<PAGE> 1
REGISTRATION NOS. 333-06071
811-4235
FISCAL YEAR END DECEMBER 31
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM S-6
POST - EFFECTIVE AMENDMENT NO. 6
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FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF SECURITIES
OF UNIT INVESTMENT TRUSTS REGISTERED ON FORMS N-8B-2
MONY AMERICA VARIABLE ACCOUNT L
(EXACT NAME OF TRUST)
MONY LIFE INSURANCE COMPANY OF AMERICA
(NAME OF DEPOSITOR)
1740 BROADWAY
NEW YORK, NEW YORK 10019
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)
FREDERICK C. TEDESCHI
VICE PRESIDENT AND CHIEF COUNSEL -- OPERATIONS
MONY LIFE INSURANCE COMPANY
1740 BROADWAY
NEW YORK, NEW YORK 10019
(NAME AND ADDRESS OF AGENT FOR SERVICE)
- ---------------
It is proposed that this filing will become effective on May 1, 1999
pursuant to Rule 485(a).
The Registrant has registered an indefinite amount of securities pursuant
to Rule 24f-2 under the Investment Company Act of 1940. The Rule 24f-2 Notice
will be filed on or before March 30, 1999.
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<PAGE> 2
CROSS REFERENCE TO ITEMS REQUIRED BY FORM N-8B-2
<TABLE>
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ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
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<C> <S>
1 Cover Page
2 Cover Page
3 Not applicable
4 Distribution of the Policy
5 Detailed Information About the Company and MONY America
Variable Account L
6 MONY America Variable Account L
7 Not required
8 Not required
9 Legal Proceedings
10 Detailed Information About the Policy; Detailed Information
About the Company and MONY Variable Account L; Charges and
Deductions; Other Information; Voting of Fund Shares; More
About the Policy
11 Detailed Information About the Company and MONY America
Variable Account L; The Funds; Purchase of Portfolio Shares
by MONY America Variable Account L
12 Detailed Information About the Company and MONY America
Variable Account L; The Funds; Purchase of Portfolio Shares
by MONY America Variable Account L
13 Detailed Information About the Policy; Charges and
Deductions; The Funds
14 Detailed Information About the Policy
15 Detailed Information About the Policy
16 The Funds; Detailed Information About the Policy; Detailed
Information About the
Company and MONY America Variable Account L
17 Detailed Information About the Policy
18 The Funds; Detailed Information About the Policy; Detailed
Information About the
Company and MONY America Variable Account L
19 Voting of Fund Shares; More About the Policy
20 Not applicable
21 Detailed Information About the Policy
22 Not applicable
23 Not applicable
24 Important Terms; More About the Policy
25 Detailed Information About the Company and MONY America
Variable Account L
26 Not applicable
27 Detailed Information About the Company and MONY America
Variable Account L
28 Detailed Information About the Company and MONY America
Variable Account L
29 Detailed Information About the Company and MONY America
Variable Account L
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 MONY America Variable
Account L; More About the Policy
39 More About the Policy
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
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<C> <S>
40 Not applicable
41 More About the Policy
42 Not applicable
43 Not applicable
44 Detailed Information About the Company and MONY America
Variable Account L; Detailed Information About the Policy;
More About the Policy
45 Not applicable
46 Detailed Information About the Company and MONY America
Variable Account L; Detailed Information About the Policy;
More About the Policy
47 Detailed Information About the Company and MONY America
Variable Account L; Detailed Information About the Policy;
More About the Policy
48 Not applicable
49 Not applicable
50 Detailed Information About the Company and MONY America
Variable Account L
51 Cover Page; Detailed Information About the Company and MONY
America Variable Account L; Detailed Information About 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
</TABLE>
<PAGE> 4
PROSPECTUS
Dated May 1, 1999
Flexible Premium Variable Life Insurance Policy
Issued by
MONY Life Insurance Company Of America
MONY America Variable Account L
MONY Life Insurance Company of America issues a flexible premium variable life
insurance policy described in this Prospectus. Among the policy's many terms
are:
Allocation of Premiums and Cash Values:
- - The policy owner can tell us what to do with the premium payments. The policy
owner can also tell us what to do with the cash values the policy may create
as a result of those premium payments.
- The policy owner can tell us to place them into a separate account. That
separate account is called MONY America Variable Account L.
- If the policy owner does, the owner can also tell us to place premium
payments and cash values into any or all of 21 different subaccounts.
Each of these subaccounts seeks to achieve a different investment
objective. If the policy owner tells us to place the premium payments
and cash values into one or more subaccounts of the separate account,
the policy owner bears the risk that the investment objectives will
not be met. That risk includes not earning any money on premium
payments and cash values and also that premium payments and cash value
may lose some or all of their value.
- The policy owner can also tell us to place some or all of the premium
payments and cash values into our account. Our account is called the
Guaranteed Interest Account. If the policy owner elects the Guaranteed
Interest Account, 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 4.0% interest annually. We may pay more than 4.0% if we choose.
Premium payments and cash values the policy owner places into the
Guaranteed Interest Account become part of our assets.
Death Benefit:
- - We will pay death benefit proceeds to the named beneficiary if the insured
dies before age 95 while the policy is in effect. The death proceeds will
never be less than the amount specified in the policy. It may be greater than
the amount specified if the policy's cash values increase.
Living Benefits:
- - The policy owner may ask for some or all of the policy's cash value at any
time. If the policy owner does ask, we may deduct a surrender charge. The
policy owner may borrow up to 90% of the policy's cash value from us at any
time. The policy owner 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., Enterprise Accumulation Trust, the T. Rowe Price Equity Series,
Inc., the T. Rowe Price Fixed Income Series, Inc., the T. Rowe Price
International Series, Inc., the Dreyfus Variable Insurance Fund, the Dreyfus
Stock Index Fund, and the Van Eck Worldwide Insurance Trust. You should read
these prospectuses carefully and keep them for future reference.
MONY Life Insurance Company of America
1740 Broadway, New York, New York 10019
1-800-487-6669
<PAGE> 5
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Summary of the Policy....................................... 1
Important Policy Terms.................................... 1
Purpose of the Policy..................................... 1
Explanation of a Case..................................... 2
Policy Premium Payments and Values........................ 2
The Death Benefit......................................... 3
Premium Features.......................................... 4
MONY America Variable Account L........................... 5
Allocation Options........................................ 5
Transfer of Account Value................................. 5
Policy Loans.............................................. 5
Full Surrender............................................ 5
Partial Surrender......................................... 5
Right to Return Policy Period............................. 5
Grace Period and Lapse.................................... 6
Charges and Deductions.................................... 6
Tax Treatment of Increases in Account Value............... 6
Tax Treatment of Death Benefit............................ 6
Riders.................................................... 6
Contacting the Company.................................... 6
Detailed Information About the Company And MONY America
Variable Account L........................................ 8
MONY Life Insurance Company............................... 8
Year 2000 Issue........................................... 8
MONY America Variable Account L........................... 10
The Funds................................................... 14
MONY Series Fund, Inc..................................... 14
Enterprise Accumulation Trust............................. 15
T. Rowe Price Equity Series, Inc.......................... 16
T. Rowe Price Fixed Income Series, Inc.................... 16
T. Rowe Price International Series, Inc................... 16
Van Eck Worldwide Insurance Trust......................... 17
Dreyfus Variable Investment Fund.......................... 17
Purchase of Portfolio Shares by MONY America Variable
Account L.............................................. 18
Detailed Information About The Policy....................... 19
Application for a Policy.................................. 19
Right to Examine a Policy -- Right to Return Policy
Period................................................. 21
Premiums.................................................. 21
Choice of Definition of Life Insurance.................... 22
Guaranteed Death Benefit.................................. 22
Allocation of Net Premiums................................ 23
Death Benefits under the Policy........................... 23
Death Benefit Options..................................... 24
Changes in Death Benefit Amounts.......................... 25
Guaranteed Death Benefit Rider............................ 27
Other Optional Insurance Benefits......................... 28
Benefits at Maturity...................................... 29
</TABLE>
i
<PAGE> 6
<TABLE>
<CAPTION>
PAGE
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<S> <C>
Policy Values............................................. 29
Determination of Account Value............................ 30
Calculating Unit Values for Each Subaccount............... 31
Transfer of Account Value................................. 32
Right to Exchange Policy.................................. 33
Policy Loans.............................................. 33
Full Surrender............................................ 34
Partial Surrender......................................... 34
Grace Period and Lapse.................................... 35
Charges and Deductions...................................... 37
Deductions from Premiums.................................. 38
Daily Deduction From MONY America Variable Account L...... 39
Deductions from Account Value............................. 40
Fees and Expenses of the Funds............................ 41
Guarantee of Certain Charges.............................. 43
Corporate Purchasers -- Reduction of Charges.............. 44
Other Information........................................... 44
Federal Income Tax Considerations......................... 44
Charge for Company Income Taxes........................... 48
Voting of Fund Shares..................................... 48
Disregard of Voting Instructions.......................... 49
Report to Policy Owners................................... 49
Substitution of Investments and Right to Change
Operations............................................. 49
Changes to Comply with Law................................ 50
Performance Information..................................... 50
The Guaranteed Interest Account............................. 51
General Description....................................... 51
Limitations on Amounts in the Guaranteed Interest
Account................................................ 52
Policy Charges............................................ 52
Transfers................................................. 52
Surrenders and Policy Loans............................... 53
More About The Policy....................................... 53
Ownership................................................. 53
Beneficiary............................................... 53
Notification and Claims Procedures........................ 53
Payments.................................................. 54
Payment Plan/Settlement Provisions........................ 54
Payment in Case of Suicide................................ 54
Assignment................................................ 54
Errors on the Application................................. 55
Incontestability.......................................... 55
Policy Illustrations...................................... 55
Distribution of the Policy................................ 55
Policy Owner Services..................................... 56
More About The Company...................................... 57
Management................................................ 57
State Regulation.......................................... 58
</TABLE>
ii
<PAGE> 7
<TABLE>
<CAPTION>
PAGE
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<S> <C>
Records and Accounts...................................... 58
Legal Proceedings......................................... 58
Legal Matters............................................. 58
Registration Statement.................................... 58
Independent Accountants................................... 59
Financial Statements...................................... 59
Index to Financial Statements............................... F-1
Appendix A................................................ A-1
Appendix B................................................ B-1
Appendix C................................................ C-1
Appendix D................................................ D-1
Appendix E................................................ E-1
Appendix F................................................ F-1
Appendix G................................................ G-1
</TABLE>
iii
<PAGE> 8
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 Variable Account L. The prospectus also briefly
will describe the Guaranteed Interest Account. 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 the policy owner
requests on the policy. The unpaid balance includes accrued loan interest that
is due and has not been paid by the policy owner.
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 the policy owner requests. We will credit
interest to the Loan Account at a rate not less than 4.5%. The Loan Account is
part of the Company's general account.
Account 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.
Cash Value -- The Account Value of the policy plus any refund of sales
charge.
Minimum Annual Premium -- The amount the Company determines is necessary to
keep the policy in effect.
Guaranteed Interest Account -- This account is part of the general account
of the Company. The policy owner may allocate all or a part of the policy's net
premium payments to this account. This account will credit the policy owner with
a fixed interest rate (which will not be less than 4.0%) 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.
Base Death Benefit -- Initially this is the Specified Amount for policies
under death benefit Option 1, or the Specified Amount plus the Account Value for
policies under death benefit Option 2.
Target Death Benefit -- If a Term Insurance Rider is attached to the
policy, the Target Death Benefit is the amount specified in the application for
the policy, or as changed by the policy owner from time to time. The difference
between the Target Death Benefit and the Base Death Benefit is equal to the Term
Insurance Rider's benefit amount.
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 base death benefit equal to (a) its Specified Amount, or (b) its
Specified Amount plus the Account Value. The policy also provides surrender and
loan privileges. The policy offers a choice of investment alternatives and an
opportunity for the policy's Account Value and its death benefit, to grow based
on investment results. In addition, the policy owner, chooses the amount and
frequency of premium payments, within certain limits.
1
<PAGE> 9
EXPLANATION OF A CASE
Each policy must be a part of a case. A case is a grouping of one or more
policies connected by a non-arbitrary factor. Examples of factors are
individuals who share a common employment, business or other relationship. The
sum of the premiums to be received by the Company in the first policy year for
the policies representing the case must be at least $100,000. The Company at its
sole discretion will determine what constitutes a case. A case may have one
policy owner (e.g., a single entity that owns all the policies in the case) or
as many policy owners as there are policies in the case.
POLICY PREMIUM PAYMENTS AND VALUES
The Company receives the policy premium payments. From those premium
payments, the Company makes deductions to pay premium and other taxes imposed by
state and local 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.
The policy owner may allocate net premium payments among the various
subaccounts of MONY America Variable Account L and/or the Guaranteed Interest
Account. The owner of the policy has the right to allocate net premium payments
to someone else. The net premium payments the owner allocates 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 the owner
selects. The death benefit may or may not increase or decrease depending on
several factors including the death benefit option chosen. The death benefit
will never decrease below the Specified Amount of your policy.
Net premium payments allocated to the Guaranteed Interest Account will be
credited with interest at a rate determined by the Company. That rate will not
be less than 4.0%.
The value of the net premium payments allocated to MONY America Variable
Account L and to the Guaranteed Interest Account are called the Account Value.
There is no guarantee that the policy's Account Value and death benefit will
increase. You bear the risk that the net premiums and Account Value allocated to
MONY America Variable Account L may be worth more or less while the policy
remains in effect.
If the owner cancels the policy and returns it to the Company during the
Right to Return Policy Period, premium payments will be returned to the owner by
the Company. After the Right to Return Policy Period, the owner may cancel your
policy by surrendering it to the Company. The Company will pay the owner the
Account Value plus any applicable refund of sales charges less any Outstanding
Debt. The Company will also deduct any amount the owner borrows from it from the
amount it pays the owner. The Account Value plus any applicable refund of sales
charge 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 Account 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 Account Value
less Outstanding Debt is sufficient to pay all monthly deductions. However, a
Guaranteed Death Benefit Rider is also available at the time you purchase the
policy. It will extend the time during which the Specified Amount of the policy
may
2
<PAGE> 10
remain in effect. The Guaranteed Death Benefit Rider requires the payment of an
agreed upon amount of premiums and is discussed below.
CHARGES AND DEDUCTIONS
- --------------------------------------------------------------------------------
DEDUCTIONS FROM PREMIUMS
<TABLE>
<CAPTION>
<S> <C> <C>
- -----------------------------------------------------------------------------------------------
Sales Charge -- Deducted from premium up to First 10 policy years -- 9%
the Target Premium Ten policy years after an increase in
Specified Amount -- 9%
- -----------------------------------------------------------------------------------------------
Tax Charge State and local -- 0%-4% Federal -- 1.25%
- -----------------------------------------------------------------------------------------------
</TABLE>
DAILY DEDUCTION FROM MONY AMERICA VARIABLE ACCOUNT L
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Mortality & Expense Risk Charge First 10 policy years -- .60% of
Annual Rate subaccount value.
After the 10th policy year -- .45% of
subaccount value.
- ----------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
DEDUCTIONS FROM ACCOUNT VALUE
- --------------------------------------------------------------------------------
<TABLE>
<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 (all $7.50
policies) -- Monthly
Medical Underwriting Charge (applicable $5.00
policies) -- Monthly
Guaranteed Issue Underwriting Charge $3.00
(applicable policies) -- Monthly
- ----------------------------------------------------------------------------------------------
Guaranteed Death Benefit Charge $0.01 per $1,000 of policy Specified
Monthly Charge for Death Benefit Rider (not Amount. Please note that the Rider requires
available in all states) that premiums on the policy itself be paid
in order to remain in effect.
- ----------------------------------------------------------------------------------------------
Optional Insurance Benefits Charge -- As applicable.
Monthly Deduction for any other optional
insurance Benefits added by rider.
- ----------------------------------------------------------------------------------------------
Transaction and Other Charges
-- Partial Surrender Fee Lesser of $25 or 2% of the partial
surrender amount
-- Transfer of Account Value (transfers $50
exceeding 12 in any policy year)
-- Premium allocation changes (over two in $25
any policy year
-- Reinstatement Fee $150
- ----------------------------------------------------------------------------------------------
</TABLE>
THE DEATH BENEFIT
The minimum Specified Amount is $100,000. However, the Specified Amount may
be reduced to $50,000 if at least $50,000 is provided by a Term Insurance Rider
added to the policy. The policy owner may elect one of two options to compute
the amount of Base Death Benefit payable under the policy. The policy owner's
selection may increase the death benefit.
3
<PAGE> 11
Option 1 -- The Base Death Benefit equals the greater of:
(a) the Specified Amount plus the increase in the Account Value since
the last monthly anniversary; or
(b) the Cash Value multiplied by a death benefit percentage required
by the Federal tax law definition of life insurance.
If the policy owner chooses Option 1, favorable investment performance
reduces the cost paid for the death benefit. This reduction will decrease
the deduction from Account Value.
Option 2 -- The Base Death Benefit equals the greater of:
(a) The Specified Amount plus the Account Value; or
(b) The Cash Value multiplied by a death benefit percentage required
by the Federal tax law definition of life insurance.
If the policy owner chooses Option 2, favorable investment performance
will increase the Account Value of the policy. This in turn increases
insurance coverage.
The Account Value used in these calculations is the Account Value as of the date
of the insured's death.
The policy owner may change the death benefit option and increase or
decrease the Specified Amount, subject to certain conditions. See "Death
Benefits Under the Policy," page .
When the policy owner applies for insurance, the policy owner can purchase
the Guaranteed Death Benefit Rider. This rider provides a guarantee that the
Specified Amount under the policy will remain in effect as long as:
(a) The required premiums (reduced by any partial surrenders and
applicable fees) have been paid; and
(b) The Account Value exceeds Outstanding Debt.
See "Guaranteed Death Benefit Rider," page .
PREMIUM FEATURES
The policy owner must pay an initial premium equal to at least one fourth
of the Minimum Annual Premium. After that, subject to certain limitations, the
policy owner may choose the amount and frequency of premium payments as the
policy owner's financial situation and needs change.
When the policy owner applies for a policy, the policy owner determines the
level amount to pay at fixed intervals over a specified period of time. The
policy owner elects to receive a premium notice on an annual, semiannual or
quarterly basis. However, the policy owner may choose to skip or stop making
premium payments. The policy continues in effect until the Account Value (less
Outstanding Debt) can no longer cover:
(1) The monthly deductions for the policy, and
(2) Any optional insurance benefits added by rider.
The amount, frequency and period of time over which the policy owner pays
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 the policy owner specifies on the application will
not guarantee that the policy will remain in effect. See "Grace Period and
Lapse," page . If any premium 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 the policy owner provides satisfactory
evidence of insurability.
4
<PAGE> 12
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
The policy owner may allocate premium payments and Account Values among the
various subaccounts of MONY America Variable Account L. Each of the subaccounts
uses premium payments and Account Values to purchase shares of a designated
portfolio of the MONY Series Fund, Inc., the Enterprise Accumulation Trust, the
T. Rowe Price Equity Series, Inc., the T. Rowe Price Fixed Income Series, Inc.,
the T. Rowe Price International Series, Inc., the Dreyfus Variable Insurance
Fund, the Dreyfus Stock Index Fund, and the Van Eck Worldwide Insurance Trust.
The subaccounts available to the policy owner and the investment objectives of
each available subaccount are described in detail beginning on page .
TRANSFER OF ACCOUNT VALUE
The policy owner may transfer Account Value among the subaccounts. Subject
to certain limitations, the policy owner may also transfer between the
subaccounts and the Guaranteed Interest Account. See "Transfer of Account
Value," page .
POLICY LOANS
The policy owner may borrow up to 90% of the policy's Account Value (less
any Outstanding Debt) from the Company. See " Policy Loans," page .
The amount of Outstanding Debt is subtracted from the death benefit. The
Outstanding Debt 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 the interest is not paid when due, the amount due will be added
to the principal amount of the Outstanding Debt.
FULL SURRENDER
The policy owner can surrender the policy during the insured's lifetime and
receive the (a) Account Value, plus (b) any applicable refund of sales charge,
minus (c) any Outstanding Debt. See "Full Surrender," page .
PARTIAL SURRENDER
The policy owner may request a partial surrender if the Account Value less
Outstanding Debt 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 the request and return it to the policy owner. A partial
surrender will generally decrease the Target Death Benefit. See "Partial
Surrender," at page .
Partial surrenders must be for at least $500. A partial surrender fee of
the lesser of $25 or 2% of the amount surrendered will be assessed against the
remaining Account Value.
RIGHT TO RETURN POLICY PERIOD
The policy owner has the right to examine the policy when it is received.
The policy owner may return the policy for any reason and obtain a full refund
of the premium paid if the policy is returned within 10 days (or longer in some
states) after it is received. The policy owner may also return the policy within
45 days after the date the application for the policy is signed. During the
Right to Return Policy Period, net premiums will be allocated to the Money
Market subaccount which invests in the Money Market Portfolio of the Money
Series Fund, Inc. See "Right to Examine a Policy -- Right to Return Policy
Period," page .
5
<PAGE> 13
GRACE PERIOD AND LAPSE
The policy will remain in effect as long as:
(1) The Account Value less Outstanding Debt is sufficient to pay the
current monthly deduction; or
(2) The policy owner requested the Guaranteed Death Benefit Rider and
has met all the requirements of that rider.
If the policy is about to terminate (or Lapse), we will give the policy
owner notice that the policy owner must pay additional premiums. That notice
will tell the policy owner the minimum amount that must be paid 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 the policy owner has paid the
premiums required by the Guaranteed Death Benefit Rider. See "Guaranteed Death
Benefits," page . If the policy does not meet the test on that date, a
notice will be sent to the policy owner giving the policy owner 61 days from its
date to make additional payments to the Rider. See "Grace Period and Lapse,"
page .
CHARGES AND DEDUCTIONS
The policy provides for the deduction of various charges, costs and
expenses imposed by the policy provisions from the Account Value of the policy.
These deductions are summarized in the table on pages .
TAX TREATMENT OF INCREASES IN ACCOUNT VALUE
The federal income tax laws generally tie the taxation of Account Values to
the policy owner's receipt of those Account Values. This policy is currently
subject to the same federal income tax treatment as fixed life insurance.
Certain policy loans may be taxable. Information on the tax treatment of the
policy can be found under "Federal Income Tax Considerations," 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 two riders available with this policy.
- Guaranteed Death Benefit Rider
- Term Insurance Rider
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.
6
<PAGE> 14
The following chart may help you to understand how the policy works.
[HOW THE POLICY WORKS FLOW CHART]
7
<PAGE> 15
DETAILED INFORMATION ABOUT THE COMPANY
AND MONY AMERICA VARIABLE ACCOUNT L
MONY LIFE INSURANCE COMPANY
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 currently licensed to sell life insurance and annuities in all 49
states (not including New York), the District of Columbia, the U.S. Virgin
Islands, and Puerto Rico. The Company is the corporate successor of Vico Credit
Life Insurance Company, incorporated in Arizona on March 6, 1996.
The Company is a wholly owned subsidiary of MONY Life Insurance Company
("MONY"). The principal office of the Company is located at 1740 Broadway, New
York, New York 10019. MONY was founded in 1842 as 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 does not have any material effect on the
Company, MONY AmericaVariable Account L, or the policies.
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 1996. The A.M. Best rating of the
Company should be considered only as bearing on the ability of the Company to
meet its obligations under the policies.
The Company has a service agreement with MONY. MONY provides the Company
with such personnel, facilities, etc., as are reasonably necessary for the
conduct of the Company's business. These services are provided on a cost
reimbursement basis. The Company intends to administer the policies itself,
utilizing the services provided by MONY and Andesa TPA, Inc. to meet its
obligations under the policies.
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
In 1996, the Company initiated 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, the Company retained Command Systems, Inc., and
Keane, Inc. to assist the Company in bringing the Company's computer and
information systems into Year 2000 compliance. The Company's 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 has also retained
Technology Resource Solutions to assist in the evaluation of Year 2000 issues
affecting the Company's non-IT systems in facilities and equipment which may
contain date logic in embedded chips. MONY's overall goal is to have all non-IT
systems compliant by mid-1999.
The scope of the Project includes:
- ensuring the compliance of all applications, operating systems and
hardware on mainframe, PC and LAN platforms;
8
<PAGE> 16
- 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:
(i) inventorying Year 2000 items and assigning priorities;
(ii) assessing the Year 2000 compliance of items;
(iii) remediating or replacing items that are determined not to be
Year 2000 compliant;
(iv) testing items for Year 2000 compliance; and
(v) 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. For business-critical
non-IT systems in buildings, facilities and equipment, approximately 50% had
been remediated as of September 30, 1998.
The inventory and assessment phases of the Project were completed prior to
mid 1998. At December 31, 1998, approximately % of the Company's
application systems had been remediated, tested and re-implemented into
production. Approximately % 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, approximately %
were compliant and tested by December 31, 1998. Approximately % 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 providers, 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 is approximately $26.0
million. The total amount expended on the Project through December 31, 1998 was
$ million which includes $ million for external vendor costs,
and $ million for internal costs. The estimated future cost of
completing the Year 2000 Project is estimated to be approximately $
million, which includes $ million for external vendor costs, and
$ million for internal costs. 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.
9
<PAGE> 17
Contingency Plans
The Company 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.
Account Values 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 March 27, 1987. 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 twenty-one subaccounts available to you. Each
subaccount invests exclusively in shares of a designated portfolio of MONY
Series Fund, Inc., Enterprise Accumulation Trust, the T. Rowe Price Equity
Series, Inc., the T. Rowe Price Fixed Income Series, Inc., the T. Rowe Price
International Series, Inc., the Dreyfus Variable Insurance Fund, the Dreyfus
Stock Index Fund, and the Van Eck Worldwide Insurance 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
10
<PAGE> 18
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>
11
<PAGE> 19
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <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 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.
--------------------------------------------------------------------------------------------
THE PRIME RESERVE SUBACCOUNT Preservation of capital, liquidity, and
the highest possible income consistent
This subaccount purchases shares of the T. with theses goals.
Rowe Price Fixed Income Series, Inc. Prime
Reserve Portfolio.
--------------------------------------------------------------------------------------------
THE LIMITED TERM BOND SUBACCOUNT To provide a high level of income
consistent with moderate fluctuation in
This subaccount purchases shares of the T. principal value.
Rowe Price Fixed Income Series, Inc.
Limited-Term Bond Portfolio.
--------------------------------------------------------------------------------------------
THE WORLDWIDE BOND SUBACCOUNT Seeks high total return through a flexible
policy of investing globally, primarily in
This subaccount purchases shares of the debt securities.
Van Eck Worldwide Insurance Trust
Worldwide Bond Fund.
--------------------------------------------------------------------------------------------
</TABLE>
12
<PAGE> 20
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
THE STOCK INDEX SUBACCOUNT Provide investment results that correspond
to the price and yield performance of
This subaccount purchases shares of the publically traded common stocks in the
Dreyfus Stock Index Fund. aggregate, as represented by the Standard
and Poor's 500 Composite Stock Price
Index.
--------------------------------------------------------------------------------------------
THE EQUITY INCOME SUBACCOUNT To provide substantial dividend income and
also long-term capital appreciation.
This subaccount purchases shares of the T.
Rowe Price Equity Series, Inc. Equity
Income Portfolio.
--------------------------------------------------------------------------------------------
THE CAPITAL APPRECIATION SUBACCOUNT To provide long-term capital growth
consistent with the preservation of
This subaccount purchases shares of the capital; current income is a secondary
Dreyfus Variable Investment Fund Capital objective.
Appreciation Portfolio.
--------------------------------------------------------------------------------------------
THE PERSONAL STRATEGY BALANCED SUBACCOUNT The highest total return over time
consistent with an emphasis on capital
This subaccount purchases shares of the T. appreciation and income.
Rowe Price Equity Series, Inc. Personal
Strategy Balanced Portfolio.
--------------------------------------------------------------------------------------------
THE NEW AMERICA GROWTH SUBACCOUNT To provide long-term capital growth by
investing primarily in common stocks of
This subaccount purchases shares of the T. U.S. growth companies operating in service
Rowe Price Equity Series, Inc. New America industries.
Growth Portfolio.
--------------------------------------------------------------------------------------------
THE SMALL COMPANY STOCK SUBACCOUNT To provide investment results that are
greater than the total return performance
This subaccount purchases shares of the of publically- traded common stocks in the
Dreyfus Investment Fund Small Company aggregate, as represented by the Russell
Stock Portfolio. 2500 Index.
--------------------------------------------------------------------------------------------
THE INTERNATIONAL STOCK SUBACCOUNT Capital appreciation through investment
primarily in established companies based
This subaccount purchases shares of the T. outside the United States.
Rowe Price International Series, Inc.
International Stock Portfolio.
--------------------------------------------------------------------------------------------
THE WORLDWIDE EMERGING MARKETS SUBACCOUNT Seeks long-term capital appreciation by
investing primarily in equity securities
This subaccount purchases shares of the in emerging markets around the world.
Van Eck Worldwide Insurance Trust
Worldwide Emerging Markets Fund.
--------------------------------------------------------------------------------------------
</TABLE>
13
<PAGE> 21
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
SUBACCOUNT AND DESIGNATED PORTFOLIO INVESTMENT OBJECTIVE
--------------------------------------------------------------------------------------------
<S> <C> <C>
THE WORLDWIDE HARD ASSETS SUBACCOUNT Seeks long-term capital appreciation by
investing primarily in "Hard Asset
This subaccount purchases shares of the Securities."
Van Eck Worldwide Insurance Trust
Worldwide Hard Assets Fund (formerly, Gold
and Natural Resources Fund).
----------------------------------------------------------------------------------------
</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 the policy owner. 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, has 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.
<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, and
MONY Life Insurance Company of America is 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, and
MONY Life Insurance Company of America is 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, and
MONY Life Insurance Company of America is 0.30% in excess of $800 million of the
the Investment Adviser. portfolio's aggregate average daily net
assets
- --------------------------------------------------------------------------------------------
</TABLE>
14
<PAGE> 22
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT ADVISER INVESTMENT ADVISORY FEE
-------------------------------- -----------------------
- --------------------------------------------------------------------------------------------
<S> <C>
MONEY MARKET PORTFOLIO Annual rate of 0.40% of the first $400
million, 0.35% of the next $400 million, and
MONY Life Insurance Company of America is 0.30% of assets in excess of $800 million of
the Investment Adviser. the portfolio's aggregate average daily net
assets.
- --------------------------------------------------------------------------------------------
</TABLE>
ENTERPRISE ACCUMULATION TRUST
Enterprise Accumulation Trust has ten portfolios, five of which are
currently available to be purchased by subaccounts available to the policy
owner. Enterprise Capital Management, Inc. ("Enterprise Capital"), a wholly
owned subsidiary of the Company, 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 . 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> <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 aggregate average daily net assets.
average daily net assets.
- ------------------------------------------------------------------------------------------------------
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 aggregate portfolio's aggregate
average daily net assets. average daily net assets.
- ------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO Annual rate of 0.75% of the Annual rate of 0.40% of the
aggregate average daily net first $1 billion and 0.30%
Gabelli Asset Management, Inc. is assets. in excess of $1 billion of
the sub-investment adviser. the portfolio's aggregate
average daily net assets.
- ------------------------------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO Annual rate of 0.85% of the Annual rate of 0.45% of the
aggregate average daily net first $100 million of the
Brinson Partners, Inc. is the assets. portfolio's aggregate
sub-investment adviser. average daily net assets
(fee declines as assets
exceed $100 million).
- ------------------------------------------------------------------------------------------------------
</TABLE>
15
<PAGE> 23
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
- ------------------------------------ ---------------------- --------------------------
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
HIGH YIELD BOND PORTFOLIO Annual rate of 0.60% of the Annual rate of 0.30% of the
aggregate average daily net first $100 million and 0.25%
Caywood-Scholl Capital Corporation assets. in excess of $100 million of
is the sub-investment adviser. the portfolio's aggregate
average daily net assets.
- ------------------------------------------------------------------------------------------------------
</TABLE>
T. ROWE PRICE EQUITY SERIES, INC.
T. ROWE PRICE FIXED INCOME SERIES, INC.
T. Rowe Price Equity Series, Inc. has four portfolios of which the shares
of only three portfolios can be purchased by subaccounts available to the policy
owner. T. Rowe Price Fixed Income Series, Inc. has two portfolios, the shares of
which can be purchased by subaccounts available to the policy owner. T. Rowe
Price Associates, Inc. acts as the investment manager of T. Rowe Equity Series,
Inc. and T. Rowe Price Fixed Income Series, Inc. Fees are deducted daily and
paid to T. Rowe Price Associates, Inc. on a monthly basis. The daily investment
advisory fees for each portfolio are shown in the table below.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
------------------------------------------------------------------------------------------
<S> <C>
T. Rowe Price Equity Series, Inc. Annual rate of 0.85% of the portfolio's
Equity Income Portfolio aggregate average daily net assets.
------------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. Annual rate of 0.85% of the portfolio's
New American Growth Portfolio aggregate average daily net assets.
------------------------------------------------------------------------------------------
T. Rowe Price Equity Series Inc. Annual rate of 0.90% of the portfolio's
Personal Strategy Balanced Portfolio aggregate average daily net assets.
------------------------------------------------------------------------------------------
T. Rowe Price Fixed Income Series, Inc. Annual rate of 0.70% of the portfolio's
Limited Term Bond Portfolio aggregate average daily net assets.
------------------------------------------------------------------------------------------
T. Rowe Price Fixed Income Series, Inc. Annual rate of 0.55% of the portfolio's
Prime Reserve Portfolio aggregate average daily net assets.
------------------------------------------------------------------------------------------
</TABLE>
T. ROWE PRICE INTERNATIONAL SERIES, INC.
The International Stock Portfolio and the Limited Term Bond Portfolio of T.
Rowe Price International Series, Inc. can be purchased by subaccounts available
to the policy owner. Rowe Price-Fleming International, Inc. acts as the
investment manager of T. Rowe Equity International Series, Inc. Fees are
deducted daily and paid to T. Rowe Price Associates, Inc. on a monthly basis.
The daily investment advisory fees for each portfolio are shown in the table
below.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
PORTFOLIO INVESTMENT ADVISER FEE
------------------------------------------------------------------------------------------
<S> <C>
International Stock Portfolio Annual rate of 1.05% of the portfolio's
aggregate average daily net assets.
------------------------------------------------------------------------------------------
Limited Term Bond Portfolio Annual rate of 1.05% of the portfolio's
aggregate average daily net assets.
------------------------------------------------------------------------------------------
</TABLE>
16
<PAGE> 24
VAN ECK WORLDWIDE INSURANCE TRUST
Van Eck Worldwide Insurance Trust has five portfolios, three of which are
currently available to be purchased by subaccounts available to the policy
owner. Van Eck Associates Corporation, is the investment manager of Worldwide
Insurance Trust. Van Eck Associates Corporation contracts with sub-investment
advisers to assist in managing the portfolios. Van Eck Worldwide Insurance Trust
pays an investment advisory fee to Van Eck Associates Corporation which in turn
pays the sub-investment advisers. Fees are deducted daily and paid to Van Eck
Associates Corporation 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> <C>
WORLDWIDE BOND FUND Annual rate of 1.00% of the Not applicable
first $500 million, .90% of
None the next $250 million, and
.79% in excess of $750
million of the portfolio's
aggregate average daily net
assets.
------------------------------------------------------------------------------------------------------
WORLDWIDE HARD ASSETS FUND Annual rate of 1.00% of the Not applicable
first $500 million, .90% of
None the next $250 million, and
.79% in excess of $750
million of the portfolio's
aggregate average daily net
assets.
------------------------------------------------------------------------------------------------------
WORLDWIDE EMERGING ASSETS FUND Annual rate of 1.00% of the Annual rate of .50% of the
portfolio's aggregate portfolio's aggregate
Peregrine Asset Management (Hong average daily net assets. average daily net assets.
Kong)
------------------------------------------------------------------------------------------------------
</TABLE>
DREYFUS VARIABLE INVESTMENT FUND
Dreyfus Variable Investment Fund has thirteen portfolios, two of which are
currently available to be purchased by subaccounts available to the policy
owner. The Dreyfus Corporation, is the investment adviser of the Dreyfus
Variable Investment Fund. The Dreyfus Corporation contracts with sub-investment
advisers to assist in managing the portfolios. Dreyfus Variable Investment Fund
pays an investment advisory fee to the Dreyfus Corporation which in turn pays
the sub-investment advisers. Fees are deducted daily and paid to the Dreyfus
Corporation 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> <C>
CAPITAL APPRECIATION PORTFOLIO Annual rate of 0.55% of the Not applicable
first $150 million, 0.50%
None of the next $150 million,
and 0.375% in excess of
$300 million of the
portfolio's aggregate
average daily net assets.
