514) (315,017)
---------- ---------- ---------- -------- -----------
Units outstanding end of period.............. 319,002 80,766 191,743 52,194 1,532,486
========== ========== ========== ======== ===========
- ---------------
*Includes undistributed net investment
income of:.................................. $ 71,362 $ 25,168 $ 45,386 $ 16,433 $ 318,832
**Commencement of operations.
<CAPTION>
VARIABLE UNIVERSAL LIFE (CONTINUED)
----------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------- ------------------------------ -------------------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MARCH 8, 1995** FOR THE YEAR MARCH 8, 1995** FOR THE YEAR MARCH 20, 1995**
THROUGH ENDED THROUGH ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1995 1996 1995 1996 1995
--------------- ------------ --------------- ------------ ----------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)................ $ 184,073 $ (1,058) $ 17,938 $ 42,346 $ 7,401
Net realized gain on investments............ 123,272 23,372 6,166 180 190
Net increase (decrease) in unrealized
appreciation of investments............... 92,118 96,691 (109) 25,863 361
---------- ---------- -------- -------- --------
Net increase in net assets resulting from
operations.................................. 399,463 119,005 23,995 68,389 7,952
---------- ---------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of units..... 6,530,478 1,524,746 394,240 535,643 367,392
Net asset value of units redeemed or used to
meet contract obligations................. (689,978) (291,724) (38,818) (125,293) (22,635)
---------- ---------- -------- -------- --------
Net increase from unit transactions.......... 5,840,500 1,233,022 355,422 410,350 344,757
---------- ---------- -------- -------- --------
Net increase in net assets................... 6,239,963 1,352,027 379,417 478,739 352,709
Net assets beginning of period............... 0 379,417 0 352,709 0
---------- ---------- -------- -------- --------
Net assets end of period*.................... $6,239,963 $1,731,444 $379,417 $831,448 $352,709
========== ========== ======== ======== ========
Units outstanding beginning of period........ 0 31,566 0 31,730 0
Units issued during the period............... 519,384 120,205 34,979 45,756 33,810
Units redeemed during the period............. (54,289) (22,951) (3,413) (10,777) (2,080)
---------- ---------- -------- -------- --------
Units outstanding end of period.............. 465,095 128,820 31,566 66,709 31,730
========== ========== ======== ======== ========
- ---------------
*Includes undistributed net investment
income of:.................................. $ 184,073 $ 16,880 $ 17,938 $ 49,747 $ 7,401
**Commencement of operations.
</TABLE>
See notes to financial statements.
F-31
<PAGE> 96
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 to support Variable Life Insurance and Variable Universal 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 fifteen subaccounts within the Variable Account, each
invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the
"Fund") or the Enterprise Accumulation Trust ("Enterprise") (collectively, the
"Funds"). The subaccounts of the Variable Universal Life commenced operations
during 1995. The Funds are registered under the 1940 Act as open end,
diversified, management investment companies.
2. SIGNIFICANT ACCOUNTING POLICIES
Investment:
The investment in shares of each of the respective portfolios is stated at
value which is the net asset values of the Funds. Except for the Money Market
Portfolios, net asset values are based upon market quotations of the securities
held in each of the corresponding portfolios of the Funds. For the Money Market
Portfolios, the net asset values are based on amortized cost of the securities
held which approximates value.
3. RELATED PARTY TRANSACTIONS
MONY America is the legal owner of the assets held by the Variable Account.
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 all subaccounts for 1996 aggregated $5,429,287.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of .60 percent (for the Variable
Life Subaccounts) and .75 percent (for the Variable Universal Life Subaccounts)
of aggregate average daily net assets. As investment adviser to the Fund, it
receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to Enterprise, and it receives amounts paid by
Enterprise for those services.
F-32
<PAGE> 97
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS
Investments in Variable Life at cost, at December 31, 1996 consist of the
following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
--------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ------------ --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares........................ 21,945 30,861 17,293 8,239 62,944 90,294
Amount........................ $493,463 $499,432 $180,391 $ 95,586 $ 854,895 $ 90,294
-------- -------- -------- -------- --------- --------
Shares acquired:
Shares........................ 2,219 2,202 1,526 607 5,732 13,550
Amount........................ $ 60,760 $ 46,746 $ 16,166 $ 7,492 $ 95,355 $ 13,550
Shares received for reinvestment
of dividends:
Shares........................ 0 58 0 0 0 4,359
Amount........................ $ 0 $ 1,204 $ 0 $ 0 $ 0 $ 4,359
Shares redeemed:
Shares........................ (3,304) (4,689) (2,666) (1,428) (8,436) (22,914)
Amount........................ $(70,648) $(66,846) $(27,601) $(15,676) $(111,305) $(22,914)
-------- -------- -------- -------- --------- --------
Net change:
Shares........................ (1,085) (2,429) (1,140) (821) (2,704) (5,005)
Amount........................ $ (9,888) $(18,896) $(11,435) $ (8,184) $ (15,950) $ (5,005)
-------- -------- -------- -------- --------- --------
Shares end of year:
Shares........................ 20,860 28,432 16,153 7,418 60,240 85,289
Amount........................ $483,575 $480,536 $168,956 $ 87,402 $ 838,945 $ 85,289
======== ======== ======== ======== ========= ========
</TABLE>
F-33
<PAGE> 98
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
Investments in Variable Universal Life at cost, at December 31, 1996
consist of the following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
----------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ --------- ---------- ------------
<S> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 2,528 20,948 16,786 1,700,817
Amount............. $ 27,635 $ 261,535 $172,086 $ 1,700,817
-------- --------- -------- ------------
Shares acquired:
Shares............. 9,370 39,960 16,103 18,374,077
Amount............. $100,064 $ 490,126 $166,533 $ 18,374,077
Shares received for
reinvestment of
dividends:
Shares............. 0 0 0 101,677
Amount............. $ 0 $ 0 $ 0 $ 101,677
Shares redeemed:
Shares............. (3,611) (13,047) (5,228) (15,827,331)
Amount............. $(39,108) $(159,016) $(53,059) $(15,827,331)
-------- --------- -------- ------------
Net change:
Shares............. 5,759 26,913 10,875 2,648,423
Amount............. $ 60,956 $ 331,110 $113,474 $ 2,648,423
-------- --------- -------- ------------
Shares end of year:
Shares............. 8,287 47,861 27,661 4,349,240
Amount............. $ 88,591 $ 592,645 $285,560 $ 4,349,240
======== ========= ======== ============
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------
HIGH
INTERNATIONAL YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ---------- ----------- ------------- ---------
<S> <C> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 44,731 32,512 222,380 70,393 66,424
Amount............. $ 1,021,263 $ 604,890 $ 6,147,845 $ 379,526 $ 352,348
----------- ---------- ----------- ---------- ---------
Shares acquired:
Shares............. 178,410 118,551 697,438 290,568 95,894
Amount............. $ 4,751,773 $2,322,833 $21,848,142 $1,658,305 $ 794,242
Shares received for
reinvestment of
dividends:
Shares............. 2,295 1,941 7,108 1,028 61,650
Amount............. $ 66,222 $ 39,244 $ 243,882 $ 6,221 $ 46,366
Shares redeemed:
Shares............. (47,690) (32,477) (192,152) (75,800) (73,070)
Amount............. $(1,090,608) $ (604,229) $(5,288,349) $ (409,190) $(387,732)
----------- ---------- ----------- ---------- ---------
Net change:
Shares............. 133,015 88,015 512,394 215,796 84,474
Amount............. $ 3,727,387 $1,757,848 $16,803,675 $1,255,336 $ 452,876
----------- ---------- ----------- ---------- ---------
Shares end of year:
Shares............. 177,746 120,527 734,774 286,189 150,898
Amount............. $ 4,748,650 $2,362,738 $22,951,520 $1,634,862 $ 805,224
=========== ========== =========== ========== =========
</TABLE>
F-34
<PAGE> 99
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
MONY Life Insurance Company of America
In our opinion, the accompanying balance sheets and the related statements
of income and comprehensive income, changes in shareholder's equity and cash
flows present fairly, in all material respects, the financial position of MONY
Life Insurance Company of America (the "Company") at December 31, 1998 and 1997,
and the results of its operations and its cash flows for each of the three years
in the period ended December 31, 1998, in conformity with generally accepted
accounting principles. 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 of these
statements in accordance with generally accepted auditing standards which
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, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
As discussed in Note 2 to the financial statements, the Company adopted in
1996, Statements of Financial Accounting Standards No. 120 (SFAS 120) and
Statements of Financial Accounting Standards Board Interpretation No. 40 (FIN
40) which required implementation of several accounting pronouncements not
previously adopted. The effects of adopting SFAS 120 and FIN 40 were
retroactively applied to the Company's previously issued financial statements,
consistent with the implementation guidance of those standards.
PricewaterhouseCoopers LLP
New York, New York
February 15, 1999, except for Note 12(b),
as to which the date is March 22, 1999.
F-35
<PAGE> 100
MONY LIFE INSURANCE COMPANY OF AMERICA
BALANCE SHEETS
DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
1998 1997
-------- --------
($ IN MILLIONS)
<S> <C> <C>
ASSETS
INVESTMENTS:
Fixed maturity securities available-for-sale, at fair
value..................................................... $1,044.2 $1,099.4
Mortgage loans on real estate (Note 8)...................... 120.1 132.5
Policy loans................................................ 52.1 45.9
Real estate to be disposed of (Note 8)...................... 0.0 19.2
Real estate held for investment (Note 8).................... 8.3 2.8
Other invested assets....................................... 4.7 5.1
-------- --------
1,229.4 1,304.9
======== ========
Cash and cash equivalents................................... 133.4 46.0
Accrued investment income................................... 19.5 22.4
Amounts due from reinsurers................................. 24.4 13.0
Deferred policy acquisition costs........................... 318.6 281.6
Other assets................................................ 15.3 16.9
Separate account assets..................................... 4,148.8 3,606.7
-------- --------
Total assets...................................... $5,889.4 $5,291.5
======== ========
LIABILITIES AND SHAREHOLDER'S EQUITY
Future policy benefits...................................... $ 112.0 $ 106.1
Policyholders' account balances............................. 1,187.1 1,215.7
Other policyholders' liabilities............................ 56.9 41.2
Accounts payable and other liabilities...................... 67.9 34.5
Current federal income taxes payable........................ 13.2 17.8
Deferred federal income taxes (Note 5)...................... 13.7 7.5
Separate account liabilities................................ 4,148.8 3,606.7
-------- --------
Total liabilities................................. 5,599.6 5,029.5
Commitments and contingencies (Note 12)
Common stock $1.00 par value; 5,000,000 shares authorized,
2,500,000 issued and outstanding.......................... 2.5 2.5
Capital in excess of par.................................... 189.7 177.2
Retained earnings........................................... 89.6 75.4
Accumulated other comprehensive income...................... 8.0 6.9
-------- --------
Total shareholder's equity........................ 289.8 262.0
-------- --------
Total liabilities and shareholder's equity........ $5,889.4 $5,291.5
======== ========
</TABLE>
See accompanying notes to financial statements.