------------------------------------------------------------------------------------------------------
</TABLE>
17
<PAGE> 25
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
PORTFOLIO AND INVESTMENT SUB-ADVISER INVESTMENT ADVISER FEE SUB-INVESTMENT ADVISER FEE
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SMALL COMPANY STOCK PORTFOLIO Annual rate of 0.75% of the Annual rate of 0.20% of the
portfolio's aggregate first $150 million, 0.25%
Fayez Sarofim & Co. average daily net assets. of the next $150 million,
and 0.375% in excess of
$300 million of the
portfolio's aggregate
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 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 portfolio are 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 table 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
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DETAILED INFORMATION ABOUT THE POLICY
The Account Value in MONY America Variable Account L and the Guaranteed
Interest Account provide many of the benefits of the 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 Account Value.
APPLICATION FOR A POLICY
The policy design meets the needs of individuals and corporations that wish
to purchase life insurance benefits on the lives of key employees. The policy
may be sold together with other related policies forming a case. 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 not less than
18 and up to and including 80 with evidence of insurability that satisfies the
Company. The age of the insured is the age on his or her birthday nearest 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 Target Death Benefit is generally $100,000. The minimum
Specified Amount you may apply for is $100,000. The Specified Amount may be
reduced to $50,000 if at least $50,000 amount of Term Insurance Rider is added
to the policy. However, the Company reserves the right to revise its rules at
any time to require a different minimum Specified Amount and Target Death
Benefit 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 answers to those questions. In addition, you must complete and
sign the Temporary Insurance Agreement Form. You must also submit payment for at
least 25% of one Minimum Annual 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:
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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 4.0 % 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) The date the Company sends notice to you declining to issue any policy.
Initial Premium Payment
Once the application is approved and the policy owner is 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 will be transferred to the Money Market Subaccount until the Right to Return
Policy Period has ended. The amount transferred would include 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, premium will be held in the general account until
the policy date. On the Policy Date, premiums will be transferred to the Money
Market Subaccount until the Right to Return Policy Period ends. When the Right
to Return Policy Period ends, the premium, plus any interest credited by the
Company, is allocated to the subaccounts of MONY America Variable Account L or
the Guaranteed Interest Account pursuant to your instructions. (See "Right
Examine a Policy -- Right to Return Policy Period," page .)
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 advantageous 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 any proposed insured that does not meet the Company's guaranteed issue
standards. The Company may use guaranteed issue underwriting when it is
considered appropriate.
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RIGHT TO EXAMINE A POLICY -- RIGHT TO RETURN POLICY PERIOD
The Right to Return Policy Period follows the application for a policy and
its issuance to the policy owner. The period runs to the lastest of:
(a) 45 days after Part I of the application is signed, or
(b) 10 days (or longer in certain states) after the policy owner
receives the policy, or
(c) 10 days after the Company mails or personally delivers a notice of
withdrawal right to the policy owner.
During this period, the policy owner 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 to the policy owner to determine the amount and frequency of premium
payments.
Case Premiums
Generally, to issue a policy, the Company requires the premiums for the
first policy year for the policy or policies representing a case to equal or
exceed $100,000. The Company may, in its sole discretion, allow a reduced
minimum case premium where the Company's rules for exceptions are met.
Premium Flexibility
The Company requires you to pay an amount equal to at least one fourth of
the Minimum Annual Premium to put the policy in effect. If the policy owner
wants to pay premiums less often than annually, the premium required to put the
policy in effect is equal to the lesser of:
(a) The Minimum Annual Premium divided by the frequency of the
scheduled premium payments, or
(b) 25% of the Minimum Annual Premium.
This Minimum Annual 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 Annual Premium will be shown in the policy. Thereafter, subject
to the limitations described below, the policy owner may choose the amount and
frequency of premium payments to reflect varying financial conditions.
Scheduled Premiums
When applying for a policy, a policy owner determines a scheduled premium
payment. This scheduled premium payment provides for the payment of level
premiums at fixed intervals over a specified period of time. Each policy owner
will receive a premium reminder notice for the scheduled premium payment amount
on an annual, semiannual or quarterly basis, at the policy owner's option. After
the Minimum Annual
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Premium has been paid, the minimum scheduled premium for any policy is $100.
Although reminder notices will be sent, the policy owner may not be required to
pay scheduled premium payments.
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 DEFINITION OF LIFE INSURANCE
When applying for the policy, the policy owner will choose one of two tests
to apply to the policy for compliance with the Federal tax law definition of
life insurance. These tests are the Cash Value Accumulation Test and the
Guideline Premium/Cash Value Test. The Death Benefit Percentage applied to the
policy varies according to the definition of life insurance chosen. See "Federal
Income Tax Considerations -- Definition of Life Insurance," on page .
GUARANTEED DEATH BENEFIT
Generally, the policy remains in effect so long as the Account Value less
Outstanding Debt is sufficient to pay the charges that maintain the policy. The
charges that maintain the policy are deducted monthly from the Account Value.
The Account Value of the 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 Account Value of the various charges, costs, and
expenses imposed by the policy provisions.
This in turn affects the length of time the policy remains in effect
without the payment of additional premiums. See "Grace Period and Lapse," page
.
When the policy owner applies for a policy, the policy owner will be able
to choose the Guaranteed Death Benefit Rider. The Rider may extend the period
that the Specified Amount of the policy and certain other rider coverages will
remain in effect if the subaccounts suffer adverse investment experience. See
"Guaranteed Death Benefit Rider," page .
Modified Endowment Contracts
The amount, frequency and period of time over which the policy owner pays
premiums may affect whether the 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 the policy owner
takes certain pre-death distributions from the policy. See "Federal Income Tax
Considerations -- Modified Endowment Contracts," page .
Unscheduled Premium Payments
Generally, the policy owner 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 the policy owner wishes to make exceeds the Scheduled Premium payments
for the policy, the Company may reject or limit any unscheduled premium payment
that would result in an immediate increase in the death benefit payable. An
immediate increase would occur if the policy's death benefit equals a policy
owner's cash value multiplied by a death benefit percentage as a result of the
Federal income tax law definition of life insurance. See "Death Benefits Under
the Policy," page and "Federal Income Tax
Considerations -- Definition of Life Insurance," page . However, such a
premium may be accepted if satisfactory evidence of insurability is provided. 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 the policy owner if it would exceed the maximum premium
limitations prescribed by the Federal income tax law definition of life
insurance.
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Payments the policy owner sends to us will be treated as premium payments,
and not as repayment of Outstanding Debt, unless the policy owner requests
otherwise. If the policy owner requests 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 Account 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 the policy owner skips or stops paying premiums, the policy will
continue in effect until the Account Value less any Outstanding Debt can no
longer cover (1) the monthly deductions from the Account Value for the policy,
and (2) the charges for any optional insurance benefits added by rider. See
"Grace Period and Lapse." page .
The policy owner's Specified Amount is guaranteed to remain in effect as
long as a Guaranteed Death Benefit Rider is in effect. See "Guaranteed Death
Benefit Rider," on page .
ALLOCATION OF NET PREMIUMS
Net premiums may be allocated to any number of the twenty-one 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 our Customer Service Center at 1 MONY Plaza, Syracuse,
New York, 13202. 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 the policy is issued, the Company will determine the initial amount of
insurance based on the instructions provided in the application. The death
benefit consists of a "Specified Amount" of insurance coverage and, if desired,
an additional amount of insurance coverage which is added by Term Insurance
Rider. The amount of the Term Insurance Rider is defined by the Target Death
Benefit. The Specified Amount is level until the Maturity Date unless changed by
the policy owner. The Target Death Benefit can be scheduled at issue in level,
increasing or decreasing amounts over the lifetime of the insured. The minimum
Target Death Benefit is generally $100,000. The minimum Specified Amount is
$100,000, although the Specified Amount may be reduced to $50,000 if at least
$50,000 of Term Insurance Rider is added to the Policy. The Target Death Benefit
and the Specified Amount will be shown on the specifications page of the policy.
As described below, over time the Base Death Benefit may vary from the
Specified Amount. This may result from:
(1) The operation of a death benefit Option,
(2) Increases to comply with the Federal income tax law definition of
life insurance,
(3) Changes in the death benefit Option, or
(4) Increases or decreases requested by the policy owner.
The Term Insurance Rider provides term insurance coverage which adjusts
automatically to equal the difference between the Target Death Benefit and the
Base Death Benefit. The Term Insurance Rider does not have a separate premium;
the cost is included in the monthly deductions discussed below. See "Term
Insurance Rider," page 27.
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As long as the Policy remains in effect, the Company will, upon proof of
the death of an Insured, pay the death benefit proceeds to the named
beneficiary. Death benefit proceeds will consist of:
(1) The Base Death Benefit under the policy, plus
(2) Any amount provided by the Term Insurance Rider, less
(3) Any Outstanding Debt (and, if in the Grace Period, further reduced
by any overdue charges).
Death benefit proceeds may be paid to a Beneficiary in a lump sum or under
a payment plan offered under the Policy. The Policy should be consulted for
details.
DEATH BENEFIT OPTIONS
Each policy owner may select one of two death benefit Options: Option 1 or
Option 2. Generally, the policy owner designates the death benefit option in the
application. If no option is designated, the Company assumes Option 2 has been
selected. Subject to certain restrictions, you can change the death benefit
option selected. As long as the policy is in effect, the death benefit under
either option will never be less than the Specified Amount of the policy.
Option 1 -- The Base Death Benefit equals the greater of:
(a) The Specified Amount plus any increase in Account Value since the
last monthly anniversary , or
(b) The Cash Value 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 250% for insureds 40 or under, and it declines for older
insureds. A table showing the death benefit percentages is in Appendix
to this prospectus and in your policy. If you seek to have
favorable investment performance reflected in increasing Account Value, and
not in increasing insurance coverage, you should choose Option 1.
Option 2 -- The death benefit equals the greater of:
(a) The Specified Amount of the policy, plus the Account Value , or
(b) The Cash Value multiplied by a death benefit percentage.
The Account 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 1 and is stated in Appendix . The death benefit in
Option 2 will always vary as Account Value varies. If you seek to have
favorable investment performance reflected in increased insurance coverage,
you should choose Option 2.
In addition, the policy owner has the option at issue to select an
alternate Death Benefit Percentage. The alternate Death Benefit Percentage may
produce a higher Base Death Benefit amount beginning the later of the Insured's
age 55 or 10 years following policy issue. This alternate Death Benefit
Percentage grades back to the Federal income tax law Death Benefit Percentage at
the Maturity Date. Use of the alternate Death Benefit Percentage results in a
higher ratio of Base Death Benefit to Account Value than that resulting from the
use of the IRS' Death Benefit Percentage beginning the later of the Insured's
age 55 or 10 years following Policy issue. This higher percentage then gradually
reduces until, by the Maturity Date, it is equal to the ratio produced by the
use of the IRS' Death Benefit Percentage. Although use of the alternate Death
Benefit Percentage results in a higher Base Death Benefit than the IRS' Death
Benefit Percentage, this higher Base Death Benefit results in higher cost of
insurance charges which has the effect of reducing the Account Value and
consequently future Base Death Benefits. The election of the alternate Death
Benefit Percentage may be eliminated at any time; once eliminated, it cannot be
reinstated. (See Appendix B, E, and F for alternate death benefit percentages.)
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<PAGE> 32
Changes in Death Benefit Option
The policy owner may request that the death benefit option under your
policy be changed from Option 1 to Option 2, or Option 2 to Option 1. The policy
owner may make a change by sending a written request to the Company's
administrative office. A change from Option 2 to Option 1 is made without
providing evidence of insurability. A change from Option 1 to Option 2 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 after the change is accepted by the Company.
If you change from Option 1 to Option 2 your policy's Specified Amount is
reduced by the amount of the policy's Account Value at the date of the change.
This maintains the Base Death Benefit payable under Option 2 at the amount that
would have been payable under Option 1 immediately prior to the change. The
total Base Death Benefit will not change immediately. The change to Option 2
will affect the determination of the Base Death Benefit from that point on. As
of the date of the change, the Account Value will be added to the new Specified
Amount. The death benefit will then vary with the Account 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 2 to Option 1, the Specified Amount of the policy
will be increased by the amount of the policy's Account Value at the date of the
change. This maintains the Base Death Benefit payable under Option 1 at the
amount that would have been payable under Option 2 immediately prior to the
change. The total Base Death Benefit will not change immediately. The change to
Option 1 will affect the determination of the Base Death Benefit from that point
on. The change to Option 1 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 Base Death Benefit
exceeds Account Value. See "Cost of Insurance," page . If the policy's Base
Death Benefit is not based on the death benefit percentage under Option 1 or 2,
changing from Option 2 to Option 1 will generally decrease the net amount at
risk. Therefore, this change may decrease the cost of insurance charges.
Changing from Option 1 to Option 2 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.
CHANGES IN DEATH BENEFIT AMOUNTS
The policy owner may increase or decrease the Target Death Benefit and the
Specified Amount subject to Company approval. Increases and decreases may be
scheduled at issue or may be requested by the policy owner after issue.
Scheduled increases or decreases will be effective on the requested date.
Requests for an unscheduled increase or decrease in death benefits must be made
by written application to the Customer Service Center. Unscheduled increases or
decreases will become effective on the monthly anniversary following the
approval of the request by the Company. A change in death benefit amounts may be
made at any time before the insured's age 81. Any change in death benefits may
not be for an amount less than $10,000.
Scheduled Increases in Death Benefits
Increases to the Target Death Benefit may be scheduled:
(1) At the time of application for the Policy, or
(2) At the time of the application for an unscheduled increase.
Scheduled increases in the Specified Amount are not allowed. Therefore, the
entire increase in the Target Death Benefit will be reflected as an increase in
the amount of Term Insurance Rider. Since these increases are scheduled (and
therefore underwritten) at issue, evidence of insurability will not be required
at the time of the increase. Scheduled increases do not create new coverage
segments. See "Unscheduled Increases in Death Benefits," below.
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<PAGE> 33
Unscheduled Increases in Death Benefit
A policy owner may request an unscheduled increase in the Target Death
Benefit or Specified Amount of a Policy at any time prior to the insured's age
81 (or age 65 for policies issued on a guaranteed issue basis) subject to the
Company's approval. Additional evidence of insurability satisfactory to the
Company will be required for an increase. An unscheduled increase will not be
given for increments less than $10,000.
An unscheduled increase in Specified Amount will increase the Target Death
Benefit by an equal amount so the Term Insurance Rider amount will remain
unchanged after the increase. An unscheduled increase in the Target Death
Benefit may consist of any combination of increases in Specified Amount and/or
Term Insurance Rider. Unless otherwise indicated, any request for an unscheduled
increase to the Target Death Benefit will be assumed to also be a request for an
increase to the Specified Amount. As a result, the amount of the Term Insurance
Rider, if included on the policy at the time of the increase, will not change.
An unscheduled increase in the death benefits will create a new "coverage
segment" for which cost of insurance and other charges are computed separately.
See "Charges and Deductions," page . In addition, if the Specified Amount is
increased, additional sales charges associated with the policy will be incurred.
The sales charge for the increase in Specified Amount is calculated 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 death benefits are increased at the same time that a premium payment is
received, the increase will be processed before the premium payment is
processed.
If an unscheduled increase creates a new coverage segment of Specified
Amount, Account Value after the increase will be allocated, (1) first to the
original coverage segment, and (2) second to each coverage segment in order of
the increases.
Increases in the Specified Amount resulting from a change in death benefit
Option do not create new coverage segments. They increase the size of the oldest
coverage segments of Specified Amount. Therefore, cost of insurance and other
charges are not computed separately for increases resulting form a death benefit
Option change.
Increasing the Specified Amount will generally increase the Base Death
Benefit of the policy. The amount of change in the Base Death Benefit will
depend, among other things, on:
(1) The death benefit Option chosen by the policy owner, and
(2) Whether the Base Death Benefit under the policy is being
calculated using a Death Benefit Percentage at the time of the change.
Changing the Specified Amount could affect:
(1) The subsequent level of the Base Death Benefit while the policy is
in effect, and
(2) The subsequent level of policy values.
For example, an increase in Specified Amount may increase the net amount at risk
under a policy, which will increase a policy owner's cost of insurance charges
over time.
Decreases in Death Benefits
Any decrease in Specified Amount (whether scheduled or unscheduled) will
reduce the Target Death Benefit of the policy and may reduce the Specified
Amount. Decreases due to a death benefit Option change will not reduce the
Target Death Benefit but may reduce the Specified Amount. Any decrease not
associated with an Option change will be applied:
(1) First to reduce the coverage segments of Term Insurance Rider
associated with the most recent increases, then
(2) To the next most recent increases successively, and last
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<PAGE> 34
(3) To the original coverage segment of Term Insurance Rider.
After all coverage segments of Term Insurance Rider have been entirely
eliminated, then coverage segments of the Specified Amount will be reduced in a
similar order. Any decrease associated with an Option change will maintain the
net amount at risk for each coverage layer at the time of the change. A decrease
other than one related to a partial surrender or death benefit Option change
will not be permitted if less than $10,000. In addition, no transaction will be
permitted if the Specified Amount would fall below the minimum we require to
issue the policy at the time of the reduction.
The required premiums under the Guaranteed Death Benefit Rider, if
applicable, will be adjusted for the decrease in death benefits. If the Target
Death Benefit or Specified Amount is decreased, target premiums will also be
adjusted for the decrease. If the death benefits are decreased at the same time
that a premium payment is received, the decrease will be processed before the
premium payment is processed.
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
Account Value for compliance with the guideline premium limitations, and
the amount of the payments would exceed the Account Value of the 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 .
Decreasing the Specified Amount will generally decrease the Base Death
Benefit. The amount of change in the Base Death Benefit will depend, among other
things, on:
(1) The death benefit Option chosen, and
(2) Whether the Base Death Benefit under the policy is being
calculated using a death benefit percentage at the time of the change.
Changing the Specified Amount could affect the subsequent level of the Base
Death Benefit while the policy is in effect and the subsequent level of policy
values. For example, a decrease in Specified Amount may decrease the net amount
at risk, which will decrease a policy owner's cost of insurance charges over
time.
GUARANTEED DEATH BENEFIT RIDER
When the policy owner applies for a policy, the policy owner may also elect
the Guaranteed Death Benefit Rider. This rider may extend the period the
Specified Amount of the policy remains in effect. An extra charge is deducted
from the Account Value each month and premiums at least equal to the cumulative
Monthly Guaranteed Premium must have been paid. See "Guaranteed Death Benefit
Rider," page .
In order to remain in effect, the Guaranteed Death Benefit Rider requires
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 insured's age 95
("Guarantee Period"). An extra charge will be deducted from the Account 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 in effect. To remain in effect, we
27
<PAGE> 35
make two tests. Under the first test the Account Value must exceed Outstanding
Debt. Under the second test we:
(1) total the actual premiums you have paid for the policy, and
(2) subtract the amount of partial surrenders (and associated fees).
The result must equal or exceed:
(1) the Monthly Guarantee Premium for the Rider, times
(2) the number of compete months since the policy date.
If the policy meets both tests on the monthly anniversary day, the rider remains
in effect until the next monthly anniversary date. If the policy fails to meet
either test, 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 .
Please refer to the policy for additional information on the Guaranteed
Death Benefit Rider.
The Guaranteed Death Benefit Rider is not available on policies offered or
issued for delivery to residents of the Commonwealth of Massachusetts or the
State of Texas.
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
Account Value for each optional benefit added to your policy. See "Charges and
Deductions," page . The amounts of these benefits are fully
guaranteed at issue. 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.
Term Insurance Rider
The policy can be issued with a Term Insurance Rider as a portion of the
total death benefit. This Rider provides term life insurance on the life of the
insured, which is annually renewable to attained age 95. As described below, the
amount of coverage provided by the Rider varies over time.
When the policy is issued, a schedule of death benefit amount called the
"Target Death Benefit" is established. The Target Death Benefit may be varied as
often as each policy year, and subject to the Company's rules, may be changed
after issue. See "Death Benefits Under the Policy," page .
The amount of the Term Insurance Rider in effect at any time is equal to
the difference between the scheduled Target Death Benefit and the Base Death
Benefit in effect. The Rider is dynamic, it adjusts for variations in the Base
Death Benefit under the policy (e.g., changes resulting from the Federal income
tax law definition of life insurance). The Company generally restricts the
amount of the Target Death Benefit at issue to an amount not more than 900% of
the Specified Amount. For example, if the Specified Amount is $100,000 then the
maximum amount of the Target Death Benefit allowed is $900,000.
28
<PAGE> 36
For example, assume the Base Death Benefit varies according to the
following schedule. The Term Insurance Rider will adjust to provide death
proceeds equal to the Target Death Benefit each year.
<TABLE>
<CAPTION>
BASE DEATH BENEFIT TARGET DEATH BENEFIT TERM INSURANCE RIDER AMOUNT
------------------ -------------------- ---------------------------
<S> <C> <C>
$500,000 $550,000 $50,000
$501,500 $550,000 $48,500
$501,250 $550,000 $48,750
</TABLE>
Since the Term Insurance Rider is dynamic, it is possible that the Rider
may be eliminated entirely as a result of increases in the Base Death Benefit.
Using the above example, if the Base Death Benefit grew to $550,000, the Term
Insurance Rider would be reduced to zero. (It can never be reduced below zero.)
Even though the Rider amount is reduced to zero, the Rider will remain in effect
until it is removed from the policy. Therefore, if the Base Death Benefit is
subsequently reduced below the Target Death Benefit, a Rider amount will
reappear as needed to maintain the Target Death Benefit at the requested level.
There is no defined premium for the Term Insurance Rider. The cost of the
Rider is added to the monthly deductions, and is based on the insured's attained
age and premium class. The Company may adjust the rate charged for the Rider
from time to time. The rate will never exceed the guaranteed cost of insurance
rates for the Rider for that policy year. The cost for the Rider is added to the
Company's calculation of the Monthly Guarantee Premium and to the calculation of
the Minimum Annual Premium.
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 Account Value of the policy less
Outstanding Debt. Ordinarily, the Company pays within seven days of the policy
anniversary. Payments may be postponed in certain circumstances. See "Payments,"
page .
POLICY VALUES
Account Value
The Account 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 Account Value allocated to any
particular subaccount is adjusted to reflect the investment experience of that
subaccount. On each monthly anniversary day, the Account Value also is adjusted
to reflect the assessment of the monthly deduction. See "Determination of
Account Value," page . No minimum amount of Account Value
allocated to a particular subaccount is guaranteed. A policy owner bears the
risk for the investment experience of Account Value allocated to the
subaccounts.
Surrender Value
The owner can surrender a policy at any time while the insured is living
and receive its Cash Value less any Outstanding Debt. The Cash Value of the
policy equals the Account Value plus any applicable refund of sales charges.
Thus, the Cash Value will exceed the policy's Account Value by the refund amount
in the three years following policy issuance. Once the refund of sales charges
has expired, the Surrender Value will equal the Account Value (less any
Outstanding Debt). See "Full Surrender," page .
29
<PAGE> 37
DETERMINATION OF ACCOUNT VALUE
Although the death benefit under a policy can never be less than the
policy's Specified Amount, the Account Value will vary. The Account Value varies
depending on several factors:
- Payment of premiums.
- Amount held in the Loan Account to secure any Outstanding Debt.
- 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 Account Value and you bear the entire risk
relating to the investment performance of Account Value allocated to the
subaccounts.
The Company invests amounts allocated to the subaccounts in 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 fee.
- 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 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
transfer amounts (including transfers from the loan account) are allocated to
that subaccount. Units are redeemed (debited) to:
- Make 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 Account 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.
30
<PAGE> 38
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 Valuation Date (e.g., the
following Monday).
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.
31
<PAGE> 39
DETERMINING ACCOUNT VALUE
[DETERMINING FUND VALUE FLOW CHART]
TRANSFER OF ACCOUNT VALUE
You may transfer Account Value among the subaccounts after the Right to
Return Policy Period by sending a proper written request to the Customer Service
Center. Currently, there are:
(1) No limitations on the number of transfers between subaccounts.
(2) No minimum amount required for a transfer.
(3) No minimum amount required to remain in a given subaccount after a
transfer.
32
<PAGE> 40
After the Right to Return Policy Period, Account 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 . The total amount allocated or transferred
to the Guaranteed Interest Account cannot exceed $250,000.
RIGHT TO EXCHANGE POLICY
During the first 24 months following the policy date, 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
The policy owner may borrow money from the Company at any time using the
policy as security for the loan. A loan is taken by submitting a proper written
request to the Company's administrative office. A policy owner may take a loan
any time a policy is in effect. The minimum amount a policy owner may borrow is
$250 (except for policies offered or issued in Connecticut where the minimum
amount is $200). The maximum amount that may be borrowed at any time is 90% of
the Account Value of the 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 4.6%. Interest on the full amount of any Outstanding Debt 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.
The owner 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 a loan is taken, an amount equal to the loan is transferred out of the
policy owner's Account Value 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. The
request for a loan will not be accepted if (1) you do not specify the source of
the transfer, or (2) if the transfer instructions are incorrect. 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 a proportional basis.
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 4.0%. After the tenth policy anniversary, the annual interest rate that
applies to the Loan Account is expected to be 0.3% higher than otherwise
applicable.
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. The transfer is subject
to maintaining no more than $250,000 in the Guaranteed Interest Account. In
addition, any interest earned on the amount held in the Loan Account will be
transferred each policy anniversary to each of the subaccounts and the
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
33
<PAGE> 41
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 Cash Value paid upon surrender or maturity.
Outstanding Debt may affect the length of time the policy remains in
effect. Unless the Guaranteed Death Benefit Rider is in effect, the policy will
lapse when (1) the Account Value minus Outstanding is insufficient to cover the
monthly deduction against the policy's Account 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 Outstanding Debt exceeds the Account Value of the policy.
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
A policy owner may fully surrender a policy at any time during the life of
the insured. The amount received for a full surrender is the policy's Account
Value plus (1) any applicable refund of sales charge, reduced by (2) any
Outstanding Debt.
A policy owner may surrender a 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. A policy owner may elect to (1) have the proceeds paid in
cash, or (2) apply the proceeds under a payment plan offered under the 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, the policy owner obtains a part of the Account
Value of the policy without having to surrender the policy in full. The policy
owner may request a partial surrender after the first policy anniversary. The
partial surrender will take effect on (1) the Valuation Date that we receive
your request at out administrative office, or (2) on the next Valuation Date if
that day is not a Valuation Date. There is currently no limit on the number of
partial surrenders allowed in a policy year but the Company reserves the right
to limit the number of partial surrenders to 12 per year.
A partial surrender must be for at least $500 (plus the applicable fee). In
addition, the policy's Account Value less Outstanding Debt must be at least $500
after the partial surrender. In addition, the partial surrender must not reduce
the Target Death Benefit or Specified Amount below the minimum we require to
issue the policy.
The policy owner may make a partial surrender by submitting a proper
written request to the Company's administrative office. As of the effective date
of any partial surrender, the policy owner's Account Value and Surrender Value
are reduced by the amount surrendered (plus the applicable fee). The amount of
the partial surrender (plus the applicable fee) will be deducted proportionately
from the policy owner's Account Value in the subaccounts and the Guaranteed
Interest Account.
34
<PAGE> 42
When a partial surrender is made and you selected death benefit Option 1,
the Target Death Benefit and the Base Death Benefit of your policy is generally
decreased by the amount of the partial surrender (plus its fee). The Specified
Amount under the policy is decreased by the lesser of:
(1) the amount of the partial surrender, or
(2) if the Base Death Benefit prior to the partial surrender is greater
than the Specified Amount, the amount, if any, that the Specified
Amount exceeds the difference between the Base Death Benefit less the
amount of the partial surrender.
The Target Death Benefit under the policy is reduced by the lesser of:
(1) the amount of the partial surrender, or
(2) if the Base Death Benefit prior to the partial surrender is greater
than the Target Death Benefit, the amount, if any, that the Target
Death Benefit exceeds the difference between the Base Death Benefit and
the amount of the partial surrender.
When a partial surrender is made and you selected death benefit Option 2,
the Target Death Benefit is generally decreased by the amount of the partial
surrender (plus the amount of the partial surrender fee). The partial surrender
will not change the Specified Amount of the policy. However, assuming that the
Base Death Benefit under Option 2 is not equal to the Cash Value times the
applicable death benefit percentage, the partial surrender will reduce the Base
Death Benefit by the amount of the partial surrender. If the Option 2 death
benefit is based upon the Cash Value times the death benefit percentage, a
partial surrender may cause the Base Death Benefit to decrease by an amount
greater than the amount of the partial surrender. The Target Death Benefit under
the policy is reduced by the lesser of:
(1) the amount of the partial surrender, or
(2) if the Base Death Benefit prior to the partial surrender is greater
than the Target Death Benefit, the amount, if any, that the Target
Death Benefit exceeds the difference between the Base Death Benefit and
the amount of the partial surrender. See "Death Benefits Under the
Policy," page .
There is a fee for each partial surrender of the lesser of $25 or 2% of the
partial surrender amount. See "Charges and Deductions -- Transaction and Other
Charges," page .
For information on the tax treatment of partial surrenders, see "Federal
Income Tax Considerations," page .
GRACE PERIOD AND LAPSE
Your policy will lapse only when:
(1) The Account Value less Outstanding Debt is insufficient to cover the
current monthly deduction against the policy's Account Value on any
monthly anniversary day, and
(2) A 61-day Grace Period expires without the policy owner making a
sufficient payment.
If Guaranteed Death Benefit Rider Is Not in Effect
To avoid lapse if (1) an insufficiency occurs, and (2) a Guaranteed Death
Benefit Rider is not in effect, the policy owner must pay the required 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 the policy owner has Outstanding
Debt. In this event, the policy owner could repay enough of the Outstanding Debt
to avoid termination. The policy owner 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
35
<PAGE> 43
maximum permissible premiums, the policy owner may wish to make larger or more
frequent premium payments to avoid recurrence of the potential lapse.
If the Account Value less 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 the policy owner (and any assignee of record) of
the payment required 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. The
payment required is:
(1) the amount of the monthly deduction not paid, plus
(2) not less than two succeeding monthly deductions (or the number of
monthly deductions remaining until the next scheduled premium due date,
if more than two), grossed up by
(3) the amount of the deductions from premiums.
(See "Charges and Deductions -- Deductions from Premiums," page ). The policy
will remain in effect through the grace period. If the owner fails to make the
required payment within the grace period, the coverage under the policy will end
and your policy will lapse. Required 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. (For policies
offered to residents of, or issued for delivery in, the State of New
Jersey, the unpaid monthly deductions cannot exceed the minimum premium
for the following month.)
If Guaranteed Death Benefit Rider Is in Effect
The Specified Amount of your policy will not lapse during the guarantee
period even if the Account Value less Outstanding Debt is not enough to cover
all the deductions from the Account Value on any monthly anniversary day if:
(1) A Guaranteed Death Benefit Rider 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 is in effect, the Account Value of
the policy may be reduced by monthly deductions but not below zero. During the
guarantee period, we will waive any monthly deduction that will reduce the
Account Value below zero. If the Guaranteed Death Benefit Rider 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
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<PAGE> 44
(4) Payment of an amount at least sufficient to keep your policy in effect
for three months after the reinstatement date
(5) Payment of due and unpaid interest on Outstanding Debt to the next
succeeding policy anniversary day, and
(6) Payment of the reinstatement fee.
When your policy is reinstated, the Account Value will be equal to the
Account Value on the date of the lapse subject to the following:
(1) Any Outstanding Debt on the date of lapse must be paid or
reinstated.
(2) 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
proceeding the date of approval by us. At that time, the Account 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.
We charge a fee of $150 to process a reinstatement.
CHARGES AND DEDUCTIONS
- --------------------------------------------------------------------------------
DEDUCTIONS FROM PREMIUMS
<TABLE>
<CAPTION>
<S> <C> <C>
- -----------------------------------------------------------------------------------------------
Sales Charge -- Deducted from premium up to First 10 policy years -- 9%
the Target Premium Ten policy years after an increase in
Specified Amount -- 9%
- -----------------------------------------------------------------------------------------------
Tax Charge State and local -- 0%-4% Federal -- 1.25%
- -----------------------------------------------------------------------------------------------
</TABLE>
DAILY DEDUCTION FROM MONY AMERICA VARIABLE ACCOUNT L
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Mortality & Expense Risk Charge First 10 policy years -- .60% of
Annual Rate subaccount value.
After the 10th policy year -- .45% of
subaccount value.
- ----------------------------------------------------------------------------------------------
</TABLE>
37
<PAGE> 45
- --------------------------------------------------------------------------------
DEDUCTIONS FROM ACCOUNT VALUE
- --------------------------------------------------------------------------------
<TABLE>
<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 (all $7.50
policies) -- Monthly
Medical Underwriting Charge (applicable $5.00
policies) -- Monthly
Guaranteed Issue Underwriting Charge $3.00
(applicable policies) -- Monthly
- ----------------------------------------------------------------------------------------------
Guaranteed Death Benefit Charge $0.01 per $1,000 of policy Specified
Monthly Charge for Death Benefit Rider (not Amount. Please note that the Rider requires
available in all states) that premiums on the policy itself be paid
in order to remain in effect.
- ----------------------------------------------------------------------------------------------
Optional Insurance Benefits Charge -- As applicable.
Monthly Deduction for any other optional
insurance Benefits added by rider.
- ----------------------------------------------------------------------------------------------
Transaction and Other Charges
-- Partial Surrender Fee Lesser of $25 or 2% of the partial
surrender amount
-- Transfer of Account Value (transfers $50
exceeding 12 in any policy year)
-- Premium allocation changes (over two in $25
any policy year
-- Reinstatement Fee $150
- ----------------------------------------------------------------------------------------------
</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 the MONY America Variable Account L or to the Guaranteed Interest
Account and of th deductions from MONY America Variable Account L and from the
policy's Account Value.
DEDUCTIONS FROM PREMIUMS
Deductions are made from each premium payment up to the Target Premium
prior to applying the net premium payment to the Account Value.
Sales Charge -- During the first ten policy years and during the
ten policy years following an increase in Specified
Amount -- 9%
The Target Premium is an amount equal to the maximum amount of premium which may
be paid for a death benefit Option 1 policy without violating the limits imposed
by the Federal income tax law definition of a modified endowment contract. See
"Modified Endowment Contracts," page . The Target Premium is not based on
scheduled premium. The Target Premium for the policy and Specified Amount
coverage segments added since the policy date will be stated in the policy.
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.
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<PAGE> 46
A portion of the sales charges previously deducted from premium payments
may be refunded if:
(1) the policy is surrendered in the first three policy years, and
(2) the policy is not in default.
<TABLE>
<CAPTION>
YEAR OF SURRENDER AMOUNT OF REFUND
- ----------------- ----------------
<S> <C>
First policy year.................... Sum of all sales charge deductions in that year
Second policy year................... 66.67% of sales charge deductions in the first policy year
Third policy year.................... 33.33% of sales charge deductions in the first policy year
</TABLE>
No refund will be paid if the policy is in default.
Tax Charges -- State and local premium tax -- currently 0%-4%
Federal tax for deferred acquisition costs of the
Company -- 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%. We deduct an amount equal to
the actual premium, tax imposed by the applicable jurisdiction. The charge is
used to pay the premium taxes and 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. In addition, if an
insured changes his or her place of residence, we should be notified of the
change. Any change in the tax rate will be effective on the next policy
anniversary.
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 -- First 10 policy years -- .05% per month of
subaccount value which is equivalent to an annual
rate of .60% of subaccount value.
After the 10th policy year -- Charge expected to be
reduced to an amount equal to .025% per month of
subaccount value equivalent to .30% annually. A
reduction to an annual rate of .45% of subaccount
value is guaranteed.
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 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 Account Value
that is allocated to the Guaranteed Interest Account, nor to amounts in the loan
account.
39
<PAGE> 47
DEDUCTIONS FROM ACCOUNT VALUE
A charge called the Monthly Deduction is deducted from the Account 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 Account 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
Account 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
including the States of Montana and Massachusetts and in policies purchased by
employers and employee organizations in connection with employment related
insurance or benefit programs. As of the date of this prospectus, 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.
Lower cost of insurance rates are offered at most ages for insureds who:
(1) qualify for the standard underwriting class, and
(2) whose applications are fully underwritten (i.e., subject to
evidence of the insured's insurability).
Current insurance rates are generally higher if the policies are issued on
a guaranteed issue basis, where evidence of insurability is not required.