F-36
<PAGE> 101
MONY LIFE INSURANCE COMPANY OF AMERICA
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 1998, 1997, AND 1996
<TABLE>
<CAPTION>
1998 1997 1996
------ ------ ------
($ IN MILLIONS)
<S> <C> <C> <C>
REVENUES:
Universal life and investment-type product policy fees...... $122.0 $100.8 $ 80.8
Premiums.................................................... 1.7 0.1 0.0
Net investment income (Note 6).............................. 94.6 99.1 102.0
Net realized gains on investments (Note 6).................. 7.1 2.7 0.9
Other income................................................ 7.6 5.5 4.8
------ ------ ------
233.0 208.2 188.5
------ ------ ------
BENEFITS AND EXPENSES:
Benefits to policyholders................................... 34.9 30.6 26.4
Interest credited to policyholders' account balances........ 65.1 72.5 73.0
Amortization of deferred policy acquisition costs........... 35.5 46.3 36.6
Other operating costs and expenses.......................... 75.6 46.0 39.4
------ ------ ------
211.1 195.4 175.4
------ ------ ------
Income before income taxes.................................. 21.9 12.8 13.1
Income tax expense.......................................... 7.7 4.5 4.6
------ ------ ------
Net income.................................................. 14.2 8.3 8.5
Other comprehensive income, net (Note 6).................... 1.1 3.3 (5.8)
------ ------ ------
Comprehensive income........................................ $ 15.3 $ 11.6 $ 2.7
====== ====== ======
</TABLE>
See accompanying notes to financial statements.
F-37
<PAGE> 102
MONY LIFE INSURANCE COMPANY OF AMERICA
STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, AND 1996
<TABLE>
<CAPTION>
ACCUMULATED
CAPITAL OTHER TOTAL
COMMON IN EXCESS RETAINED COMPREHENSIVE SHAREHOLDER'S
STOCK OF PAR EARNINGS INCOME EQUITY
------ --------- -------- ------------- ---------------
($ IN MILLIONS)
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1995............. $2.5 $153.0 $ 58.6 $ 9.4 $223.5
Capital contribution................... 13.4 13.4
Comprehensive income
Net income........................... 8.5 8.5
Other comprehensive income:
Unrealized gains on investments,
net of unrealized losses,
reclassification adjustments,
and taxes (Note 6).............. (5.8) (5.8)
---- ------ ------ ----- ------
Comprehensive income................... 2.7
------
Balance, December 31, 1996............. 2.5 166.4 67.1 3.6 239.6
Capital contribution................... 10.8 10.8
Comprehensive income
Net income........................... 8.3 8.3
Other comprehensive income:
Unrealized losses on investments,
net of unrealized gains,
reclassification adjustments,
and taxes (Note 6).............. 3.3 3.3
---- ------ ------ ----- ------
Comprehensive income................... 11.6
------
Balance, December 31, 1997............. 2.5 177.2 75.4 6.9 262.0
Capital contribution................... 12.5 12.5
Comprehensive income
Net income........................... 14.2 14.2
Other comprehensive income:
Unrealized gains on investments,
net of unrealized losses,
reclassification adjustments,
and taxes (Note 6).............. 1.1 1.1
---- ------ ------ ----- ------
Comprehensive income................... 15.3
------
Balance, December 31, 1998............. $2.5 $189.7 $ 89.6 $ 8.0 $289.8
==== ====== ====== ===== ======
</TABLE>
See accompanying notes to financial statements.
F-38
<PAGE> 103
MONY LIFE INSURANCE COMPANY OF AMERICA
STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 1998, 1997, AND 1996
<TABLE>
<CAPTION>
1998 1997 1996
------- ------- -------
($ IN MILLIONS)
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES (SEE NOTE 2):
Net income.................................................. $ 14.2 $ 8.3 $ 8.5
Adjustments to reconcile net income to net cash (used
in)/provided by operating activities:
Interest credited to policyholders' account balances...... 64.1 71.5 72.5
Universal life and investment-type product policy fee
income................................................. (107.0) (98.1) (85.3)
Capitalization of deferred policy acquisition costs....... (74.9) (73.8) (68.5)
Amortization of deferred policy acquisition costs......... 35.5 46.3 36.6
Provision for depreciation and amortization............... 1.0 0.4 1.4
Provision for deferred federal income taxes............... (1.1) (13.4) (10.6)
Net realized gains on investments......................... (7.1) (2.7) (0.9)
Change in other assets and accounts payable and other
liabilities............................................ 45.3 29.6 28.2
Change in future policy benefits.......................... 5.9 0.2 1.2
Change in other policyholders' liabilities................ 15.7 5.0 2.0
Change in current federal income taxes payable............ (4.6) (11.2) 15.0
------- ------- -------
Net cash (used in) provided by operating activities......... (13.0) (37.9) 0.1
------- ------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales, maturities or repayments of:
Fixed maturities.......................................... 171.4 130.6 134.8
Equity securities......................................... 0.8 1.0 0.0
Mortgage loans on real estate............................. 37.6 37.7 53.2
Real estate............................................... 17.0 18.6 19.8
Other invested assets..................................... 0.6 1.5 0.0
Acquisitions of investments:
Fixed maturities.......................................... (109.2) (157.6) (163.8)
Equity securities......................................... (0.1) (0.1) 0.0
Mortgage loans on real estate............................. (24.3) (13.6) (38.7)
Real estate............................................... (0.6) (1.5) (3.4)
Other invested assets..................................... (0.3) (0.1) (0.3)
Policy loans, net......................................... (6.2) (4.4) (3.3)
Other..................................................... (0.5) 0.3 (0.9)
------- ------- -------
Net cash provided by (used in) investing activities......... $ 86.2 $ 12.4 $ (2.6)
------- ------- -------
</TABLE>
See accompanying notes to financial statements.
F-39
<PAGE> 104
MONY LIFE INSURANCE COMPANY OF AMERICA
STATEMENTS OF CASH FLOWS -- (CONTINUED)
YEARS ENDED DECEMBER 31, 1998, 1997, AND 1996
<TABLE>
<CAPTION>
1998 1997 1996
------- ------- -------
($ IN MILLIONS)
<S> <C> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
Receipts from annuity and universal life policies credited
to policyholders' account balances........................ $ 811.8 $ 810.4 $ 753.5
Return of policyholders' account balances on annuity
policies and universal life policies...................... (797.6) (829.1) (786.0)
------- ------- -------
Net cash provided by (used in) financing activities......... 14.2 (18.7) (32.5)
------- ------- -------
Net increase (decrease) in cash and cash equivalents........ 87.4 (44.2) (35.0)
Cash and cash equivalents, beginning of year................ 46.0 90.2 125.2
------- ------- -------
Cash and cash equivalents, end of year...................... $ 133.4 $ 46.0 $ 90.2
======= ======= =======
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Income taxes................................................ $ 13.4 $ 29.1 $ 0.0
</TABLE>
See accompanying notes to financial statements.
F-40
<PAGE> 105
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND DESCRIPTION OF BUSINESS:
MONY Life Insurance Company of America (the "Company"), an Arizona stock
life insurance company, is a wholly-owned subsidiary of MONY Life Insurance
Company of New York (MONY Life), a stock life insurance company. MONY Life is a
wholly owned subsidiary of The MONY Group, Inc. (the "MONY Group").
The Company's primary business is to provide asset accumulation and life
insurance products to business owners, growing families, and pre-retirees. The
Company's insurance and financial products are marketed and distributed directly
to individuals primarily through MONY Life's career agency sales force. These
products are sold throughout the United States (except New York) and Puerto
Rico.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Basis of Presentation
The accompanying financial statements have been prepared in conformity with
generally accepted accounting principles ("GAAP"). Prior to 1996, the Company,
as a wholly-owned stock insurance subsidiary of a mutual life insurance company
(MONY Life), prepared its financial statements in conformity with accounting
practices prescribed or permitted by the Arizona State Insurance Department
("SAP"), which accounting practices were considered to be GAAP for mutual life
insurance companies and their wholly-owned stock insurance subsidiaries. As of
January 1, 1996, the Company adopted Financial Accounting Standards Board
("FASB") Interpretation No. 40, Applicability of Generally Accepted Accounting
Principles to Mutual Life Insurance and Other Enterprises (the
"Interpretation"), and Statement of Financial Accounting Standards ("SFAS") No.
120, Accounting and Reporting by Mutual Life Insurance Enterprises and by
Insurance Enterprises for Certain Long Duration Participating Policies (the
"Standard"). The Interpretation and the Standard require mutual life insurance
companies and their wholly-owned stock insurance subsidiaries to adopt all
applicable authoritative GAAP pronouncements in their general purpose financial
statements. Accordingly, the initial effect of applying the Interpretation and
the Standard has been reported retroactively through the restatement of
previously issued financial statements presented herein for comparative purposes
(see Note 13).
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ significantly
from those estimates. The most significant estimates made in conjunction with
the preparation of the Company's financial statements include those used in
determining (i) deferred policy acquisition costs, (ii) the liability for future
policy benefits, and (iii) valuation allowances for mortgage loans and real
estate to be disposed of, and impairment writedowns for real estate held for
investment.
During 1997, the Company adopted SFAS No. 130, Reporting Comprehensive
Income, which was issued by the FASB in June of 1997. SFAS No. 130 established
standards for reporting and display of comprehensive income and its components
in general purpose financial statements. All periods presented herein reflect
the provisions of SFAS No. 130.
Valuation of Investments and Realized Gains and Losses
All of the Company's fixed maturity securities are classified as
available-for-sale and are reported at estimated fair value. Unrealized gains
and losses on fixed maturity securities are reported as a separate component of
other comprehensive income, net of deferred income taxes and an adjustment for
the effect on deferred policy acquisition costs that would have occurred if such
gains and losses had been realized. The cost of fixed maturity securities is
adjusted for impairments in value deemed to be other than temporary. These
F-41
<PAGE> 106
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
adjustments are reflected as realized losses on investments. Realized gains and
losses on sales of investments are determined on the basis of specific
identification.
Mortgage loans on real estate are stated at their unpaid principal
balances, net of valuation allowances. Valuation allowances are established for
the excess of the carrying value of a mortgage loan over its estimated fair
value when the loan is considered to be impaired. Mortgage loans are considered
to be impaired when, based on current information and events, it is probable
that the Company will be unable to collect all amounts due according to the
contractual terms of the loan agreement. Estimated fair value is based on either
the present value of expected future cash flows discounted at the loan's
original effective interest rate, or the loan's observable market price (if
considered to be a practical expedient), or the fair value of the collateral if
the loan is collateral dependent and if foreclosure of the loan is considered
probable. The provision for loss is reported as a realized loss on investment.
Loans in foreclosure and loans considered to be impaired, other than
restructured loans, are placed on non-accrual status. Interest received on
non-accrual status mortgage loans is included in investment income in the period
received. Interest income on restructured mortgage loans is accrued at the
restructured loans' interest rate.
Real estate held for investment, as well as related improvements, are
generally stated at cost less depreciation. Depreciation is determined using the
straight-line method over the estimated useful life of the asset (which may
range from 5 to 40 years). Cost is adjusted for impairment whenever events or
changes in circumstances indicate that the carrying amount of the asset may not
be recoverable. In performing the review for recoverability, management
estimates the future cash flows expected from real estate investments, including
the proceeds on disposition. If the sum of the expected undiscounted future cash
flows is less than the carrying amount of the real estate, an impairment loss is
recognized. Impairment losses are based on the estimated fair value of the real
estate, which is generally computed using the present value of expected future
cash flows from the real estate discounted at a rate commensurate with the
underlying risks. Real estate acquired in satisfaction of debt is recorded at
estimated fair value at the date of foreclosure. Real estate that management
intends to sell is classified as "to be disposed of". Real estate to be disposed
of is reported at the lower of its current carrying value or estimated fair
value less estimated sales costs. Changes in reported values relating to real
estate to be disposed of and impairments of real estate held for investment are
reported as realized gains or losses on investments.
Policy loans are carried at their unpaid principal balances.
Cash and cash equivalents include cash on hand, amounts due from banks and
highly liquid debt instruments with an original maturity of three months or
less.
Recognition of Insurance Revenue and Related Benefits
Premiums from universal life and investment-type contracts are reported as
deposits to policyholders' account balances. Revenue from these types of
products consists of amounts assessed during the period against policyholders'
account balances for policy administration charges, cost of insurance and
surrender charges. Policy benefits charged to expense include benefit claims
incurred in the period in excess of the related policyholders' account balance.
Premiums from non-participating term life and annuity policies with life
contingencies are recognized as premium income when due. Benefits and expenses
are matched with such income so as to result in the recognition of profits over
the life of the contracts. This match is accomplished by means of the provision
for liabilities for future policy benefits and the deferral and subsequent
amortization of policy acquisition costs.
Deferred Policy Acquisition Costs ("DAC")
The costs of acquiring new business, principally commissions, underwriting,
agency, and policy issue expenses, all of which vary with and are primarily
related to the production of new business, are deferred.
F-42
<PAGE> 107
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
For universal life products and investment-type products, DAC is amortized
over the expected life of the contracts (ranging from 15 to 30 years) as a
constant percentage based on the present value of estimated gross profits
expected to be realized over the life of the contracts using the initial
locked-in contract rate. The contract rate for all products is 8 percent.
Estimated gross profits arise principally from investment results, mortality and
expense margins and surrender charges.
For non-participating term policies, DAC is amortized over the expected
life of the contracts (ranging from 5 to 20 years) based on the present value of
the estimated gross premiums.
DAC is subject to recoverability testing at the time of policy issuance and
loss recognition testing at the end of each accounting period. The effect on the
amortization of DAC of revisions in estimated experience is reflected in
earnings in the period such estimates are revised. In addition, the effect on
the DAC asset that would result from the realization of unrealized gains
(losses) is recognized through an offset to Other Comprehensive Income as of the
balance sheet date.
Policyholders' Account Balances and Future Policy Benefits
Policyholders' account balances for universal life and investment-type
contracts represent an accumulation of gross premium payments plus credited
interest less expense and mortality charges and withdrawals. The weighted
average interest crediting rate for universal life products was approximately
5.7%, 5.8%, and 5.8% for the years ended December 31, 1998, 1997, and 1996,
respectively. The weighted average interest crediting rate for investment-type
products was approximately 5.6% for each of the years ended December 31, 1998,
1997, and 1996, respectively.
GAAP reserves for non-participating term life policies are calculated using
a net level premium method on the basis of actuarial assumptions equal to
expected investment yields, mortality, terminations, and expenses applicable at
the time the insurance contracts are made, including a provision for the risk of
adverse deviation.
Federal Income Taxes
The Company files a consolidated federal income tax return with its parent,
MONY Life, along with MONY Life's other life and non-life subsidiaries. Deferred
income tax assets and liabilities are recognized based on the difference between
financial statement carrying amounts and income tax bases of assets and
liabilities using enacted income tax rates and laws.
The method of allocation between the companies is subject to written
agreement, approved by the Board of Directors. The allocation of federal income
taxes will be based upon separate return calculations with current credit for
losses and other federal income tax credits provided to the life insurance
members of the affiliated group. Intercompany balances are settled annually in
the fourth quarter of the year in which the return is filed.
Reinsurance
The Company has reinsured certain of its life insurance and annuity
business with life contingencies with MONY Life and other insurance companies
under various agreements. Amounts due from reinsurers are estimated based on
assumptions consistent with those used in establishing the liabilities related
to the underlying reinsured contracts. Policy and contract liabilities are
reported gross of reserve credits. Gains on reinsurance are deferred and
amortized into income over the remaining life of the underlying reinsured
contracts.
The reinsurer's investment in a reinsurance contract consists of amounts
paid to the ceding company at the inception of the contract (e.g. expense
allowances and the excess of liabilities assumed by the reinsurer
F-43
<PAGE> 108
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
over the assets transferred to the reinsurer under the contract) plus the amount
of capital required to support such business consistent with prudent business
practices, regulatory requirements, and the reinsurer's credit rating. The
Company estimates the capital required to support such business based on what it
considers to be an appropriate level of risk-based capital in light of
regulatory requirements and prudent business practices.
Separate Accounts
Separate accounts are established in conformity with insurance laws and are
generally not chargeable with liabilities that arise from any other business of
the Company. Separate account assets are subject to general account claims only
to the extent that the value of such assets exceeds the separate account
liabilities. Investments held in separate accounts and liabilities of the
separate accounts are reported separately as assets and liabilities.
Substantially all separate account assets are reported at estimated fair value.
Investment income and gains or losses on the investments of separate accounts
accrue directly to contractholders and, accordingly, are not reflected in the
Company's statements of income and cash flows. Fees charged to the separate
accounts by the Company (including mortality charges, policy administration fees
and surrender charges) are reflected in the Company's revenues.
Statements of Cash Flows -- Non-cash Transactions
For the years ended December 31, 1998, 1997, and 1996, respectively, real
estate of $0.5 million, $0.0 million, and $0.0 million was acquired in
satisfaction of debt. At December 31, 1998 and 1997, the Company owned real
estate acquired in satisfaction of debt of $8.0 million and $21.7 million,
respectively.
New Accounting Pronouncements
In January 1998, the American Institute of Certified Public Accountants
issued Statement of Position (SOP) 97-3, "Accounting by Insurance and Other
Enterprises for Insurance-Related Assessments". SOP 97-3 provides guidance for
determining when an entity should recognize a liability for guaranty fund and
other insurance-related assessments and when it may recognize an asset for a
portion or all of the assessment liability or paid assessment that can be
recovered through premium tax offsets or policy surcharges. SOP 97-3 is
effective for fiscal years beginning after December 15, 1998. Adoption of SOP
97-3 is not expected to have a material effect on the Company's financial
condition or results of operations.
In June 1998, The FASB issued SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities." SFAS 133 requires all derivatives to be
recognized in the statement of financial position as either assets or
liabilities and measured at fair value. The corresponding derivative gains and
losses should be reported based on the hedge relationship that exists, if there
is one. Changes in the fair value of derivatives that are not designated as
hedges or that do not meet the hedge accounting criteria in SFAS 133, are
required to be reported in earnings. SFAS 133 is effective for fiscal years
beginning after June 15, 1999. Adoption of SFAS 133 is not expected to have a
material effect on the Company's financial condition or results of operations.
3. RELATED PARTY TRANSACTIONS:
MONY Life has guaranteed to certain states that the statutory surplus of
the Company will be maintained at amounts at least equal to the minimum surplus
for admission to those states.
At December 31, 1998 and 1997, approximately 23% and 26% of the Company's
investments in mortgages were held through joint participation with MONY Life,
respectively. In addition, 100% of the Company's real estate and joint venture
investments were held through joint participation with MONY Life at December 31,
1998 and 1997.
F-44
<PAGE> 109
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
The Company and MONY Life are parties to an agreement whereby MONY Life
agrees to reimburse the Company to the extent that the Company's recognized loss
as a result of mortgage loan default or foreclosure or subsequent sale of the
underlying collateral exceeds 75 percent of the appraised value of the loan at
origination for each such mortgage loan. Pursuant to the agreement, the Company
received payments from MONY Life of $0.1 million in each of the years ending
December 31, 1998, 1997 and 1996.
The Company has a service agreement with MONY Life whereby MONY Life
provides personnel services, facilities, supplies and equipment to the Company
to conduct its business. The associated costs related to the service agreement
are allocated to the Company based on methods that management believes are
reasonable, including a review of the nature of such costs and time studies
analyzing the amount of employee compensation costs incurred by the Company. For
the years ended December 31, 1998, 1997, and 1996, the Company incurred expenses
of $63.6 million, $37.1 million and $32.3 million as a result of such
allocations. The allocated costs, however, are only partially reimbursable to
MONY Life by the Company. Accordingly, the Company recorded capital
contributions from MONY Life of $12.5 million, $10.8 million, and $13.4 million
during 1998, 1997 and 1996 respectively. At December 31, 1998 and 1997 the
Company had a payable to MONY Life in connection with this service agreement of
$9.0 million and $10.7 million, respectively, which is reflected in Accounts
Payable and Other Liabilities.
The Company has an investment advisory agreement with MONY Life whereby
MONY Life provides investment advisory services with respect to the investment
and management of the Company's investment portfolio. The amount of expenses
incurred by the Company related to this agreement was $0.9 million; $1.0 million
and $0.7 million for 1998, 1997 and 1996, respectively. In addition, the Company
recorded an intercompany payable of $88,401 and $81,414 at December 31, 1998 and
1997, respectively, related to this agreement which is included in Accounts
payable and other liabilities in the balance sheet.
In addition to the agreements discussed above, the Company has various
other service and investment advisory agreements with MONY Life and affiliates
of the Company. The amount of expenses incurred by the Company related to these
agreements was $2.0 million, $2.6 million and $2.6 million for 1998, 1997 and
1996, respectively. In addition, the Company recorded an intercompany
(receivable)/payable of $(0.2) million and $0.3 million at December 31, 1998 and
1997, respectively, related to these agreements.
4. DEFERRED POLICY ACQUISITION COSTS:
Policy acquisition costs deferred and amortized in 1998, 1997 and 1996 are
as follows ($ in millions):
<TABLE>
<CAPTION>
1998 1997 1996
------ ------ ------
<S> <C> <C> <C>
Balance, beginning of year.................................. $281.6 $262.3 $219.4
Costs deferred during the year.............................. 75.0 73.8 68.5
Amortized to expense during the year........................ (35.5) (46.3) (36.6)
Effect on DAC from unrealized gains (losses) (see Note 2)... (2.5) (8.2) 11.0
------ ------ ------
Balance, end of year........................................ $318.6 $281.6 $262.3
====== ====== ======
</TABLE>
5. FEDERAL INCOME TAXES:
The Company files a consolidated federal income tax return with MONY Life
and MONY Life's other subsidiaries. Federal income taxes have been calculated in
accordance with the provisions of the Internal
F-45
<PAGE> 110
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
Revenue Code of 1986, as amended. A summary of the Federal income tax expense
(benefit) is presented below ($ in millions):
<TABLE>
<CAPTION>
1998 1997 1996
----- ----- -----
<S> <C> <C> <C>
Federal income tax expense (benefit):
Current................................................... $ 8.8 $17.9 $15.2
Deferred.................................................. (1.1) (13.4) (10.6)
----- ----- -----
Total............................................. $ 7.7 $ 4.5 $ 4.6
===== ===== =====
</TABLE>
Federal income taxes reported in the statements of income may be different
from the amounts determined by multiplying the earnings before federal income
taxes by the statutory federal income tax rate of 35%. The sources of the
difference and the tax effects of each are as follows ($ in millions):
<TABLE>
<CAPTION>
1998 1997 1996
----- ----- -----
<S> <C> <C> <C>
Tax at statutory rate....................................... $ 7.7 $ 4.5 $ 4.6
Dividends received deduction................................ (1.1) (1.2) (0.8)
Other....................................................... 1.1 1.2 0.8
----- ----- -----
Provision for income taxes.................................. $ 7.7 $ 4.5 $ 4.6
===== ===== =====
</TABLE>
The Company's federal income tax returns for years through 1991 have been
examined by the Internal Revenue Service ("IRS"). No material adjustments were
proposed by the IRS as a result of these examinations. In the opinion of
management, adequate provision has been made for any additional taxes which may
become due with respect to open years.