Policies issued to employers, trustees and similar entities are often issued on
a guaranteed issue basis. Only limited underwriting information is obtained when
underwriting on a guaranteed issue basis. Therefore, policies in this
underwriting class may present an additional mortality expense to us relative to
fully underwritten policies. The additional risk is generally reflected in
higher current insurance rates, which are nevertheless guaranteed not to exceed
the 1980 Commissioners' Standard Ordinary Mortality Tables.
We may offer insurance coverage up to $2.5 million on a guaranteed issue or
simplified issue basis under policies in a single case that meet our
requirements at the time of policy issue.
If there have been increases in the Specified Amount, then for purposes of
calculating the cost of insurance charge, the Account Value will first be
applied to the initial Specified Amount. If the Account 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 Base Death Benefit equals
the Surrender Value multiplied by the applicable death benefit percentage, any
increase in Account Value will cause an automatic increase in the Base 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 -- $7.50 per month (all policies)
Medical Underwriting
Charge -- $5.00 per month (applicable policies)
Guaranteed Issue Charge -- $3.00 per month (applicable policies)
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<PAGE> 48
The administrative charge, medical underwriting charge and guaranteed issue
charge reimburses us for expenses associated with administration and maintenance
of the policies. The charge is guaranteed never to exceed $7.50. We do not
expect to profit from these charges.
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 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.
Transaction and Other
Charges -- Partial Surrender Fee -- lesser of $25 or 2% of the
partial surrender amount
Transfer of Account Value -- $50 for more than 12
transfers between subaccounts in any policy year
Premium allocation changes -- $25 for more than 2
in any policy year
Reinstatement fee -- $150
The charges for the partial surrender fee, transfer of account value,
premium allocation changes and reinstatement are guaranteed not to exceed the
amounts stated above.
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.
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<PAGE> 49
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% .12%(1) .62%
- --------------------------------------------------------------------------------------------------
Long Term Bond Portfolio .50 .08(1) .58
- --------------------------------------------------------------------------------------------------
Government Securities Portfolio .50 .14(1) .64
- --------------------------------------------------------------------------------------------------
Money Market Portfolio .40 .05(1) .45
- --------------------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
- --------------------------------------------------------------------------------------------------
Equity Portfolio .80% .03%(2) .83%
- --------------------------------------------------------------------------------------------------
Small Company Value Portfolio .80 .05(2) .85
- --------------------------------------------------------------------------------------------------
Managed Portfolio .73 .03(2) .76
- --------------------------------------------------------------------------------------------------
International Growth Portfolio .85 .37(2) 1.22
- --------------------------------------------------------------------------------------------------
High Yield Bond Portfolio .60 .12(2) .72
- --------------------------------------------------------------------------------------------------
Small Company Growth Portfolio 1.40 --(3) 1.40
- --------------------------------------------------------------------------------------------------
Equity Income Portfolio 1.05 --(3) 1.05
- --------------------------------------------------------------------------------------------------
Capital Appreciation Portfolio 1.30 --(3) 1.30
- --------------------------------------------------------------------------------------------------
Growth and Income Portfolio 1.05 --(3) 1.05
- --------------------------------------------------------------------------------------------------
Growth Portfolio 1.15 --(3) 1.15
- --------------------------------------------------------------------------------------------------
T. ROWE PRICE EQUITY SERIES,
INC.
- --------------------------------------------------------------------------------------------------
Equity Income Portfolio .85% -- .85%
- --------------------------------------------------------------------------------------------------
New America Growth Portfolio .85 -- .85
- --------------------------------------------------------------------------------------------------
Personal Strategy Balanced
Portfolio .90 -- .90
- --------------------------------------------------------------------------------------------------
T. ROWE PRICE FIXED INCOME
SERIES, INC.
- --------------------------------------------------------------------------------------------------
Limited Term Bond Portfolio .70% -- .70%
- --------------------------------------------------------------------------------------------------
Prime Reserve Portfolio .55 -- .55
- --------------------------------------------------------------------------------------------------
T. ROWE PRICE INTERNATIONAL
SERIES, INC.
- --------------------------------------------------------------------------------------------------
International Stock Portfolio 1.05% -- 1.05%
- --------------------------------------------------------------------------------------------------
</TABLE>
42
<PAGE> 50
<TABLE>
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------
VAN ECK WORLDWIDE INSURANCE
TRUST
- --------------------------------------------------------------------------------------------------
Worldwide Bond Fund 1.00% .15% 1.15%
- --------------------------------------------------------------------------------------------------
Worldwide Hard Assets Fund 1.00 .20 1.20
- --------------------------------------------------------------------------------------------------
Worldwide Emerging Assets Fund 1.00 .61 1.61
- --------------------------------------------------------------------------------------------------
DREYFUS VARIABLE INVESTMENT
FUND
- --------------------------------------------------------------------------------------------------
Capital Appreciation Portfolio .55% .25% .80%
- --------------------------------------------------------------------------------------------------
Small Company Stock Portfolio .75 .23 .98
- --------------------------------------------------------------------------------------------------
</TABLE>
1. Expenses also include custodial credit percentages as follows: Intermediate
Term Bond - .009%; Long Term Bond - .005%; Government Securities - .012%;
Money Market - .004%.
2. Reflects expense reimbursements in effect on 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.
3. Subaccounts purchasing shares of the Small Company Growth, Equity Income,
Capital Appreciation, Growth and Income and Growth Portfolios commenced
operations on December 1, 1998. Reflects expense reimbursements in effect on
December 1, 1998. Absent these expense reimbursements, expenses would have
been as follows: Small Company Growth - 60.67%; Equity Income - 66.67%;
Capital Appreciation - 63.71%; Growth and Income - 60.68%; Growth - 25.33%.
The Small Company Growth, Equity Income, Capital Appreciation, Growth, and
Income and Growth Portfolio reimbursements relate to operating expenses.
GUARANTEE OF CERTAIN CHARGES
We guarantee that certain charges will not increase. This includes:
(1) Mortality and expense risk charge.
(2) Administrative charge.
(3) Guaranteed Death Benefit charge.
(4) Sales charge.
(5) Guaranteed cost of insurance rates.
(6) Certain transaction charges.
Any changes in the current cost of insurance charges related to the Base
Death Benefit or the monthly charge for the Term Insurance Rider 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,
(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.
43
<PAGE> 51
CORPORATE PURCHASERS -- REDUCTION OF CHARGES
The policy is available for purchase by individuals and by corporations and
other institutions. We may reduce the amount of sales charge, mortality and
expense risk charge, the cost of insurance charges, underwriting charge or issue
charge if:
(1) Corporate or other group or sponsored arrangements, purchase one
or more policies constituting a case, and
(2) The expenses associated with the sale of the policy or policies or
the underwriting or other administrative costs associated with the policy
or policies are reduced.
Sales, underwriting or other administrative expenses may be reduced for
reasons such as expected economies resulting from a corporate purchase or a
group or sponsored arrangement. In addition, we may reduce the minimum Specified
Amount, Target Death Benefit, or Minimum Annual Premium for policies
representing the case. Any reduction will be:
(1) Reasonable
(2) Apply uniformly to all prospective policy purchasers in the class,
and
(3) Not be unfairly discriminatory to the interests of any policy
owner.
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
Account 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.
44
<PAGE> 52
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.
Diversification Requirements
To comply with regulations under Section 8179h) 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 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.
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.
45
<PAGE> 53
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 unless the
policy is surrendered or upon maturity of the policy. Interest paid (or accrued
by an accrual basis taxpayer) on a loan under a policy that is not a modified
endowment contract may be deductible. 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 for
business or investment purposes uses the loan proceeds, all or part of the
interest expense may be deductible. 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 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 Account
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.
46
<PAGE> 54
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 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 Account 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 Account 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.
47
<PAGE> 55
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.
Other
Federal estate and gift and state and local estate, inheritance, and other
tax consequences of ownership or receipt of policy proceeds depend on the
jurisdiction and the circumstances of each owner or beneficiary.
For complete information on federal, state, local and other tax
considerations, a qualified tax advisor should be consulted.
THE COMPANY DOES NOT MAKE ANY GUARANTEE REGARDING
THE TAX STATUS OF ANY POLICY
CHARGE FOR COMPANY INCOME TAXES
For federal income tax purposes, variable life insurance generally is
treated in a manner consistent with fixed life insurance. The Company will
review the question of a charge to the Variable Account for the Company's
federal income taxes periodically. A charge may be made for any federal income
taxes incurred by the Company that are attributable to the Variable Account.
This might become necessary if:
(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 own 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 Account Value in the subaccount that corresponds to the portfolio by
$100.
48
<PAGE> 56
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 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, Account Value,
Cash Value, and any Outstanding Debt.
In addition, the statement will indicate the allocation of Account 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,
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<PAGE> 57
(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 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
Performance information for the subaccounts of MONY America Variable
Account L may appear in advertisements, sales literature, or reports to policy
owners or prospective purchasers. Performance information in advertisements or
sales literature may be expressed in any fashion permitted under applicable law.
This may include presentation of a change in a policy owner's Account Value
attributable to the performance of one or more subaccounts, or as a change in a
policy owner's death benefit. Performance quotations may be expressed as a
change in a policy owner's Account Value over time or in terms of the average
annual compounded rate of return on the policy owner's Account Value. Such
performance is based upon a hypothetical policy in which premiums have been
allocated to a particular Variable Account over certain periods of time that
will include one, five and ten years, or from the commencement of operation of
the Variable Account if less than one, five, or ten years. Any such quotation
may reflect the deduction of all applicable charges to the policy including
premium load, the cost of insurance, the administrative charge, and the
mortality and expense risk charge. The quotation may also reflect the deduction
of the 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.
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<PAGE> 58
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.
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 Account 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, and 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 Account
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 Account 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 Account Value in the Guaranteed Interest Account
will be credited with a minimum interest rate of 0.0121% daily, compounded
daily, for a minimum effective annual rate of 4.5%. 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 4.5% annual rate, which will be guaranteed for
approximately one year. (The portion of a Policy Owner's Account Value that has
been used to secure Outstanding Debt will be credited with a guaranteed interest
rate of 0.0121% daily, compounded daily, for a minimum effective annual rate of
4.5%.)
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<PAGE> 59
The Company bears the full investment risk for the Account Value allocated
to the Guaranteed Interest Account.
LIMITATIONS ON AMOUNTS IN THE GUARANTEED INTEREST ACCOUNT
We will not accept any net premium or transfer to the Guaranteed Interest
Account that would cause the Guaranteed Interest Account to exceed $250,000 on
the date of the payment or transfer. We reserve the right to increase or
decrease this limit in the future. For payments which exceed the limit, we 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, we will
accept the portion of the transfer up to $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 .
POLICY CHARGES
Deductions from premium, monthly deductions from the Account Value, other
than the mortality and expense risk fee, will be the same for policy owners who
allocate net premiums or transfer Account 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, issue charge, and the charge for the Term Insurance Rider. 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 Account Value
is allocated to the Guaranteed Interest Account. Likewise, the mortality and
expense risk charge applicable to the Account Value allocated to the subaccounts
is not deducted from Account 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 Account Values are allocated to the
Guaranteed Interest Account.
TRANSFERS
Amounts may be transferred after the Right to Return Policy 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 referenced above (this limit
is waived if the policy owner elects the Right to Exchange the Policy).
- Transfers from the Guaranteed Interest Account to the subaccounts are
limited to one in any policy year.
- Transfers from the Guaranteed Interest Account are limited to the greater
of $5,000 and 25% of the Account Value allocated to the Guaranteed
Interest Account on the date of the transfer.
- Transfers from the Guaranteed Interest Account may only be made during
the time period which begins on the policy anniversary and which ends 30
days after the policy anniversary.
If the transfer request is received on the policy anniversary, it will be
processed as of the policy anniversary. If the transfer request is received
within 30 days after the policy anniversary, the transfer will be effective as
of the close of business on the day received if it is a Valuation Date. If it is
not a Valuation Date, then at the close of business on the next day which is a
Valuation Date. Any request received within 10 days before the policy
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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.
We assess a $50 charge on transfers of Account Value between subaccounts or
between the Guaranteed Interest Account and the subaccounts which exceed twelve
in any policy year. In addition, we reserve the right 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 and partial surrenders from the
Guaranteed Interest Account to the same extent as if you had invested in 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.
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
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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. 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.
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
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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 Account 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 Corp. ("MSC"), a wholly owned subsidiary of MONY Life
Insurance Company, is principal underwriter (distributor) of the policies. MSC
is registered as a broker-dealer under the Securities Exchange Act of 1934 and
is a member of the National Association of Securities Dealers. The policies are
sold by individuals who are registered representatives of MSC and who are also
licensed as life insurance agents for the Company. The policies may also be sold
through other broker/dealers authorized by MSC and applicable law to do so.
Except where MSC has authorized other broker/dealers to sell the policies
(as described in the preceding paragraph), compensation payable for the sale of
the policies will be based upon the following schedule. After issue of the
Contract, commissions will equal at most:
- 15 percent of Target Premiums paid in policy years 1 and 2,
- 12% of Target Premiums paid in policy years 3 through 5, and
- 10% of Target Premiums paid in policy years 6 through 10.
Thereafter, commissions will equal at most 3.0 percent of any premiums. In
addition, for as long as the policy is in effect, we may pay a commission up to
.20% of the Account Value allocated to the subaccounts. Upon any subsequent
unscheduled increase in Specified Amount, the same commission rates will apply
to the
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premium amounts allocated to the new coverage segment. 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 us if sales charges are
refunded upon a full surrender or partial surrender of the policy or upon
exercise of the exchange privileges during the first 24 months after the policy
date.
In addition, registered representatives who meet specified production
levels may qualify, under sales incentive programs adopted by Company, to
receive noncash compensation such as expense-paid trips, expense-paid
educational seminars and merchandise. Company makes no separate deductions,
other than previously described, from premiums to pay sales commissions or sales
expenses.
POLICY OWNER SERVICES
The Company currently offers policy owners two services: Dollar Cost
Averaging and Automatic Rebalancing. These services may be terminated at any
time; owners of Policies in force at the time of termination utilizing these
services will receive 30 days prior notice. There currently are no charges for
these services and any transfers as a result of the operation of these services
are not counted toward the limit of 12 transfers per Policy Year without a
transfer charge. If the Company elects to impose a charge for these services,
owners of policies in force at that time utilizing these services will receive
30 days prior notice. These services involve the sale of units in one or more
subaccounts and the purchase of units in one or more other Subaccounts. This may
result in a loss of Account Value.
Dollar Cost Averaging
Dollar Cost Averaging is available to owners of policies with at least
$5,000 of Account Value allocated to the Money Market Subaccount. The main
objective of Dollar Cost Averaging is to protect the Account Value from
short-term price fluctuations. Under Dollar Cost Averaging the same dollar
amount is transferred to other Subaccounts each period. Therefore, more units
are purchased in a Subaccount if the value per unit that period is low, and
fewer units are purchased if the value per unit that period is high. This plan
of investing keeps the Policy Owner from investing too much when the price of
shares is high and too little when the price of shares is low. There is no
guarantee that this service will generate a profit or avoid a loss.
Dollar Cost Averaging may be elected by completing and returning the form
provided by us to Customer Service Center. Once the election is made, a
designated dollar amount of Account Value will be transferred automatically from
the Money Market Subaccount to one or more other Subaccounts of the Variable
Account each period. Dollar Cost Averaging allocations may be made either
monthly or quarterly. (Dollar Cost Averaging transfers may not be made to the
Guaranteed Interest Account.) Dollar Cost Averaging may be terminated at a
designated date or when the Money Market Subaccount reaches a pre-defined
minimum balance.
Each transfer under Dollar Cost Averaging must be at least $250. Each
automatic monthly transfer will take place on the 10th day of each calendar
month; automatic quarterly transfers take place on the 10th day of the last
month of each calendar quarter. If Dollar Cost Averaging is elected at the time
of application, transfers will begin in the appropriate calendar month following
completion of the Right to Return Policy Period. If elected after issuance of
the Policy, transfers will begin in the appropriate calendar month which is at
least 30 days following our receipt of the request for Dollar Cost Averaging.
If, at the time of any transfer, the amount in the Money Market Subaccount is
equal to or less than the amount elected to be transferred, the entire remaining
balance will be transferred and Dollar Cost Averaging will end. The amount to be
transferred or the Subaccounts to which transfers are to be made may be changed
once each Policy year. Dollar Cost Averaging may be canceled at any time by
sending notice to our Customer Service Center which is received at the Center at
least 10 days before the next transfer date.
If both Dollar Cost Averaging and Automatic Rebalancing are elected, Dollar
Cost Averaging will take place first. Automatic Rebalancing will begin only
after a monthly or quarterly Dollar Cost Averaging transfer has been completed.
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Automatic Rebalancing
Automatic Rebalancing provides a method for maintaining a balanced approach
to allocating Account Values among Subaccounts and simplifies the process of
asset allocation over time.
Automatic Rebalancing may be elected when application for a Policy is made
or at any subsequent time by completing and returning to the Company at the
Customer Service Center the form provided by the Company. Automatic Rebalancing
matches Subaccount Account Value allocations over time to the most recently
filed allocation percentages for new premiums allocated to the Subaccounts. As
of the 10th day of the last month of each calendar quarter, the Company will
automatically re-allocate the amounts in each of the Subaccounts into which
premiums are allocated to match the premium allocation percentages. This will
rebalance Subaccount Account Values that may be out of line with the allocation
percentages indicated, which may result, for example, from Subaccounts which
underperform other Subaccounts in certain quarters. Allocations to the
Guaranteed Interest Account will not be rebalanced.
If Automatic Rebalancing is elected with the application, the first
transfer will occur on the 10th day of the last month of the calendar quarter
which begins after the end of the Right to Return Policy Period. If elected
after Policy issue, transfers will begin as of the 10th day of the last month of
the calendar quarter which follows the Company's receipt of notification at the
Customer Service Center.
The Automatic Rebalancing feature percentages may be adjusted by changing
the Policy's premium allocation percentages. If the Automatic Rebalancing
feature is active on a Policy and a premium allocation which does not meet the
Company's requirement is received, the Company will notify the Policy Owner that
the allocation must be changed; any such request will not be processed unless a
request for discontinuance of Automatic Rebalancing is received.
Automatic Rebalancing may be terminated at any time, so long as notice of
the termination is received at the Customer Service Center at least 10 days
prior to the next scheduled transfer.
If both Dollar Cost Averaging and Automatic Rebalancing are elected, Dollar
Cost Averaging will take place first. Automatic Rebalancing will begin only
after Dollar Cost Averaging has ended.
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 of the Board and Chief
Executive Officer
Samuel J. Foti............................... Director, President and Chief Operating
Officer
Kenneth M. Levine............................ Director and Executive Vice President
Richard E. Connors........................... Director
Richard Daddario............................. Director, Vice President and Controller
Phillip A. Eisenberg......................... Director, Vice President and Actuary
Margaret G. Gale............................. Director, Vice President
Stephen J. Hall.............................. Director
Charles P. Leone............................. Director, Vice President and Chief
Compliance Officer
Sam Chiodo................................... Vice President - Corporate & Strategic
Marketing
</TABLE>
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<TABLE>
<CAPTION>
NAME POSITION AND OFFICES WITH DEPOSITOR
- ---- -----------------------------------
<S> <C>
Edward E. Hill............................... Vice President - Compliance
William D. Goodwin........................... Vice President
Evelyn L. Peos............................... Vice President and Illustration Actuary
Jacob Poleyeff............................... Vice President - Agency Operations
Michael Slipowitz............................ Vice President
David S. Waldman............................. Secretary
David V. Weigel.............................. Treasurer
</TABLE>
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.
RECORDS AND ACCOUNTS
Andesa, TPA, Inc., Suite 502, 1605 N. Cedar Crest Boulevard, Allentown,
Pennsylvania, 18104, will act as transfer agent on behalf of the Company as it
relates to the policies described in this Prospectus. In the role of transfer
agent, Andesa will perform administrative functions, such as decreases,
increases, surrenders, and partial surrenders, fund allocation changes and
transfers on behalf of the Company.
All records and accounts relating to the Separate Account and the Funds
will be maintained by the Company. All financial transactions will be handled by
the Company. All reports required to be made and information required to be
given will be provided by Andesa on behalf of the Company.
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.
LEGAL MATTERS
Legal matters have been passed on by the Frederick C. Tedeschi, Vice
President and Chief Counsel of the 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.
Frederick C. Tedeschi, Vice President and Chief Counsel -- Operations of
MONY Life Insurance Company has passed upon legal matters relating to the
federal securities and 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
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omitted information may be obtained at the SEC's principal office in Washington,
D.C., upon payment of the SEC's prescribed fees.
INDEPENDENT ACCOUNTANTS
The audited financial statements for the Variable Account and for 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-20.
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.
59
<PAGE> 67
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-7
Statements of changes in net assets....................... F-11
Notes to financial statements............................. F-15
With respect to MONY Life Insurance Company of America:
Report of Independent Accountants......................... F-
Statements of admitted assets, liabilities and surplus as
of December 31, 1998 and 1997.......................... F-
Statements of operations for the years ended December 31,
1998 and 1997.......................................... F-
Statements of capital and surplus for the years ended
December 31, 1998 and 1997............................. F-
Statements of cash flows for the years ended December 31,
1998 and 1997.......................................... F-
Notes to financial statements............................. F-
</TABLE>
F-1
<PAGE> 68
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 -- Corporate Sponsored Variable Universal Life:
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, Corporate Sponsored Variable Universal Life's Money Market,
Intermediate Term Bond, Long Term Bond, Government Securities, Equity, Small
Cap, Managed, International Growth, High Yield Bond, Capital Appreciation, Small
Company Stock, Stock Index, Hard Assets, Worldwide Bond, Worldwide Emerging
Markets, Equity Income, International Stock, New America Growth, and Personal
Strategy Balance Subaccounts) at December 31, 1998, and the results of each of
their operations and the changes in each of their net assets for the periods
presented, 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 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 owned 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> 69
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------
MONEY INTERMEDIATE LONG TERM GOVERNMENT
MARKET TERM BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------ ---------- ----------
<S> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)..................... $2,685,879 $299,078 $326,005 $863,223
========== ======== ======== ========
Investments in MONY Series Fund, Inc. at net
asset value (Note 2)........................... $2,685,879 $304,533 $337,155 $876,552
---------- -------- -------- --------
Net assets....................................... $2,685,879 $304,533 $337,155 $876,552
========== ======== ======== ========
Net assets consist of:
Contractholders' net payments............... $2,795,950 $296,720 $323,607 $862,480
Cost of insurance and mortality & expense
risk withdrawals (Note 3)................. (172,880) (5,229) (6,020) (18,284)
Undistributed net investment income......... 62,809 7,643 8,348 18,492
Accumulated net realized gain (loss) on
investments............................... 0 (56) 70 535
Unrealized appreciation of investments...... 0 5,455 11,150 13,329
---------- -------- -------- --------
Net assets....................................... $2,685,879 $304,533 $337,155 $876,552
========== ======== ======== ========
Number of units outstanding*..................... 251,238 28,549 30,651 82,700
---------- -------- -------- --------
Net asset value per unit outstanding*............ $ 10.69 $ 10.67 $ 11.00 $ 10.60
========== ======== ======== ========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-3
<PAGE> 70
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1998
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------
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).......... $33,658 $455,079 $926,260 $225,697 $406,572
======= ======== ======== ======== ========
Investments in Enterprise Accumulation
Trust at net asset value (Note 2)... $33,896 $430,952 $852,315 $228,520 $379,712
------- -------- -------- -------- --------
Net assets............................ $33,896 $430,952 $852,315 $228,520 $379,712
======= ======== ======== ======== ========
Net assets consist of:
Contractholders' net payments.... $29,773 $421,241 $863,191 $218,324 $385,960
Cost of insurance and mortality &
expense risk withdrawals
(Note 3)....................... (4,359) (11,874) (24,378) (7,157) (10,605)
Undistributed net investment
income......................... 1,962 44,291 86,341 14,276 31,562
Accumulated net realized gain
(loss) on investments.......... 6,282 1,421 1,106 254 (345)
Unrealized appreciation
(depreciation) of
investments.................... 238 (24,127) (73,945) 2,823 (26,860)
------- -------- -------- -------- --------
Net assets............................ $33,896 $430,952 $852,315 $228,520 $379,712
======= ======== ======== ======== ========
Number of units outstanding*.......... 2,848 34,921 75,641 21,906 34,788
------- -------- -------- -------- --------
Net asset value per unit
outstanding*........................ $ 11.90 $ 12.34 $ 11.27 $ 10.43 $ 10.91
======= ======== ======== ======== ========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-4
<PAGE> 71
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1998
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------------
DREYFUS VAN ECK WORLDWIDE INSURANCE TRUST
-------------------------------------- ------------------------------------
SMALL WORLDWIDE
CAPITAL COMPANY STOCK HARD WORLDWIDE EMERGING
APPRECIATION STOCK INDEX ASSETS BOND MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)....... $413,277 $289,750 $3,270,213 $ 236 $19,355 $31,065
======== ======== ========== ===== ======= =======
Investments in Dreyfus at net asset
value (Note 2)................... $480,425 $295,679 $3,902,550 $ 0 $ 0 $ 0
Investments in Van Eck Worldwide
Insurance Trust at net asset
value (Note 2)................... 0 0 0 211 20,819 25,483
-------- -------- ---------- ----- ------- -------
Net assets......................... $480,425 $295,679 $3,902,550 $ 211 $20,819 $25,483
======== ======== ========== ===== ======= =======
Net assets consist of:
Contractholders' net
payments.................... $418,884 $300,532 $3,278,262 $ 249 $19,734 $37,221
Cost of insurance and
mortality & expense risk
withdrawals (Note 3)........ (11,643) (10,707) (73,421) (8) (409) (1,847)
Undistributed net investment
income...................... 3,990 1,046 40,138 0 0 197
Accumulated net realized gain
(loss) on investments....... 2,046 (1,121) 25,234 (5) 30 (4,506)
Unrealized appreciation
(depreciation) of
investments................. 67,148 5,929 632,337 (25) 1,464 (5,582)
-------- -------- ---------- ----- ------- -------
Net assets......................... $480,425 $295,679 $3,902,550 $ 211 $20,819 $25,483
======== ======== ========== ===== ======= =======
Number of units outstanding*....... 36,191 32,362 291,990 26 1,873 5,495
-------- -------- ---------- ----- ------- -------
Net asset value per unit
outstanding*..................... $ 13.27 $ 9.14 $ 13.37 $8.25 $ 11.11 $ 4.64
======== ======== ========== ===== ======= =======
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-5
<PAGE> 72
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1998
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
--------------------------------------------------------
T. ROWE PRICE
--------------------------------------------------------
PERSONAL
EQUITY INTERNATIONAL NEW AMERICA STRATEGY
INCOME STOCK GROWTH BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------- ----------- ----------
<S> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)..................... $50,488 $14,492 $43,998 $8,992
======= ======= ======= ======
Investments in T. Rowe Price at net asset value
(Note 2)....................................... $49,384 $15,049 $48,220 $8,919
------- ------- ------- ------
Net assets....................................... $49,384 $15,049 $48,220 $8,919
======= ======= ======= ======
Net assets consist of:
Contractholders' net payments............... $49,520 $14,458 $43,641 $8,738
Cost of insurance and mortality & expense
risk withdrawals (Note 3)................. (687) (200) (606) (121)
Undistributed net investment income......... 1,643 235 953 372
Accumulated net realized gain (loss) on
investments............................... 12 (1) 10 3
Unrealized appreciation (depreciation) of
investments............................... (1,104) 557 4,222 (73)
------- ------- ------- ------
Net assets....................................... $49,384 $15,049 $48,220 $8,919
======= ======= ======= ======
Number of units outstanding*..................... 4,853 1,427 4,282 856
------- ------- ------- ------
Net asset value per unit outstanding*............ $ 10.18 $ 10.54 $ 11.26 $10.41
======= ======= ======= ======
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-6
<PAGE> 73
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------
MONY SERIES FUND, INC.
------------------------------------------------------------------------
MONEY INTERMEDIATE LONG TERM GOVERNMENT
MARKET TERM BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ----------------- ----------------- -----------------
FOR THE YEAR FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
ENDED JANUARY 23, 1998* JANUARY 23, 1998* FEBRUARY 9, 1998*
DECEMBER 31, THROUGH THROUGH THROUGH
1998 DECEMBER 31, 1998 DECEMBER 31, 1998 DECEMBER 31, 1998
------------ ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Dividend income........................ $ 49,821 $ 7,643 $ 8,348 $ 18,492
----------- ------- ------- --------
Realized and unrealized gain (loss) on
investments (Note 2):
Proceeds from sales.................. 5,606,246 6,353 7,236 76,822
Cost of shares sold.................. (5,606,246) (6,409) (7,166) (76,287)
----------- ------- ------- --------
Net realized gain (loss) on
investments.......................... 0 (56) 70 535
Net increase in unrealized appreciation
of investments....................... 0 5,455 11,150 13,329
----------- ------- ------- --------
Net realized and unrealized gain on
investments.......................... 0 5,399 11,220 13,864
----------- ------- ------- --------
Net increase in net assets resulting
from operations...................... $ 49,821 $13,042 $19,568 $ 32,356
=========== ======= ======= ========
</TABLE>
- ---------------
* Commencement of operations.
See notes to financial statements.
F-7
<PAGE> 74
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------
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....................... $ 1,531 $ 26,454 $ 67,233 $ 11,028 $ 29,756
-------- -------- -------- -------- --------
Realized and unrealized gain (loss) on
investments (Note 2):
Proceeds from sales................. 46,739 25,047 24,170 19,253 13,117
Cost of shares sold................. (40,498) (23,794) (23,204) (18,939) (13,479)
-------- -------- -------- -------- --------
Net realized gain (loss) on
investments......................... 6,241 1,253 966 314 (362)
Net increase (decrease) in unrealized
appreciation of investments......... (12) (13,120) (57,275) 5,752 (26,236)
-------- -------- -------- -------- --------
Net realized and unrealized gain
(loss) on investments............... 6,229 (11,867) (56,309) 6,066 (26,598)
-------- -------- -------- -------- --------
Net increase in net assets resulting
from operations..................... $ 7,760 $ 14,587 $ 10,924 $ 17,094 $ 3,158
======== ======== ======== ======== ========
</TABLE>
See notes to financial statements.
F-8
<PAGE> 75
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------
DREYFUS
------------------------------------------------
CAPITAL SMALL COMPANY STOCK
APPRECIATION STOCK INDEX
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------------ ------------
FOR THE YEAR FOR THE PERIOD FOR THE YEAR
ENDED FEBRUARY 13, 1998* ENDED
DECEMBER 31, THROUGH DECEMBER 31,
1998 DECEMBER 31, 1998 1998
------------ ------------------ ------------
<S> <C> <C> <C>
Dividend income........... $ 2,695 $ 1,046 $ 39,642
-------- ------- ---------
Realized and unrealized
gain (loss) on
investments (Note 2):
Proceeds from sales..... 15,339 8,286 282,082
Cost of shares sold..... (13,284) (9,407) (256,862)
-------- ------- ---------
Net realized gain (loss)
on investments.......... 2,055 (1,121) 25,220
Net increase (decrease) in
unrealized appreciation
of investments.......... 68,575 5,929 632,283
-------- ------- ---------
Net realized and
unrealized gain (loss)
on
investments............. 70,630 4,808 657,503
-------- ------- ---------
Net increase (decrease) in
net assets resulting
from operations......... $ 73,325 $ 5,854 $ 697,145
======== ======= =========
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------
VAN ECK WORLDWIDE INSURANCE TRUST
---------------------------------------------------------
HARD WORLDWIDE WORLDWIDE
ASSETS BOND EMERGING MARKETS
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------- ------------------ ----------------
FOR THE PERIOD FOR THE PERIOD FOR THE YEAR
JUNE 15, 1998* FEBRUARY 13, 1998* ENDED
THROUGH THROUGH DECEMBER 31,
DECEMBER 31, 1998 DECEMBER 31, 1998 1998
----------------- ------------------ ----------------
<S> <C> <C> <C>
Dividend income........... $ 0 $ 0 $ 197
---- ------ -------
Realized and unrealized
gain (loss) on
investments (Note 2):
Proceeds from sales..... 27 600 4,017
Cost of shares sold..... (32) (570) (8,462)
---- ------ -------
Net realized gain (loss)
on investments.......... (5) 30 (4,445)
Net increase (decrease) in
unrealized appreciation
of investments.......... (25) 1,464 (1,662)
---- ------ -------
Net realized and
unrealized gain (loss)
on
investments............. (30) 1,494 (6,107)
---- ------ -------
Net increase (decrease) in
net assets resulting
from operations......... $(30) $1,494 $(5,910)
==== ====== =======
</TABLE>
- ---------------
* Commencement of operations.
See notes to financial statements.
F-9
<PAGE> 76
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------------
T. ROWE PRICE
------------------------------------------------------------------------------------
EQUITY INTERNATIONAL NEW AMERICA PERSONAL STRATEGY
INCOME STOCK GROWTH BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------ ------------------ ------------------ ------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
NOVEMBER 19, 1998* NOVEMBER 19, 1998* NOVEMBER 19, 1998* NOVEMBER 19, 1998*
THROUGH THROUGH THROUGH THROUGH
DECEMBER 31, 1998 DECEMBER 31, 1998 DECEMBER 31, 1998 DECEMBER 31, 1998
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Dividend income............ $ 1,643 $ 235 $ 953 $ 372
------- ----- ------- -----
Realized and unrealized
gain (loss) on
investments
(Note 2):
Proceeds from sales...... 1,211 351 1,067 214
Cost of shares sold...... (1,199) (352) (1,057) (211)
------- ----- ------- -----
Net realized gain (loss) on
investments.............. 12 (1) 10 3
Net increase (decrease) in
unrealized appreciation
of investments........... (1,104) 557 4,222 (73)
------- ----- ------- -----
Net realized and unrealized
gain (loss) on
investments.............. (1,092) 556 4,232 (70)
------- ----- ------- -----
Net increase in net assets
resulting from
operations............... $ 551 $ 791 $ 5,185 $ 302
======= ===== ======= =====
</TABLE>
- ---------------
* Commencement of operations.
See notes to financial statements.
F-10
<PAGE> 77
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------
MONEY INTERMEDIATE
MARKET TERM BOND
SUBACCOUNT SUBACCOUNT
------------------------------ ------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE YEAR JULY 10, 1997** JANUARY 23, 1998**
ENDED THROUGH THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998
------------ --------------- ------------------
<S> <C> <C> <C>
From operations:
Net investment income...................... $ 49,821 $ 12,988 $ 7,643
Net realized gain (loss) on investments.... 0 0 (56)
Net increase in unrealized appreciation of
investments.............................. 0 0 5,455
----------- ----------- --------
Net increase in net assets resulting from
operations................................. 49,821 12,988 13,042
----------- ----------- --------
From unit transactions:
Net proceeds from the issuance of units.... 6,078,380 1,961,819 296,772
Net asset value of units redeemed or used
to meet contract obligations............. (4,286,177) (1,130,952) (5,281)
----------- ----------- --------
Net increase from unit transactions.......... 1,792,203 830,867 291,491
----------- ----------- --------
Net increase in net assets................... 1,842,024 843,855 304,533
Net assets beginning of period............... 843,855 0 0
----------- ----------- --------
Net assets end of period*.................... $ 2,685,879 $ 843,855 $304,533
=========== =========== ========
Units outstanding beginning of period........ 83,085 0 0
Units issued during the period............... 494,235 194,816 29,060
Units redeemed during the period............. (326,082) (111,731) (511)
----------- ----------- --------
Units outstanding end of period.............. 251,238 83,085 28,549
=========== =========== ========
- ---------------
*Includes undistributed net investment
income of:................................. $ 62,809 $ 12,988 $ 7,643
**Commencement of operations.
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
--------------------------------------- ------------------------------
LONG TERM GOVERNMENT
BOND SECURITIES EQUITY
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------ ------------------ ------------------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JANUARY 23, 1998** FEBRUARY 9, 1998** FOR THE YEAR JULY 23, 1997**
THROUGH THROUGH ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1998 1998 1997
------------------ ------------------ ------------ ---------------
<S> <C> <C> <C> <C>
From operations:
Net investment income...................... $ 8,348 $ 18,492 $ 1,531 $ 431
Net realized gain (loss) on investments.... 70 535 6,241 41
Net increase in unrealized appreciation of
investments.............................. 11,150 13,329 (12) 250
-------- -------- ------- -------
Net increase in net assets resulting from
operations................................. 19,568 32,356 7,760 722
-------- -------- ------- -------
From unit transactions:
Net proceeds from the issuance of units.... 323,690 886,032 59,447 13,447
Net asset value of units redeemed or used
to meet contract obligations............. (6,103) (41,836) (46,311) (1,169)
-------- -------- ------- -------
Net increase from unit transactions.......... 317,587 844,196 13,136 12,278
-------- -------- ------- -------
Net increase in net assets................... 337,155 876,552 20,896 13,000
Net assets beginning of period............... 0 0 13,000 0
-------- -------- ------- -------
Net assets end of period*.................... $337,155 $876,552 $33,896 $13,000
======== ======== ======= =======
Units outstanding beginning of period........ 0 0 1,232 0
Units issued during the period............... 31,230 86,711 5,434 1,345
Units redeemed during the period............. (579) (4,011) (3,818) (113)
-------- -------- ------- -------
Units outstanding end of period.............. 30,651 82,700 2,848 1,232
======== ======== ======= =======
- ---------------
*Includes undistributed net investment
income of:................................. $ 8,348 $ 18,492 $ 1,962 $ 431
**Commencement of operations.
</TABLE>
See notes to financial statements.