The components of deferred tax liabilities and assets at December 31, 1998
and 1997 are as follows ($ in millions):
<TABLE>
<CAPTION>
1998 1997
------ -----
<S> <C> <C>
Deferred policy acquisition costs........................... $ 91.8 $81.7
Fixed maturities............................................ 12.0 9.6
Other (net)................................................. 4.4 5.1
------ -----
Total deferred tax liabilities.............................. 108.2 96.4
------ -----
Policyholder and separate account liabilities............... 93.7 88.8
Real estate and mortgages................................... 0.8 0.1
------ -----
Total deferred tax assets................................... 94.5 88.9
------ -----
Net deferred tax liability.................................. $ 13.7 $ 7.5
====== =====
</TABLE>
The Company is required to establish a valuation allowance for any portion
of the deferred tax asset that management believes will not be realized. In the
opinion of management, it is more likely than not that it will realize the
benefit of the deferred tax assets and, therefore, no such valuation allowance
has been established.
F-46
<PAGE> 111
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
6. INVESTMENT INCOME, REALIZED AND UNREALIZED INVESTMENT GAINS (LOSSES), AND
OTHER COMPREHENSIVE INCOME:
Net investment income for the years ended December 31, 1998, 1997 and 1996
was derived from the following sources ($ in millions):
<TABLE>
<CAPTION>
1998 1997 1996
----- ------ ------
<S> <C> <C> <C>
NET INVESTMENT INCOME
Fixed maturities............................................ $77.2 $ 78.4 $ 76.7
Mortgage loans.............................................. 11.0 12.1 14.7
Real estate................................................. 0.5 2.0 3.7
Policy loans................................................ 3.6 3.5 2.7
Other investments (including cash & cash equivalents)....... 5.3 6.4 7.3
----- ------ ------
Total investment income..................................... 97.6 102.4 105.1
Investment expenses......................................... 3.0 3.3 3.1
----- ------ ------
Net investment income....................................... $94.6 $ 99.1 $102.0
===== ====== ======
</TABLE>
Net realized gains (losses) on investments for the years ended December 31,
1998, 1997 and 1996 are summarized as follows ($ in millions):
<TABLE>
<CAPTION>
1998 1997 1996
----- ------ ------
<S> <C> <C> <C>
NET REALIZED GAINS (LOSSES) ON INVESTMENTS
Fixed maturities............................................ $ 2.6 $ (0.7) $ 0.1
Mortgage loans.............................................. 1.4 2.4 0.7
Real estate................................................. 2.5 0.5 0.8
Other invested assets....................................... 0.6 0.5 (0.7)
----- ------ ------
Net realized gains on investments........................... $ 7.1 $ 2.7 $ 0.9
===== ====== ======
</TABLE>
The net change in unrealized investment gains (losses) represents the only
component of other comprehensive income for the years ended December 31, 1998,
1997, and 1996. Following is a summary of the change in unrealized investment
gains (losses) net of related deferred income taxes and adjustment for deferred
policy acquisition costs (see Note 2), which are reflected in Accumulated Other
Comprehensive Income for the periods presented ($ in millions):
<TABLE>
<CAPTION>
1998 1997 1996
----- ----- ------
<S> <C> <C> <C>
CHANGE IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Fixed maturities............................................ $ 4.8 $13.2 $(20.4)
Other....................................................... (0.6) 0.1 0.5
----- ----- ------
Subtotal.................................................... 4.2 13.3 (19.9)
Effect on unrealized gains (losses) on investments
attributable to:
DAC....................................................... (2.5) (8.2) 11.0
Deferred federal income taxes............................. (0.6) (1.8) 3.1
----- ----- ------
Change in unrealized gains (losses) on investments, net..... $ 1.1 $ 3.3 $ (5.8)
===== ===== ======
</TABLE>
F-47
<PAGE> 112
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
The following table sets forth the reclassification adjustments required
for the years ended December 31, 1998, 1997, and 1996 to avoid double-counting
in comprehensive income items that are included as part of net income for a
period that also had been part of other comprehensive income in earlier periods
($ in millions):
<TABLE>
<CAPTION>
1998 1997 1996
----- ----- ------
<S> <C> <C> <C>
RECLASSIFICATION ADJUSTMENTS
Unrealized gains (losses) on investments arising during
period.................................................... $ 1.9 $ 3.3 $ (5.8)
Reclassification adjustment for gains included in net
income.................................................... (0.8) 0.0 0.0
----- ----- ------
Unrealized gains (losses) on investments, net of
reclassification adjustments.............................. $ 1.1 $ 3.3 $ (5.8)
===== ===== ======
</TABLE>
Unrealized gains (losses) on investments arising during the period reported
in the above table for the years ended December 31, 1998, 1997 and 1996 are net
of income tax expense (benefit) of $0.1 million, $1.8 million, and ($3.1)
million, respectively, and ($0.5) million, ($8.2) million, and $11.0 million,
respectively, relating to the effect of such unrealized gains (losses) on DAC.
Reclassification adjustments reported in the above table for the years
ended December 31, 1998, 1997 and 1996 are net of income tax expense (benefit)
of $0.5 million, $0.0 million and $0.0 million, respectively, and ($2.0)
million, $0.0 million and $0.0 million, respectively, relating to the effect of
such amounts on DAC.
7. INVESTMENTS:
Fixed Maturity Securities Available-For-Sale:
The amortized cost, gross unrealized gains and losses, and estimated fair
value of fixed maturity securities available for sale as of December 31, 1998
and December 31, 1997 are as follows ($ in millions):
<TABLE>
<CAPTION>
GROSS GROSS ESTIMATED
AMORTIZED UNREALIZED UNREALIZED FAIR
COST GAINS LOSSES VALUE
------------------- ------------- ----------- -------------------
1998 1997 1998 1997 1998 1997 1998 1997
-------- -------- ----- ----- ---- ---- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
US Treasury securities and obligations of
U.S government agencies................. $ 5.3 $ 5.9 $ 0.0 $ 0.0 $0.0 $0.0 $ 5.3 $ 5.9
Collateralized mortgage obligations:
Government agency-backed................ 106.3 123.7 1.9 2.2 0.0 0.1 108.2 125.8
Non-agency backed....................... 37.7 40.6 1.8 2.0 0.0 0.1 39.5 42.5
Other asset-backed securities:
Government agency-backed................ 0.1 0.2 0.0 0.0 0.0 0.0 0.1 0.2
Non-agency backed....................... 83.4 87.5 1.9 2.1 0.3 0.1 85.0 89.5
Utilities................................. 120.9 123.8 5.0 3.1 2.7 0.2 123.2 126.7
Corporate bonds........................... 645.8 676.5 23.2 18.0 0.8 1.7 668.2 692.8
Affiliates................................ 14.7 16.0 0.0 0.0 0.0 0.0 14.7 16.0
-------- -------- ----- ----- ---- ---- -------- --------
Total............................ $1,014.2 $1,074.2 $33.8 $27.4 $3.8 $2.2 $1,044.2 $1,099.4
======== ======== ===== ===== ==== ==== ======== ========
</TABLE>
The carrying value of the Company's fixed maturity securities at December
31, 1998 and 1997 is net of adjustments for impairments in value deemed to be
other than temporary of $0.5 million and $0.9 million, respectively.
At December 31, 1998 and 1997, there were no fixed maturity securities
which were non-income producing for the twelve months preceding such dates.
The Company classifies fixed maturity securities which, (i) are in default
as to principal or interest payments, (ii) are to be restructured pursuant to
commenced negotiations, (iii) went into bankruptcy subsequent to acquisition or
(iv) are deemed to have other than temporary impairments to value, as "problem
F-48
<PAGE> 113
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
fixed maturity securities." At December 31, 1998 and 1997, the carrying value of
problem fixed maturities held by the Company was $4.4 million and $4.6 million,
respectively. In addition, at December 31, 1998, the Company held $2.7 million
of fixed maturity securities which had been restructured. There were no fixed
maturity securities which were restructured at December 31, 1997. Gross interest
income that would have been recorded in accordance with the original terms of
restructured fixed maturity securities amounted to $0.3 million for the year
ended December 31, 1998. Gross interest income on these fixed maturity
securities included in net investment income aggregated $0.5 million for the
year ended December 31, 1998.
The amortized cost and estimated fair value of fixed maturity securities,
by contractual maturity dates, (excluding scheduled sinking funds) as of
December 31, 1998 are as follows ($ in millions):
<TABLE>
<CAPTION>
1998
-----------------------
AMORTIZED ESTIMATED
COST FAIR VALUE
--------- ----------
<S> <C> <C>
Due in one year or less..................................... $ 90.0 $ 90.4
Due after one year through five years....................... 306.8 315.5
Due after five years through ten years...................... 284.7 299.2
Due after ten years......................................... 105.2 106.3
-------- --------
Subtotal.......................................... 786.7 811.4
Mortgage- and asset-backed securities....................... 227.5 232.8
-------- --------
Total............................................. $1,014.2 $1,044.2
======== ========
</TABLE>
Fixed maturity securities that are not due at a single maturity date have
been included in the preceding table in the year of final maturity. Actual
maturities may differ from contractual maturities because borrowers may have the
right to call or prepay obligations with or without call or prepayment
penalties.
Proceeds from sales of fixed maturity securities during 1998, 1997 and 1996
were $45.1 million, $31.3 million and $13.3 million, respectively. Gross gains
of $0.7 million, $0.5 million, and $0.2 million and gross losses of $0.1
million, $1.1 million, and $0.3 million were realized on these sales,
respectively.
8. MORTGAGE LOANS ON REAL ESTATE AND REAL ESTATE:
Mortgage loans on real estate at December 31, 1998 and 1997 consist of the
following ($ in millions):
<TABLE>
<CAPTION>
1998 1997
------ ------
<S> <C> <C>
Commercial mortgage loans................................... $ 28.5 $ 35.5
Agricultural and other loans................................ 93.5 99.5
------ ------
Total loans................................................. 122.0 135.0
Less: valuation allowances.................................. (1.9) (2.5)
------ ------
Mortgage loans, net of valuation allowances................. $120.1 $132.5
====== ======
</TABLE>
An analysis of the valuation allowances for 1998, 1997 and 1996 is as
follows ($ in millions):
<TABLE>
<CAPTION>
1998 1997 1996
----- ----- -----
<S> <C> <C> <C>
Balance, beginning of year.................................. $ 2.5 $ 4.6 $ 5.1
Increase (decrease) in allowance............................ (0.4) (0.3) (0.5)
Reduction due to pay downs and pay offs..................... 0.0 (1.8) 0.0
Transfers to real estate.................................... (0.2) 0.0 0.0
----- ----- -----
Balance, end of year........................................ $ 1.9 $ 2.5 $ 4.6
===== ===== =====
</TABLE>
F-49
<PAGE> 114
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
Impaired mortgage loans along with related valuation allowances were as
follows ($ in millions):
<TABLE>
<CAPTION>
1998 1997
----- -----
<S> <C> <C>
Investment in impaired mortgage loans (before valuation
allowances):
Loans that have valuation allowances........................ $ 9.4 $ 9.9
Loans that do not have valuation allowances................. 5.8 6.5
----- -----
Subtotal.......................................... 15.2 16.4
Valuation allowances........................................ (0.5) (0.9)
----- -----
Impaired mortgage loans, net of valuation
allowances....................................... $14.7 $15.5
===== =====
</TABLE>
Impaired mortgage loans that do not have valuation allowances are loans
where the net present value of the expected future cash flows related to the
loan or the fair value of the collateral equals or exceeds the recorded
investment in the loan. Such loans primarily consist of restructured loans or
loans on which impairment writedowns were taken prior to the adoption of SFAS
No. 114, "Accounting by Creditors for Impairment of a Loan".
During 1998 and 1997, the average recorded investment in impaired mortgage
loans was approximately $15.1 million and $16.3 million, respectively. During
1998, 1997, and 1996, the Company recognized $1.1 million, $1.1 million, and
$1.4 million, respectively, of interest income on impaired loans.
At December 31, 1998 and 1997, there were no mortgage loans which were
non-income producing for the twelve months preceding such dates.
At December 31, 1998 and 1997, the Company had restructured mortgage loans
of $14.3 million and $13.5 million, respectively. Interest income of $1.0
million, $1.0 million, and $1.2 million was recognized on restructured mortgage
loans in 1998, 1997, and 1996, respectively. Gross interest income on these
loans that would have been recorded in accordance with the original terms of
such loans amounted to approximately $1.4 million in 1998, 1997 and 1996.
The following table summarizes the Company's real estate at December 31,
1998 and 1997 ($ in millions):
<TABLE>
<CAPTION>
AS OF DECEMBER 31,
------------------
1998 1997
------ ------
<S> <C> <C>
Real estate to be disposed of(1)............................ $ -- $30.3
Impairment writedowns....................................... -- (8.9)
Valuation allowance......................................... -- (2.2)
----- -----
Carrying value of real estate to be disposed of............. $ -- $19.2
===== =====
Real estate held for investment(2).......................... $10.2 $ 3.3
Impairment writedowns....................................... (1.9) (0.5)
----- -----
Carrying value of real estate held for investment........... $ 8.3 $ 2.8
===== =====
</TABLE>
- ---------------
(1) Amounts presented as of December 31, 1998 and 1997 are net of $0.0 million
and $8.9 million, respectively, relating to impairments taken upon
foreclosure of mortgage loans.
(2) Amounts presented as of December 31, 1998 and 1997 are net of $1.6 million
and $0.6 million, respectively, relating to impairments taken upon
foreclosure of mortgage loans.
F-50
<PAGE> 115
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
An analysis of the valuation allowances relating to real estate classified
as to be disposed of for the years ended December 31, 1998, 1997 and 1996 is as
follows ($ in millions):
<TABLE>
<CAPTION>
1998 1997 1996
----- ----- -----
<S> <C> <C> <C>
Balance, beginning of year.................................. $ 2.2 $ 2.2 $ 2.5
Increase (decrease) due to/from transfers of properties to
real estate to be disposed of during the year............. (0.3) 1.2 0.6
Increases (decreases) in valuation allowances from the end
of the prior period on properties still held for
disposal.................................................. 0.0 (0.2) (0.2)
Decreases as a result of sales.............................. (1.9) (1.0) (0.7)
----- ----- -----
Balance, end of year........................................ $ 0.0 $ 2.2 $ 2.2
===== ===== =====
</TABLE>
Real estate is net of accumulated depreciation of $1.9 million and $2.8
million for 1998 and 1997, respectively, and depreciation expense recorded was
$0.6 million, $0.4 million and $0.8 million for the years ended December 31,
1998, 1997 and 1996, respectively.
At December 31, 1998 and 1997, there was no real estate which was
non-income producing for the twelve months preceding such dates.
The carrying value of impaired real estate as of December 31, 1998 and 1997
was $8.3 million and $2.8 million, respectively. The depreciated cost of such
real estate as of December 31, 1998 and 1997 was $10.2 million and $3.3 million
before impairment writedowns of $1.9 million and $0.5 million, respectively. The
aforementioned impairments occurred primarily as a result of low occupancy
levels and other market related factors. There were no losses recorded during
1998, 1997, and 1996 related to impaired real estate.
9. ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS:
The estimated fair values of the Company's financial instruments
approximate their carrying amounts. The methods and assumptions utilized in
estimating the fair values of the Company's financial instruments are summarized
as follows:
Fixed Maturities
The estimated fair values of fixed maturity securities are based upon
quoted market prices, where available. The fair values of fixed maturity
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.
Mortgage Loans
The fair values of mortgage loans are 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. The fair value of mortgages in process of
foreclosure is the estimated fair value of the underlying collateral.
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.
F-51
<PAGE> 116
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
Separate Account Assets and Liabilities
The estimated fair value of assets held in Separate Accounts is based on
quoted market prices. The fair value of liabilities related to Separate Accounts
is the amount payable on demand, which includes surrender charges.
Investment-Type Contracts
The fair values of annuities are based on estimates of the value of
payments available upon full surrender. The fair values of the Company's
liabilities under guaranteed investment 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.
10. REINSURANCE:
Life insurance business is ceded on a yearly renewable term basis under
various reinsurance contracts. The Company's general practice is to retain no
more than $0.5 million of risk on any one person for individual products and
$0.5 million for last survivor products.
The following table summarizes the effect of reinsurance for the years
indicated ($ in millions):
<TABLE>
<CAPTION>
1998 1997 1996
----- ----- -----
<S> <C> <C> <C>
Direct premiums............................................. $ 2.5 $ 0.1 $ 0.0
Reinsurance ceded........................................... (0.8) 0.0 0.0
----- ----- -----
Net premiums........................................... $ 1.7 $ 0.1 $ 0.0
===== ===== =====
Universal life and investment type product policy fee income
ceded..................................................... $17.4 $16.1 $14.6
===== ===== =====
Policyholders' benefits ceded............................... $21.8 $12.1 $17.6
===== ===== =====
</TABLE>
The Company is contingently liable with respect to ceded insurance should
any reinsurer be unable to meet its obligations under these agreements. To limit
the possibility of such losses, the Company evaluates the financial condition of
its reinsurers and monitors concentration of credit risk.
11. OFF-BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK:
Financial Instruments with Off-Balance Sheet Risk:
Pursuant to a securities lending agreement with a major financial
institution, the Company from time to time lends securities to approved
borrowers. At December 31, 1998 and 1997, securities loaned by the Company under
this agreement had a carrying value of approximately $4.1 million and $0.1
million, respectively. The minimum collateral on securities loaned is 102
percent of the market value of the loaned securities. Such securities are marked
to market on a daily basis and the collateral is correspondingly increased or
decreased.
Concentration of Credit Risk:
At December 31, 1998 and 1997, the Company had no single investment or
series of investments with a single issuer, (excluding US Treasury securities
and obligations of U.S. government agencies) exceeding 1.5% of total cash and
invested assets.
The Company's fixed maturity securities are diversified by industry type.
The industries that comprise 10% or more of the carrying value of the fixed
maturity securities at December 31, 1998 are Consumer Goods and Services of
$138.5 million (13.3%), Non-Government Asset/Mortgage-Backed of $124.5 million
F-52
<PAGE> 117
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
(11.9%), Public Utilities of $123.2 million (11.8%), Financial Services of
$119.8 million (11.5%), Other Manufacturing of $116.4 million (11.1%),
Government and Agencies of $113.6 million (10.9%), and Energy of $112.1 million
(10.7%).
At December 31, 1997 the industries that comprise 10% or more of the
carrying value Company's fixed maturity securities were Financial Services of
$136.1 million (12.4%), Non-Government Asset/Mortgage Backed of $132.0 million
(12.0%), Government and Agencies of $131.9 million (12.0%), Energy of $131.2
million (11.9%), Public Utilities of $126.7 million (11.5%), and Consumer Goods
and Services of $121.4 million (11.1%).
The Company holds below investment grade fixed maturity securities with a
carrying value of $52.3 million at December 31, 1998. These investments consist
mostly of privately issued bonds which are monitored by the Company through
extensive internal analysis of the financial condition of the issuers and which
generally include protective debt covenants. At December 31, 1997, the carrying
value of the Company's investments in below investment grade fixed maturity
securities amounted to $79.2 million.
The Company has investments in commercial and agricultural mortgage loans
and real estate (including partnerships). The locations of property
collateralizing mortgage loans and real estate investment carrying values at
December 31, 1998 and 1997 are as follows ($ in millions):
<TABLE>
<CAPTION>
1998 1997
--------------- ---------------
<S> <C> <C> <C> <C>
GEOGRAPHIC REGION
West.................................................... $ 54.9 42.7% $ 53.4 34.5%
Mountain................................................ 25.9 20.2 34.1 22.1
Southwest............................................... 14.6 11.4 16.2 10.5
Northeast............................................... 13.9 10.8 24.0 15.5
Midwest................................................. 13.2 10.3 14.5 9.4
Southeast............................................... 5.9 4.6 12.3 8.0
------ ----- ------ -----
Total.............................................. $128.4 100.0% $154.5 100.0%
====== ===== ====== =====
</TABLE>
The states with the largest concentrations of mortgage loans and real
estate investments at December 31, 1998 are: California, $31.3 million (24.4%);
Washington, $17.0 million (13.2%); New York, $13.9 million (10.8%); Texas, $9.7
million (7.6%); Idaho, $8.1 million (6.3%); Missouri, $7.4 million (5.8%); and
Oregon, $6.6 million (5.1%).
As of December 31, 1998 and 1997, the real estate and mortgage loan
portfolio was also diversified as follows ($ in millions):
<TABLE>
<CAPTION>
1998 1997
--------------- ---------------
<S> <C> <C> <C> <C>
PROPERTY TYPE
Agricultural.............................................. $ 92.5 72.0% $ 98.5 63.7%
Office buildings.......................................... 14.9 11.6 23.1 15.0
Retail.................................................... 6.0 4.7 9.5 6.1
Hotel..................................................... 5.1 4.0 8.6 5.6
Industrial................................................ 4.6 3.6 7.2 4.7
Other..................................................... 3.9 3.0 4.3 2.8
Apartment Buildings....................................... 1.4 1.1 3.3 2.1
------ ----- ------ -----
Total................................................ $128.4 100.0% $154.5 100.0%
====== ===== ====== =====
</TABLE>
F-53
<PAGE> 118
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
12. COMMITMENTS AND CONTINGENCIES:
(a) In late 1995 and thereafter, a number of purported class actions were
commenced in various state and federal courts against MONY Life and the Company
("the Companies") alleging that the Companies engaged in deceptive sales
practices in connection with the sale of whole and/or universal life insurance
policies in the 1980s and 1990s. Although the claims asserted in each case are
not identical, they seek substantially the same relief under essentially the
same theories of recovery (i.e., breach of contract, fraud, negligent
misrepresentation, negligent supervision and training, breach of fiduciary duty,
unjust enrichment and/or violation of state insurance and/or deceptive business
practice laws). Plaintiffs in these cases (including the Goshen case discussed
below) seek primarily equitable relief (e.g., reformation, specific performance,
mandatory injunctive relief prohibiting the Company from canceling policies for
failure to make required premium payments, imposition of a constructive trust
and/or creation of a claims resolution facility to adjudicate any individual
issues remaining after resolution of all class-wide issues) as opposed to
compensatory damages, although they also seek compensatory damages in
unspecified amounts. The Company has answered the complaints in each action
(except for one recently filed action and another being voluntarily held in
abeyance), has denied any wrongdoing and has asserted numerous affirmative
defenses.