F-11
<PAGE> 78
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------
SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT
------------------------------ ------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE YEAR JULY 23, 1997** FOR THE YEAR JULY 23, 1997**
ENDED THROUGH ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998 1997
------------ --------------- ------------ ---------------
<S> <C> <C> <C> <C>
From operations:
Net investment income.................... $ 26,454 $ 17,837 $ 67,233 $ 19,108
Net realized gain (loss) on
investments............................ 1,253 168 966 140
Net increase (decrease) in unrealized
appreciation of investments............ (13,120) (11,007) (57,275) (16,670)
-------- -------- -------- --------
Net increase in net assets resulting from
operations............................... 14,587 6,998 10,924 2,578
-------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units.................................. 230,882 205,099 442,750 423,645
Net asset value of units redeemed or used
to meet contract obligations........... (24,242) (2,372) (22,989) (4,593)
-------- -------- -------- --------
Net increase from unit transactions........ 206,640 202,727 419,761 419,052
-------- -------- -------- --------
Net increase in net assets................. 221,227 209,725 430,685 421,630
Net assets beginning of period............. 209,725 0 421,630 0
-------- -------- -------- --------
Net assets end of period*.................. $430,952 $209,725 $852,315 $421,630
======== ======== ======== ========
Units outstanding beginning of period...... 18,628 0 40,391 0
Units issued during the period............. 18,280 18,848 37,287 40,836
Units redeemed during the period........... (1,987) (220) (2,037) (445)
-------- -------- -------- --------
Units outstanding end of period............ 34,921 18,628 75,641 40,391
======== ======== ======== ========
- ---------------
*Includes undistributed net investment
income of:............................... $ 44,291 $ 17,837 $ 86,341 $ 19,108
**Commencement of operations.
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------
INTERNATIONAL GROWTH HIGH YIELD BOND
SUBACCOUNT SUBACCOUNT
------------------------------ ------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE YEAR JULY 23, 1997** FOR THE YEAR JULY 23, 1997**
ENDED THROUGH ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998 1997
------------ --------------- ------------ ---------------
<S> <C> <C> <C> <C>
From operations:
Net investment income.................... $ 11,028 $ 3,248 $ 29,756 $ 1,806
Net realized gain (loss) on
investments............................ 314 (60) (362) 17
Net increase (decrease) in unrealized
appreciation of investments............ 5,752 (2,929) (26,236) (624)
-------- -------- -------- --------
Net increase in net assets resulting from
operations............................... 17,094 259 3,158 1,199
-------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units.................................. 120,360 110,383 232,444 157,186
Net asset value of units redeemed or used
to meet contract obligations........... (18,780) (796) (12,715) (1,560)
-------- -------- -------- --------
Net increase from unit transactions........ 101,580 109,587 219,729 155,626
-------- -------- -------- --------
Net increase in net assets................. 118,674 109,846 222,887 156,825
Net assets beginning of period............. 109,846 0 156,825 0
-------- -------- -------- --------
Net assets end of period*.................. $228,520 $109,846 $379,712 $156,825
======== ======== ======== ========
Units outstanding beginning of period...... 12,091 0 14,882 0
Units issued during the period............. 11,665 12,113 21,095 15,033
Units redeemed during the period........... (1,850) (22) (1,189) (151)
-------- -------- -------- --------
Units outstanding end of period............ 21,906 12,091 34,788 14,882
======== ======== ======== ========
- ---------------
*Includes undistributed net investment
income of:............................... $ 14,276 $ 3,248 $ 31,562 $ 1,806
**Commencement of operations.
</TABLE>
See notes to financial statements.
F-12
<PAGE> 79
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-------------------------------------------------------------------
DREYFUS
-------------------------------------------------------------------
CAPITAL SMALL COMPANY STOCK
APPRECIATION STOCK INDEX
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------------------ ------------------- ------------
FOR THE PERIOD FOR THE PERIOD
FOR THE YEAR JULY 23, 1997** FEBRUARY 13, 1998** FOR THE YEAR
ENDED THROUGH THROUGH ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998 1998
------------ --------------- ------------------- ------------
<S> <C> <C> <C> <C>
From operations:
Net investment income....................... $ 2,695 $ 1,295 $ 1,046 $ 39,642
Net realized gain (loss) on investments..... 2,055 (9) (1,121) 25,220
Net increase (decrease) in unrealized
appreciation of investments............... 68,575 (1,427) 5,929 632,283
-------- -------- -------- ----------
Net increase (decrease) in net assets
resulting from operations................. 73,325 (141) 5,854 697,145
-------- -------- -------- ----------
From unit transactions:
Net proceeds from the issuance of units..... 265,531 157,623 296,497 3,380,123
Net asset value of units redeemed or used to
meet contract obligations................. (14,387) (1,526) (6,672) (187,687)
-------- -------- -------- ----------
Net increase from unit transactions........... 251,144 156,097 289,825 3,192,436
-------- -------- -------- ----------
Net increase in net assets.................... 324,469 155,956 295,679 3,889,581
Net assets beginning of period................ 155,956 0 0 12,969
-------- -------- -------- ----------
Net assets end of period*..................... $480,425 $155,956 $295,679 $3,902,550
======== ======== ======== ==========
Units outstanding beginning of period......... 15,519 0 0 1,244
Units issued during the period................ 22,391 15,672 33,108 306,624
Units redeemed during the period.............. (1,719) (153) (746) (15,878)
-------- -------- -------- ----------
Units outstanding end of period............... 36,191 15,519 32,362 291,990
======== ======== ======== ==========
- ---------------
*Includes undistributed net investment income
of:......................................... $ 3,990 $ 1,295 $ 1,046 $ 40,138
**Commencement of operations.
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
-------------------------------------------------------
DREYFUS VAN ECK WORLDWIDE INSURANCE TRUST
--------------- -------------------------------------
STOCK HARD WORLDWIDE
INDEX ASSETS BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------- --------------- -------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
JULY 23, 1997** JUNE 15, 1998** FEBRUARY 13, 1998**
THROUGH THROUGH THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1998 1998
--------------- --------------- -------------------
<S> <C> <C> <C>
From operations:
Net investment income....................... $ 496 $ 0 $ 0
Net realized gain (loss) on investments..... 14 (5) 30
Net increase (decrease) in unrealized
appreciation of investments............... 54 (25) 1,464
------- ---- -------
Net increase (decrease) in net assets
resulting from operations................. 564 (30) 1,494
------- ---- -------
From unit transactions:
Net proceeds from the issuance of units..... 13,566 249 19,806
Net asset value of units redeemed or used to
meet contract obligations................. (1,161) (8) (481)
------- ---- -------
Net increase from unit transactions........... 12,405 241 19,325
------- ---- -------
Net increase in net assets.................... 12,969 211 20,819
Net assets beginning of period................ 0 0 0
------- ---- -------
Net assets end of period*..................... $12,969 $211 $20,819
======= ==== =======
Units outstanding beginning of period......... 0 0 0
Units issued during the period................ 1,357 27 1,919
Units redeemed during the period.............. (113) (1) (46)
------- ---- -------
Units outstanding end of period............... 1,244 26 1,873
======= ==== =======
- ---------------
*Includes undistributed net investment income
of:......................................... $ 496 $ 0 $ 0
**Commencement of operations.
</TABLE>
See notes to financial statements.
F-13
<PAGE> 80
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
----------------------------------------------------
VAN ECK WORLDWIDE
INSURANCE TRUST T. ROWE PRICE
------------------------------ -------------------
WORLDWIDE EQUITY
EMERGING MARKETS INCOME
SUBACCOUNT SUBACCOUNT
------------------------------ -------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE YEAR JULY 23, 1997** NOVEMBER 19, 1998**
ENDED THROUGH THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998
------------ --------------- -------------------
<S> <C> <C> <C>
From operations:
Net investment income.......................... $ 197 $ 0 $ 1,643
Net realized gain (loss) on investments........ (4,445) (61) 12
Net increase (decrease) in unrealized
appreciation of investments.................. (1,662) (3,920) (1,104)
------- ------- -------
Net increase in net assets resulting from
operations..................................... (5,910) (3,981) 551
------- ------- -------
From unit transactions:
Net proceeds from the issuance of units........ 22,510 17,333 49,656
Net asset value of units redeemed or used to
meet contract obligations.................... (3,996) (473) (823)
------- ------- -------
Net increase from unit transactions.............. 18,514 16,860 48,833
------- ------- -------
Net increase in net assets....................... 12,604 12,879 49,384
Net assets beginning of period................... 12,879 0 0
------- ------- -------
Net assets end of period*........................ $25,483 $12,879 $49,384
======= ======= =======
Units outstanding beginning of period............ 1,829 0 0
Units issued during the period................... 4,961 1,883 4,934
Units redeemed during the period................. (1,295) (54) (81)
------- ------- -------
Units outstanding end of period.................. 5,495 1,829 4,853
======= ======= =======
- ---------------
*Includes undistributed net investment income
of:............................................ $ 197 $ 0 $ 1,643
**Commencement of operations.
<CAPTION>
CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------
T. ROWE PRICE
---------------------------------------------------------------
INTERNATIONAL NEW AMERICA PERSONAL STRATEGY
STOCK GROWTH BALANCE
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------- ------------------- -------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
NOVEMBER 19, 1998** NOVEMBER 19, 1998** NOVEMBER 19, 1998**
THROUGH THROUGH THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1998 1998
------------------- ------------------- -------------------
<S> <C> <C> <C>
From operations:
Net investment income.......................... $ 235 $ 953 $ 372
Net realized gain (loss) on investments........ (1) 10 3
Net increase (decrease) in unrealized
appreciation of investments.................. 557 4,222 (73)
------- ------- -------
Net increase in net assets resulting from
operations..................................... 791 5,185 302
------- ------- -------
From unit transactions:
Net proceeds from the issuance of units........ 14,497 43,761 8,762
Net asset value of units redeemed or used to
meet contract obligations.................... (239) (726) (145)
------- ------- -------
Net increase from unit transactions.............. 14,258 43,035 8,617
------- ------- -------
Net increase in net assets....................... 15,049 48,220 8,919
Net assets beginning of period................... 0 0 0
------- ------- -------
Net assets end of period*........................ $15,049 $48,220 $ 8,919
======= ======= =======
Units outstanding beginning of period............ 0 0 0
Units issued during the period................... 1,451 4,354 870
Units redeemed during the period................. (24) (72) (14)
------- ------- -------
Units outstanding end of period.................. 1,427 4,282 856
======= ======= =======
- ---------------
*Includes undistributed net investment income
of:............................................ $ 235 $ 953 $ 372
**Commencement of operations.
</TABLE>
See notes to financial statements.
F-14
<PAGE> 81
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 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 only to the
Corporate Sponsored Variable Universal Life Insurance Policies is presented
here.
There are currently nineteen Corporate Sponsored Variable Universal
Subaccounts within the Variable Account, each invests only in a corresponding
portfolio of the MONY Series Fund, Inc. (the "Fund"), the Enterprise
Accumulation Trust ("Enterprise"), the Dreyfus Investment Fund ("Dreyfus Fund"),
the Dreyfus Stock Index Fund ("Dreyfus Index Fund"), and the Van Eck Worldwide
Insurance Trust ("Van Eck Trust") (collectively, the "Funds"). The subaccounts
of the Corporate Sponsored Variable Universal Life commenced operations during
1997 and 1998. 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 Funds 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 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 valuations 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, mortality and expense risk
charge 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 Corporate Sponsored Variable
Universal Life Subaccounts for 1998 aggregated $279,079.
F-15
<PAGE> 82
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. RELATED PARTY TRANSACTIONS (CONTINUED)
As investment adviser to the Fund, MONY America 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 the MONY Series Funds, Inc. at cost, at December 31, 1998
consist of the following:
<TABLE>
<CAPTION>
MONEY INTERMEDIATE LONG TERM GOVERNMENT
MARKET TERM BOND BOND SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ --------- ----------
<S> <C> <C> <C> <C>
Shares beginning of year:
Shares................................... 843,855 0 0 0
Amount................................... $ 843,855 $ 0 $ 0 $ 0
----------- -------- -------- --------
Shares acquired:
Shares................................... 7,398,449 26,737 23,678 83,672
Amount................................... $ 7,398,449 $297,844 $324,823 $921,018
Shares received for reinvestment of
dividends:
Shares................................... 49,821 714 641 1,748
Amount................................... $ 49,821 $ 7,643 $ 8,348 $ 18,492
Shares redeemed:
Shares................................... (5,606,246) (572) (525) (6,946)
Amount................................... $(5,606,246) $ (6,409) $ (7,166) $(76,287)
----------- -------- -------- --------
Net change:
Shares................................... 1,842,024 26,879 23,794 78,474
Amount................................... $ 1,842,024 $299,078 $326,005 $863,223
----------- -------- -------- --------
Shares end of year:
Shares................................... 2,685,879 26,879 23,794 78,474
Amount................................... $ 2,685,879 $299,078 $326,005 $863,223
=========== ======== ======== ========
</TABLE>
F-16
<PAGE> 83
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
Investments in Enterprise Accumulation Trust at cost, at December 31, 1998
consist of the following:
<TABLE>
<CAPTION>
SMALL COMPANY INTERNATIONAL HIGH YIELD
EQUITY VALUE MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ------------- --------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares....................... 370 7,855 10,339 17,774 27,465
Amount....................... $ 12,750 $220,732 $438,300 $112,775 $157,449
-------- -------- -------- -------- --------
Shares acquired:
Shares....................... 1,696 7,762 9,584 17,233 40,190
Amount....................... $ 59,875 $231,687 $443,931 $120,833 $232,846
Shares received for
reinvestment of dividends:
Shares....................... 42 1,010 1,658 1,699 5,435
Amount....................... $ 1,531 $ 26,454 $ 67,233 $ 11,028 $ 29,756
Shares redeemed:
Shares....................... (1,187) (876) (567) (2,801) (2,380)
Amount....................... $(40,498) $(23,794) $(23,204) $(18,939) $(13,479)
-------- -------- -------- -------- --------
Net change:
Shares....................... 551 7,896 10,675 16,131 43,245
Amount....................... $ 20,908 $234,347 $487,960 $112,922 $249,123
-------- -------- -------- -------- --------
Shares end of year:
Shares....................... 921 15,751 21,014 33,905 70,710
Amount....................... $ 33,658 $455,079 $926,260 $225,697 $406,572
======== ======== ======== ======== ========
</TABLE>
F-17
<PAGE> 84
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
Investments in Dreyfus and Van Eck Worldwide Insurance Trust at cost, at
December 31, 1998 consist of the following:
<TABLE>
<CAPTION>
DREYFUS VAN ECK WORLDWIDE INSURANCE TRUST
------------------------------------------- ------------------------------------------
CAPITAL SMALL COMPANY STOCK HARD WORLDWIDE WORLDWIDE
APPRECIATION STOCK INDEX ASSETS BOND EMERGING MARKETS
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------- ---------- --------- --------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares.................. 5,590 0 503 0 0 1,171
Amount.................. $157,383 $ 0 $ 12,915 $ 0 $ 0 $16,799
-------- -------- ---------- ---- ------- -------
Shares acquired:
Shares.................. 8,112 20,093 128,278 26 1,747 2,930
Amount.................. $266,483 $298,111 $3,474,518 $268 $19,925 $22,531
Shares received for
reinvestment of
dividends:
Shares.................. 77 68 1,333 0 0 20
Amount.................. $ 2,695 $ 1,046 $ 39,642 $ 0 $ 0 $ 197
Shares redeemed:
Shares.................. (475) (567) (10,110) (3) (52) (542)
Amount.................. $(13,284) $ (9,407) $ (256,862) $(32) $ (570) $(8,462)
-------- -------- ---------- ---- ------- -------
Net change:
Shares.................. 7,714 19,594 119,501 23 1,695 2,408
Amount.................. $255,894 $289,750 $3,257,298 $236 $19,355 $14,266
-------- -------- ---------- ---- ------- -------
Shares end of year:
Shares.................. 13,304 19,594 120,004 23 1,695 3,579
Amount.................. $413,277 $289,750 $3,270,213 $236 $19,355 $31,065
======== ======== ========== ==== ======= =======
</TABLE>
F-18
<PAGE> 85
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
Investments in T. Rowe Price at cost, at December 31, 1998 consist of the
following:
<TABLE>
<CAPTION>
EQUITY INTERNATIONAL NEW AMERICA PERSONAL STRATEGY
INCOME STOCK GROWTH BALANCE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ------------- ----------- -----------------
<S> <C> <C> <C> <C>
Shares beginning of year:
Shares................................. 0 0 0 0
Amount................................. $ 0 $ 0 $ 0 $ 0
------- ------- ------- ------
Shares acquired:
Shares................................. 2,539 1,045 1,953 541
Amount................................. $50,044 $14,609 $44,102 $8,831
Shares received for reinvestment of
dividends:
Shares................................. 87 17 43 24
Amount................................. $ 1,643 $ 235 $ 953 $ 372
Shares redeemed:
Shares................................. (61) (25) (47) (13)
Amount................................. $(1,199) $ (352) $(1,057) $ (211)
------- ------- ------- ------
Net change:
Shares................................. 2,565 1,037 1,949 552
Amount................................. $50,488 $14,492 $43,998 $8,992
------- ------- ------- ------
Shares end of year:
Shares................................. 2,565 1,037 1,949 552
Amount................................. $50,488 $14,492 $43,998 $8,992
======= ======= ======= ======
</TABLE>
F-19
<PAGE> 86
APPENDIX A
DEATH BENEFIT PERCENTAGE FOR
GUIDELINE PREMIUM/CASH VALUE CORRIDOR TEST
<TABLE>
<CAPTION>
ATTAINED AGE DEATH BENEFIT
------------ -------------
<S> <C>
40 and Under............................................ 250%
41...................................................... 243
42...................................................... 236
43...................................................... 229
44...................................................... 222
45...................................................... 215
46...................................................... 209
47...................................................... 203
48...................................................... 197
49...................................................... 191
50...................................................... 185
51...................................................... 178
52...................................................... 171
53...................................................... 164
54...................................................... 157
55...................................................... 150
56...................................................... 146
57...................................................... 142
58...................................................... 138
59...................................................... 134
60...................................................... 130
61...................................................... 128
62...................................................... 126
63...................................................... 124
64...................................................... 122
65...................................................... 120
66...................................................... 119
67...................................................... 118
68...................................................... 117
69...................................................... 116
70...................................................... 115
71...................................................... 113
72...................................................... 111
73...................................................... 109
74...................................................... 107
75-90................................................... 105
91...................................................... 104
92...................................................... 103
93...................................................... 102
94...................................................... 101
95...................................................... 100
</TABLE>
A-1
<PAGE> 87
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 88
APPENDIX B
ALTERNATE DEATH BENEFIT PERCENTAGE FOR
GUIDELINE PREMIUM/CASH VALUE CORRIDOR TEST
<TABLE>
<CAPTION>
ATTAINED AGE APPLICABLE PERCENTAGE
------------ ---------------------
<S> <C>
40 and Under.................................... 250%
41.............................................. 243
42.............................................. 236
43.............................................. 229
44.............................................. 222
45.............................................. 215
46.............................................. 209
47.............................................. 203
48.............................................. 197
49.............................................. 191
50.............................................. 185
51.............................................. 178
52.............................................. 211
53.............................................. 210
54.............................................. 208
55.............................................. 206
56.............................................. 204
57.............................................. 203
58.............................................. 202
59.............................................. 203
60.............................................. 204
61.............................................. 205
62.............................................. 206
63.............................................. 207
64.............................................. 208
65.............................................. 209
66.............................................. 210
67.............................................. 211
68.............................................. 212
69.............................................. 213
70.............................................. 214
71.............................................. 215
72.............................................. 216
73.............................................. 217
74.............................................. 218
75.............................................. 214
76.............................................. 207
77.............................................. 199
78.............................................. 192
79.............................................. 186
80.............................................. 180
81.............................................. 174
82.............................................. 169
83.............................................. 164
84.............................................. 159
85.............................................. 145
86.............................................. 133
</TABLE>
B-1
<PAGE> 89
<TABLE>
<CAPTION>
ATTAINED AGE APPLICABLE PERCENTAGE
------------ ---------------------
<S> <C>
87.............................................. 120
88.............................................. 105
89.............................................. 105
90.............................................. 105
91.............................................. 104
92.............................................. 103
93.............................................. 102
94.............................................. 101
95.............................................. 100
</TABLE>
B-2
<PAGE> 90
APPENDIX C
DEATH BENEFIT PERCENTAGE FOR
CASH VALUE ACCUMULATION TEST
MALE
<TABLE>
<CAPTION>
APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
ATTAINED AGE NON-SMOKER SMOKER
------------ --------------------- ---------------------
<S> <C> <C>
18......................... 728.68% 590.77%
19......................... 707.62 574.17
20......................... 687.37 558.07
21......................... 667.46 542.22
22......................... 647.92 526.63
23......................... 628.74 511.31
24......................... 609.54 496.26
25......................... 590.76 481.26
26......................... 572.38 466.56
27......................... 554.10 451.96
28......................... 536.27 437.70
29......................... 518.88 423.75
30......................... 501.92 410.14
31......................... 485.40 397.00
32......................... 469.31 384.18
33......................... 453.85 371.79
34......................... 438.80 359.81
35......................... 424.14 348.23
36......................... 410.04 337.03
37......................... 396.46 326.18
38......................... 383.38 315.76
39......................... 370.76 305.81
40......................... 358.57 296.22
41......................... 346.81 287.04
42......................... 335.54 278.22
43......................... 324.63 269.81
44......................... 314.16 261.75
45......................... 304.09 254.03
46......................... 294.39 246.61
47......................... 285.04 239.50
48......................... 276.02 232.68
49......................... 267.36 226.16
50......................... 259.04 219.90
51......................... 251.02 213.88
52......................... 243.33 208.11
53......................... 235.94 202.60
54......................... 228.86 197.34
55......................... 222.06 192.33
56......................... 215.56 187.55
57......................... 209.33 182.99
58......................... 203.37 178.63
59......................... 197.66 174.46
60......................... 192.20 170.45
61......................... 186.98 166.61
</TABLE>
C-1
<PAGE> 91
<TABLE>
<CAPTION>
APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
ATTAINED AGE NON-SMOKER SMOKER
------------ --------------------- ---------------------
<S> <C> <C>
62......................... 181.99 162.94
63......................... 177.22 159.45
64......................... 172.68 156.13
65......................... 168.35 152.99
66......................... 164.24 150.02
67......................... 160.33 147.20
68......................... 156.60 144.52
69......................... 153.06 141.95
70......................... 149.67 139.49
71......................... 146.45 137.14
72......................... 143.43 134.90
73......................... 140.55 132.78
74......................... 137.83 130.79
75......................... 135.30 128.92
76......................... 132.92 127.18
77......................... 130.69 125.56
78......................... 128.59 124.03
79......................... 126.59 122.59
80......................... 124.70 121.20
81......................... 122.89 119.86
82......................... 121.17 118.59
83......................... 119.55 117.37
84......................... 118.03 116.23
85......................... 116.60 115.14
86......................... 115.26 114.11
87......................... 113.97 113.09
88......................... 112.72 112.05
89......................... 111.47 111.00
90......................... 110.17 109.86
91......................... 108.76 108.59
92......................... 107.18 107.09
93......................... 105.31 105.27
94......................... 103.00 102.99
95......................... 100.00 100.00
</TABLE>
C-2
<PAGE> 92
APPENDIX D
DEATH BENEFIT PERCENTAGE FOR
CASH VALUE ACCUMULATION TEST
FEMALE
<TABLE>
<CAPTION>
APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
ATTAINED AGE NON-SMOKER SMOKER
------------ --------------------- ---------------------
<S> <C> <C>
18......................... 834.33% 734.20%
19......................... 807.96 710.85
20......................... 782.15 688.01
21......................... 756.99 666.21
22......................... 733.03 644.93
23......................... 709.65 624.17
24......................... 686.84 603.93
25......................... 664.60 584.56
26......................... 642.93 565.67
27......................... 621.82 547.24
28......................... 601.64 529.58
29......................... 581.97 512.35
30......................... 562.81 495.56
31......................... 544.16 479.44
32......................... 526.29 463.72
33......................... 508.89 448.60
34......................... 491.95 434.04
35......................... 475.69 420.02
36......................... 459.86 406.34
37......................... 444.65 393.15
38......................... 430.01 380.55
39......................... 415.92 368.49
40......................... 402.34 356.94
41......................... 389.25 345.85
42......................... 376.74 335.30
43......................... 364.65 325.13
44......................... 353.07 315.41
45......................... 341.85 306.10
46......................... 331.09 297.10
47......................... 320.73 288.44
48......................... 310.68 280.11
49......................... 300.99 272.07
50......................... 291.71 264.37
51......................... 282.75 256.96
52......................... 274.14 249.83
53......................... 265.85 242.95
54......................... 257.86 236.34
55......................... 250.15 229.97
56......................... 242.74 223.86
57......................... 235.60 217.95
58......................... 228.71 212.21
59......................... 222.05 206.64
60......................... 215.61 201.22
61......................... 209.36 195.96
</TABLE>
D-1
<PAGE> 93
<TABLE>
<CAPTION>
APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
ATTAINED AGE NON-SMOKER SMOKER
------------ --------------------- ---------------------
<S> <C> <C>
62......................... 203.34 190.86
63......................... 197.56 185.95
64......................... 192.00 181.25
65......................... 186.70 176.77
66......................... 181.65 172.48
67......................... 176.83 168.37
68......................... 172.20 164.42
69......................... 167.73 160.60
70......................... 163.41 156.89
71......................... 159.25 153.30
72......................... 155.27 149.84
73......................... 151.47 146.54
74......................... 147.87 143.42
75......................... 144.48 140.48
76......................... 141.28 137.72
77......................... 138.27 135.12
78......................... 135.43 132.65
79......................... 132.74 130.32
80......................... 130.18 128.09
81......................... 127.75 125.96
82......................... 125.46 123.93
83......................... 123.30 122.01
84......................... 121.27 120.20
85......................... 119.37 118.50
86......................... 117.58 116.89
87......................... 115.88 115.36
88......................... 114.25 113.87
89......................... 112.64 112.39
90......................... 111.03 110.86
91......................... 109.35 109.25
92......................... 107.54 107.49
93......................... 105.49 105.47
94......................... 103.05 103.05
95......................... 100.00 100.00
</TABLE>
D-2
<PAGE> 94
APPENDIX E
ALTERNATE DEATH BENEFIT PERCENTAGE FOR
CASH VALUE ACCUMULATION TEST
MALE
<TABLE>
<CAPTION>
APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
ATTAINED NON-SMOKER SMOKER
- -------- --------------------- ---------------------
<S> <C> <C>
18 728.68% 590.77%
19 707.62 574.17
20 687.37 558.07
21 667.46 542.22
22 647.92 526.63
23 628.74 511.31
24 609.54 496.26
25 590.76 481.26
26 572.38 466.56
27 554.10 451.96
28 536.27 437.70
29 518.88 423.75
30 501.92 410.14
31 485.40 397.00
32 469.31 384.18
33 453.85 371.79
34 438.80 359.81
35 424.14 348.23
36 410.04 337.03
37 396.46 326.18
38 383.38 315.76
39 370.76 305.81
40 358.57 296.22
41 346.81 287.04
42 335.54 278.22
43 324.63 269.81
44 314.16 261.75
45 304.09 254.03
46 294.39 246.61
47 285.04 239.50
48 276.02 232.68
49 267.36 226.16
50 259.04 219.90
51 251.02 213.88
52 247.00 211.25
53 244.00 209.53
54 241.00 207.81
55 238.00 206.14
56 235.00 204.47
57 232.00 202.80
58 230.00 202.03
</TABLE>
E-1
<PAGE> 95
<TABLE>
<CAPTION>
APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
ATTAINED NON-SMOKER SMOKER
- -------- --------------------- ---------------------
<S> <C> <C>
59 230.00 203.00
60 230.00 203.98
61 230.00 204.95
62 230.00 205.93
63 230.00 206.95
64 230.00 207.96
65 230.00 209.01
66 230.00 210.08
67 230.00 211.17
68 230.00 212.25
69 230.00 213.31
70 230.00 214.36
71 230.00 215.38
72 230.00 216.32
73 230.00 217.29
74 230.00 218.24
75 221.89 211.43
76 214.00 204.76
77 205.18 197.13
78 196.74 189.77
79 189.89 183.88
80 183.31 178.16
81 176.96 172.61
82 170.85 167.21
83 164.98 161.98
84 159.34 156.91
85 145.75 143.93
86 132.55 131.22
87 119.67 118.74
88 112.72 112.05
89 111.47 111.00
90 110.17 109.86
91 108.76 108.59
92 107.18 107.09
93 105.31 105.27
94 103.00 102.99
95 100.00 100.00
</TABLE>
E-2
<PAGE> 96
APPENDIX F
ALTERNATE DEATH BENEFIT PERCENTAGE FOR
CASH VALUE ACCUMULATION TEST
FEMALE
<TABLE>
<CAPTION>
ATTAINED APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
AGE NON-SMOKER SMOKER
- -------- --------------------- ---------------------
<S> <C> <C>
18 834.33% 734.20%
19 807.96 710.85
20 782.15 688.01
21 756.99 666.21
22 733.03 644.93
23 709.65 624.17
24 686.84 603.93
25 664.60 584.56
26 642.93 565.67
27 621.82 547.24
28 601.64 529.58
29 581.97 512.35
30 562.81 495.56
31 544.16 479.44
32 526.29 463.72
33 508.89 448.60
34 491.95 434.04
35 475.69 420.02
36 459.86 406.34
37 444.65 393.15
38 430.01 380.55
39 415.92 368.49
40 402.34 356.94
41 389.25 345.85
42 376.74 335.30
43 364.65 325.13
44 353.07 315.41
45 341.85 306.10
46 331.09 297.10
47 320.73 288.44
48 310.68 280.11
49 300.99 272.07
50 291.71 264.37
51 282.75 256.96
52 278.27 253.60
53 274.93 251.25
54 271.54 248.87
55 268.10 246.47
56 264.63 244.05
57 261.11 241.54
58 258.66 240.00
59 258.39 240.05
</TABLE>
F-1
<PAGE> 97
<TABLE>
<CAPTION>
ATTAINED APPLICABLE PERCENTAGE APPLICABLE PERCENTAGE
AGE NON-SMOKER SMOKER
- -------- --------------------- ---------------------
<S> <C> <C>
60 258.02 240.80
61 257.53 241.05
62 256.99 241.22
63 256.40 241.34
64 255.74 241.41
65 255.07 241.50
66 254.38 241.53
67 253.67 241.53
68 252.90 241.48
69 252.06 241.33
70 251.12 241.10
71 250.12 240.76
72 248.99 240.27
73 247.88 239.81
74 246.75 239.32
75 236.94 230.39
76 227.46 221.72
77 217.08 212.13
78 207.21 202.96
79 199.11 195.47
80 191.37 188.29
81 183.97 181.38
82 176.90 174.74
83 170.15 168.37
84 163.72 162.26
85 149.21 148.13
86 135.22 134.43
87 121.68 121.13
88 114.25 113.87
89 112.64 112.39
90 111.03 110.86
91 109.35 109.25
92 107.54 107.49
93 105.49 105.47
94 103.05 103.05
95 100.00 100.00
</TABLE>
F-2
<PAGE> 98
APPENDIX G
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, Account 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>
DEF. OF DEATH TARGET
LIFE INS. BENEFIT SPECIFIED DEATH SEE
SEX AGE UNDERWRITING METHOD SMOKER TEST OPTION AMOUNT BENEFIT PAGES
- --- --- ------------------- ------ --------- ------- --------- ------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Male 45 Guaranteed Issue Non-smoker CVAT 1 $500,000 $500,000 G-5, G-11
Male 45 Guaranteed Issue Non-smoker CVAT 1 $250,000 $500,000 G-17, G-23
Male 45 Medical Issue Preferred Non-smoker CVAT 1 $500,000 $500,000 G-29, G-35
Male 45 Medical Issue Standard Smoker CVAT 1 $500,000 $500,000 G-41, G-47
Male 45 Guaranteed Issue Non-smoker CVAT 1 $500,000 $500,000 G-53, G-59
Male 45 Guaranteed Issue Non-smoker GPT 1 $500,000 $500,000 G-65, G-71
Male 45 Guaranteed Issue Non-smoker CVAT 1 $500,000 $500,000 G-77, G-83
</TABLE>
The tables show how death benefits, Account 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, Account 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 a the beginning of the year.
The amounts shown for death benefits, Account Values, and Surrender Values
sections reflect the fact that 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, including the premium loads,
administrative charges, mortality and expense risk charges, and Sales Charges.
The difference between the Account Value and the Surrender Value in the first
three years is the refund of Sales Charges.
The tables illustrate cost of insurance and expense charges at both current
rates (which are described under Cost of Insurance, page 35) and at the maximum
rates guaranteed in the Policies. The amounts shown at the end of each Policy
year reflect a daily charge against the Funds. These charges include the charge
to Portfolio assets for investment management and direct expenses. The initial
mortality and expense risk charge is .60% annually on a guaranteed basis;
illustrations showing current rates reflect a reduction of .30% of the Account
Value beginning after the tenth Policy Anniversary; and illustrations showing
guaranteed rates reflect a mortality and expense risk charge of .45% annually
beginning on and after the tenth Policy Anniversary.
Since the Company is unable to predict how a particular Policy owner will
allocate net premium payments 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
0.70% 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 in the tables.
The effect of these investment management and direct expenses on a 0% gross rate
of return would result in a net rate of return of -0.70%, on 6% it would be
5.30%, and on 12% it would be 11.30%.
G-1
<PAGE> 99
The tables assume the deduction of charges including administrative and sales
charges. For each age, there are tables 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%, and 12%.
The Company will furnish, upon request, a comparable illustration based on the
age and sex of the proposed insured, underwriting and premium class assumptions
and an initial Specified Amount, Target Death Benefit, and Scheduled Premium
Payments of the applicant's choice. In addition, the individual chosen
Definition of Life Insurance Test will be illustrated. 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 Disclosure and Notes to Illustration which precede each of
the flexible premium variable life to age 95 standard ledger statements which
follow and which begin on pages G-5
THESE ILLUSTRATIONS ARE NOT VALID IN FLORIDA
G-2
<PAGE> 100
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
DISCLOSURE
BRIEF DESCRIPTION
The Death Benefit, Account Value and Surrender Value of Flexible Premium
Variable Life Insurance may vary up and down to reflect the investment
experience of the subaccounts of the Separate Account and are based on
hypothetical investment return assumptions. Each illustration assumes that the
combination of the amounts allocated by a policyowner to the subaccounts
experienced hypothetical gross rate of investment return equivalent to 0% and
any other rate specified to a maximum of 12%.
These illustrations of Death Benefit, Account Value and Surrender Value are
designed to show the way in which Flexible Premium Variable Life Insurance
operates and help make it possible to compare it with other variable life
insurance illustrations. The hypothetical returns are not intended as estimates
of the future performance of any subaccounts. MONY Life Insurance Company of
America is not able to predict the future performance of the subaccounts.
Illustrations based on assumed constant rates of return do not show
fluctuation in the Death Benefit, Account Value and Surrender Value that can
occur with an actual policy. Since the values of the subaccounts vary up and
down, variable life insurance benefits will also vary. Depending on investment
allocations made to the subaccounts, benefits may vary up and down, unless the
actual rates of return are identical for all subaccounts.