On June 7, 1996, the New York State Supreme Court certified the Goshen
case, being the first of the aforementioned class actions filed, as a nationwide
class consisting of all persons or entities who have, or at the time of the
policy's termination had, an ownership interest in a whole or universal life
insurance policy issued by the Companies and sold on an alleged "vanishing
premium" basis during the period January 1, 1982 to December 31, 1995. On March
27, 1997, the Company filed a motion to dismiss or, alternatively, for summary
judgment on all counts of the complaint. All of the other putative class actions
(with one exception discussed below) have been consolidated and transferred by
the Judicial Panel on Multidistrict Litigation to the United States District
Court for the District of Massachusetts, or are being voluntarily held in
abeyance pending the outcome of the Goshen case. The Massachusetts District
Court in the Multidistrict Litigation has entered an order essentially holding
all of the federal cases in abeyance pending the outcome of the Goshen case. On
October 21, 1997, the New York State Supreme Court granted the Companies' motion
for summary judgment and dismissed all claims filed in the Goshen case against
the Companies' on the merits.
In addition to the foregoing, from time to time the Company is a party to
litigation and arbitration proceedings in the ordinary course of its business,
none of which is expected to have a material adverse effect on the Company.
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, such assessments will not have a
material adverse effect on the financial position and the results of operations
of the Company.
At December 31, 1998, the Company had commitments to issue $9.7 million of
fixed rate agricultural loans with periodic interest rate reset dates. The
initial interest rates on such loans range from approximately 6.75% to 7.50%.
The Company had no private fixed maturity securities commitments outstanding as
of December 31, 1998. In addition, at that date the Company had no outstanding
commitments to issue any fixed rate commercial mortgage loans.
(b) The order, referred to above, by the New York State Supreme Court on
October 21, 1997 was affirmed by the New York State Appellate Division, First
Department on March 18, 1999. All actions before the United States District
Court for the District of Massachusetts are still pending. In addition, on or
about February 25, 1999, a purported class action was filed against the Company
in Kentucky State Court covering policyholders who purchased individual
universal life insurance policies from the Company after January 1, 1988
claiming breach of contract and violations of the Kentucky Consumer Protection
Act. On March 26, 1999, the Company removed that action to the United States
District Court for the Eastern District of Kentucky, requested the Judicial
Panel on the multidistrict litigation to transfer the action to the
multidistrict
F-54
<PAGE> 119
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
litigation in the District of Massachusetts and sought a stay of further
proceedings in the Kentucky District Court pending a determination on the
multidistrict transfer. The Company intends vigorously to defend that
litigation. Due to the early stage of this litigation no determination can be
made as to whether the Company will incur any loss with respect to this matter.
13. STATUTORY FINANCIAL INFORMATION AND REGULATORY RISK-BASED CAPITAL
DISCLOSURE:
Financial statements of the Company prepared in accordance with SAP for
filing with the Arizona State Insurance Department (the "Department") differ
from financial statements of the Company prepared in accordance with GAAP. The
principal differences result from the following: (i) acquisition costs are
charged to operations as incurred under SAP rather than being amortized over the
expected life of the contracts under GAAP; (ii) certain assets designated as
"non-admitted assets" are charged directly to statutory surplus under SAP but
are reflected as assets under GAAP; (iii) federal income taxes are provided only
on taxable income for which income taxes are currently payable under SAP,
whereas under GAAP deferred income taxes are recognized; (iv) an interest
maintenance reserve ("IMR") and asset valuation reserve ("AVR") are computed
based on specific statutory requirements and recorded under SAP, whereas under
GAAP, such reserves are not recognized; (v) premiums for universal life and
investment-type products are recognized as revenue when due under SAP, whereas
under GAAP, such amounts are recorded as deposits and not included in the
Company's revenues; (vi) future policy benefit reserves are based on specific
statutory requirements regarding mortality and interest, without consideration
of withdrawals, and are reported net of reinsurance under SAP, whereas, under
GAAP, such reserves are calculated using a net level premium method based on
actuarial assumptions equal to guaranteed mortality rates and are reported gross
of reinsurance; (vii) investments in bonds are generally carried at amortized
cost under SAP, whereas under GAAP, such investments are classified as
"available for sale" and reported at estimated fair value; and (viii) methods
used for calculating real estate and mortgage loan impairments, valuation
allowances, and real estate depreciation under GAAP are different from those
permitted under SAP.
The Company is restricted as to the amounts it may pay as dividends to MONY
Life. Under the Arizona Insurance Law, the Arizona Superintendent has broad
discretion to determine whether the financial condition of a stock life
insurance company would support the payment of dividends to its shareholders.
Under the insurance laws of the State of Arizona, the Company's state of
domicile, dividends or distributions in a twelve-month period exceeding the
lesser of either 10 percent of an insurance company's surplus or 100% of net
income, excluding realized gains, for the previous calendar year are generally
considered extraordinary and require such approval. Insurance Department has
established informal guidelines for the Superintendent's determinations which
focus upon, among other things, the overall financial condition and
profitability of the insurer under SAP.
Set forth below are reconciliations of the Company's combined capital and
surplus and the net change in capital and surplus, determined in accordance with
SAP, with its equity and net income reported in accordance with GAAP as of and
for each year ended December 31, 1998, 1997, and 1996, respectively. The
reconciliations for 1996 also present the effect of restating previously
reported amounts as of and for the year ended December 31, 1996 for the adoption
of the Interpretation and the Standard (see Note 2).
<TABLE>
<CAPTION>
1998 1997 1996
-------- -------- --------
($ IN MILLIONS)
<S> <C> <C> <C>
Capital and surplus......................................... $ 146.8 $ 133.2 $ 121.8
AVR......................................................... 15.0 16.3 17.9
-------- -------- --------
Capital and surplus, and AVR................................ 161.8 149.5 139.7
</TABLE>
F-55
<PAGE> 120
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
<TABLE>
<CAPTION>
1998 1997 1996
-------- -------- --------
($ IN MILLIONS)
<S> <C> <C> <C>
Adjustments:
Future policy benefits and policyholders' account
balances............................................... (226.3) (207.3) (173.2)
Deferred policy acquisition costs......................... 318.6 281.6 262.3
Valuation of investments:
Real estate............................................ 2.7 2.4 (0.5)
Mortgage loans......................................... (1.8) (2.3) (4.7)
Fixed maturity securities.............................. 29.5 24.7 12.0
Other.................................................. 5.4 4.0 3.6
Deferred federal income taxes............................. (13.7) (7.5) (13.3)
Other, net................................................ 13.6 16.9 13.7
-------- -------- --------
GAAP equity................................................. $ 289.8 $ 262.0 $ 239.6
======== ======== ========
Net change in capital and surplus........................... $ 13.6 $ 11.4 $ 6.2
Change in AVR............................................... (1.3) (1.6) 3.9
-------- -------- --------
Net change in capital and surplus, and AVR.................. 12.3 9.8 10.1
Adjustments:
Future policy benefits and policyholders' account
balances............................................... (19.0) (34.1) (25.7)
Deferred policy acquisition costs......................... 39.4 27.5 31.9
Valuation of investments
Real estate............................................ 0.3 2.9 1.5
Mortgage loans......................................... 0.5 2.4 0.4
Fixed maturity securities.............................. 0.0 (0.5) (1.8)
Other.................................................. 1.4 0.4 0.5
Deferred federal income taxes............................. 1.1 13.4 10.6
Other, net................................................ (21.8) (13.5) (19.0)
-------- -------- --------
Net income.................................................. $ 14.2 $ 8.3 $ 8.5
======== ======== ========
</TABLE>
The difference between statutory basis "net income" and the "net change in
capital and surplus, and AVR" reflected in the reconciliation above primarily
relates to the AVR, unrealized gains (losses) on equity securities, non-admitted
assets, and certain contingency provisions. which for statutory reporting
purposes are charged directly to surplus and are not reflected in statutory
basis net income. Statutory net income reported by the Company for the years
ended December 31, 1998, 1997, and 1996 was $11.1 million, $9.7 million, and
$8.0 million, respectively.
In March 1998, the National Association of Insurance Commissioners ("NAIC")
voted to adopt its Codification of Statutory Accounting Principles project
(referred to hereafter as "codification"). Codification is a modified form of
statutory accounting principles that will result in changes to the current NAIC
Accounting Practices and Procedures Manual applicable to insurance enterprises.
Although adoption of codification by all states is not a certainty, the NAIC has
recommended that all states enact codification as soon as practicable with an
effective date of January 1, 2001. It is currently anticipated that codification
will become a NAIC state accreditation requirement starting in 2002. In
addition, the American Institute of Certified Public Accountants and the NAIC
have agreed to continue to allow the use of certain permitted
F-56
<PAGE> 121
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
accounting practices when codification becomes effective in 2001. Any accounting
differences from codification principles, however, must be disclosed and
quantified in the footnotes to the audited financial statements. Therefore,
codification will likely result in changes to what are currently considered
prescribed statutory insurance accounting practices.
Each insurance company's state of domicile imposes minimum risk-based
capital requirements. The formulas for determining the amount of risk-based
capital specify various weighting factors that are applied to financial balances
or various levels of activity based on the perceived degree of risk. Regulatory
compliance is determined by a ratio of the Company's regulatory total adjusted
capital, as defined by the NAIC, to its authorized control level risk-based
capital, as defined by the NAIC. Companies below specific trigger points or
ratios are classified within certain levels, each of which requires specified
corrective action. The Company exceeded the minimum risk based capital
requirements.
As part of their routine regulatory oversight, the Department recently
completed an examination of the Company for each of the three years in the
period ended December 31, 1996. The report did not cite any matters which will
result in a material effect on the Company's financial condition or results of
operations.
F-57
<PAGE> 122
APPENDIX A
DEATH BENEFIT PERCENTAGE FOR
GUIDELINE PREMIUM/CASH VALUE CORRIDOR TEST
<TABLE>
<CAPTION>
APPLICABLE
ATTAINED AGE 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> 123
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 124
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 32.) 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.
Since the Company is unable to predict how a particular policy owner will
allocate net premiums and cash values among the available subaccounts, the
Company has assumed that the daily investment advisory fee and other expenses of
the hypothetical portfolio was deducted at a rate equivalent to an annual rate
of 0.75% of the aggregate average daily net assets of the Portfolio. Of course,
the investment advisory fee and other expenses actually incurred will depend
upon the policy owner's choice of subaccounts. 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> 125
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> 126
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> 127
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT 1 0% 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
MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------- ---------------------------
0.00% (- 1.49% NET) 0.00% (- 1.49% NET) 0.00% (- 1.49% NET)
--------------------------- --------------------------- ---------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- ------ ------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 314 2,117 200,000 314 2,117 200,000 314 2,117 200,000
2 47 3,088 6,647 0 2,058 4,132 200,000 2,058 4,132 200,000 2,361 4,435 200,000
3 48 3,088 10,222 0 2,762 6,078 200,000 2,762 6,078 200,000 3,314 6,630 200,000
4 49 3,088 13,975 0 4,617 7,933 200,000 4,617 7,933 200,000 5,368 8,684 200,000
5 50 3,088 17,916 0 6,385 9,701 200,000 6,385 9,701 200,000 7,331 10,647 200,000
6 51 3,088 22,055 0 8,398 11,383 200,000 8,398 11,383 200,000 9,491 12,476 200,000
7 52 3,088 26,400 0 10,306 12,959 200,000 10,306 12,959 200,000 11,587 14,240 200,000
8 53 3,088 30,962 0 12,110 14,431 200,000 12,110 14,431 200,000 13,621 15,942 200,000
9 54 3,088 35,753 0 13,792 15,781 200,000 13,792 15,781 200,000 15,615 17,604 200,000
10 55 3,088 40,783 0 15,353 17,011 200,000 15,353 17,011 200,000 17,549 19,207 200,000
Total 30,880
11 56 3,088 46,064 0 16,931 18,258 200,000 16,931 18,258 200,000 19,507 20,833 200,000
12 57 3,088 51,610 0 18,356 19,351 200,000 18,356 19,351 200,000 21,288 22,283 200,000
13 58 3,088 57,433 0 19,629 20,292 200,000 19,629 20,292 200,000 22,981 23,644 200,000
14 59 3,088 63,547 0 20,731 21,063 200,000 20,731 21,063 200,000 24,607 24,938 200,000
15 60 3,088 69,966 0 21,643 21,643 200,000 21,643 21,643 200,000 26,188 26,188 200,000
16 61 3,088 76,707 0 22,012 22,012 200,000 22,012 22,012 200,000 27,372 27,372 200,000
17 62 3,088 83,785 0 22,149 22,149 200,000 22,149 22,149 200,000 28,412 28,412 200,000
18 63 3,088 91,216 0 22,053 22,053 200,000 22,053 22,053 200,000 29,267 29,267 200,000
19 64 3,088 99,020 0 21,639 21,639 200,000 21,639 21,639 200,000 30,001 30,001 200,000
20 65 3,088 107,213 0 20,881 20,881 200,000 20,881 20,881 200,000 30,614 30,614 200,000
Total 61,760
21 66 3,088 115,816 0 19,792 19,792 200,000 19,792 19,792 200,000 31,130 31,130 200,000
22 67 3,088 124,849 0 18,281 18,281 200,000 18,281 18,281 200,000 31,486 31,486 200,000
23 68 3,088 134,334 0 16,290 16,290 200,000 16,290 16,290 200,000 31,642 31,642 200,000
24 69 3,088 144,293 0 13,759 13,759 200,000 13,759 13,759 200,000 31,539 31,539 200,000
25 70 3,088 154,750 0 10,640 10,640 200,000 10,640 10,640 200,000 31,114 31,114 200,000
26 71 3,088 165,730 0 6,810 6,810 200,000 6,810 6,810 200,000 30,363 30,363 200,000
27 72 3,088 177,259 0 2,014 2,014 200,000 2,014 2,014 200,000 29,199 29,199 200,000
28 73 3,088 189,365 0 LAPSE LAPSE LAPSE LAPSE LAPSE LAPSE 27,641 27,651 200,000
29 74 3,088 202,075 0 25,584 25,584 200,000
30 75 3,088 215,421 0 22,933 22,933 200,000
Total 92,640
31 76 3,088 229,435 0 19,693 19,693 200,000
32 77 3,088 244,149 0 15,676 15,676 200,000
33 78 3,088 259,599 0 10,717 10,717 200,000
34 79 3,088 275,821 0 3,835 3,835 200,000
35 80 3,088 292,855 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-4
<PAGE> 128
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 PREF N/S DB OPT 1 0% 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
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> 129
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT 1 MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
6% 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) 6.00% (4.46% NET)
----------------------------- -----------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET BENEFIT BENEFIT
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)
------------------------------
(10) (11) (12)
END BENEFIT
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> 130
<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 BENEFIT BENEFIT
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)
------------------------------
(10) (11) (12)
END BENEFIT
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> 131
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 PREF N/S DB OPT 1 MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
6% 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
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED BENEFIT
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> 132
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED BENEFIT
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> 133
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MALE 45 PREF N/S DB OPT 1 12% 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) 12.00% (10.42% NET)
----------------------------- ---------------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET BENEFIT BENEFIT
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)
---------------------------------
(10) (11) (12)
END BENEFIT
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> 134
<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 BENEFIT ) BENEFIT
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)
---------------------------------
(10) (11) (12)
END BENEFIT
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> 135
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)
--------------------------------
END UNSCHEDULED BENEFIT
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 0 611 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> 136
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED BENEFIT
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 3,008 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> 137
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: FEMALE 45 PREF N/S DB OPT 1 MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
0% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
FEMALE NON-SMOKER PREFERRED AGE 45 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 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 BENEFIT BENEFIT
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)
---------------------------------
(10) (11) (12)
END BENEFIT
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> 138
ALLOCATION OF VALUES
<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>
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> 139
STANDARD LEDGER STATEMENT
<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 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> 140
<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> 141
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: FEMALE 45 PREF N/S DB OPT 1 MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
6% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
FEMALE NON-SMOKER PREFERRED AGE 45 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
6.00% (4.46% NET)
--------------------------------
END UNSCHEDULED BENEFIT
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 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 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: $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> 142
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
6.00% (4.46% NET)
--------------------------------
END UNSCHEDULED BENEFIT
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 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 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: $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> 143
<TABLE>
<S> <C> <C>
STANDARD LEDGER STATEMENT
FOR: FEMALE 45 PREF N/S DB OPT 1 12% 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) 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 2,578 120,462 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 2,578 138,359 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> 144
<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> 145
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: FEMALE 45 PREF N/S DB OPT 1 12% 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
---------------------------------
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> 146
<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> 147
<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> 148
<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> 149
<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) (12)
END VALUE (11) 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
Tota
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
Tota
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
Tota
</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> 150
<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> 151
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> 152
<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> 153
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> 154
<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) (12)
END VALUE (11) 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> 155
<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> 156
<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> 157
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) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET BENEFIT BENEFIT
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)
END (10) (11) BENEFIT
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> 158
<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> 159
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 CURRENT CHARGES
--------------------------------------------------------- ---------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
--------------------------- --------------------------- ---------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- ------ ------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 3,242 0 310 2,113 202,113 458 2,261 202,261 458 2,261 202,261
2 47 3,088 6,647 0 1,506 4,112 204,112 1,931 4,537 204,537 2,250 4,856 204,856
3 48 3,088 10,222 0 2,716 6,032 206,032 3,549 6,865 206,865 4,153 7,469 207,469
4 49 3,088 13,975 0 4,537 7,853 207,853 5,907 9,223 209,223 6,759 10,075 210,075
5 50 3,088 17,916 0 6,260 9,576 209,576 8,297 11,613 211,613 9,408 12,724 212,724
6 51 3,088 22,055 0 8,216 11,201 211,201 11,051 14,036 214,036 12,384 15,369 215,369
7 52 3,088 26,400 0 10,054 12,706 212,706 13,816 16,468 216,468 15,429 18,082 218,082
8 53 3,088 30,962 0 11,773 14,094 214,094 16,590 18,911 218,911 18,546 20,868 220,868
9 54 3,088 35,753 0 13,353 15,343 215,343 19,351 21,340 221,340 21,763 23,753 223,753
10 55 3,088 40,783 0 14,795 16,453 216,453 22,097 23,755 223,755 25,059 26,717 226,717
Total 30,880
11 56 3,088 46,064 0 16,230 17,557 217,557 25,003 26,330 226,330 28,557 29,883 229,883
12 57 3,088 51,610 0 17,487 18,482 218,482 27,865 28,860 228,860 32,015 33,010 233,010
13 58 3,088 57,433 0 18,568 19,231 219,231 30,681 31,344 231,344 35,531 36,194 236,194
14 59 3,088 63,547 0 19,450 19,782 219,782 33,424 33,755 233,755 39,131 39,463 239,463
15 60 3,088 69,966 0 20,112 20,112 220,112 36,065 36,065 236,065 42,845 42,845 242,845
16 61 3,088 76,707 0 20,200 20,200 220,200 38,243 38,243 238,243 46,323 46,323 246,323
17 62 3,088 83,785 0 20,025 20,025 220,025 40,259 40,259 240,259 49,801 49,801 249,801
18 63 3,088 91,216 0 19,589 19,589 219,589 42,104 42,104 242,104 53,231 53,231 253,231
19 64 3,088 99,020 0 18,799 18,799 218,799 43,671 43,671 243,671 56,684 56,684 256,684
20 65 3,088 107,213 0 17,635 17,635 217,635 44,922 44,922 244,922 60,162 60,162 260,162
Total 61,760
21 66 3,088 115,816 0 16,114 16,114 216,114 45,858 45,858 245,858 63,681 63,681 263,681
22 67 3,088 124,849 0 14,155 14,155 214,155 46,371 46,371 246,371 67,178 67,178 267,178
23 68 3,088 134,334 0 11,714 11,714 211,714 46,393 46,393 246,393 70,603 70,603 270,603
24 69 3,088 144,293 0 8,749 8,749 208,749 45,848 45,848 245,848 73,878 73,878 273,878
25 70 3,088 154,750 0 5,240 5,240 205,240 44,686 44,686 244,686 76,922 76,922 276,922
26 71 3,088 165,730 0 1,098 1,098 201,098 42,775 42,775 242,775 79,725 79,725 279,725
27 72 3,088 177,259 0 LAPSE LAPSE LAPSE 39,857 39,857 239,857 82,173 82,173 282,173
28 73 3,088 189,365 0 36,005 36,005 236,005 84,301 84,301 284,301
29 74 3,088 202,075 0 30,950 30,950 230,950 85,943 85,943 285,943
30 75 3,088 215,421 0 24,261 24,461 224,261 87,026 87,026 287,026
Total 92,640
</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> 160
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------- ---------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
--------------------------- --------------------------- ---------------------------
(1) (2) (3) (4) (6) (7) (9) (10) (12)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) BENEFIT VALUE (11) BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- ------ ------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
31 76 3,088 229,435 0 16,366 16,366 216,366 87,547 87,547 287,547
32 77 3,088 244,149 0 6,513 6,513 206,513 87,306 87,306 287,306
33 78 3,088 259,599 0 LAPSE LAPSE LAPSE 86,141 86,141 286,141
34 79 3,088 275,821 0 83,045 83,045 283,045
35 80 3,088 292,855 0 78,463 78,463 278,463
36 81 3,088 310,740 0 72,298 72,298 272,298
37 82 3,088 329,519 0 64,174 64,174 264,174
38 83 3,088 349,237 0 55,127 55,127 255,127