If the illustration reflects loan or partial surrenders the amounts there
of will be shown in columns headed "ANNUAL LOAN" and "PARTIAL SURRENDR fr INSUR
CONTRACT".
The policy is a Flexible Premium Variable Life Insurance policy. The
initial premium is due on or before delivery of the policy. You can choose the
amount and frequency of premium payments within certain limits.
The maximum loan value is equal to 90% of the Account Value.
DISTRIBUTED BY: MONY SECURITIES CORPORATION, MEMBER NASD, SIPC
1740 BROADWAY
NEW YORK, NEW YORK 10019
1-800-736-0166
ILLUSTRATIONS MUST BE ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE INVESTING.
NOTES TO ILLUSTRATION
The Death Benefit, Account Value and Surrender Value under the policy are
discussed in the prospectus and in your policy. The amounts shown for the Death
Benefit, Account Value and Surrender Value are as of the end of the policy year
and take into consideration the operating charges and expense charges of the
underlying funds including the investment advisory services.
The daily charge for investment advisory services and operating expenses of
each of the Funds, after reimbursement, varies by subaccount and ranges from
0.00% to 1.19% on an annualized basis. Since a specific allocation amongst
subaccounts is not assumed in the illustration the charge assumed is equivalent
to an annual rate of 0.70%. The actual charge will depend upon the Policy
owner's choice of Subaccounts.
The charges assumed for investment advisory services and expenses is
effectively subtracted from the hypothetical gross investment rate of return.
The resulting net investment rate of return is shown in parenthesis next to the
hypothetical gross rate.
1. In Compliance Report 1 the "ASSUME USE OF GUARANTEED MORTALITY" columns,
guaranteed cost of insurance rates are charged.
G-3
<PAGE> 101
2. In Compliance Report 2 the "ASSUME USE OF CURRENT MORTALITY" columns, current
cost of insurance rates are charged.
3. In Compliance Reports 1 and 2, column (2) shows the amount to which the
premium paid for the policy to the end of a policy year would accumulate if
an amount equal to such premiums were invested to earn interest, after taxes
at 5% compounded annually.
4. In Compliance Reports 1 and 2, column (3) reflects any loans that have been
requested.
5. In Compliance Reports 1 and 2, column (4) reflects any partial surrender that
have been requested. A partial surrender could reduce the Death Benefit, and
will reduce the Account Value and Surrender Value by the amount surrendered
plus a transaction fee which is the lesser of $25 or 2% of the amount
surrendered.
6. The term "COST OF MONEY %" is the opportunity cost. The hypothetical rate
assumes the return of earned interest for other possible investments.
G-4
<PAGE> 102
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- ------- ------ --------- -------- ------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26,225 27,536 0 0 23,697 21,336 500,000 25,026 22,666 500,000
2 47 26,225 56,449 0 0 43,590 42,016 500,000 47,579 46,005 500,000
3 48 26,225 86,808 0 0 63,184 62,397 500,000 71,203 70,416 500,000
4 49 26,225 118,684 0 0 82,479 82,479 500,000 95,953 95,953 500,000
5 50 26,225 152,155 0 0 102,243 102,243 500,000 122,654 122,654 500,000
6 51 26,225 187,298 0 0 121,705 121,705 500,000 150,599 150,599 500,000
7 52 26,225 224,200 0 0 140,839 140,839 500,000 179,834 179,834 500,000
8 53 0 235,410 0 0 136,818 136,818 500,000 186,226 186,226 500,000
9 54 0 247,180 0 0 132,607 132,607 500,000 192,764 192,764 500,000
10 55 0 259,539 0 0 128,202 128,202 500,000 199,464 199,464 500,000
11 56 0 272,516 0 0 123,744 123,744 500,000 206,619 206,619 500,000
12 57 0 286,142 0 0 118,986 118,986 500,000 213,927 213,927 500,000
13 58 0 300,449 0 0 113,919 113,919 500,000 221,410 221,410 500,000
14 59 0 315,471 0 0 108,491 108,491 500,000 229,056 229,056 500,000
15 60 0 331,245 0 0 102,643 102,643 500,000 236,857 236,857 500,000
16 61 0 347,807 0 0 96,315 96,315 500,000 244,808 244,808 500,000
17 62 0 365,197 0 0 89,443 89,443 500,000 252,907 252,907 500,000
18 63 0 383,457 0 0 81,957 81,957 500,000 261,154 261,154 500,000
19 64 0 402,630 0 0 73,681 73,681 500,000 269,497 269,497 500,000
20 65 0 422,762 0 0 64,581 64,581 500,000 277,972 277,972 500,000
21 66 0 443,900 0 0 54,458 54,458 500,000 286,539 286,539 500,000
22 67 0 466,095 0 0 43,206 43,206 500,000 295,216 295,216 500,000
23 68 0 489,399 0 0 30,646 30,646 500,000 304,003 304,003 500,000
24 69 0 513,869 0 0 16,582 16,582 500,000 312,907 312,907 500,000
25 70 0 539,563 0 0 851 851 500,000 321,963 321,963 500,000
26 71 0 566,541 0 0 0 0 0 331,153 331,153 500,000
27 72 0 594,868 0 0 0 0 0 340,366 340,366 500,000
28 73 0 624,611 0 0 0 0 0 349,786 349,786 501,697
29 74 0 655,842 0 0 0 0 0 359,295 359,295 504,989
30 75 0 688,634 0 0 0 0 0 368,842 368,842 508,375
31 76 0 723,066 0 0 0 0 0 378,407 378,407 511,984
32 77 0 759,219 0 0 0 0 0 387,941 387,941 515,651
33 78 0 797,180 0 0 0 0 0 397,446 397,446 519,422
34 79 0 837,039 0 0 0 0 0 406,965 406,965 523,317
35 80 0 878,891 0 0 0 0 0 416,528 416,528 527,282
36 81 0 922,836 0 0 0 0 0 426,136 426,136 531,392
37 82 0 968,977 0 0 0 0 0 435,769 435,769 535,516
38 83 0 1,017,426 0 0 0 0 0 445,390 445,390 539,679
39 84 0 1,068,298 0 0 0 0 0 454,987 454,987 543,937
40 85 0 1,121,712 0 0 0 0 0 464,542 464,542 548,298
</TABLE>
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY THE DISCLOSURE
PAGE, CONTINUATION OF COMPLIANCE REPORT 1, AND SUPPLEMENTAL FOOTNOTE PAGE.
G-5
<PAGE> 103
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1 ...continuation
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- ------- ------ -------- -------- ------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1,177,798 0 0 0 0 0 474,100 474,100 552,801
42 87 0 1,236,688 0 0 0 0 0 483,725 483,725 557,514
43 88 0 1,298,522 0 0 0 0 0 493,524 493,524 562,469
44 89 0 1,363,449 0 0 0 0 0 503,651 503,651 567,715
45 90 0 1,431,621 0 0 0 0 0 514,293 514,293 573,282
46 91 0 1,503,202 0 0 0 0 0 525,731 525,731 579,198
47 92 0 1,578,362 0 0 0 0 0 538,350 538,350 585,510
48 93 0 1,657,280 0 0 0 0 0 552,729 552,729 592,415
49 94 0 1,740,144 0 0 0 0 0 569,799 569,799 600,056
50 95 0 1,827,151 0 0 0 0 0 591,072 591,072 608,804
</TABLE>
Illustration Received _________________________________________________
(Signature of Applicant/Policyholder(s) and Date)
Illustration Delivered_________________________________________________
(Signature of Representative and Date)
ASSUME GUARANTEED CHARGES AND A GROSS INVESTMENT RETURN OF 0.00%. CONTRACT
LAPSES AFTER AGE 70. ASSUMING GUARANTEED CHARGES AND A GROSS INVESTMENT RETURN
OF 6.00%, THIS CONTRACT MATURES AT ANNIVERSARY AT AGE 95. THIS IS AN
ILLUSTRATION, NOT A CONTRACT. FOR PRESENTATION IN ARIZONA 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 POLICYHOLDER, AND THE DIFFERENT
INVESTMENT RATES OF RETURN ACHIEVED BY THE SUB ACCOUNT CHOSEN BY THE
POLICYHOLDER. THE SURRENDER VALUE, ACCOUNT 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 THAT THESE
HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR, OR SUSTAINED OVER
ANY PERIOD OF TIME.
PREPARED BY: AGENT DATE PREPARED: 11/6/1996
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY DISCLOSURE PAGE
AND SUPPLEMENTAL FOOTNOTE PAGE.
G-6
<PAGE> 104
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- --------- ------ --------- -------- ------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26,225 27,536 0 0 23,697 21,336 500,000 25,026 22,666 500,000
2 47 26,225 56,449 0 0 43,862 42,289 500,000 47,858 46,285 500,000
3 48 26,225 86,808 0 0 63,663 62,876 500,000 71,709 70,922 500,000
4 49 26,225 118,684 0 0 83,152 83,152 500,000 96,684 96,684 500,000
5 50 26,225 152,155 0 0 103,052 103,052 500,000 123,563 123,563 500,000
6 51 26,225 187,298 0 0 122,731 122,731 500,000 151,772 151,772 500,000
7 52 26,225 224,200 0 0 142,198 142,198 500,000 181,387 181,387 500,000
8 53 0 235,410 0 0 138,640 138,640 500,000 188,289 189,289 500,000
9 54 0 247,180 0 0 135,068 135,068 500,000 195,509 195,509 500,000
10 55 0 259,539 0 0 131,482 131,482 500,000 203,064 203,064 500,000
11 56 0 272,516 0 0 128,270 128,270 500,000 211,612 211,612 500,000
12 57 0 286,142 0 0 124,985 124,985 500,000 220,560 220,560 500,000
13 58 0 300,449 0 0 121,490 121,490 500,000 229,833 229,833 500,000
14 59 0 315,471 0 0 117,783 117,783 500,000 239,460 239,460 500,000
15 60 0 331,245 0 0 113,813 113,813 500,000 249,441 249,441 500,000
16 61 0 347,807 0 0 109,483 109,483 500,000 259,751 259,751 500,000
17 62 0 365,197 0 0 104,833 104,833 500,000 270,453 270,453 505,693
18 63 0 383,457 0 0 99,806 99,806 500,000 281,540 281,540 512,374
19 64 0 402,630 0 0 94,394 94,394 500,000 293,024 293,024 519,298
20 65 0 422,762 0 0 88,635 88,635 500,000 304,946 304,946 526,581
21 66 0 443,900 0 0 82,420 82,420 500,000 317,282 317,282 534,144
22 67 0 466,095 0 0 75,783 75,783 500,000 330,089 330,089 542,139
23 68 0 489,399 0 0 68,609 68,609 500,000 343,353 343,353 550,497
24 69 0 513,869 0 0 60,720 60,720 500,000 357,035 357,035 559,117
25 70 0 539,563 0 0 51,874 51,874 500,000 371,081 371,081 567,976
26 71 0 566,541 0 0 42,081 42,081 500,000 385,556 385,556 557,062
27 72 0 594,868 0 0 31,070 31,070 500,000 400,417 400,417 586,410
28 73 0 624,611 0 0 18,831 18,831 500,000 415,728 415,728 596,278
29 74 0 655,842 0 0 4,993 4,993 500,000 431,435 431,435 606,382
30 75 0 688,634 0 0 0 0 0 447,531 447,531 616,832
31 76 0 723,066 0 0 0 0 0 464,067 464,067 627,882
32 77 0 759,219 0 0 0 0 0 480,983 480,983 639,323
33 78 0 797,180 0 0 0 0 0 498,249 498,249 651,161
34 79 0 837,039 0 0 0 0 0 515,239 515,239 662,546
35 80 0 878,891 0 0 0 0 0 532,399 532,399 673,963
36 81 0 922,836 0 0 0 0 0 549,833 549,833 685,642
37 82 0 968,977 0 0 0 0 0 567,457 567,457 697,347
38 83 0 1,017,426 0 0 0 0 0 586,066 586,066 710,136
39 84 0 1,068,298 0 0 0 0 0 605,173 605,173 723,484
40 85 0 1,121,712 0 0 0 0 0 624,661 624,661 737,287
</TABLE>
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY COMPLIANCE
REPORT 1, THE DISCLOSURE PAGE, THE CONTINUATION OF COMPLIANCE REPORT 2, AND THE
SUPPLEMENTAL FOOTNOTE PAGE.
G-7
<PAGE> 105
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2 ...continuation
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- ------- ------ -------- -------- ------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1,177,798 0 0 0 0 0 644,675 644,675 751,691
42 87 0 1,236,688 0 0 0 0 0 665,098 665,098 766,592
43 88 0 1,298,522 0 0 0 0 0 686,116 686,116 781,966
44 89 0 1,363,449 0 0 0 0 0 707,822 707,822 797,857
45 90 0 1,431,621 0 0 0 0 0 730,387 730,387 814,163
46 91 0 1,503,202 0 0 0 0 0 753,952 753,952 830,629
47 92 0 1,578,362 0 0 0 0 0 779,116 779,116 847,366
48 93 0 1,657,280 0 0 0 0 0 806,529 806,529 864,438
49 94 0 1,740,144 0 0 0 0 0 837,245 837,245 881,703
50 95 0 1,827,151 0 0 0 0 0 872,930 872,930 899,118
</TABLE>
ASSUME CURRENT CHARGES AND A GROSS INVESTMENT RETURN OF 0.00%, CONTRACT LAPSES
AFTER AGE 74. ASSUMING CURRENT CHARGES AND A GROSS INVESTMENT RETURN OF 6.00%,
THIS CONTRACT MATURES AT ANNIVERSARY AT AGE 95. THIS IS AN ILLUSTRATION, NOT A
CONTRACT. FOR PRESENTATION IN ARIZONA 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 POLICYHOLDER, AND THE DIFFERENT INVESTMENT RATES OF RETURN
ACHIEVED BY THE SUB ACCOUNT CHOSEN BY THE POLICYHOLDER. THE SURRENDER VALUE,
ACCOUNT 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 THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE
YEAR, OR SUSTAINED OVER ANY PERIOD OF TIME.
PREPARED BY: AGENT DATE PREPARED: 11/6/96
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY COMPLIANCE
REPORT 1, DISCLOSURE PAGE, AND SUPPLEMENTAL FOOTNOTE PAGE.
G-8
<PAGE> 106
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------
NONE
------------------------------------------------
From Year 0 to Year 0
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 LAW 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 TARGET DEATH
BENEFIT AND/OR A CHANGE IN DEATH BENEFIT 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.
VALUES SHOWN ON THIS ILLUSTRATION ARE BASED ON A POLICY OWNER TAX BRACKET OF
0.00%.
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 DEATH BENEFIT , ACCOUNT VALUE AND
SURRENDER VALUE WILL DIFFER IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS,
FREQUENCIES, OR NOT ON THE DUE DATE.
THE POLICY'S SURRENDER VALUE INCLUDES ANY SALES CHARGE REFUND ON FULL SURRENDER.
THE SALES CHARGE REFUND EQUALS THE SALES CHARGE COLLECTED IN THE FIRST POLICY
YEAR OR THE FIRST POLICY YEAR OF AN INCREASE ADJUSTED BY THE FOLLOWING SCHEDULE:
YEAR 1-100%
YEAR 2-66.67%
YEAR 3-33.33%
PREMIUMS LESS THE FOLLOWING DEDUCTIONS ARE ADDED TO THE ACCOUNT VALUE. (1) A
PREMIUM TAX CHARGE OF 2.00% OF GROSS PREMIUMS IN ALL YEARS. (2) A SALES CHARGE
ON THE GROSS PREMIUM EQUALS TO 9% UP TO THE TARGET PREMIUM IN YEAR 1-10, 0% IN
POLICY YEARS 11 AND AFTER AND 0% OF PREMIUM IN EXCESS OF THE TARGET PREMIUM IN
ALL YEARS. (3) A DAC TAX CHARGE OF 1.25% OF GROSS PREMIUMS IN ALL YEARS.
REFER TO PROSPECTUS
G-9
<PAGE> 107
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE ...continuation
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
THOSE COLUMNS ASSUMING GUARANTEED CHARGES USE THE CURRENT MONTHLY MORTALITY
CHARGES AND CURRENT CHARGES FOR RIDER BENEFITS IF ANY, FOR THE FIRST YEAR AS
WELL AS THE ASSUMED HYPOTHETICAL GROSS ANNUAL INVESTMENT RETURN INDICATED.
THEREAFTER THESE COLUMNS USE GUARANTEED CHARGES FOR MONTHLY MORTALITY CHARGES,
RIDER BENEFITS IF ANY, 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 INSURANCE COMPANY 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 INSURANCE COMPANY
OF AMERICA.
THE DIFFERENCE BETWEEN THE ACCOUNT VALUE AND THE VALUE UPON SURRENDER IS ANY
OUTSTANDING DEBT PLUS ANY APPLICABLE SALES CHARGE REFUND. A PARTIAL SURRENDER
AMOUNT AND THE PARTIAL SURRENDER FEE ($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 ACCOUNT VALUE AND THE VALUE UPON SURRENDER.
A POLICY LOAN WILL HAVE A PERMANENT EFFECT ON BENEFITS UNDER THE POLICY. LOAN
INTEREST AT AN ANNUAL RATE OF 4.6% WILL BE CHARGED IN ARREARS. AMOUNTS BORROWED
WILL EARN INTEREST AT AN ANNUAL RATE OF 4%. AFTER THE 10TH POLICY ANNIVERSARY
THE ANNUAL INTEREST RATE APPLICABLE TO THE LOAN ACCOUNT WILL BE 0.30% HIGHER
THAN THE RATE APPLICABLE TO POLICIES OF THE SAME TYPE WHICH HAVE NOT REACHED
THEIR 10TH POLICY ANNIVERSARY. THIS INCREASE IS ANTICIPATED BUT NOT GUARANTEED.
THIS INCREASE IS BASED ON CURRENT EXPECTATIONS AS TO MORTALITY, INVESTMENT
EARNINGS, PERSISTENCY AND EXPENSES AND IS NOT GUARANTEED. ADVERSE TAX
CONSEQUENCES COULD OCCUR IF A POLICY SUBJECT TO LOANS IS SURRENDERED OR
PERMITTED TO LAPSE. IN ADDITION, LOAN INTEREST MAY NOT BE DEDUCTIBLE. PLEASE
CONSULT YOUR TAX ADVISOR FOR ADVICE SURROUNDING THE DEDUCTIBILITY OF LOAN
INTEREST AND OTHER TAX CONSEQUENCES.
AN ADMINISTRATIVE CHARGE IS DEDUCTED EACH MONTH. DURING THE FIRST 36 POLICY
MONTHS THE CHARGE IS $10.50 PER MONTH, THEREAFTER, THE CHARGE IS $7.50 PER
MONTH.
REFER TO PROSPECTUS
G-10
<PAGE> 108
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 12.0% (11.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANUAL FR INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- --------- ------ --------- -------- ------- ------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26,225 27,536 0 0 23,697 21,336 500,000 26,356 23,996 500,000
2 47 26,225 56,449 0 0 43,590 42,016 500,000 51,729 50,155 500,000
3 48 26,225 86,808 0 0 63,184 62,397 500,000 79,880 79,093 500,000
4 49 26,225 118,684 0 0 82,479 82,479 500,000 111,118 111,118 500,000
5 50 26,225 152,155 0 0 102,243 102,243 500,000 146,561 146,561 500,000
6 51 26,225 187,298 0 0 121,705 121,705 500,000 185,829 185,829 500,000
7 52 26,225 224,200 0 0 140,839 140,839 500,000 229,078 229,078 575,032
8 53 0 235,410 0 0 136,818 136,818 500,000 251,216 251,216 611,284
9 54 0 247,180 0 0 132,607 132,607 500,000 275,397 275,397 649,772
10 55 0 259,539 0 0 128,202 128,202 500,000 301,820 301,820 690,746
11 56 0 272,516 0 0 123,744 123,744 500,000 331,153 331,153 735,358
12 57 0 286,142 0 0 118,986 118,986 500,000 363,176 363,176 782,863
13 58 0 300,449 0 0 113,919 113,919 500,000 398,155 398,155 833,457
14 59 0 315,471 0 0 108,491 108,491 500,000 436,324 436,324 887,352
15 60 0 331,245 0 0 102,643 102,643 500,000 477,942 477,942 944,701
16 61 0 347,807 0 0 96,315 96,315 500,000 523,289 523,289 1,005,761
17 62 0 365,197 0 0 89,443 89,443 500,000 572,669 572,669 1,070,777
18 63 0 383,457 0 0 81,957 81,957 500,000 626,418 626,418 1,140,017
19 64 0 402,630 0 0 73,681 73,681 500,000 684,772 684,772 1,213,554
20 65 0 422,762 0 0 64,581 64,581 500,000 748,180 748,180 1,291,957
21 66 0 443,900 0 0 54,458 54,458 500,000 816,935 816,935 1,375,310
22 67 0 466,095 0 0 43,206 43,206 500,000 891,489 891,489 1,464,181
23 68 0 489,399 0 0 30,646 30,646 500,000 972,270 972,270 1,558,841
24 69 0 513,869 0 0 16,582 16,582 500,000 1,059,753 1,059,750 1,659,573
25 70 0 539,563 0 0 851 851 500,000 1,154,528 1,154,528 1,767,120
26 71 0 566,541 0 0 0 0 0 1,257,037 1,257,037 1,881,408
27 72 0 594,868 0 0 0 0 0 1,367,377 1,367,377 2,002,524
28 73 0 624,611 0 0 0 0 0 1,486,703 1,486,703 2,132,378
29 74 0 655,842 0 0 0 0 0 1,615,161 1,615,161 2,270,109
30 75 0 688,634 0 0 0 0 0 1,753,209 1,753,209 2,416,448
31 76 0 723,066 0 0 0 0 0 1,901,557 1,901,557 2,572,807
32 77 0 759,219 0 0 0 0 0 2,060,939 2,060,939 2,739,401
33 78 0 797,180 0 0 0 0 0 2,232,162 2,232,162 2,917,212
34 79 0 837,039 0 0 0 0 0 2,416,308 2,416,308 3,107,131
35 80 0 878,891 0 0 0 0 0 2,614,477 2,614,477 3,309,666
36 81 0 922,836 0 0 0 0 0 2,827,711 2,827,711 3,526,155
37 82 0 968,977 0 0 0 0 0 3,056,937 3,056,937 3,756,670
38 83 0 1,017,426 0 0 0 0 0 3,303,040 3,303,040 4,002,293
39 84 0 1,068,298 0 0 0 0 0 3,567,100 3,567,100 4,264,468
40 85 0 1,121,712 0 0 0 0 0 3,850,188 3,850,188 4,544,377
</TABLE>
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY THE DISCLOSURE
PAGE, CONTINUATION OF COMPLIANCE REPORT 1, AND SUPPLEMENTAL FOOTNOTE PAGE.
G-11
<PAGE> 109
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1 ...continuation
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 12.0% (11.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- ------- ------ --------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1,177,798 0 0 0 0 0 4,154,013 4,154,013 4,843,579
42 87 0 1,236,688 0 0 0 0 0 4,480,591 4,480,591 5,164,330
43 88 0 1,298,522 0 0 0 0 0 4,832,631 4,832,631 5,507,750
44 89 0 1,363,449 0 0 0 0 0 5,213,656 5,213,656 5,876,833
45 90 0 1,431,621 0 0 0 0 0 5,628,072 5,628,072 6,273,611
46 91 0 1,503,202 0 0 0 0 0 6,082,031 6,082,031 6,700,574
47 92 0 1,578,362 0 0 0 0 0 6,583,909 6,583,909 7,160,659
48 93 0 1,657,280 0 0 0 0 0 7,146,017 7,146,017 7,659,101
49 94 0 1,740,144 0 0 0 0 0 7,787,620 7,787,620 8,201,143
50 95 0 1,827,151 0 0 0 0 0 8,539,903 8,539,903 8,796,100
</TABLE>
Illustration Received _________________________________________________
(Signature of Applicant/Policyholder(s) and Date)
Illustration Delivered_________________________________________________
(Signature of Representative and Date)
ASSUME GUARANTEED CHARGES AND A GROSS INVESTMENT RETURN OF 0.00%, CONTRACT
LAPSES AFTER AGE 70. ASSUMING GUARANTEED CHARGES AND A GROSS INVESTMENT RETURN
OF 12.00%, THIS CONTRACT MATURES AT ANNIVERSARY AT AGE 95. THIS IS AN
ILLUSTRATION, NOT A CONTRACT. FOR PRESENTATION IN ARIZONA 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 POLICYHOLDER, AND THE DIFFERENT
INVESTMENT RATES OF RETURN ACHIEVED BY THE SUB ACCOUNT CHOSEN BY THE
POLICYHOLDER. THE SURRENDER VALUE, ACCOUNT 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 THAT THESE
HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR, OR SUSTAINED OVER
ANY PERIOD OF TIME.
PREPARED BY: AGENT DATE PREPARED: 11/6/1996
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY DISCLOSURE PAGE
AND SUPPLEMENTAL FOOTNOTE PAGE.
G-12
<PAGE> 110
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 12.0% (11.3% Initial
ANNUAL PREMIUM: $26,224.90 NET)
INITIAL DEATH BENEFIT OPTION: OPTION I COST OF MONEY %: 0.00%
UNDERWRITING CLASS: GUARANTEED ISSUE DEFINITION OF LIFE INSURANCE: CVAT
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- --------- ------ --------- -------- ------- ------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26,225 27,536 0 0 23,697 21,336 500,000 26,356 23,996 500,000
2 47 26,225 56,449 0 0 43,862 42,289 500,000 52,016 50,442 500,000
3 48 26,225 86,808 0 0 63,663 62,876 500,000 80,414 79,627 500,000
4 49 26,225 118,684 0 0 83,152 83,152 500,000 111,912 111,912 500,000
5 50 26,225 152,155 0 0 103,052 103,052 500,000 147,580 147,580 500,000
6 51 26,225 187,298 0 0 122,731 122,731 500,000 187,167 187,167 500,000
7 52 26,225 224,200 0 0 142,198 142,198 500,000 230,881 230,881 579,557
8 53 0 235,410 0 0 138,640 138,640 500,000 253,673 253,673 617,263
9 54 0 247,180 0 0 135,068 135,068 500,000 278,774 278,774 657,739
10 55 0 259,539 0 0 131,482 131,482 500,000 306,422 306,422 701,277
11 56 0 272,516 0 0 128,270 128,270 500,000 337,895 337,895 750,329
12 57 0 286,142 0 0 124,985 124,985 500,000 372,625 372,625 803,213
13 58 0 300,449 0 0 121,490 121,490 500,000 410,798 410,798 859,924
14 59 0 315,471 0 0 117,783 117,783 500,000 452,766 452,766 920,790
15 60 0 331,245 0 0 113,813 113,813 500,000 498,861 498,861 986,048
16 61 0 347,807 0 0 109,483 109,483 500,000 549,348 549,348 1,055,916
17 62 0 365,197 0 0 104,833 104,833 500,000 604,846 604,846 1,130,941
18 63 0 383,457 0 0 99,806 99,806 500,000 665,687 665,687 1,211,483
19 64 0 402,630 0 0 94,394 94,394 500,000 732,458 732,458 1,298,062
20 65 0 422,762 0 0 88,635 88,635 500,000 805,839 805,839 1,391,523
21 66 0 443,900 0 0 82,420 82,420 500,000 886,374 886,374 1,492,210
22 67 0 466,095 0 0 75,783 75,783 500,000 974,874 974,874 1,601,134
23 68 0 489,399 0 0 68,609 68,609 500,000 1,072,010 1,072,010 1,718,967
24 69 0 513,869 0 0 60,720 60,720 500,000 1,178,465 1,178,465 1,845,476
25 70 0 539,563 0 0 51,874 51,874 500,000 1,294,842 1,294,842 1,981,885
26 71 0 566,541 0 0 42,081 42,081 500,000 1,422,255 1,422,255 2,128,690
27 72 0 594,868 0 0 31,070 31,070 500,000 1,561,500 1,561,500 2,286,816
28 73 0 624,611 0 0 18,831 18,831 500,000 1,713,868 1,713,868 2,458,201
29 74 0 655,842 0 0 4,993 4,993 500,000 1,880,275 1,880,275 2,642,727
30 75 0 688,634 0 0 0 0 0 2,061,888 2,061,888 2,841,901
31 76 0 723,066 0 0 0 0 0 2,260,250 2,260,250 3,058,119
32 77 0 759,219 0 0 0 0 0 2,476,505 2,476,505 3,291,770
33 78 0 797,180 0 0 0 0 0 2,711,983 2,711,983 3,544,291
34 79 0 837,039 0 0 0 0 0 2,964,694 2,964,694 3,812,300
35 80 0 878,891 0 0 0 0 0 3,238,449 3,238,449 4,099,552
36 81 0 922,836 0 0 0 0 0 3,535,563 3,535,563 4,408,847
37 82 0 968,977 0 0 0 0 0 3,857,323 3,857,323 4,740,270
38 83 0 1,017,426 0 0 0 0 0 4,211,388 4,211,388 5,102,938
39 84 0 1,068,298 0 0 0 0 0 4,597,077 4,597,077 5,495,808
40 85 0 1,121,712 0 0 0 0 0 5,016,132 5,016,132 5,920,541
</TABLE>
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY COMPLIANCE
REPORT 1, THE DISCLOSURE PAGE, THE CONTINUATION OF COMPLIANCE REPORT 2, AND THE
SUPPLEMENTAL FOOTNOTE PAGE.
G-13
<PAGE> 111
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2 ...continuation
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 12.0% (11.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- ------- ------ -------- -------- ------- ------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1,177,798 0 0 0 0 0 5,472,507 5,472,507 6,380,943
42 87 0 1,236,688 0 0 0 0 0 5,968,301 5,968,301 6,879,064
43 88 0 1,298,522 0 0 0 0 0 6,508,504 6,508,504 7,417,742
44 89 0 1,363,449 0 0 0 0 0 7,097,817 7,097,817 8,000,660
45 90 0 1,431,621 0 0 0 0 0 7,742,303 7,742,303 8,630,345
46 91 0 1,503,202 0 0 0 0 0 8,448,415 8,448,415 9,307,619
47 92 0 1,578,362 0 0 0 0 0 9,228,838 9,228,838 10,037,285
48 93 0 1,657,280 0 0 0 0 0 10,098,973 10,098,973 10,824,079
49 94 0 1,740,144 0 0 0 0 0 11,082,061 11,082,061 11,670,519
50 95 0 1,827,151 0 0 0 0 0 12,213,964 12,213,964 12,580,383
</TABLE>
ASSUME CURRENT CHARGES AND A GROSS INVESTMENT RETURN OF 0.00%. CONTRACT LAPSES
AFTER AGE 74. ASSUMING CURRENT CHARGES AND A GROSS INVESTMENT RETURN OF 12.00%
THIS CONTRACT MATURES AT ANNIVERSARY AT AGE 95. THIS IS AN ILLUSTRATION, NOT A
CONTRACT. FOR PRESENTATION IN ARIZONA 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 POLICYHOLDER, AND THE DIFFERENT INVESTMENT RATES OF RETURN
ACHIEVED BY THE SUB ACCOUNT CHOSEN BY THE POLICYHOLDER. THE SURRENDER VALUE,
ACCOUNT 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 FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL CONTRACT
YEARS. NO REPRESENTATIONS CAN BE MADE THAT THESE HYPOTHETICAL RATES OF RETURN
CAN BE ACHIEVED FOR ANY ONE YEAR, OR SUSTAINED OVER ANY PERIOD OF TIME.
PREPARED BY: AGENT DATE PREPARED: 11/6/1996
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY COMPLIANCE
REPORT 1, DISCLOSURE PAGE, AND SUPPLEMENTAL FOOTNOTE PAGE.
G-14
<PAGE> 112
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------
NONE
------------------------------------------------
From Year 0 to Year 0
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 LAW 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 TARGET DEATH
BENEFIT AND/OR A CHANGE IN DEATH BENEFIT 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.
VALUES SHOWN ON THIS ILLUSTRATION ARE BASED ON A POLICY OWNER TAX BRACKET OF
0.00%.
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 DEATH BENEFIT, ACCOUNT VALUE AND
SURRENDER VALUE WILL DIFFER IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS,
FREQUENCIES, OR NOT ON THE DUE DATE.
THE POLICY'S SURRENDER VALUE INCLUDES ANY SALES CHARGE REFUND ON FULL SURRENDER.
THE SALES CHARGE REFUND EQUALS THE SALES CHARGE COLLECTED IN THE FIRST POLICY
YEAR OR THE FIRST POLICY YEAR OF AN INCREASE ADJUSTED BY THE FOLLOWING SCHEDULE:
YEAR 1 - 100%
YEAR 2 - 66.67%
YEAR 3 - 33.33%
PREMIUMS LESS THE FOLLOWING DEDUCTIONS ARE ADDED TO THE ACCOUNT VALUE. (1) A
PREMIUM TAX CHARGE OF 2.00% OF GROSS PREMIUMS IN ALL YEARS. (2) A SALES CHARGE
ON THE GROSS PREMIUM EQUALS TO 9% UP TO THE TARGET PREMIUM IN YEARS 1-10, 0% IN
POLICY YEARS 11 AND AFTER, AND 0% OF PREMIUM IN EXCESS OF THE TARGET PREMIUM IN
ALL YEARS. (3) A DAC TAX CHARGE OF 1.25% OF GROSS PREMIUMS IN ALL YEARS.
REFER TO PROSPECTUS
G-15
<PAGE> 113
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE ...continuation
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 12.0% (11.3% Initial
NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTON: OPTION I DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
THOSE COLUMNS ASSUMING GUARANTEED CHARGES USE THE CURRENT MONTHLY MORTALITY
CHARGES AND CURRENT CHARGES FOR RIDER BENEFITS IF ANY, FOR THE FIRST YEAR AS
WELL AS THE ASSUMED HYPOTHETICAL GROSS ANNUAL INVESTMENT RETURN INDICATED.
THEREAFTER THESE COLUMNS USE GUARANTEED CHARGES FOR MONTHLY MORTALITY CHARGES,
RIDER BENEFITS IF ANY, 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 INSURANCE COMPANY 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 INSURANCE COMPANY
OF AMERICA.
THE DIFFERENCE BETWEEN THE ACCOUNT VALUE AND THE VALUE UPON SURRENDER IS ANY
OUTSTANDING DEBT PLUS ANY APPLICABLE SALES CHARGE REFUND. A PARTIAL SURRENDER,
THE SURRENDER AMOUNT AND THE PARTIAL SURRENDER FEE ($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 ACCOUNT 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 4.6% WILL BE CHARGED IN ARREARS. AMOUNTS BORROWED
WILL EARN INTEREST AT AN ANNUAL RATE OF 4%. AFTER THE 10TH POLICY ANNIVERSARY
THE ANNUAL INTEREST RATE APPLICABLE TO THE LOAN ACCOUNT WILL BE 0.30% HIGHER
THAN THE RATE APPLICABLE TO POLICIES OF THE SAME TYPE WHICH HAVE NOT REACHED
THEIR 10TH POLICY ANNIVERSARY. THIS INCREASE IS ANTICIPATED BUT NOT GUARANTEED.
THIS INCREASE IS BASED ON CURRENT EXPECTATIONS AS TO MORTALITY, INVESTMENT
EARNINGS, PERSISTENCY AND EXPENSES AND IS NOT GUARANTEED. ADVERSE TAX
CONSEQUENCES COULD OCCUR IF A POLICY SUBJECT TO LOANS IS SURRENDERED OR
PERMITTED TO LAPSE. IN ADDITION, THE LOAN INTEREST MAY NOT BE DEDUCTIBLE. PLEASE
CONSULT YOUR TAX ADVISOR FOR ADVICE SURROUNDING THE DEDUCTIBILITY OF LOAN
INTEREST AND OTHER TAX CONSEQUENCES.
AN ADMINISTRATIVE CHARGE IS DEDUCTED EACH MONTH. DURING THE FIRST 36 POLICY
MONTHS THE CHARGE IS $10.50 PER MONTH, THEREAFTER, THE CHARGE IS $7.50 PER
MONTH.