39 84 3,088 369,942 0 44,176 44,176 244,176
40 85 3,088 391,681 0 30,854 30,854 230,854
Total 123,520
41 86 3,088 414,508 0 15,045 15,045 215,045
42 87 3,088 438,475 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: $8,016.26 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> 161
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> 162
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
----------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
---------------------------- ---------------------------------
(1) (2) (3) (6) (7) (9)
END NET PREMIUM NET (4) (5) BENEFIT VALUE (8) BENEFIT
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)
END VALUE (11) BENEFIT
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> 163
<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 BENEFIT VALUE BENEFIT
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)
END VALUE (11) BENEFIT
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> 164
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MALE 45 PREF N/S DB OPT MONY EQUITYMASTER
2--12% 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)
--------------------------------
END UNSCHEDULED BENEFIT
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 0 606 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> 165
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED BENEFIT
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 3,008 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> 166
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 CURRENT CHARGES
--------------------------------------------------------- ---------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET) 0.00% (- 1.49% NET)
--------------------------- --------------------------- ---------------------------
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
END NET PREMIUM NET VALUE BENEFIT VALUE BENEFIT VALUE BENEFIT
OF ANNUAL ACCUM'D LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY AT 5% SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- ------ ------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <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 0 869 200,000
2 37 1,646 3,543 0 299 1,929 200,000 299 1,929 200,000 393 2,023 200,000
3 38 1,646 5,448 0 718 2,952 200,000 718 2,952 200,000 928 3,162 200,000
4 39 1,646 7,449 0 1,704 3,938 200,000 1,704 3,938 200,000 2,004 4,239 200,000
5 40 1,646 9,550 0 2,654 4,889 200,000 2,654 4,889 200,000 3,044 5,278 200,000
6 41 1,646 11,756 0 3,793 5,804 200,000 3,793 5,804 200,000 4,247 6,258 200,000
7 42 1,646 14,072 0 4,874 6,661 200,000 4,874 6,661 200,000 5,414 7,201 200,000
8 43 1,646 16,504 0 5,921 7,485 200,000 5,921 7,485 200,000 6,569 8,133 200,000
9 44 1,646 19,057 0 6,913 8,254 200,000 6,913 8,254 200,000 7,689 9,030 200,000
10 45 1,646 21,738 0 7,850 8,967 200,000 7,850 8,967 200,000 8,775 9,892 200,000
Total 16,460
11 46 1,646 26,554 0 8,816 9,710 200,000 8,816 9,710 200,000 9,870 10,764 200,000
12 47 1,646 27,510 0 9,732 10,402 200,000 9,732 10,402 200,000 10,914 11,585 200,000
13 48 1,646 30,613 0 10,598 11,045 200,000 10,598 11,045 200,000 11,930 12,377 200,000
14 49 1,646 33,872 0 11,393 11,617 200,000 11,393 11,617 200,000 12,895 13,119 200,000
15 50 1,646 37,294 0 12,118 12,118 200,000 12,118 12,118 200,000 13,812 13,812 200,000
16 51 1,646 40,887 0 12,549 12,549 200,000 12,549 12,549 200,000 14,456 14,456 200,000
17 52 1,646 44,660 0 12,889 12,889 200,000 12,889 12,889 200,000 15,029 15,029 200,000
18 53 1,646 48,621 0 13,138 13,138 200,000 13,138 13,138 200,000 15,556 15,556 200,000
19 54 1,646 52,781 0 13,275 13,275 200,000 13,275 13,275 200,000 16,035 16,035 200,000
20 55 1,646 57,148 0 13,300 13,300 200,000 13,300 13,300 200,000 16,490 16,490 200,000
Total 32,920
21 56 1,646 61,734 0 13,224 13,224 200,000 13,224 13,224 200,000 16,954 16,954 200,000
22 57 1,646 66,549 0 12,992 12,992 200,000 12,992 12,992 200,000 17,328 17,328 200,000
23 58 1,646 71,604 0 12,605 12,605 200,000 12,605 12,605 200,000 17,591 17,591 200,000
24 59 1,646 76,913 0 12,039 12,039 200,000 12,039 12,039 200,000 17,745 17,745 200,000
25 60 1,646 82,487 0 11,270 11,270 200,000 11,270 11,270 200,000 17,768 17,768 200,000
26 61 1,646 88,339 0 10,274 10,274 200,000 10,274 10,274 200,000 17,661 17,661 200,000
27 62 1,646 94,485 0 9,025 9,025 200,000 9,025 9,025 200,000 17,401 17,401 200,000
28 63 1,646 100,937 0 7,519 7,519 200,000 7,519 7,519 200,000 16,968 16,968 200,000
29 64 1,646 107,712 0 5,658 5,658 200,000 5,658 5,658 200,000 16,381 16,381 200,000
30 65 1,646 114,826 0 3,409 3,409 200,000 3,409 3,409 200,000 15,641 15,641 200,000
Total 49,380
31 66 1,646 122,296 0 713 713 200,000 713 713 200,000 14,723 14,723 200,000
32 67 1,646 130,139 0 LAPSE LAPSE LAPSE LAPSE LAPSE LAPSE 13,625 13,625 200,000
33 68 1,646 138,374 0 12,300 12,300 200,000
34 69 1,646 147,021 0 10,676 10,676 200,000
35 70 1,646 156,101 0 8,678 8,678 200,000
36 71 1,646 165,634 0 6,296 6,296 200,000
37 72 1,646 175,644 0 3,422 3,422 200,000
38 73 1,646 186,154 0 84 84 200,000
39 74 1,646 197,190 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-43
<PAGE> 167
<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)
---------------------------
END UNSCHEDULED BENEFIT
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> 168
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) (4) (5) (6) (7) (8) (9)
END NET PREMIUM NET BENEFIT BENEFIT
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)
END (10) (11) BENEFIT
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> 169
<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 BENEFIT BENEFIT
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)
---------------------------------
(10) (11) (12)
END BENEFIT
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> 170
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 35 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 6% 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
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED BENEFIT
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> 171
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED BENEFIT
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> 172
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) (6) (7) (9)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) 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) (12)
END VALUE (11) 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> 173
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
--------------------------- --------------------------------
(1) (2) (3) (4) (6) (7) (9)
END NET PREMIUM NET VALUE (5) BENEFIT VALUE (8) 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) (12)
END VALUE (11) 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> 174
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 35 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 35 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED BENEFIT
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 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> 175
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED BENEFIT
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 0 729,490 729,490 765,965
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> 176
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)
END NET PREMIUM NET (4) (5) BENEFIT (7) (8) BENEFIT
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)
END (10) (11) BENEFIT
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> 177
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 55 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 55 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
0.00% (-1.49% NET)
-----------------------------
END UNSCHEDULED BENEFIT
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> 178
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) (5) (6) (7) (8) (9)
END NET PREMIUM NET VALUE BENEFIT BENEFIT
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)
END (10) (11) BENEFIT
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> 179
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MALE 55 PREF N/S DB OPT MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
1 6% FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
MALE NON-SMOKER PREFERRED AGE 55 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 MONY LIFE OF AMERICA
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED BENEFIT
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> 180
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) (12)
END VALUE (11) 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> 181
ALLOCATION OF VALUE
<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>
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> 182
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 = $200.00
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>
THIS ILLUSTRATION NOT VALID IN FLORIDA
C-1
<PAGE> 183
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 184
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>
THIS ILLUSTRATION NOT VALID IN FLORIDA
D-1
<PAGE> 185
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 186
PART II
(INFORMATION NOT REQUIRED IN A PROSPECTUS)
<PAGE> 187
PART II
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 SECTION 26 OF THE
INVESTMENT COMPANY ACT OF 1940
Registrant and MONY Life Insurance Company of America represent that the
fees and charges deducted under the contract, in the aggregate, are reasonable
in relation to the services rendered, the expenses expected to be incurred, and
the risks assumed by MONY Life Insurance Company of America.
II-1
<PAGE> 188
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 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. PricewaterhouseCoopers LLP, Independent Accountants
The following exhibits:
1. The following exhibits correspond to those required by paragraph A
of the instructions as exhibits to Form N-8B2:
(1) Resolution of the Board of Directors of MONY America
authorizing establishment of MONY America 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.
(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 filed as Exhibit
1(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 herein by reference.
II-2
<PAGE> 189
(b) Investment Advisory Agreement between MONY Life Insurance
Company of America and MONY Series Fund, Inc. filed as Exhibit 5(i) to
Post-Effective amendment No. 14 to Registration Statement (Registration
Nos. 2-95501 and 811-4209) dated February 27, 1998, 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 filed as Exhibit 1(10) 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 herein by
reference.
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 PricewaterhouseCoopers LLP as to financial statements of
MONY America Variable Account L and of MONY Life Insurance Company of
America.
II-3
<PAGE> 190
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant,
MONY America Variable Account L of MONY Life Insurance Company of America, has
duly caused this Post-Effective Amendment No. 7 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 1st day of April, 1998.
MONY AMERICA VARIABLE ACCOUNT L OF
MONY LIFE INSURANCE COMPANY OF AMERICA
By: /s/ MICHAEL I. ROTH
------------------------------------
Michael I. Roth, Director,
Chairman of
the Board and Chief Executive
Officer
Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment No. 7 to the Registration Statement has been duly
signed below by the following persons in the capacities and on the date
indicated.
<TABLE>
<CAPTION>
SIGNATURE DATE
- --------- ----
<C> <S> <C>
/s/ MICHAEL I. ROTH Director, Chairman of the Board April 1, 1999
- ----------------------------------------------------- and Chief Executive Officer
Michael I. Roth
/s/ SAMUEL J. FOTI Director, President and Chief April 1, 1999
- ----------------------------------------------------- Operating Officer
Samuel J. Foti
/s/ RICHARD DADDARIO Director, Vice President and April 1, 1999
- ----------------------------------------------------- Controller (Principal
Richard Daddario Financial and Accounting
Officer)
/s/ KENNETH M. LEVINE Director and Executive Vice April 1, 1999
- ----------------------------------------------------- President
Kenneth M. Levine
/s/ PHILLIP A. EISENBERG Director, Vice President April 1, 1999
- ----------------------------------------------------- and Chief Actuary
Phillip A. Eisenberg
/s/ MARGARET G. GALE Director and Vice President April 1, 1999
- -----------------------------------------------------
Margaret G. Gale
/s/ CHARLES P. LEONE Director and Vice President April 1, 1999
- -----------------------------------------------------
Charles P. Leone
/s/ RICHARD E. CONNORS Director April 1, 1999
- -----------------------------------------------------
Richard E. Connors
/s/ STEPHEN J. HALL Director April 1, 1999
- -----------------------------------------------------
Stephen J. Hall
</TABLE>
II-4
<PAGE> 191
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
- ----------- -----------
<C> <S>
7. Consent of PricewaterhouseCoopers LLP.
</TABLE>
II-5
<PAGE> 1
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in the Prospectus constituting part of this
Post-Effective Amendment No. 7 to the registration statement on Form S-6
(Registration No. 33-82570)(the "Registration Statement") of our reports dated
February 12, 1999, February 11, 1998, and February 14, 1997 relating to the
financial statements of MONY America Variable Account L-Strategist/MONYEquity
Master and our report dated February 15, 1999, except for Note 12(b) as to which
the date is March 22, 1999, relating to the financial statements of MONY Life
Insurance Company of America which appear in such Prospectus. We also consent to
the reference to our Firm under the headings "Independent Accountants" and
"Financial Statements" in such Prospectus.
PricewaterhouseCoopers LLP
New York, New York
March 29, 1999