REFER TO PROSPECTUS
G-16
<PAGE> 114
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $250,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- --------- ------ --------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26,225 27,536 0 0 23,863 22,680 500,000 25,269 24,086 500,000
2 47 26,225 56,449 0 0 45,302 44,513 500,000 49,521 48,733 500,000
3 48 26,225 86,808 0 0 66,432 66,037 500,000 74,913 74,518 500,000
4 49 26,225 118,684 0 0 87,253 87,253 500,000 101,502 101,502 500,000
5 50 26,225 152,155 0 0 108,144 108,144 500,000 129,727 129,727 500,000
6 51 26,225 187,298 0 0 128,726 128,726 500,000 159,277 159,277 500,000
7 52 26,225 224,200 0 0 148,975 148,975 500,000 190,205 190,205 500,000
8 53 0 235,410 0 0 144,896 144,896 500,000 197,145 197,145 500,000
9 54 0 247,180 0 0 140,634 140,634 500,000 204,268 204,268 500,000
10 55 0 259,539 0 0 136,182 113,182 500,000 211,590 211,590 500,000
11 56 0 272,516 0 0 131,696 131,696 500,000 219,431 219,431 500,000
12 57 0 286,142 0 0 126,916 126,916 500,000 227,474 227,474 500,000
13 58 0 300,449 0 0 121,836 121,836 500,000 235,746 235,746 500,000
14 59 0 315,471 0 0 116,396 116,396 500,000 244,242 244,242 500,000
15 60 0 331,245 0 0 110,546 110,546 500,000 252,961 252,961 500,002
16 61 0 347,807 0 0 104,224 104,224 500,000 261,903 261,903 503,378
17 62 0 365,197 0 0 97,367 97,367 500,000 271,066 271,066 506,839
18 63 0 383,457 0 0 89,907 89,907 500,000 280,446 280,446 510,384
19 64 0 402,630 0 0 81,671 81,671 500,000 289,985 289,985 513,911
20 65 0 422,762 0 0 72,624 72,624 500,000 299,702 299,702 517,526
21 66 0 443,900 0 0 62,570 62,570 500,000 309,547 309,547 521,123
22 67 0 466,095 0 0 51,404 51,404 500,000 319,529 319,529 524,794
23 68 0 489,399 0 0 38,950 38,950 500,000 329,637 329,637 528,507
24 69 0 513,869 0 0 25,013 25,013 500,000 339,867 339,867 532,231
25 70 0 539,563 0 0 9,431 9,431 500,000 350,238 350,238 536,074
26 71 0 566,541 0 0 0 0 0 360,714 360,714 539,880
27 72 0 594,868 0 0 0 0 0 371,158 371,158 543,561
28 73 0 624,611 0 0 0 0 0 381,726 381,726 547,510
29 74 0 655,842 0 0 0 0 0 392,284 392,284 551,355
30 75 0 688,634 0 0 0 0 0 402,788 402,788 555,163
31 76 0 723,066 0 0 0 0 0 413,248 413,248 559,125
32 77 0 759,219 0 0 0 0 0 423,669 423,669 563,141
33 78 0 797,180 0 0 0 0 0 434,057 434,057 567,270
34 79 0 837,039 0 0 0 0 0 444,462 444,462 571,534
35 80 0 878,891 0 0 0 0 0 454,914 454,914 575,875
36 81 0 922,836 0 0 0 0 0 465,417 465,417 580,375
37 82 0 968,977 0 0 0 0 0 475,945 475,945 584,889
38 83 0 1,017,426 0 0 0 0 0 486,462 486,462 589,445
39 84 0 1,068,298 0 0 0 0 0 496,953 496,953 594,107
40 85 0 1,121,712 0 0 0 0 0 507,397 507,397 598,880
</TABLE>
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY THE DISCLOSURE
PAGE, CONTINUATION OF COMPLIANCE REPORT 1, AND SUPPLEMENTAL FOOTNOTE PAGE.
G-17
<PAGE> 115
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1 ...continuation
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $250,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- ------- ------ --------- -------- ------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1,177,798 0 0 0 0 0 517,845 517,845 603,808
42 87 0 1,236,688 0 0 0 0 0 528,366 528,366 608,995
43 88 0 1,298,522 0 0 0 0 0 539,078 539,078 614,387
44 89 0 1,363,449 0 0 0 0 0 550,148 550,148 620,127
45 90 0 1,431,621 0 0 0 0 0 561,781 561,781 626,217
46 91 0 1,503,202 0 0 0 0 0 574,285 574,285 632,689
47 92 0 1,578,362 0 0 0 0 0 588,077 588,077 639,593
48 93 0 1,657,280 0 0 0 0 0 603,793 603,793 647,145
49 94 0 1,740,144 0 0 0 0 0 622,448 622,448 655,500
50 95 0 1,827,151 0 0 0 0 0 645,695 645,696 665,066
</TABLE>
Illustration Received _________________________________________________
(Signature of Applicant/Policyholder(s) and Date)
Illustration Delivered_________________________________________________
(Signature of Representative and Date)
ASSUME GUARANTEED CHARGES AND A GROSS INVESTMENT RETURN OF 0.00%. CONTRACT
LAPSES AFTER AGE 70. ASSUMING GUARANTEED CHARGES AND A GROSS INVESTMENT RETURN
OF 6.00%, THIS CONTRACT MATURES AT ANNIVERSARY AT AGE 95. THIS IS AN
ILLUSTRATION, NOT A CONTRACT. FOR PRESENTATION IN ARIZONA 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 POLICYHOLDER, AND THE DIFFERENT
INVESTMENT RATES OF RETURN ACHIEVED BY THE SUB ACCOUNT CHOSEN BY THE
POLICYHOLDER. THE SURRENDER VALUE, ACCOUNT 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 THAT THESE
HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR, OR SUSTAINED OVER
ANY PERIOD OF TIME.
PREPARED BY: AGENT DATE PREPARED: 11/6/1996
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY DISCLOSURE PAGE
AND SUPPLEMENTAL FOOTNOTE PAGE.
G-18
<PAGE> 116
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $250,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- --------- ------ --------- -------- ------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26,225 27,536 0 0 23,863 22,680 500,000 25,269 24,086 500,000
2 47 26,225 56,449 0 0 45,722 44,933 500,000 49,954 49,165 500,000
3 48 26,225 86,808 0 0 67,204 66,809 500,000 75,731 75,337 500,000
4 49 26,225 118,684 0 0 88,364 88,364 500,000 102,696 102,696 500,000
5 50 26,225 152,155 0 0 109,506 109,506 500,000 131,215 131,215 500,000
6 51 26,225 187,298 0 0 130,391 130,391 500,000 161,110 161,110 500,000
7 52 26,225 224,200 0 0 151,043 151,043 500,000 192,461 192,461 500,000
8 53 0 235,410 0 0 147,524 147,524 500,000 199,954 199,954 500,000
9 54 0 247,180 0 0 144,009 144,009 500,000 207,793 207,793 500,000
10 55 0 259,539 0 0 140,434 140,434 500,000 215,992 215,992 500,000
11 56 0 272,516 0 0 137,223 137,223 500,000 225,254 225,254 500,200
12 57 0 286,142 0 0 133,895 133,895 500,000 234,953 234,953 506,464
13 58 0 300,449 0 0 130,363 130,363 500,000 245,011 245,011 512,882
14 59 0 315,471 0 0 126,624 126,624 500,000 255,445 255,445 519,498
15 60 0 331,245 0 0 122,627 122,627 500,000 266,237 266,237 526,244
16 61 0 347,807 0 0 118,278 118,278 500,000 277,350 277,350 533,068
17 62 0 365,197 0 0 113,616 113,616 500,000 288,842 288,842 540,077
18 63 0 383,457 0 0 108,586 108,586 500,000 300,710 300,710 547,262
19 64 0 402,630 0 0 103,178 103,178 500,000 312,984 312,984 554,671
20 65 0 422,762 0 0 97,431 97,431 500,000 325,724 325,724 562,460
21 66 0 443,900 0 0 91,235 91,235 500,000 338,907 338,907 570,549
22 67 0 466,095 0 0 84,627 84,627 500,000 352,593 352,593 579,099
23 68 0 489,399 0 0 77,491 77,491 500,000 366,767 366,767 588,038
24 69 0 513,869 0 0 69,654 69,654 500,000 381,389 381,389 597,255
25 70 0 539,563 0 0 60,876 60,876 500,000 396,399 396,399 606,729
26 71 0 566,541 0 0 51,168 51,168 500,000 411,869 411,869 616,444
27 72 0 594,868 0 0 40,263 40,263 500,000 427,749 427,749 626,439
28 73 0 624,611 0 0 28,150 28,150 500,000 444,112 444,112 636,989
29 74 0 655,842 0 0 14,464 14,464 500,000 460,898 460,898 647,792
30 75 0 688,634 0 0 0 0 0 478,099 478,099 658,964
31 76 0 723,066 0 0 0 0 0 495,770 495,770 670,777
32 77 0 759,219 0 0 0 0 0 513,849 513,849 683,008
33 78 0 797,180 0 0 0 0 0 532,300 532,300 695,663
34 79 0 837,039 0 0 0 0 0 550,458 550,458 707,834
35 80 0 878,891 0 0 0 0 0 568,797 568,797 720,040
36 81 0 922,836 0 0 0 0 0 587,430 587,430 732,525
37 82 0 968,977 0 0 0 0 0 606,265 606,265 745,039
38 83 0 1,017,426 0 0 0 0 0 626,153 626,153 758,709
39 84 0 1,068,298 0 0 0 0 0 646,573 646,573 772,978
40 85 0 1,121,712 0 0 0 0 0 667,401 667,401 787,733
</TABLE>
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY COMPLIANCE
REPORT 1. THE DISCLOSURE PAGE, THE CONTINUATION OF COMPLIANCE REPORT 2, AND
SUPPLEMENTAL FOOTNOTE PAGE.
G-19
<PAGE> 117
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2 ...continuation
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $250,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- ------- ------ --------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1,177,798 0 0 0 0 0 688,790 688,790 803,129
42 87 0 1,236,688 0 0 0 0 0 710,617 710,617 819,057
43 88 0 1,298,522 0 0 0 0 0 733,080 733,080 835,491
44 89 0 1,363,449 0 0 0 0 0 756,278 756,278 852,476
45 90 0 1,431,621 0 0 0 0 0 780,394 780,394 869,906
46 91 0 1,503,202 0 0 0 0 0 805,579 805,579 887,506
47 92 0 1,578,362 0 0 0 0 0 832,472 832,472 905,396
48 93 0 1,657,280 0 0 0 0 0 861,769 861,769 923,644
49 94 0 1,740,144 0 0 0 0 0 894,595 894,595 942,098
50 95 0 1,827,151 0 0 0 0 0 932,731 932,731 960,713
</TABLE>
ASSUME CURRENT CHARGES AND A GROSS INVESTMENT RETURN OF 0.00%, CONTRACT LAPSES
AFTER AGE 74. ASSUMING CURRENT CHARGES AND A GROSS INVESTMENT RETURN OF 6.00%
THIS CONTRACT MATURES AT ANNIVERSARY AT AGE 95. THIS IS AN ILLUSTRATION, NOT A
CONTRACT. FOR PRESENTATION IN ARIZONA 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 POLICYHOLDER AND THE DIFFERENT INVESTMENT RATES OF RETURN
ACHIEVED BY THE SUB ACCOUNT CHOSEN BY THE POLICYHOLDER. THE SURRENDER VALUE,
ACCOUNT 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 THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE
YEAR, OR SUSTAINED OVER ANY PERIOD OF TIME.
PREPARED BY: AGENT DATE PREPARED: 11/6/1996
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY COMPLIANCE
REPORT 1, DISCLOSURE PAGE, AND SUPPLEMENTAL FOOTNOTE PAGE.
G-20
<PAGE> 118
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $250,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------
Adjustable Term Insurance Rider
------------------------------------------------
From Year 0 to Year 50
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 LAW 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 TARGET DEATH
BENEFIT AND/OR A CHANGE IN DEATH BENEFIT 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 OF 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.
VALUES SHOWN ON THIS ILLUSTRATION ARE BASED ON A POLICY OWNER TAX BRACKET OF
0.00%.
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 DEATH BENEFIT, ACCOUNT VALUE AND
SURRENDER VALUE WILL DIFFER IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS,
FREQUENCIES, OR NOT ON THE DUE DATE.
THE POLICY'S SURRENDER VALUE INCLUDES ANY SALES CHARGE REFUND ON FULL SURRENDER.
THE SALES CHARGE REFUND EQUALS THE SALES CHARGE COLLECTED IN THE FIRST POLICY
YEAR OR THE FIRST POLICY YEAR OF AN INCREASE ADJUSTED BY THE FOLLOWING SCHEDULE:
YEAR 1-100%
YEAR 2-66.67%
YEAR 3-33.33%
PREMIUMS LESS THE FOLLOWING DEDUCTIONS ARE ADDED TO THE ACCOUNT VALUE. (1) A
PREMIUM TAX CHARGE OF 2.00% OF GROSS PREMIUMS IN ALL YEARS (2) A SALES CHARGE ON
THE GROSS PREMIUM EQUALS TO 9% UP TO THE TARGET PREMIUM IN YEARS 1-10, 0% IN
POLICY YEARS 11 AND AFTER, AND 0% OF PREMIUM IN EXCESS OF THE TARGET PREMIUM IN
ALL YEARS. (3) A DAC TAX CHARGE OF 1.25% OF GROSS PREMIUMS IN ALL YEARS.
REFER TO PROSPECTUS
G-21
<PAGE> 119
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE ...continuation
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $250,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
THOSE COLUMNS ASSUMING GUARANTEED CHARGES USE THE CURRENT MONTHLY MORTALITY
CHARGES AND CURRENT CHARGES FOR RIDER BENEFITS IF ANY, FOR THE FIRST YEAR AS
WELL AS THE ASSUMED HYPOTHETICAL GROSS ANNUAL INVESTMENT RETURN INDICATED.
THEREAFTER THESE COLUMNS USE GUARANTEED CHARGES FOR MONTHLY MORTALITY CHARGES,
RIDER BENEFITS IF ANY, 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 INSURANCE COMPANY 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 INSURANCE COMPANY
OF AMERICA.
THE DIFFERENCE BETWEEN THE ACCOUNT VALUE AND THE VALUE UPON SURRENDER IS ANY
OUTSTANDING DEBT PLUS ANY APPLICABLE SALES CHARGE REFUND. A PARTIAL SURRENDER,
THE SURRENDER AMOUNT AND THE PARTIAL SURRENDER FEE ($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 ACCOUNT 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 4.6% WILL BE CHARGED IN ARREARS. AMOUNTS BORROWED
WILL EARN INTEREST AT AN ANNUAL RATE OF 4%. AFTER THE 10TH POLICY ANNIVERSARY
THE ANNUAL INTEREST RATE APPLICABLE TO THE LOAN ACCOUNT WILL BE 0.30% HIGHER
THAN THE RATE APPLICABLE TO POLICIES OF THE SAME TYPE WHICH HAVE NOT REACHED
THEIR 10TH POLICY ANNIVERSARY. THIS INCREASE IS ANTICIPATED BUT NOT GUARANTEED.
THIS INCREASE IS BASED ON CURRENT EXPECTATIONS AS TO MORTALITY, INVESTMENT
EARNINGS, PERSISTENCY AND EXPENSES AND IS NOT GUARANTEED. ADVERSE TAX
CONSEQUENCES COULD OCCUR IF A POLICY SUBJECT TO LOANS IS SURRENDERED OR
PERMITTED TO LAPSE. IN ADDITION, LOAN INTEREST MAY NOT BE DEDUCTIBLE. PLEASE
CONSULT YOUR TAX ADVISOR FOR ADVICE SURROUNDING THE DEDUCTIBILITY OF LOAN
INTEREST AND OTHER TAX CONSEQUENCES.
AN ADMINISTRATIVE CHARGE IS DEDUCTED EACH MONTH. DURING THE FIRST 36 POLICY
MONTHS THE CHARGE IS $10.50 PER MONTH. THEREAFTER, THE CHARGE IS $7.50 PER
MONTH.
REFER TO PROSPECTUS
G-22
<PAGE> 120
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $250,000 GROSS RATE BASIS %: 12.0% (11.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANUAL FR INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- --------- ------ --------- -------- ------- ------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26,225 27,536 0 0 23,863 22,680 500,000 26,675 25,492 500,000
2 47 26,225 56,449 0 0 45,302 44,513 500,000 53,912 53,123 500,000
3 48 26,225 86,808 0 0 66,432 66,037 500,000 84,089 83,695 500,000
4 49 26,225 118,684 0 0 87,253 87,253 500,000 117,540 117,540 500,000
5 50 26,225 152,155 0 0 108,144 108,144 500,000 155,006 155,006 500,000
6 51 26,225 187,298 0 0 128,726 128,726 500,000 196,524 196,524 509,076
7 52 26,225 224,200 0 0 148,975 148,975 500,000 242,105 242,105 607,773
8 53 0 235,410 0 0 144,896 144,896 500,000 265,508 265,508 646,060
9 54 0 247,180 0 0 140,634 140,634 500,000 291,070 291,070 686,751
10 55 0 259,539 0 0 136,182 113,182 500,000 319,002 319,002 730,069
11 56 0 272,516 0 0 131,696 131,696 500,000 350,010 350,010 777,232
12 57 0 286,142 0 0 126,916 126,916 500,000 383,863 383,863 827,454
13 58 0 300,449 0 0 121,836 121,836 500,000 420,838 420,838 880,941
14 59 0 315,471 0 0 116,396 116,396 500,000 461,188 461,188 937,918
15 60 0 331,245 0 0 110,546 110,546 500,000 505,183 505,183 998,545
16 61 0 347,807 0 0 104,224 104,224 500,000 553,120 553,120 1,063,096
17 62 0 365,197 0 0 97,367 97,367 500,000 605,321 605,321 1,131,828
18 63 0 383,457 0 0 89,907 89,907 500,000 662,139 662,139 1,205,026
19 64 0 402,630 0 0 81,671 81,671 500,000 723,826 723,826 1,282,765
20 65 0 422,762 0 0 72,624 72,624 500,000 790,855 790,855 1,365,649
21 66 0 443,900 0 0 62,570 62,570 500,000 863,538 863,538 1,453,766
22 67 0 466,095 0 0 51,404 51,404 500,000 942,350 942,350 1,547,716
23 68 0 489,399 0 0 38,950 38,950 500,000 1,027,746 1,027,746 1,647,785
24 69 0 513,869 0 0 25,013 25,013 500,000 1,120,225 1,120,225 1,754,273
25 70 0 539,563 0 0 9,431 9,431 500,000 1,220,414 1,220,414 1,867,965
26 71 0 566,541 0 0 0 0 0 1,328,778 1,328,778 1,988,783
27 72 0 594,868 0 0 0 0 0 1,445,421 1,445,421 2,116,819
28 73 0 624,611 0 0 0 0 0 1,571,562 1,571,562 2,254,092
29 74 0 655,842 0 0 0 0 0 1,707,358 1,707,358 2,399,692
30 75 0 688,634 0 0 0 0 0 1,853,292 1,853,292 2,554,393
31 76 0 723,066 0 0 0 0 0 2,010,114 2,010,114 2,719,684
32 77 0 759,219 0 0 0 0 0 2,178,600 2,178,600 2,895,796
33 78 0 797,180 0 0 0 0 0 2,359,603 2,359,603 3,083,766
34 79 0 837,039 0 0 0 0 0 2,554,269 2,554,269 3,284,534
35 80 0 878,891 0 0 0 0 0 2,763,757 2,763,757 3,498,640
36 81 0 922,836 0 0 0 0 0 2,989,172 2,989,172 3,727,497
37 82 0 968,977 0 0 0 0 0 3,231,492 3,231,492 3,971,180
38 83 0 1,017,426 0 0 0 0 0 3,491,653 3,491,653 4,230,836
39 84 0 1,068,298 0 0 0 0 0 3,770,797 3,770,797 4,507,988
40 85 0 1,121,712 0 0 0 0 0 4,070,056 4,070,056 4,803,887
</TABLE>
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY THE DISCLOSURE
PAGE, CONTINUATION OF COMPLIANCE REPORT 1, AND SUPPLEMENTAL FOOTNOTE PAGE.
G-23
<PAGE> 121
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1 ...continuation
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $250,000 GROSS RATE BASIS %: 12.0% (11.3% Initial
ANNUAL PREMIUM: $26,224.90 NET)
INITIAL DEATH BENEFIT OPTION: OPTION 1 COST OF MONEY %: 0.00%
UNDERWRITING CLASS: GUARANTEED ISSUE DEFINITION OF LIFE INSURANCE: CVAT
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANUAL FR INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- ------- ------ --------- -------- ------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1,177,798 0 0 0 0 0 4,391,237 4,391,237 5,120,182
42 87 0 1,236,688 0 0 0 0 0 4,736,470 4,736,470 5,459,256
43 88 0 1,298,522 0 0 0 0 0 5,108,620 5,108,620 5,822,294
44 89 0 1,363,449 0 0 0 0 0 5,511,410 5,511,410 6,212,461
45 90 0 1,431,621 0 0 0 0 0 5,949,498 5,949,498 6,631,906
46 91 0 1,503,202 0 0 0 0 0 6,429,390 6,429,390 7,083,259
47 92 0 1,578,362 0 0 0 0 0 6,959,936 6,959,936 7,569,627
48 93 0 1,657,280 0 0 0 0 0 7,554,153 7,554,153 8,096,541
49 94 0 1,740,144 0 0 0 0 0 8,232,407 8,232,407 8,669,547
50 95 0 1,827,151 0 0 0 0 0 9,027,661 9,027,661 9,298,491
</TABLE>
Illustration Received _________________________________________________
(Signature of Applicant/Policyholder(s) and Date)
Illustration Delivered_________________________________________________
(Signature of Representative and Date)
ASSUME GUARANTEED CHARGES AND A GROSS INVESTMENT RETURN OF 0.00%. CONTRACT
LAPSES AFTER AGE 70. ASSUMING GUARANTEED CHARGES AND A GROSS INVESTMENT RETURN
OF 12.00%, THIS CONTRACT MATURES AT ANNIVERSARY AT AGE 95. THIS IS AN
ILLUSTRATION, NOT A CONTRACT. FOR PRESENTATION IN ARIZONA 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 POLICYHOLDER, AND THE DIFFERENT
INVESTMENT RATES OF RETURN ACHIEVED BY THE SUB ACCOUNT CHOSEN BY THE
POLICYHOLDER. THE SURRENDER VALUE, ACCOUNT 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 THAT THESE
HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR, OR SUSTAINED OVER
ANY PERIOD OF TIME.
PREPARED BY: AGENT DATE PREPARED: 11/6/1996
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY DISCLOSURE PAGE
AND SUPPLEMENTAL FOOTNOTE PAGE.
G-24
<PAGE> 122
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $250,000 GROSS RATE BASIS %: 12.0% (11.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- --------- ------ -------- -------- ------- ------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26,225 27,536 0 0 23,863 22,680 500,000 26,675 25,492 500,000
2 47 26,225 56,449 0 0 45,722 44,933 500,000 54,356 54,356 500,000
3 48 26,225 86,808 0 0 67,204 66,809 500,000 84,955 84,560 500,000
4 49 26,225 118,684 0 0 88,364 88,364 500,000 118817 118817 500,000
5 50 26,225 152,155 0 0 109,506 109,506 500,000 156,624 156,624 500,000
6 51 26,225 187,298 0 0 130,391 130,391 500,000 198,525 198,525 514,260
7 52 26,225 224,200 0 0 151,043 151,043 500,000 244,656 244,656 614,136
8 53 0 235,410 0 0 147,524 147,524 500,000 268,814 268,814 654,106
9 54 0 247,180 0 0 144,009 144,009 500,000 295,419 295,419 697,011
10 55 0 259,539 0 0 140,434 140,434 500,000 324,723 324,723 743,161
11 56 0 272,516 0 0 137,223 137,223 500,000 358,081 358,081 795,155
12 57 0 286,142 0 0 133,895 133,895 500,000 394,892 394,892 851,230
13 58 0 300,449 0 0 130,363 130,363 500,000 435,352 435,352 911,323
14 59 0 315,471 0 0 126,624 126,624 500,000 479,834 479,834 975,838
15 60 0 331,245 0 0 122,627 122,627 500,000 528,690 528,690 1,045,009
16 61 0 347,807 0 0 118,278 118,278 500,000 582,240 582,240 1,119,066
17 62 0 365,197 0 0 113,616 113,616 500,000 641,025 641,025 1,198,588
18 63 0 383,457 0 0 108,586 108,586 500,000 705,510 705,510 1,283,958
19 64 0 402,630 0 0 103,178 103,178 500,000 776,282 776,282 1,375,726
20 65 0 422,762 0 0 97,431 97,431 500,000 854,059 854,059 1,474,789
21 66 0 443,900 0 0 91,235 91,235 500,000 939,418 939,418 1,581,511
22 67 0 466,095 0 0 84,627 74,627 500,000 1,033,221 1,033,221 1,696,962
23 68 0 489,399 0 0 77,491 77,491 500,000 1,136,185 1,136,185 1,821,645
24 69 0 513,869 0 0 69,654 69,654 500,000 1,249,009 1,249,009 1,955,947
25 70 0 539,563 0 0 60,876 60,876 500,000 1,372,358 1,372,358 2,100,531
26 71 0 566,541 0 0 51,168 51,168 500,000 1,507,404 1,507,404 2,256,132
27 72 0 594,868 0 0 40,263 40,263 500,000 1,654,991 1,654,991 2,423,734
28 73 0 624,611 0 0 28,150 28,150 500,000 1,816,488 1,816,488 2,605,388
29 74 0 655,842 0 0 14,464 14,464 500,000 1,992,864 1,992,864 2,800,970
30 75 0 688,634 0 0 0 0 0 2,185,357 2,185,357 3,012,078
31 76 0 723,066 0 0 0 0 0 2,395,603 2,295,603 3,241,251
32 77 0 759,219 0 0 0 0 0 2,624,814 2,624,814 3,488,902
33 78 0 797,180 0 0 0 0 0 2,874,400 2,874,400 3,756,553
34 79 0 837,039 0 0 0 0 0 3,142,251 3,142,251 4,040,620
35 80 0 878,891 0 0 0 0 0 3,432,406 3,432,406 4,345,083
36 81 0 922,836 0 0 0 0 0 3,747,321 3,747,321 4,672,910
37 82 0 968,977 0 0 0 0 0 4,088,363 4,088,363 5,024,189
38 83 0 1,017,426 0 0 0 0 0 4,463,635 4,463,635 5,408,587
39 84 0 1,068,298 0 0 0 0 0 4,872,431 4,872,431 5,824,992
40 85 0 1,121,712 0 0 0 0 0 5,316,593 5,316,593 6,275,175
</TABLE>
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY COMPLIANCE
REPORT 1, THE DISCLOSURE PAGE, THE CONTINUATION OF COMPLIANCE REPORT 2, AND THE
SUPPLEMENTAL FOOTNOTE PAGE.
G-25
<PAGE> 123
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1 ...continuation
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $250,000 GROSS RATE BASIS %: 12.0% (11.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- ------- ------ --------- -------- ------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1,177,798 0 0 0 0 0 5,800,309 5,800,309 6,763,161
42 87 0 1,236,688 0 0 0 0 0 6,325,808 6,325,808 7,291,126
43 88 0 1,298,522 0 0 0 0 0 6,898,375 6,898,375 7,862,078
44 89 0 1,363,449 0 0 0 0 0 7,522,995 7,522,995 8,479,920
45 90 0 1,431,621 0 0 0 0 0 8,206,092 8,206,092 9,147,331
46 91 0 1,503,202 0 0 0 0 0 8,954,509 8,954,509 9,865,182
47 92 0 1,578,362 0 0 0 0 0 9,781,688 9,78,1688 10,638,564
48 93 0 1,657,280 0 0 0 0 0 10,703,953 10,703,953 11,472,497
49 94 0 1,740,144 0 0 0 0 0 11,745,939 11,745,939 12,369,649
50 95 0 1,827,151 0 0 0 0 0 12,945,655 12,945,655 13,334,025
</TABLE>
ASSUME CURRENT CHARGES AND A GROSS INVESTMENT RETURN OF 0.00%, CONTRACT LAPSES
AFTER AGE 74. ASSUMING CURRENT CHARGES AND A GROSS INVESTMENT RETURN OF 12.00%
THIS CONTRACT MATURES AT ANNIVERSARY AT AGE 95. THIS IS AN ILLUSTRATION, NOT A
CONTRACT. FOR PRESENTATION IN ARIZONA 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 POLICYHOLDER, AND THE DIFFERENT INVESTMENT RATES OF RETURN
ACHIEVED BY THE SUB ACCOUNT CHOSEN BY THE POLICYHOLDER. THE SURRENDER VALUE,
ACCOUNT 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 THAT THESE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE
YEAR, OR SUSTAINED OVER ANY PERIOD OF TIME.
PREPARED BY: AGENT DATE PREPARED: 11/6/96
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY COMPLIANCE
REPORT 1, DISCLOSURE PAGE, AND SUPPLEMENTAL FOOTNOTE PAGE.
G-26
<PAGE> 124
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $250,000 GROSS RATE BASIS %: 12.0% (11.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------
Adjustable Term Insurance Rider
------------------------------------------------
From Year 0 to Year 50
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 LAW 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 TARGET DEATH
BENEFIT AND/OR A CHANGE IN DEATH BENEFIT 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.
VALUES SHOWN ON THIS ILLUSTRATION ARE BASED ON A POLICY OWNER TAX BRACKET OF
0.00%.
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 DEATH BENEFIT, ACCOUNT VALUE AND
SURRENDER VALUE WILL DIFFER IF PREMIUMS ARE PAID IN DIFFERENT AMOUNTS,
FREQUENCIES, OR NOT ON THE DUE DATE.
THE POLICY'S SURRENDER VALUE INCLUDES ANY SALES CHARGE REFUND ON FULL
SURRENDERS. THE SALES CHARGE REFUND EQUALS THE SALES CHARGE COLLECTED IN THE
FIRST POLICY YEAR OR THE FIRST POLICY YEAR OF AN INCREASE ADJUSTED BY THE
FOLLOWING SCHEDULE:
YEAR 1-100%
YEAR 2-66.67%
YEAR 3-33.33%
PREMIUMS LESS THE FOLLOWING DEDUCTIONS ARE ADDED TO THE ACCOUNT VALUE. (1) A
PREMIUM TAX CHARGE OF 2.00% OF GROSS PREMIUMS IN ALL YEARS. (2) A SALES CHARGE
ON THE GROSS PREMIUM EQUALS TO 9% UP TO THE TARGET PREMIUM IN YEARS 1-10, 0% IN
POLICY YEARS 11 AND AFTER, AND 0% OF PREMIUM IN EXCESS OF THE TARGET PREMIUM IN
ALL YEARS. (3) A DAC TAX CHARGE OF 1.25% OF GROSS PREMIUMS IN ALL YEARS.
REFER TO PROSPECTUS
G-27
<PAGE> 125
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $250,000 GROSS RATE BASIS %: 12.0% (11.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: GUARANTEED ISSUE
</TABLE>
THOSE COLUMNS ASSUMING GUARANTEED CHARGES USE THE CURRENT MONTHLY MORTALITY
CHARGES AND CURRENT CHARGES FOR RIDER BENEFITS IF ANY, FOR THE FIRST YEAR AS
WELL AS THE ASSUMED HYPOTHETICAL GROSS ANNUAL INVESTMENT RETURN INDICATED.
THEREAFTER THESE COLUMNS USE GUARANTEED CHARGES FOR MONTHLY MORTALITY CHARGES,
RIDER BENEFITS IF ANY, 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 INSURANCE COMPANY 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 INSURANCE COMPANY
OF AMERICA
THE DIFFERENCE BETWEEN THE ACCOUNT VALUE AND THE VALUE UPON SURRENDER IS ANY
OUTSTANDING DEBT PLUS ANY APPLICABLE SALES CHARGE REFUND. A PARTIAL SURRENDER,
THE SURRENDER AMOUNT AND THE PARTIAL SURRENDER FEE ($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 ACCOUNT 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 4.6% WILL BE CHARGED IN ARREARS. AMOUNTS BORROWED
WILL EARN INTEREST AT AN ANNUAL RATE OF 4%. AFTER THE 10TH POLICY ANNIVERSARY
THE ANNUAL INTEREST RATE APPLICABLE TO THE LOAN ACCOUNT WILL BE 0.30% HIGHER
THAN THE RATE APPLICABLE TO POLICIES OF THE SAME TYPE WHICH HAVE NOT REACHED
THEIR 10TH POLICY ANNIVERSARY. THIS INCREASE IS ANTICIPATED BUT NOT GUARANTEED.
THIS INCREASE IS BASED ON CURRENT EXPECTATIONS AS TO MORTALITY, INVESTMENT
EARNINGS, PERSISTENCY AND EXPENSES AND IS NOT GUARANTEED. ADVERSE TAX
CONSEQUENCES COULD OCCUR IF A POLICY SUBJECT TO LOANS IS SURRENDERED OR
PERMITTED TO LAPSE. IN ADDITION, THE LOAN INTEREST MAY NOT BE DEDUCTIBLE. PLEASE
CONSULT YOUR TAX ADVISOR FOR ADVICE SURROUNDING THE DEDUCTIBILITY OF LOAN
INTEREST AND OTHER TAX CONSEQUENCES.
AN ADMINISTRATIVE CHARGE IS DEDUCTED EACH MONTH. DURING THE FIRST 36 POLICY
MONTHS THE CHARGE IS $10.50 PER MONTHS, THEREAFTER THE CHARGE IS $7.50 PER
MONTH.
REFER TO PROSPECTUS
G-28
<PAGE> 126
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 TAX BRACKET %: 0.00% (ee)/0.00% (er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: FULLY UNDERWRITTEN
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- --------- ------ --------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26,225 27,526 0 0 24,125 21,760 500,000 25,472 23,111 500,000
2 47 26,225 56,449 0 0 43,994 42,420 500,000 48,022 46,445 500,000
3 48 26,225 96,808 0 0 53,581 52,774 500,000 71,544 70,858 500,000
4 49 26,225 118,684 0 0 82,853 82,853 500,000 96,416 96,416 500,000
5 50 26,225 152,155 0 0 102,613 102,613 500,000 123,141 123,141 500,000
6 51 26,225 167,398 0 0 122,072 122,072 500,000 151,212 151,212 500,000
7 52 26,225 224,200 0 0 141,203 141,203 500,000 180,374 180,374 500,000
8 53 0 235,410 0 0 137,179 137,179 500,000 186,794 186,794 500,000
9 54 0 247,100 0 0 132,966 132,966 500,000 193,363 193,363 500,000
10 55 0 259,539 0 0 128,559 128,559 500,000 200,095 200,095 500,000
11 56 0 273,516 0 0 124,100 124,100 500,000 207,286 207,286 500,000
12 57 0 286,142 0 0 119,341 119,341 500,000 214,632 214,632 500,000
13 58 0 300,449 0 0 114,274 114,274 500,000 222,156 222,156 500,000
14 59 0 315,472 0 0 108,845 108,845 500,000 229,846 229,846 500,000
15 60 0 331,246 0 0 102,997 102,997 500,000 237,695 237,695 500,000
16 61 0 347,807 0 0 96,670 96,670 500,000 245,698 245,698 500,000
17 62 0 365,197 0 0 89,796 89,796 500,000 253,853 253,853 500,000
18 63 0 383,457 0 0 82,313 82,313 500,000 262,161 262,161 500,000
19 64 0 402,530 0 0 74,039 74,039 500,000 270,571 270,571 500,000
20 65 0 422,762 0 0 64,942 64,942 500,000 279,119 279,119 500,000
21 66 0 443,900 0 0 54,823 54,823 500,000 287,767 287,767 500,000
22 67 0 466,098 0 0 43,575 43,575 500,000 296,535 296,535 500,000
23 68 0 488,399 0 0 31,021 31,021 500,000 305,422 305,422 500,000
24 69 0 513,869 0 0 16,964 16,964 500,000 314,427 314,427 500,000
25 70 0 539,863 0 0 1,240 1,240 500,000 323,619 323,619 500,000
26 71 0 566,541 0 0 0 0 0 332,951 332,951 500,000
27 72 0 594,868 0 0 0 0 0 342,326 342,326 502,336
28 73 0 624,611 0 0 0 0 0 351,909 351,909 504,742
29 74 0 655,842 0 0 0 0 0 361,565 361,565 506,179
30 75 0 688,534 0 0 0 0 0 371,227 371,227 511,662
31 76 0 723,066 0 0 0 0 0 380,861 380,861 515,204
32 77 0 759,229 0 0 0 0 0 390,457 390,457 518,996
33 78 0 797,180 0 0 0 0 0 400,024 400,024 522,792
34 79 0 837,039 0 0 0 0 0 409,606 409,606 526,712
35 80 0 878,891 0 0 0 0 0 419,221 419,221 530,704
36 81 0 322,036 0 0 0 0 0 428,903 428,903 534,842
37 82 0 968,977 0 0 0 0 0 428,598 428,598 538,993
38 83 0 1,017,426 0 0 0 0 0 448,282 448,282 543,183
39 84 0 1,068,298 0 0 0 0 0 457,943 457,943 547,470
40 85 0 1,122,712 0 0 0 0 0 467,560 467,560 551,861
</TABLE>
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY THE DISCLOSURE
PAGE, CONTINUATION OF COMPLIANCE REPORT 1, AND SUPPLEMENTAL FOOTNOTE PAGE.
G-29
<PAGE> 127
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1 ...continuation
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 TAX BRACKET %: 0.00%(ee)/0.00%(er)
INITIAL TARGET DEATH BENEFIT: $500,000 LOAN INTEREST %: 4.6 in arrears
INITIAL SPECIFIED AMOUNT: $500,000 GROSS RATE BASIS %: 6.0% (5.3% Initial NET)
ANNUAL PREMIUM: $26,224.90 COST OF MONEY %: 0.00%
INITIAL DEATH BENEFIT OPTION: OPTION 1 DEFINITION OF LIFE INSURANCE: CVAT
UNDERWRITING CLASS: FULLY UNDERWRITTEN
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDR ACCOUNT DEATH SURRENDR ACCOUNT DEATH
TOTAL PREMIUM SURRENDR VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL AGE POLICY ACCUM. ANNUAL FR INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
--- --- ------- ------- ------ --------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1,177,798 0 0 0 0 0 477,181 477,181 556,292
42 87 0 1,236,688 0 0 0 0 0 486,868 486,868 561,168
43 88 0 1,298,522 0 0 0 0 0 496,732 496,732 566,125
44 89 0 1,363,449 0 0 0 0 0 506,925 506,925 572,406
45 90 0 1,431,622 0 0 0 0 0 527,627 527,627 577,010
46 91 0 1,503,202 0 0 0 0 0 529,151 529,151 542,965
47 92 0 1,578,362 0 0 0 0 0 541,852 541,852 589,318
48 93 0 1,657,280 0 0 0 0 0 556,325 556,325 596,269
49 94 0 1,740,144 0 0 0 0 0 572,807 572,807 603,360
50 95 0 1,827,151 0 0 0 0 0 594,919 594,919 612,767
</TABLE>
Illustration Received _________________________________________________
(Signature of Applicant/Policyholder(s) and Date)
Illustration Delivered_________________________________________________
(Signature of Representative and Date)
ASSUME GUARANTEED CHARGES AND A GROSS INVESTMENT RETURN OF 0.00%. CONTRACT
LAPSES AFTER AGE 70. ASSUMING GUARANTEED CHARGES AND A GROSS INVESTMENT RETURN
OF 6.00%, THIS CONTRACT MATURES AT ANNIVERSARY AT AGE 95. THIS IS AN
ILLUSTRATION, NOT A CONTRACT. FOR PRESENTATION IN ARIZONA 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 POLICYHOLDER, AND THE DIFFERENT
INVESTMENT RATES OF RETURN ACHIEVED BY THE SUB ACCOUNT CHOSEN BY THE
POLICYHOLDER. THE SURRENDER VALUE, ACCOUNT 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 THAT THESE
HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR, OR SUSTAINED OVER
ANY PERIOD OF TIME.
PREPARED BY: AGENT DATE PREPARED: 11/6/1996
NOT VALID WITHOUT CURRENT PROSPECTUS AND MUST BE ACCOMPANIED BY DISCLOSURE PAGE
AND SUPPLEMENTAL FOOTNOTE PAGE.
G-30
<PAGE> 128
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26225 27536 0 0 24129 21768 500000 25472 23111 500000
2 47 26225 56449 0 0 44702 43128 500000 48749 47175 500000
3 48 26225 86808 0 0 64834 54047 500000 72930 72203 500000
4 49 26225 118684 0 0 84668 64658 500000 98378 98378 500000
5 50 26225 152155 0 0 104921 104921 500000 125715 125715 500000
6 51 26225 187298 0 0 124986 124986 500000 154421 154421 500000
7 52 26225 224200 0 0 144856 144856 500000 184566 184566 500000
8 53 0 235410 0 0 141743 141743 500000 192055 192055 500000
9 54 0 247180 0 0 138662 138662 500000 199920 199920 500000
10 55 0 259539 0 0 135610 135610 500000 208179 208179 500000
11 56 0 272516 0 0 132946 132946 500000 217470 217470 500000
12 57 0 286142 0 0 130211 130211 500000 227189 227189 500000
13 58 0 300449 0 0 127405 127405 500000 237363 237363 500000
14 59 0 315471 0 0 124303 124303 500000 247861 247861 504075
15 60 0 331245 0 0 120856 120856 500000 258677 258677 511300
16 61 0 347807 0 0 116969 116969 500000 269768 269768 518495
17 62 0 365197 0 0 112633 112633 500000 281149 281149 525692
18 63 0 383457 0 0 107745 107745 500000 292785 292785 532839
19 64 0 402630 0 0 102481 102481 500000 304818 304818 540198
20 65 0 422762 0 0 96831 96831 500000 317278 317278 547876
21 66 0 443900 0 0 90784 90784 500000 330198 330198 555888
22 67 0 466095 0 0 84327 84327 500000 343610 343610 564345
23 68 0 489399 0 0 77345 77345 500000 357498 357498 573176
24 69 0 513869 0 0 69666 69666 500000 371824 371824 582276
25 70 0 539563 0 0 61105 61105 500000 386554 386554 591659
26 71 0 566541 0 0 51621 51621 500000 401733 401733 601273
27 72 0 594868 0 0 41006 41006 500000 417336 417336 611189
28 73 0 624611 0 0 29198 29198 500000 433411 433411 621642
29 74 0 655842 0 0 15893 15893 500000 449922 449922 632366
30 75 0 688634 0 0 815 815 500000 466861 466861 643474
31 76 0 723066 0 0 0 0 0 484278 484278 655228
32 77 0 759219 0 0 0 0 0 502114 502114 667410
33 78 0 797180 0 0 0 0 0 520334 520334 680025
34 79 0 837039 0 0 0 0 0 538285 538285 692181
35 80 0 878891 0 0 0 0 0 556465 556465 704429
36 81 0 922836 0 0 0 0 0 574948 574948 716960
37 82 0 968977 0 0 0 0 0 593642 593642 729627
38 83 0 1017426 0 0 0 0 0 613379 613379 743232
39 84 0 1068298 0 0 0 0 0 633664 633664 757545
40 85 0 1121712 0 0 0 0 0 654386 654386 772371
</TABLE>
Not valid without current prospectus and must be accompanied by Compliance
Report 1, the Disclosure page, the continuation of Compliance Report 2, and the
Supplemental Footnote page.
Page 5 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-31
<PAGE> 129
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1177798 0 0 0 0 0 675666 675666 787827
42 87 0 1236688 0 0 0 0 0 697407 697407 803832
43 88 0 1298522 0 0 0 0 0 719802 719802 820358
44 89 0 1363449 0 0 0 0 0 742941 742941 837443
45 90 0 1431621 0 0 0 0 0 767001 767001 854976
46 91 0 1503202 0 0 0 0 0 792129 792129 872680
47 92 0 1578362 0 0 0 0 0 818933 818933 890672
48 93 0 1657280 0 0 0 0 0 848096 848096 908989
49 94 0 1740144 0 0 0 0 0 880686 880686 927451
50 95 0 1827151 0 0 0 0 0 918410 918410 945962
</TABLE>
Assume current charges and a gross investment return of 0.00%, contract lapses
after age 75. Assuming current charges and a gross investment return of 6.00%.
This contract matures at anniversary at age 95. This is an illustration, not a
contract. For presentation in Arizona, 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 Policyholder, and the different investment rates of return
achieved by the sub account chosen by the Policyholder. The Surrender Value,
Account 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 that these hypothetical rates of return can be achieved for any one
year, or sustained over any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Compliance
Report 1, Disclosure page, and Supplemental Footnote page.
Page 6 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-32
<PAGE> 130
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,00 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option 1 Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------------
NONE
------------------------------------------------------
From Year 0 to Year 0
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 law 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 target death
benefit and/or a change in death benefit 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.
Values shown on this illustration are based on a policy owner tax bracket of
0.00%.
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 death benefit, account value and
surrender value will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The policy's surrender value includes any sales charge refund on full
surrender. The sales charge refund equals the sales charge collected in the
first policy year or the first policy year of an increase adjusted by the
following schedule:
Year 1-100%
Year 2-66.67%
Year 3-33.33%
Premiums less the following deductions are added to the account value. (1) A
premium tax charge of 2.00% of gross premiums in all years. (2) A sales charge
on the gross premium equals to 9% up to the target premium in Years 1-10.0% in
policy years 11 and after, and 0% of premium in excess of the target premium in
all years. (3) A DAC tax charge of 1.25% of gross premiums in all years.
Refer to Prospectus
Page 7 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-33
<PAGE> 131
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,00 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option 1 Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Those columns assuming guaranteed charges use the current monthly mortality
charges and current charges for rider benefits if any, for the first year as
well as the assumed hypothetical gross annual investment return indicated.
Thereafter these columns use guaranteed charges for monthly mortality charges,
rider benefits if any, 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 Insurance Company 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 Insurance Company
of America.
The difference between the account value and the value upon surrender is any
outstanding debt plus any applicable sales charge refund. A partial surrender,
the surrender amount and the partial surrender fee ($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 account 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 4.6% will be charged in arrears. Amounts
borrowed will earn interest at an annual rate of 4%. After the 10th policy
anniversary the annual interest rate applicable to the loan account will be
0.30% higher than the rate applicable to policies of the same type which have
not reached their 10th policy anniversary. This increase is anticipated but not
guaranteed. This increase is based on current expectations as to mortality,
investment earnings, persistency and expenses and is not guaranteed. Adverse tax
consequences could occur if a policy subject to loans is surrendered or
permitted to lapse. In addition, the loan interest may not be deductible. Please
consult your tax advisor for advice surrounding the deductibility of loan
interest and other tax consequences.
An administrative charge is deducted each month. During the first 36 policy
months the charge is $12.50 per month, thereafter, the charge is $7.50 per
month.
Refer to Prospectus
Page 8 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-34
<PAGE> 132
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26225 27536 0 0 24129 21768 500000 26815 24455 500000
2 47 26225 56449 0 0 43994 42420 500000 52213 50639 500000
3 48 26225 86808 0 0 63561 62774 500000 80391 79605 500000
4 49 26225 118684 0 0 82853 82853 500000 111687 111687 500000
5 50 26225 152155 0 0 102613 102613 500000 147194 147194 500000
6 51 26225 187298 0 0 122072 122072 500000 186532 186532 500000
7 52 26225 224200 0 0 141203 141203 500000 229849 229849 576968
8 53 0 235410 0 0 137179 137179 500000 252062 252062 613343
9 54 0 247180 0 0 132966 132966 500000 276325 276325 651962
10 55 0 259539 0 0 128559 128559 500000 302838 302838 693074
11 56 0 272516 0 0 124100 124100 500000 332269 332269 737837
12 57 0 286142 0 0 119341 119341 500000 364401 364401 785503
13 58 0 300449 0 0 114274 114274 500000 399498 399498 836268
14 59 0 315471 0 0 108845 108845 500000 437796 437796 890346
15 60 0 331245 0 0 102997 102997 500000 479555 479555 947888
16 61 0 347807 0 0 96670 96670 500000 525055 525055 1009156
17 62 0 365197 0 0 89798 89798 500000 574603 574603 1074392
18 63 0 383457 0 0 82313 82313 500000 628532 628532 1143866
19 64 0 402630 0 0 74039 74039 500000 687085 687085 1217651
20 65 0 422762 0 0 64942 64942 500000 750706 750706 1296320
21 66 0 443900 0 0 54823 54823 500000 819694 819694 1379955
22 67 0 466095 0 0 43575 43575 500000 894500 894500 1469127
23 68 0 489399 0 0 31021 31021 500000 975555 975555 1564107
24 69 0 513869 0 0 16964 16964 500000 1063333 1063333 1665180
25 70 0 539563 0 0 1240 1240 500000 1158428 1158428 1773091
26 71 0 566541 0 0 0 0 0 1261285 1261285 1887765
27 72 0 594868 0 0 0 0 0 1371998 1371998 2009291
28 73 0 624611 0 0 0 0 0 1491727 1491727 2139584
29 74 0 655842 0 0 0 0 0 1620619 1620619 2277781
30 75 0 688634 0 0 0 0 0 1759135 1759135 2424615
31 76 0 723066 0 0 0 0 0 1907984 1907984 2581503
32 77 0 759219 0 0 0 0 0 2067905 2067905 2748660
33 78 0 797180 0 0 0 0 0 2239707 2239707 2927073
34 79 0 837039 0 0 0 0 0 2424476 2424476 3117634
35 80 0 878891 0 0 0 0 0 2623315 2623315 3320654
36 81 0 922836 0 0 0 0 0 2837270 2837270 3534076
37 82 0 968977 0 0 0 0 0 3067271 3067271 3769370
38 83 0 1017426 0 0 0 0 0 3314207 3314207 4015824
39 84 0 1068298 0 0 0 0 0 3579160 3579160 4278886
40 85 0 1121712 0 0 0 0 0 3863205 3863205 4559741
</TABLE>
Not valid without current prospectus and must be accompanied by the Disclosure
page, continuation of Compliance Report 1, and Supplemental Footnote page.
Page 3 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-35
<PAGE> 133
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1177798 0 0 0 0 0 4168058 4168058 4859958
42 87 0 1236688 0 0 0 0 0 4495741 4495741 5181791
43 88 0 1298522 0 0 0 0 0 4848971 4848971 5526372
44 89 0 1363449 0 0 0 0 0 5231284 5231284 5896704
45 90 0 1431621 0 0 0 0 0 5647102 5647102 6294024
46 91 0 1503202 0 0 0 0 0 6102596 6102596 6723231
47 92 0 1578362 0 0 0 0 0 6606172 6606172 7104872
48 93 0 1657280 0 0 0 0 0 7170181 7170181 7685000
49 94 0 1740144 0 0 0 0 0 7813954 7813954 8228875
50 95 0 1827151 0 0 0 0 0 8558781 8558781 8825844
</TABLE>
Illustration Received
(Signature of Applicant/Policyholder(s)
and Date)
Illustration Delivered
(Signature of Representative and Date)
Assume guaranteed charges and a gross investment return of 0.00%, contract
lapses after age 70. Assuming guaranteed charges and a gross investment return
of 12.00%, this contract matures at anniversary at age 95. This is an
illustration, not a contract. For presentation in Arizona, 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 Policyholder, and the different
investment rates of return achieved by the sub account chosen by the
Policyholder. The Surrender Value, Account 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 that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Disclosure page
and Supplemental Footnote page.
Page 4 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-36
<PAGE> 134
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26225 27536 0 0 24129 21768 500000 26815 24455 500000
2 47 26225 56449 0 0 44702 43128 500000 52958 51384 500000
3 48 26225 86808 0 0 64834 64047 500000 81810 81023 500000
4 49 26225 118684 0 0 84659 84659 500000 113811 113811 500000
5 50 26225 152165 0 0 104921 104921 500000 150053 150053 500000
6 51 26225 187298 0 0 124986 124986 500000 190280 190280 500000
7 52 26225 224200 0 0 144856 144856 500000 234727 234727 509213
8 53 0 235410 0 0 141743 141743 500000 258390 258390 628741
9 54 0 247180 0 0 138662 138662 500000 284516 284516 671287
10 55 0 259539 0 0 135610 135610 500000 313365 313365 717167
11 56 0 272516 0 0 132946 132946 500000 346212 346212 768798
12 57 0 286142 0 0 130211 130211 500000 382489 382489 824493
13 58 0 300449 0 0 127405 127405 500000 422561 422561 804548
14 59 0 315471 0 0 124303 124303 500000 466543 466543 948809
15 60 0 331245 0 0 120856 120856 500000 514768 514768 1017490
16 61 0 347807 0 0 116969 116969 500000 567533 567533 1090799
17 62 0 365197 0 0 112633 112633 500000 625287 625287 1169162
18 63 0 383457 0 0 107745 107745 500000 680391 680391 1252803
19 64 0 402630 0 0 102481 102481 500000 757653 757653 1342713
20 65 0 422762 0 0 96831 96831 500000 833707 833707 1439646
21 66 0 443900 0 0 90784 90784 500000 917256 917256 1544201
22 67 0 466095 0 0 84327 84327 500000 1009077 1009077 1657309
23 68 0 489399 0 0 77345 77345 500000 1109874 1109874 1779461
24 69 0 513869 0 0 69666 69666 500000 1220332 1220332 1911040
25 70 0 539563 0 0 61105 61105 500000 1341189 1341189 2052823
26 71 0 566541 0 0 51621 51621 500000 1473517 1473517 2205413
27 72 0 594868 0 0 41006 41006 500000 1618235 1618235 2369905
28 73 0 624611 0 0 29198 29198 500000 1776607 1776607 2548187
29 74 0 655842 0 0 15893 15893 500000 1949678 1949678 2740273
30 75 0 688634 0 0 815 815 500000 2138679 2138679 2947741
31 76 0 723066 0 0 0 0 0 2345227 2345227 3173092
32 77 0 759219 0 0 0 0 0 2570530 2570530 3416748
33 78 0 797180 0 0 0 0 0 2815991 2815991 3680218
34 79 0 837039 0 0 0 0 0 3079560 3079560 3960006
35 80 0 878891 0 0 0 0 0 3365430 3365430 4260297
36 81 0 922836 0 0 0 0 0 3675834 3675834 4503765
37 82 0 968977 0 0 0 0 0 4012134 4012134 4930511
38 83 0 1017426 0 0 0 0 0 4382302 4382302 5310035
39 84 0 1068298 0 0 0 0 0 4785783 4785783 5721402
40 85 0 1121712 0 0 0 0 0 5224534 5224534 6166517
</TABLE>
Not valid without current prospectus and must be accompanied by Compliance
Report 1, the Disclosure page, the continuation of Compliance Report 2, and
Supplemental Footnote page.
Page 5 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-37
<PAGE> 135
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1177798 0 0 0 0 0 5702488 5702488 6649101
42 87 0 1236688 0 0 0 0 0 6222049 6222049 7171579
43 88 0 1298522 0 0 0 0 0 6788871 6788871 7736934
44 89 0 1363449 0 0 0 0 0 7406869 7406869 8249022
45 90 0 1431621 0 0 0 0 0 8083319 8083319 9010476
46 91 0 1503202 0 0 0 0 0 8824742 8824742 9722218
47 92 0 1578362 0 0 0 0 0 9644195 9644195 10489027
48 93 0 1657280 0 0 0 0 0 10557775 10557775 11315823
49 94 0 1740144 0 0 0 0 0 11589299 11589299 12204591
50 95 0 1827151 0 0 0 0 0 12775545 12775545 13168812
</TABLE>
Assume current charges and a gross investment return of 0.00%, contract lapses
after age 75. Assuming current charges and a gross investment return of 12.00%.
This contract matures at anniversary at age 95. This is an illustration, not a
contract. For presentation in Arizona, 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 Policyholder, and the different investment rates of return
achieved by the sub account chosen by the Policyholder. The Surrender Value,
Account 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 that these hypothetical rates of return can be achieved for any one
year, or sustained over any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Compliance
Report 1, Disclosure page, and Supplemental Footnote page.
Page 6 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-38
<PAGE> 136
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option 1 Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------------
NONE
------------------------------------------------------
From Year 0 to Year 0
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 law 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 target death
benefit and/or a change in death benefit 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.
Values shown on this illustration are based on a policy owner tax bracket of
0.00%.
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 death benefit, account value and
surrender value will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The policy's surrender value includes any sales charge refund on full
surrender. The sales charge refund equals the sales charge collected in the
first policy year or the first policy year of an increase adjusted by the
following schedule:
Year 1-100%
Year 2-66.67%
Year 3-33.33%
Premiums less the following deductions are added to the account value. (1) A
premium tax charge of 2.00% of gross premiums in all years. (2) A sales charge
on the gross premium equals to 9% up to the target premium in Years 1-10.0% in
policy years 11 and after, and 0% of premium in excess of the target premium in
all years. (3) A DAC tax charge of 1.25% of gross premiums in all years.
Refer to Prospectus
Page 7 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-39
<PAGE> 137
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option 1 Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Those columns assuming guaranteed charges use the current monthly mortality
charges and current charges for rider benefits if any, for the first year as
well as the assumed hypothetical gross annual investment return indicated.
Thereafter these columns use guaranteed charges for monthly mortality charges,
rider benefits if any, 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 Insurance Company 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 Insurance Company
of America.
The difference between the account value and the value upon surrender is any
outstanding debt plus any applicable sales charge refund. A partial surrender,
the surrender amount and the partial surrender fee ($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 account 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 4.6% will be charged in arrears. Amounts
borrowed will earn interest at an annual rate of 4%. After the 10th policy
anniversary the annual interest rate applicable to the loan account will be
0.30% higher than the rate applicable to policies of the same type which have
not reached their 10th policy anniversary. This increase is anticipated but not
guaranteed. This increase is based on current expectations as to mortality,
investment earnings, persistency and expenses and is not guaranteed. Adverse tax
consequences could occur if a policy subject to loans is surrendered or
permitted to lapse. In addition, the loan interest may not be deductible. Please
consult your tax advisor for advice surrounding the deductibility of loan
interest and other tax consequences.
An administrative charge is deducted each month. During the first 36 policy
months the charge is $12.50 per month, thereafter, the charge is $7.50 per
month.
Refer to Prospectus
Page 8 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-40
<PAGE> 138
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26225 27536 0 0 23330 20970 500000 24649 22288 500000
2 47 26225 56449 0 0 41727 40153 500000 45642 44068 500000
3 48 26225 86808 0 0 59743 58956 500000 67541 66755 500000
4 49 26225 118684 0 0 77412 77412 500000 90436 90436 500000
5 50 26225 152155 0 0 95490 95490 500000 115139 115139 500000
6 51 26225 187298 0 0 113217 113217 500000 140960 140960 500000
7 52 26225 224200 0 0 130575 130575 500000 167958 167958 500000
8 53 0 235410 0 0 124536 124536 500000 171805 171805 500000
9 54 0 247180 0 0 118097 118097 500000 175515 175515 500000
10 55 0 259539 0 0 111153 111153 500000 179008 179008 500000
11 56 0 272516 0 0 103847 103847 500000 182559 182559 500000
12 57 0 286142 0 0 95937 95937 500000 185869 185869 500000
13 58 0 300449 0 0 87349 87349 500000 188892 188892 500000
14 59 0 315471 0 0 78051 78051 500000 191619 191619 500000
15 60 0 331245 0 0 67958 67958 500000 194000 194000 500000
16 61 0 347807 0 0 56973 56973 500000 195980 195980 500000
17 62 0 365197 0 0 44885 44885 500000 197424 197424 500000
18 63 0 383457 0 0 31515 31515 500000 198224 198224 500000
19 64 0 402630 0 0 16662 16662 500000 198258 198258 500000
20 65 0 422762 0 0 41 41 500000 197350 197350 500000
21 66 0 443900 0 0 0 0 0 195303 195303 500000
22 67 0 466095 0 0 0 0 0 192003 192003 500000
23 68 0 489399 0 0 0 0 0 187234 187234 500000
24 69 0 513869 0 0 0 0 0 180821 180821 500000
25 70 0 539563 0 0 0 0 0 172431 172431 500000
26 71 0 566541 0 0 0 0 0 161664 161664 500000
27 72 0 594868 0 0 0 0 0 147991 147991 500000
28 73 0 624611 0 0 0 0 0 130626 130626 500000
29 74 0 655842 0 0 0 0 0 108679 108679 500000
30 75 0 688634 0 0 0 0 0 81022 81022 500000
31 76 0 723066 0 0 0 0 0 46097 46097 500000
32 77 0 759219 0 0 0 0 0 2173 2173 500000
33 78 0 0 0 0 0 0 0 0 0 0
34 79 0 0 0 0 0 0 0 0 0 0
35 80 0 0 0 0 0 0 0 0 0 0
36 81 0 0 0 0 0 0 0 0 0 0
37 82 0 0 0 0 0 0 0 0 0 0
38 83 0 0 0 0 0 0 0 0 0 0
39 84 0 0 0 0 0 0 0 0 0 0
40 85 0 0 0 0 0 0 0 0 0 0
</TABLE>
Not valid without current prospectus and must be accompanied by the Disclosure
page, continuation of Compliance Report 1, and Supplemental Footnote page.
Page 3 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-41
<PAGE> 139
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 0 0 0 0 0 0 0 0 0
42 87 0 0 0 0 0 0 0 0 0 0
43 88 0 0 0 0 0 0 0 0 0 0
44 89 0 0 0 0 0 0 0 0 0 0
45 90 0 0 0 0 0 0 0 0 0 0
</TABLE>
Illustration Received
(Signature of Applicant/Policyholder(s)
and Date)
Illustration Delivered
(Signature of Representative and Date)
Assume guaranteed charges and a gross investment return of 0.00%, contract
lapses after age 65. Assuming guaranteed charges and a gross investment return
of 6.00%, this contract lapses after age 77. This is an illustration, not a
contract. For presentation in Arizona, 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 Policyholder, and the different investment rates of return
achieved by the sub account chosen by the Policyholder. The Surrender Value,
Account 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 that these hypothetical rates of return can be achieved for any one
year, or sustained over any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Disclosure page
and Supplemental Footnote page.
Page 4 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-42
<PAGE> 140
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26225 27536 0 0 23330 20970 500000 24649 22288 500000
2 47 26225 56449 0 0 42766 41193 500000 46709 45135 500000
3 48 26225 86808 0 0 61661 60774 500000 69466 68679 500000
4 49 26225 118684 0 0 80071 80071 500000 93323 93323 500000
5 50 26225 152155 0 0 99188 99188 500000 119228 119228 500000
6 51 26225 187298 0 0 118176 118176 500000 146513 146513 500000
7 52 26225 224200 0 0 136992 136992 500000 175210 175210 500000
8 53 0 235410 0 0 132780 132780 500000 181159 181159 500000
9 54 0 247180 0 0 126595 128595 500000 187425 187425 500000
10 55 0 259539 0 0 124304 124304 500000 193913 193913 500000
11 56 0 272516 0 0 119998 119998 500000 201022 201022 500000
12 57 0 286142 0 0 115244 115244 500000 208178 208178 500000
13 58 0 300449 0 0 109937 109937 500000 215332 215332 500000
14 59 0 315471 0 0 103920 103920 500000 222399 222399 500000
15 60 0 331245 0 0 97170 97170 500000 229399 229399 500000
16 61 0 347807 0 0 89514 89514 500000 236256 236256 500000
17 62 0 365197 0 0 80912 80912 500000 242990 242990 500000
18 63 0 383457 0 0 71319 71319 500000 249623 249623 500000
19 64 0 402630 0 0 60788 60788 500000 256239 256239 500000
20 65 0 422762 0 0 49320 49320 500000 262893 262893 500000
21 66 0 443900 0 0 36861 36861 500000 269613 269613 500000
22 67 0 466095 0 0 23406 23406 500000 276458 276458 500000
23 68 0 489399 0 0 8657 8657 500000 283351 283351 500000
24 69 0 513869 0 0 0 0 0 290166 290166 500000
25 70 0 539563 0 0 0 0 0 296809 296809 500000
26 71 0 566541 0 0 0 0 0 303313 303313 500000
27 72 0 594868 0 0 0 0 0 309565 309565 500000
28 73 0 624611 0 0 0 0 0 315668 315668 500000
29 74 0 655842 0 0 0 0 0 321449 321449 500000
30 75 0 688634 0 0 0 0 0 326867 326867 500000
31 76 0 723066 0 0 0 0 0 331964 331964 500000
32 77 0 759219 0 0 0 0 0 336525 336525 500000
33 78 0 797180 0 0 0 0 0 340400 340400 500000
34 79 0 837039 0 0 0 0 0 342114 342114 500000
35 80 0 878891 0 0 0 0 0 342279 342279 500000
36 81 0 922836 0 0 0 0 0 340688 340688 500000
37 82 0 968977 0 0 0 0 0 336576 336576 500000
38 83 0 1017426 0 0 0 0 0 331202 331202 500000
39 84 0 1068298 0 0 0 0 0 322819 322819 500000
40 85 0 1121712 0 0 0 0 0 310014 310014 500000
</TABLE>
Not valid without current prospectus and must be accompanied by Compliance
Report 1, the Disclosure page, the continuation of Compliance Report 2, and the
Supplemental Footnote page.
Page 5 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-43
<PAGE> 141
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1177798 0 0 0 0 0 291581 291581 500000
42 87 0 1236688 0 0 0 0 0 264866 264866 500000
43 88 0 1298522 0 0 0 0 0 227055 227055 500000
44 89 0 1363449 0 0 0 0 0 173444 173444 500000
45 90 0 1431621 0 0 0 0 0 97094 97094 500000
</TABLE>
Assume current charges and a gross investment return of 0.00%, contract lapses
after age 68. Assuming current charges and a gross investment return of 6.00%.
This contract matures at anniversary at age 95. This is an illustration, not a
contract. For presentation in Arizona, 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 Policyholder, and the different investment rates of return
achieved by the sub account chosen by the Policyholder. The Surrender Value,
Account 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 that these hypothetical rates of return can be achieved for any one
year, or sustained over any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Compliance
Report 1, Disclosure page, and Supplemental Footnote page.
Page 6 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-44
<PAGE> 142
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,00 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option 1 Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------------
NONE
------------------------------------------------------
From Year 0 to Year 0
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 law 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 target death
benefit and/or a change in death benefit 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.
Values shown on this illustration are based on a policy owner tax bracket of
0.00%.
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 death benefit, account value and
surrender value will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The policy's surrender value includes any sales charge refund on full
surrender. The sales charge refund equals the sales charge collected in the
first policy year or the first policy year of an increase adjusted by the
following schedule:
Year 1-100%
Year 2-66.67%
Year 3-33.33%
Premiums less the following deductions are added to the account value. (1) A
premium tax charge of 2.00% of gross premiums in all years. (2) A sales charge
on the gross premium equals to 9% up to the target premium in Years 1-10.0% in
policy years 11 and after, and 0% of premium in excess of the target premium in
all years. (3) A DAC tax charge of 1.25% of gross premiums in all years.
Refer to Prospectus
Page 7 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-45
<PAGE> 143
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,00 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option 1 Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Those columns assuming guaranteed charges use the current monthly mortality
charges and current charges for rider benefits if any, for the first year as
well as the assumed hypothetical gross annual investment return indicated.
Thereafter these columns use guaranteed charges for monthly mortality charges,
rider benefits if any, 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 Insurance Company 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 Insurance Company
of America.
The difference between the account value and the value upon surrender is any
outstanding debt plus any applicable sales charge refund. A partial surrender,
the surrender amount and the partial surrender fee ($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 account 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 4.6% will be charged in arrears. Amounts
borrowed will earn interest at an annual rate of 4%. After the 10th policy
anniversary the annual interest rate applicable to the loan account will be
0.30% higher than the rate applicable to policies of the same type which have
not reached their 10th policy anniversary. This increase is anticipated but not
guaranteed. This increase is based on current expectations as to mortality,
investment earnings, persistency and expenses and is not guaranteed. Adverse tax
consequences could occur if a policy subject to loans is surrendered or
permitted to lapse. In addition, the loan interest may not be deductible. Please
consult your tax advisor for advice surrounding the deductibility of loan
interest and other tax consequences.
An administrative charge is deducted each month. During the first 36 policy
months the charge is $12.50 per month, thereafter, the charge is $7.50 per
month.
Refer to Prospectus
Page 8 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-46
<PAGE> 144
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26225 27536 0 0 23330 20970 500000 25968 23607 500000
2 47 26225 56449 0 0 41727 40153 500000 49718 48145 500000
3 48 26225 86808 0 0 59743 58956 500000 75993 75206 500000
4 49 26225 118684 0 0 77412 77412 500000 105127 105127 500000
5 50 26225 152155 0 0 95490 95490 500000 138221 138221 500000
6 51 26225 187298 0 0 113217 113217 500000 174906 174906 500000
7 52 26225 224200 0 0 130576 130576 500000 215620 215620 500000
8 53 0 235410 0 0 124536 124536 500000 235094 235094 500000
9 54 0 247180 0 0 118097 118097 500000 256550 256550 519770
10 55 0 259539 0 0 111153 111153 500000 279915 279915 562385
11 56 0 272516 0 0 103847 103847 500000 305716 305716 587984
12 57 0 286142 0 0 95937 95937 500000 333726 333726 625903
13 58 0 300449 0 0 87349 87349 500000 364116 364116 666296
14 59 0 315471 0 0 76051 76051 500000 397110 397110 709358
15 60 0 331245 0 0 67958 67958 500000 432918 432918 755270
16 61 0 347807 0 0 56973 56973 500000 471772 471772 804135
17 62 0 365197 0 0 44885 44885 500000 513840 513840 854110
18 63 0 383457 0 0 31515 31515 500000 559345 559345 911397
19 64 0 402630 0 0 16662 16662 500000 608524 608524 970292
20 65 0 422762 0 0 41 41 500000 661590 661590 1032940
21 66 0 443900 0 0 0 0 0 718766 718766 1099639
22 67 0 466095 0 0 0 0 0 780432 780432 1170804
23 68 0 489399 0 0 0 0 0 846918 846918 1246663
24 69 0 513869 0 0 0 0 0 918680 918680 1327677
25 70 0 539563 0 0 0 0 0 996090 996090 1413949
26 71 0 566541 0 0 0 0 0 1079551 1079551 1505865
27 72 0 594868 0 0 0 0 0 1169457 1169457 1603793
28 73 0 624611 0 0 0 0 0 1266080 1266080 1707942
29 74 0 655842 0 0 0 0 0 1369810 1369810 1818833
30 75 0 688634 0 0 0 0 0 1481057 1481057 1937075
31 76 0 723066 0 0 0 0 0 1600160 1600160 2062527
32 77 0 759219 0 0 0 0 0 1727739 1727739 2197338
33 78 0 797180 0 0 0 0 0 1864468 1864468 2341026
34 79 0 837039 0 0 0 0 0 2011248 2011248 2494551
35 80 0 878891 0 0 0 0 0 2168944 2168944 2658909
36 81 0 922836 0 0 0 0 0 2338434 2338434 2834182
37 82 0 968977 0 0 0 0 0 2520529 2520529 3021106
38 83 0 1017426 0 0 0 0 0 2715951 2715951 3220846
39 84 0 1068298 0 0 0 0 0 2925528 2925528 3433692
40 85 0 1121712 0 0 0 0 0 3150294 3150294 3661586
</TABLE>
Not valid without current prospectus and must be accompanied by the Disclosure
page, continuation of Compliance Report 1, and Supplemental Footnote page.
Page 5 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-47
<PAGE> 145
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1177798 0 0 0 0 0 3391733 3391733 3905242
42 87 0 1236688 0 0 0 0 0 3651691 3651691 4166945
43 88 0 1298522 0 0 0 0 0 3932686 3932686 4447474
44 89 0 1363449 0 0 0 0 0 4237083 4237083 4747651
45 90 0 1431621 0 0 0 0 0 4568643 4568643 5071194
46 91 0 1503202 0 0 0 0 0 4932525 4932525 5418871
47 92 0 1578362 0 0 0 0 0 5335931 5335931 5794288
48 93 0 1657280 0 0 0 0 0 5789419 5789419 6199889
49 94 0 1740144 0 0 0 0 0 6307913 6307913 6640340
50 95 0 1827151 0 0 0 0 0 6916756 6916756 7123567
</TABLE>
Illustration Received
(Signature of Applicant/Policyholder(s)
and Date)
Illustration Delivered
(Signature of Representative and Date)
Assume guaranteed charges and a gross investment return of 0.00%, contract
lapses after age 65. Assuming guaranteed charges and a gross investment return
of 12.00%, this contract matures at anniversary at age 95. This is an
illustration, not a contract. For presentation in Arizona, 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 Policyholder, and the different
investment rates of return achieved by the sub account chosen by the
Policyholder. The Surrender Value, Account 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 that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Disclosure page
and Supplemental Footnote page.
Page 4 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-48
<PAGE> 146
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 26225 27536 0 0 23330 20970 500000 25968 23607 500000
2 47 26225 56449 0 0 42766 41193 500000 50812 49236 500000
3 48 26225 86808 0 0 61561 60774 500000 78024 77236 500000
4 49 26225 118684 0 0 80071 80071 500000 108252 108252 500000
5 50 26225 152155 0 0 99188 99188 500000 142728 142728 500000
6 51 26225 187298 0 0 118176 118176 500000 181109 181109 500000
7 52 26225 224200 0 0 136992 136992 500000 223800 223800 500000
8 53 0 235410 0 0 132780 132780 500000 245672 245672 511267
9 54 0 247180 0 0 128595 128595 500000 269899 269899 546815
10 55 0 259539 0 0 124304 124304 500000 296523 296523 585159
11 56 0 272516 0 0 119998 119998 500000 326549 326549 628051
12 57 0 286142 0 0 115244 115244 500000 359382 359382 674021
13 58 0 300449 0 0 109937 109937 500000 395218 395218 723210
14 59 0 315471 0 0 103920 103920 500000 434222 434222 775661
15 60 0 331245 0 0 97170 97170 500000 476691 476691 831635
16 61 0 347807 0 0 89514 89514 500000 522823 522823 891151
17 62 0 365197 0 0 80912 80912 500000 572962 572962 954613
18 63 0 383457 0 0 71319 71319 500000 627492 627492 1022435
19 64 0 402630 0 0 60788 60788 500000 686930 686930 1095309
20 65 0 422762 0 0 49320 49320 500000 751810 751810 1173801
21 66 0 443900 0 0 36861 36861 500000 822672 822672 1258606
22 67 0 466095 0 0 23406 23406 500000 900164 900164 1350427
23 68 0 489399 0 0 8657 8657 500000 984734 984734 1449529
24 69 0 513869 0 0 0 0 0 1076743 1076743 1556108
25 70 0 539563 0 0 0 0 0 1176632 1176632 1670229
26 71 0 566541 0 0 0 0 0 1285179 1285179 1792696
27 72 0 594868 0 0 0 0 0 1402873 1402873 1923899
28 73 0 624611 0 0 0 0 0 1530810 1530810 2068063
29 74 0 655842 0 0 0 0 0 1669425 1669425 2216662
30 75 0 688634 0 0 0 0 0 1819551 1819551 2379791
31 76 0 723066 0 0 0 0 0 1982380 1982380 2555684
32 77 0 759219 0 0 0 0 0 2158369 2158359 2745001
33 78 0 797180 0 0 0 0 0 2348223 2348223 2948429
34 79 0 837039 0 0 0 0 0 2548082 2548082 3160386
35 80 0 878891 0 0 0 0 0 2761982 2761982 3385914
36 81 0 922836 0 0 0 0 0 2991526 2991526 3625729
37 82 0 968977 0 0 0 0 0 3236836 3236836 3879671
38 83 0 1017426 0 0 0 0 0 3506203 3506203 4158006
39 84 0 1068298 0 0 0 0 0 3797105 3797105 4456662
40 85 0 1121712 0 0 0 0 0 4109735 4109735 4776745
</TABLE>
Not valid without current prospectus and must be accompanied by Compliance
Report 1, the Disclosure page, the continuation of Compliance Report 2, and the
Supplemental Footnote page.
Page 5 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-49
<PAGE> 147
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 1177798 0 0 0 0 0 4446980 4446980 5120252
42 87 0 1236688 0 0 0 0 0 4809297 4809297 5487889
43 88 0 1298522 0 0 0 0 0 5200586 5200586 5881343
44 89 0 1363449 0 0 0 0 0 5624347 5624347 6302081
45 90 0 1431621 0 0 0 0 0 6085021 6085021 6754373
46 91 0 1503202 0 0 0 0 0 6587459 6587459 7236982
47 92 0 1578362 0 0 0 0 0 7143215 7143215 7756817
48 93 0 1657280 0 0 0 0 0 7767064 7767064 8317749
49 94 0 1740144 0 0 0 0 0 8481320 8481320 8928286
50 95 0 1827151 0 0 0 0 0 9320631 9320631 9599318
</TABLE>
Assume current charges and a gross investment return of 0.00%, contract lapses
after age 68. Assuming current charges and a gross investment return of 12.00%.
This contract matures at anniversary at age 95. This is an illustration, not a
contract. For presentation in Arizona, 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 Policyholder, and the different investment rates of return
achieved by the sub account chosen by the Policyholder. The Surrender Value,
Account 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 that these hypothetical rates of return can be achieved for any one
year, or sustained over any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Compliance
Report 1, Disclosure page, and Supplemental Footnote page.
Page 6 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-50
<PAGE> 148
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------------
NONE
------------------------------------------------------
From Year 0 to Year 0
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 law 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 target death
benefit and/or a change in death benefit 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.
Values shown on this illustration are based on a policy owner tax bracket of
0.00%.
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 death benefit, account value and
surrender value will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The policy's surrender value includes any sales charge refund on full
surrender. The sales charge refund equals the sales charge collected in the
first policy year or the first policy year of an increase adjusted by the
following schedule:
Year 1-100%
Year 2-66.67%
Year 3-33.33%
Premiums less the following deductions are added to the account value. (1) A
premium tax charge of 2.00% of gross premiums in all years. (2) A sales charge
on the gross premium equals to 9% up to the target premium in Years 1-10.0% in
policy years 11 and after, and 0% of premium in excess of the target premium in
all years. (3) A DAC tax charge of 1.25% of gross premiums in all years.
Refer to Prospectus
Page 7 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-51
<PAGE> 149
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $26,224.90 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Fully Underwritten
</TABLE>
Those columns assuming guaranteed charges use the current monthly mortality
charges and current charges for rider benefits if any, for the first year as
well as the assumed hypothetical gross annual investment return indicated.
Thereafter these columns use guaranteed charges for monthly mortality charges,
rider benefits if any, 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 Insurance Company 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 Insurance Company
of America.
The difference between the account value and the value upon surrender is any
outstanding debt plus any applicable sales charge refund. A partial surrender,
the surrender amount and the partial surrender fee ($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 account 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 4.6% will be charged in arrears. Amounts
borrowed will earn interest at an annual rate of 4%. After the 10th policy
anniversary the annual interest rate applicable to the loan account will be
0.30% higher than the rate applicable to policies of the same type which have
not reached their 10th policy anniversary. This increase is anticipated but not
guaranteed. This increase is based on current expectations as to mortality,
investment earnings, persistency and expenses and is not guaranteed. Adverse tax
consequences could occur if a policy subject to loans is surrendered or
permitted to lapse. In addition, the loan interest may not be deductible. Please
consult your tax advisor for advice surrounding the deductibility of loan
interest and other tax consequences.
An administrative charge is deducted each month. During the first 36 policy
months the charge is $12.50 per month, thereafter, the charge is $7.50 per
month.
Refer to Prospectus
Page 8 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-52
<PAGE> 150
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Guarantee Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 10005 10605 0 0 8151 7250 500000 8629 7729 500000
2 47 10005 21536 0 0 14563 13963 500000 15963 15363 500000
3 48 10005 33118 0 0 20758 20498 500000 23565 23265 500000
4 49 10005 45279 0 0 26840 26840 500000 31431 31431 500000
5 50 10005 58048 0 0 32960 32960 500000 39845 39845 500000
6 51 10005 71456 0 0 38864 38864 500000 48525 48525 500000
7 52 10005 85534 0 0 44502 44502 500000 57437 57437 500000
8 53 10005 100316 0 0 49884 49884 500000 66601 66601 500000
9 54 10005 115836 0 0 54962 54962 500000 75988 75988 500000
10 55 10005 132135 0 0 59746 59746 500000 85621 85621 500000
11 56 10005 149247 0 0 65187 65187 500000 96573 96573 500000
12 57 10005 167214 0 0 70249 70249 500000 107803 107803 500000
13 58 10005 186080 0 0 74942 74942 500000 119348 119348 500000
14 59 10005 205890 0 0 79226 79226 500000 131199 131199 500000
15 60 10005 226690 0 0 83058 83058 500000 143353 143353 500000
16 61 10005 248529 0 0 86399 86399 500000 155813 155813 500000
17 62 10005 271461 0 0 89205 89205 500000 168588 168588 500000
18 63 10005 295540 0 0 91437 91437 500000 181693 181693 500000
19 64 10005 320822 0 0 92951 92951 500000 195073 195073 500000
20 65 10005 347368 0 0 93749 93749 500000 208796 208796 500000
21 66 10005 375242 0 0 93686 93686 500000 222833 222833 500000
22 67 10005 404509 0 0 92702 92702 500000 237236 237236 500000
23 68 10005 435240 0 0 90686 90686 500000 252038 252038 500000
24 69 10005 467507 0 0 87514 87514 500000 267286 267286 500000
25 70 10005 501388 0 0 83100 83100 500000 283077 283077 500000
26 71 10005 536963 0 0 77192 77192 500000 299446 299446 500000
27 72 10005 574316 0 0 69255 69255 500000 316347 316347 500000
28 73 10005 613537 0 0 59421 59421 500000 334092 334092 500000
29 74 10005 654720 0 0 47018 47018 500000 352711 352711 500000
30 75 10005 697961 0 0 31488 31488 500000 372084 372084 512844
31 76 10005 743364 0 0 12341 12341 500000 391674 391674 529934
32 77 10005 791038 0 0 0 0 0 411471 411471 546928
33 78 10005 841095 0 0 0 0 0 431477 431477 563898
34 79 10005 893655 0 0 0 0 0 451734 451734 580885
35 80 10005 948843 0 0 0 0 0 472267 472267 597843
36 81 10005 1006791 0 0 0 0 0 493080 493080 614870
37 82 10005 1067635 0 0 0 0 0 514140 514140 631827
38 83 10005 1131522 0 0 0 0 0 535403 535403 648748
39 84 10005 1198604 0 0 0 0 0 556850 556850 665714
40 85 10005 1269039 0 0 0 0 0 578446 578446 682743
</TABLE>
Not valid without current prospectus and must be accompanied by the Disclosure
page, Continuation of Compliance Report 1, and Supplemental Footnote page.
Page 3 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-53
<PAGE> 151
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 10005 1342997 0 0 0 0 0 600254 600254 699896
42 87 10005 1420652 0 0 0 0 0 622342 622342 717312
43 88 10005 1502190 0 0 0 0 0 644853 644853 734939
44 89 10005 1587805 0 0 0 0 0 667993 667993 762962
45 90 10005 1677700 0 0 0 0 0 692024 692024 771399
46 91 10005 1772090 0 0 0 0 0 717344 717344 790298
47 92 10005 1871200 0 0 0 0 0 744509 744509 809728
48 93 10005 1975266 0 0 0 0 0 774370 774370 829969
49 94 10005 2084534 0 0 0 0 0 808302 808302 851222
50 95 10005 2199266 0 0 0 0 0 848560 848560 874017
</TABLE>
Illustration Received
(Signature of Applicant/Policyholder(s)
and Date)
Illustration Delivered
(Signature of Representative and Date)
Assume guaranteed charges and a gross investment return of 0.00%, contract
lapses after age 76. Assuming guaranteed charges and a gross investment return
of 6.00%, this contract matures at anniversary at age 95. This is an
illustration, not a contract. For presentation in Arizona, 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 Policyholder, and the different
investment rates of return achieved by the sub account chosen by the
Policyholder. The Surrender Value, Account 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 that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Disclosure page
and Supplemental Footnote page.
Page 4 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-54
<PAGE> 152
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (eve)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $10,005,06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 10005 10505 500000 8151 7250 500000 8629 7729 500000
2 47 10005 21536 500000 14853 14252 500000 16262 15661 500000
3 48 10005 33118 500000 21313 21013 500000 24113 23813 500000
4 49 10005 45279 500000 27576 27576 500000 32238 32238 500000
5 50 10005 58048 500000 33856 33856 500000 40863 40863 500000
6 51 10005 71456 500000 40026 40026 500000 49874 49874 500000
7 52 10005 85534 500000 46089 46089 500000 59291 59291 500000
8 53 10005 100316 500000 52046 52046 500000 69139 69139 500000
9 54 10005 115838 500000 57901 57901 500000 79442 79442 500000
10 55 10005 132135 500000 63655 63655 500000 90226 90266 500000
11 56 10005 149247 500000 70419 70419 500000 102778 102778 500000
12 57 10005 167214 500000 77047 77047 500000 115926 115926 500000
13 58 10005 186080 500000 83395 83395 500000 129569 129569 500000
14 59 10005 205890 500000 89472 89472 500000 143754 143754 500000
15 60 10005 226690 500000 95237 95237 500000 158486 158486 500000
16 61 10005 248529 500000 100605 100605 500000 173736 173736 500000
17 62 10005 271461 500000 105633 105633 500000 189603 189603 500000
18 63 10005 295540 500000 110285 110285 500000 206115 206115 500000
19 64 10005 320822 500000 114568 114568 500000 223344 223344 500000
20 65 10005 347368 500000 118537 118537 500000 241399 241399 500000
21 66 10005 375242 500000 122108 122108 500000 260303 260303 500000
22 67 10005 404509 500000 125332 125332 500000 280179 280179 500000
23 68 10005 435240 500000 128125 128125 500000 301079 301079 500000
24 69 10005 467507 500000 130361 130361 500000 323042 323042 505884
25 70 10005 501388 500000 131867 131867 500000 345805 345805 529290
26 71 10005 536963 500000 132687 132687 500000 369349 369349 552804
27 72 10005 574316 500000 132644 132644 500000 393635 393635 576479
28 73 10005 613537 500000 131768 131768 500000 418738 418738 600596
29 74 10005 654720 500000 129825 129825 500000 444608 444608 624896
30 75 10005 697961 500000 126651 126651 500000 471241 471241 649511
31 76 10005 743364 500000 122199 122199 500000 498697 498697 674737
32 77 10005 791038 0 116135 116135 500000 526917 526917 700378
33 78 10005 841095 0 108131 108131 500000 555869 555869 726466
34 79 10005 893655 0 96186 96186 500000 584847 584847 752955
35 80 10005 948843 0 80902 80902 500000 614341 614341 777695
36 81 10005 1006791 0 61951 61951 500000 644472 644472 803657
37 82 10005 1067835 0 38208 38208 500000 675136 675136 829675
38 83 10005 1131522 0 11632 11632 500000 707293 707293 857027
39 84 10005 1198604 0 0 0 500000 740368 740368 885110
40 85 10005 1269039 0 0 0 500000 774224 774224 913816
</TABLE>
Not valid without current prospectus and must be accompanied by Compliance
Report 1, the Disclosure page, the continuation of Compliance Report 2, and the
Supplemental Footnote page.
Page 5 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-55
<PAGE> 153
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 10005 1342997 0 0 0 0 0 809043 809043 943344
42 87 10005 1420652 0 0 0 0 0 844694 844684 973583
43 88 10005 1502190 0 0 0 0 0 881389 881389 1004519
44 89 10005 1587805 0 0 0 0 0 919286 919286 1036219
45 90 10005 1677700 0 0 0 0 0 958610 958610 1068563
46 91 10005 1772090 0 0 0 0 0 999560 999560 1101216
47 92 10005 1871200 0 0 0 0 0 1042956 1042956 1134318
48 93 10005 1975246 0 0 0 0 0 1089705 1089705 1167946
49 94 10005 2084534 0 0 0 0 0 1141287 1141287 1201890
50 95 10005 2199256 0 0 0 0 0 1200058 1200058 1236060
</TABLE>
Assume current charges and a gross investment return of 0.00%, contract lapses
after age 83. Assuming current charges and a gross investment return of 6.00%.
This contract matures at anniversary at age 95. This is an illustration, not a
contract. For presentation in Arizona, 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 Policyholder, and the different investment rates of return
achieved by the sub account chosen by the Policyholder. The Surrender Value,
Account 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 that these hypothetical rates of return can be achieved for any one
year, or sustained over any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Compliance
Report 1, Disclosure page, and Supplemental Footnote page.
Page 6 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-56
<PAGE> 154
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker Preferred, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,00 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option 1 Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------------
NONE
------------------------------------------------------
From Year 0 to Year 0
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 law 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 target death
benefit and/or a change in death benefit 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.
Values shown on this illustration are based on a policy owner tax bracket of
0.00%.
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 death benefit, account value and
surrender value will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The policy's surrender value includes any sales charge refund on full
surrender. The sales charge refund equals the sales charge collected in the
first policy year or the first policy year of an increase adjusted by the
following schedule:
Year 1-100%
Year 2-66.67%
Year 3-33.33%
Premiums less the following deductions are added to the account value. (1) A
premium tax charge of 2.00% of gross premiums in all years. (2) A sales charge
on the gross premium equals to 9% up to the target premium in Years 1-10.0% in
policy years 11 and after, and 0% of premium in excess of the target premium in
all years. (3) A DAC tax charge of 1.25% of gross premiums in all years.
Refer to Prospectus
Page 7 of 8 Page Illustration. This illustration is not valid without all 8
pages.
G-57
<PAGE> 155
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Those columns assuming guaranteed charges use the current monthly mortality
charges and current charges for rider benefits if any, for the first year as
well as the assumed hypothetical gross annual investment return indicated.
Thereafter these columns use guaranteed charges for monthly mortality charges,
rider benefits if any, 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 Insurance Company 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 Insurance Company
of America.
The difference between the account value and the value upon surrender is any
outstanding debt plus any applicable sales charge refund. A partial surrender,
the surrender amount and the partial surrender fee ($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 account 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 4.6% will be charged in arrears. Amounts
borrowed will earn interest at an annual rate of 4%. After the 10th policy
anniversary the annual interest rate applicable to the loan account will be
0.30% higher than the rate applicable to policies of the same type which have
not reached their 10th policy anniversary. This increase is anticipated but not
guaranteed. This increase is based on current expectations as to mortality,
investment earnings, persistency and expenses and is not guaranteed. Adverse tax
consequences could occur if a policy subject to loans is surrendered or
permitted to lapse. In addition, the loan interest may not be deductible. Please
consult your tax advisor for advice surrounding the deductibility of loan
interest and other tax consequences.
An administrative charge is deducted each month. During the first 36 policy
months the charge is $10.50 per month, thereafter, the charge is $7.50 per
month.
Refer to Prospectus
Page 8 of 8 Page Illustration. This illustration is not valid without all 8
pages.
G-58
<PAGE> 156
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 10005 10505 0 0 8151 7250 500000 9109 8208 500000
2 47 10005 21536 0 0 14563 13963 500000 17422 16822 500000
3 48 10005 33118 0 0 20798 20498 500000 26566 26266 500000
4 49 10005 45279 0 0 26840 26840 500000 36615 36615 500000
5 50 10005 58048 0 0 32960 32960 500000 47941 47941 500000
6 51 10005 71456 0 0 38864 38864 500000 60359 60359 500000
7 52 10005 85534 0 0 44502 44502 500000 73948 73948 500000
8 53 10005 100316 0 0 49884 49884 500000 88852 88852 500000
9 54 10005 115838 0 0 54962 54962 500000 105184 105184 500000
10 55 10005 132135 0 0 59746 59746 500000 123127 123127 500000
11 56 10005 149247 0 0 65187 65187 500000 144066 144066 500000
12 57 10005 167214 0 0 70249 70249 500000 167144 167144 500000
13 58 10005 186080 0 0 74942 74942 500000 192654 192654 500000
14 59 10005 205890 0 0 79226 79226 500000 220892 220892 500000
15 60 10005 226690 0 0 83058 83058 500000 252210 252210 500000
16 61 10005 248529 0 0 86399 86399 500000 286695 286695 551028
17 62 10005 271461 0 0 89205 89205 500000 324302 324302 606380
18 63 10005 295540 0 0 91437 91437 500000 365288 365288 664788
19 64 10005 320822 0 0 32951 92951 500000 409861 409861 726356
20 65 10005 347368 0 0 93749 93749 500000 458352 458352 791483
21 66 10005 375242 0 0 93686 93686 500000 511007 511007 860281
22 67 10005 404509 0 0 92702 92702 500000 568171 568171 933165
23 68 10005 435240 0 0 90686 90686 500000 630180 630180 1010367
24 69 10005 467507 0 0 87514 87514 500000 697400 697400 1092129
25 70 10005 501388 0 0 83100 83100 500000 770284 770284 1178996
26 71 10005 536963 0 0 77192 77192 500000 849185 849185 1270975
27 72 10005 574316 0 0 69255 69255 500000 934224 934224 1368172
28 73 10005 613537 0 0 59421 59421 500000 1026246 1026246 1471944
29 74 10005 654720 0 0 47018 47018 500000 1125406 1125406 1581758
30 75 10005 697961 0 0 31488 31488 500000 1232074 1232074 1698168
31 76 10005 743364 0 0 12341 12341 500000 1346798 1346798 1822218
32 77 10005 791038 0 0 0 0 0 1470146 1470146 1954118
33 78 10005 841095 0 0 0 0 0 1602743 1602743 2094625
34 79 10005 893655 0 0 0 0 0 1745417 1745417 2244432
35 80 10005 948843 0 0 0 0 0 1899012 1899012 2403959
36 81 10005 1006791 0 0 0 0 0 2064337 2064337 2574229
37 82 10005 1067635 0 0 0 0 0 2242121 2242121 2755342
38 83 10005 1131522 0 0 0 0 0 2433060 2433060 2948139
39 84 10005 1198604 0 0 0 0 0 2638000 2638000 3153729
40 85 10005 1269039 0 0 0 0 0 2857777 2857777 3373035
</TABLE>
Not valid without current prospectus and must be accompanied by the Disclosure
page, continuation of Compliance Report 1, and Supplemental Footnote page.
Page 3 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-59
<PAGE> 157
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 10005 1342997 0 0 0 0 0 3093709 3093709 3607265
42 87 10005 1420652 0 0 0 0 0 3347346 3347346 3858151
43 88 10005 1502190 0 0 0 0 0 3620764 3620764 4126585
44 89 10005 1587805 0 0 0 0 0 3916660 3916660 4414859
45 90 10005 1677700 0 0 0 0 0 4238408 4238408 4724553
46 91 10005 1772090 0 0 0 0 0 4590715 4590715 5057591
47 92 10005 1871200 0 0 0 0 0 4979988 4979988 5416235
48 93 10005 1975266 0 0 0 0 0 5415643 5415643 5804486
49 94 10005 2084534 0 0 0 0 0 5912412 5912412 6226361
50 95 10005 2199266 0 0 0 0 0 6494142 6494142 6688966
</TABLE>
Illustration Received
(Signature of Applicant/Policyholder(s)
and Date)
Illustration Delivered
(Signature of Representative and Date)
Assume guaranteed charges and a gross investment return of 0.00%, contract
lapses after age 76. Assuming guaranteed charges and a gross investment return
of 12.00%. This contract matures at anniversary at age 95. This is an
illustration, not a contract. For presentation in Arizona, 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 Policyholder, and the different
investment rates of return achieved by the sub account chosen by the
Policyholder. The Surrender Value, Account 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 that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Disclosure page
and Supplemental Footnote page.
Page 4 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-60
<PAGE> 158
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 10005 10505 0 0 8151 7250 500000 9109 9208 500000
2 47 10005 21536 0 0 14863 14252 500000 17729 17129 500000
3 48 10005 33118 0 0 21313 21013 500000 27148 26848 500000
4 49 10005 45279 0 0 27576 27576 500000 37497 37497 500000
5 50 10005 58048 0 0 33856 33856 500000 49094 49094 500000
6 51 10005 71456 0 0 40026 40026 500000 61921 61921 500000
7 52 10005 85534 0 0 46089 46089 500000 76119 76119 500000
8 53 10005 100316 0 0 52046 52046 500000 91845 91845 500000
9 54 10005 115838 0 0 57901 57901 500000 109272 109272 500000
10 55 10005 132135 0 0 63655 63655 500000 128595 128595 500000
11 56 10005 149247 0 0 70419 70419 500000 151490 151490 500000
12 57 10005 167214 0 0 77047 77047 500000 176936 176936 500000
13 58 10005 186080 0 0 83395 83395 500000 205124 205124 500000
14 59 10005 205890 0 0 89472 89472 500000 236409 236409 500000
15 60 10005 226690 0 0 95237 95237 500000 271079 271079 535814
16 61 10005 248529 0 0 100605 100605 500000 309152 309152 594190
17 62 10005 271461 0 0 105633 105633 500000 350979 350979 656260
18 63 10005 295540 0 0 110285 110285 500000 396899 396899 722316
19 64 10005 320822 0 0 114568 114568 500000 447323 447323 792746
20 65 10005 347368 0 0 118537 118537 500000 502752 502752 868152
21 66 10005 375242 0 0 122108 122108 500000 563609 563609 948836
22 67 10005 404509 0 0 125332 125332 500000 630496 630496 1035527
23 68 10005 435240 0 0 128125 128125 500000 703936 703936 1128620
24 69 10005 467507 0 0 130361 130361 500000 784443 784443 1228430
25 70 10005 501388 0 0 131867 131867 500000 872614 872514 1335470
26 71 10005 536963 0 0 132687 132687 500000 968972 968972 1450261
27 72 10005 574316 0 0 132644 132644 500000 1074436 1074436 1573512
28 73 10005 613537 0 0 131768 131768 500000 1189874 1189874 1706636
29 74 10005 654720 0 0 129825 129825 500000 1315995 1315995 1849631
30 75 10005 697961 0 0 126651 126651 500000 1453692 1453692 2003623
31 76 10005 743364 0 0 122199 122199 500000 1604127 1604127 2170383
32 77 10005 791038 0 0 116136 116136 500000 1768184 1768184 2350270
33 78 10005 841095 0 0 108131 108131 500000 1946885 1946885 2544385
34 79 10005 893655 0 0 96186 96186 500000 2138858 2138858 2750357
35 80 10005 948843 0 0 80902 80902 500000 2346904 2346904 2970945
36 81 10005 1006791 0 0 61951 61951 500000 2572765 2572765 3208238
37 82 10005 1067635 0 0 38208 38208 500000 2817442 2817442 3462355
38 83 10005 1131522 0 0 11632 11632 500000 3086596 3086596 3740028
39 84 10005 1198604 0 0 0 0 0 3379815 3379815 4040569
40 85 10005 1269039 0 0 0 0 0 3698446 3698446 4365276
</TABLE>
Not valid without current prospectus and must be accompanied by Compliance
Report 1, the Disclosure page, the Continuation of Compliance Report 2, and the
Supplemental Footnote page.
Page 5 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-61
<PAGE> 159
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 10005 1342997 0 0 0 0 0 4045471 4045471 4717020
42 87 10005 1420652 0 0 0 0 0 4422513 4422513 5027308
43 88 10005 1502190 0 0 0 0 0 4833335 4833335 5608552
44 89 10005 1587805 0 0 0 0 0 5281502 5281502 5952309
45 90 10005 1677700 0 0 0 0 0 5771600 5771600 6433603
46 91 10005 1772090 0 0 0 0 0 6308520 6309520 6950096
47 92 10005 1871200 0 0 0 0 0 6901820 6901820 7506419
48 93 10005 1975266 0 0 0 0 0 7563122 7563122 8106154
49 94 10005 2084534 0 0 0 0 0 8309956 8309956 8751214
50 95 10005 2199266 0 0 0 0 0 9169365 9169365 9444446
</TABLE>
Assume current charges and a gross investment return of 0.00%, contract lapses
after age 83. Assuming current charges and a gross investment return of 12.00%.
This contract matures at anniversary at age 95. This is an illustration, not a
contract. For presentation in Arizona, 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 Policyholder, and the different investment rates of return
achieved by the sub account chosen by the Policyholder. The Surrender Value,
Account 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 that these hypothetical rates of return can be achieved for any one
year, or sustained over any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Compliance
Report 1, Disclosure page, and Supplemental Footnote page.
Page 6 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-62
<PAGE> 160
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------------
NONE
------------------------------------------------------
From Year 0 to Year 0
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 law 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 target death
benefit and/or a change in death benefit 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.
Values shown on this illustration are based on a policy owner tax bracket of
0.00%.
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 death benefit, account value and
surrender value will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The policy's surrender value includes any sales charge refund on full
surrender. The sales charge refund equals the sales charge collected in the
first policy year or the first policy year of an increase adjusted by the
following schedule:
Year 1-100%
Year 2-66.67%
Year 3-33.33%
Premiums less the following deductions are added to the account value. (1) A
premium tax charge of 2.00% of gross premiums in all years. (2) A sales charge
on the gross premium equals to 9% up to the target premium in Years 1-10.0% in
policy years 11 and after, and 0% of premium in excess of the target premium in
all years. (3) A DAC tax charge of 1.25% of gross premiums in all years.
Refer to Prospectus
Page 7 of 8 Page Illustration. This illustration is not valid without all 8
pages.
G-63
<PAGE> 161
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Those columns assuming guaranteed charges use the current monthly mortality
charges and current charges for rider benefits if any, for the first year as
well as the assumed hypothetical gross annual investment return indicated.
Thereafter these columns use guaranteed charges for monthly mortality charges,
rider benefits if any, 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 Insurance Company 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 Insurance Company
of America.
The difference between the account value and the value upon surrender is any
outstanding debt plus any applicable sales charge refund. A partial surrender,
the surrender amount and the partial surrender fee ($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 account 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 4.6% will be charged in arrears. Amounts
borrowed will earn interest at an annual rate of 4%. After the 10th policy
anniversary the annual interest rate applicable to the loan account will be
0.30% higher than the rate applicable to policies in the same type which have
not reached their 10th policy anniversary. This increase is anticipated but not
guaranteed. This increase is based on current expectations as to mortality,
investment earnings, persistency and expenses and is not guaranteed. Adverse tax
consequences could occur if a policy subject to loans is surrendered or
permitted to lapse. In addition, the loan interest may not be deductible. Please
consult your tax advisor for advice surrounding the deductibility of loan
interest and other tax consequences.
An administrative charge is deducted each month. During the first 36 policy
months the charge is $10.50 per month, thereafter, the charge is $7.50 per
month.
Refer to Prospectus
Page 8 of 8 Page Illustration. This illustration is not valid without all 8
pages.
G-64
<PAGE> 162
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issues
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 10005 10505 0 0 8151 7250 500000 8629 7729 500000
2 47 10005 21536 0 0 14562 13963 500000 15963 15363 500000
3 48 10005 33118 0 0 20798 20498 500000 23565 23265 500000
4 49 10005 45279 0 0 26840 26840 500000 31431 31431 500000
5 50 10005 58048 0 0 32960 32960 500000 39845 39845 500000
6 51 10005 71456 0 0 38864 38864 500000 48525 48525 500000
7 52 10005 85534 0 0 44502 44502 500000 57437 57437 500000
8 53 10005 100316 0 0 49884 49884 500000 66601 66601 500000
9 54 10005 115838 0 0 54962 54962 500000 75988 75988 500000
10 55 10005 132135 0 0 59746 59746 500000 85621 85621 500000
11 56 10005 149247 0 0 65187 65187 500000 96573 96573 500000
12 57 10005 167214 0 0 70249 70249 500000 107803 107803 500000
13 58 10005 186080 0 0 74942 74942 500000 119348 119348 500000
14 59 10005 205890 0 0 79226 79226 500000 131199 131199 500000
15 60 10005 226690 0 0 83058 83058 500000 143353 143353 500000
16 61 10005 248529 0 0 86399 86399 500000 155813 155813 500000
17 62 10005 271461 0 0 89205 89205 500000 168588 168588 500000
18 63 10005 295540 0 0 91437 91437 500000 181693 181693 500000
19 64 10005 320822 0 0 92951 92951 500000 195073 195073 500000
20 65 10005 347368 0 0 93749 93749 500000 208796 208796 500000
21 66 10005 375242 0 0 93686 93686 500000 222833 222833 500000
22 67 10005 404509 0 0 92702 92702 500000 237236 237236 500000
23 68 10005 435240 0 0 90686 90686 500000 252038 252038 500000
24 69 10005 467507 0 0 87514 87514 500000 267286 267286 500000
25 70 10005 501388 0 0 83100 83100 500000 283077 283077 500000
26 71 10005 536963 0 0 77192 77192 500000 299446 299446 500000
27 72 10005 574316 0 0 69255 69255 500000 316347 316347 500000
28 73 10005 613537 0 0 59421 59421 500000 334092 334092 500000
29 74 10005 654720 0 0 47018 47018 500000 352711 352711 500000
30 75 10005 697961 0 0 31488 31488 500000 372388 372388 500000
31 76 10005 743364 0 0 12341 12341 500000 393430 393430 500000
32 77 10005 791038 0 0 0 0 0 416219 416219 500000
33 78 10005 841095 0 0 0 0 0 441248 441248 500000
34 79 10005 893655 0 0 0 0 0 469171 469171 500000
35 80 10005 948843 0 0 0 0 0 499643 499643 524625
36 81 10005 1006791 0 0 0 0 0 531218 531218 557779
37 82 10005 1067535 0 0 0 0 0 563882 563882 592076
38 83 10005 1131522 0 0 0 0 0 597605 597605 627485
39 84 10005 1198604 0 0 0 0 0 632353 632353 663970
40 85 10005 1269039 0 0 0 0 0 668070 668070 701474
</TABLE>
Not valid without current prospectus and must be accompanied by the Disclosure
page, continuation of Compliance Report 1, and Supplemental Footnote page.
Page 3 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-65
<PAGE> 163
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: GPT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 10005 1342997 0 0 0 0 0 704713 704713 739940
42 87 10005 1420652 0 0 0 0 0 742229 742229 779341
43 88 10005 1502190 0 0 0 0 0 780565 780565 819594
44 89 10005 1587805 0 0 0 0 0 819673 819673 860656
45 90 10005 1677700 0 0 0 0 0 859482 859482 902456
46 91 10005 1772090 0 0 0 0 0 899914 899914 944910
47 92 10005 1871200 0 0 0 0 0 943344 943344 981077
48 93 10005 1975266 0 0 0 0 0 990370 990370 1020081
49 94 10005 2084534 0 0 0 0 0 1041714 1041714 1062548
50 95 10005 2199266 0 0 0 0 0 1098265 1098265 1109248
</TABLE>
Illustration Received
(Signature of Applicant/Policyholder(s)
and Date)
Illustration Delivered
(Signature of Representative and Date)
Assume guaranteed charges and a gross investment return of 0.00%, contract
lapses after age 76. Assuming guaranteed charges and a gross investment return
of 6.00%. This contract matures at anniversary at age 95. This is an
illustration, not a contract. For presentation in Arizona, 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 Policyholder, and the different
investment rates of return achieved by the sub account chosen by the
Policyholder. The Surrender Value, Account 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 that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
<TABLE>
<S> <C>
Initial Guideline Single: $108,829.00 Initial Guideline Annual: $10,005.00
Prepared by: Agent Date prepared: 11/6/96
</TABLE>
Not valid without current prospectus and must be accompanied by Disclosure page
and Supplemental Footnote page.
Page 4 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-66
<PAGE> 164
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: GPT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 10005 10505 0 0 8151 7250 500000 8629 7729 500000
2 47 10005 21536 0 0 14853 14252 500000 16262 15661 500000
3 48 10005 33118 0 0 21313 21013 500000 24113 23813 500000
4 49 10005 45279 0 0 27576 27576 500000 32238 32238 500000
5 50 10005 58048 0 0 33856 33856 500000 40863 40863 500000
6 51 10005 71456 0 0 40026 40026 500000 49874 49874 500000
7 52 10005 85534 0 0 46089 46089 500000 59291 59291 500000
8 53 10005 100316 0 0 52046 52046 500000 69139 69139 500000
9 54 10005 115838 0 0 57901 57901 500000 79442 79442 500000
10 55 10005 132135 0 0 63655 63655 500000 90226 90226 500000
11 56 10005 149247 0 0 70419 70419 500000 102778 102778 500000
12 57 10005 167214 0 0 77047 77047 500000 115926 115926 500000
13 58 10005 186080 0 0 83395 83395 500000 129569 129569 500000
14 59 10005 205890 0 0 89472 89472 500000 143754 143754 500000
15 60 10005 226690 0 0 95237 95237 500000 158486 158486 500000
16 61 10005 248529 0 0 100605 100605 500000 173736 173736 500000
17 62 10005 271461 0 0 105633 105633 500000 189603 189603 500000
18 63 10005 295540 0 0 110285 110285 500000 206115 206115 500000
19 64 10005 320822 0 0 114568 114568 500000 223344 223344 500000
20 65 10005 347368 0 0 118537 118537 500000 241399 241399 500000
21 66 10005 375242 0 0 122108 122108 500000 260303 260303 500000
22 67 10005 404509 0 0 125332 125332 500000 280179 280179 500000
23 68 10005 435240 0 0 128125 128125 500000 301079 301079 500000
24 69 10005 467507 0 0 130361 130361 500000 323053 323053 500000
25 70 10005 501388 0 0 131867 131867 500000 346163 346163 500000
26 71 10005 536963 0 0 132687 132687 500000 370604 370604 500000
27 72 10005 574316 0 0 132644 132644 500000 396512 396512 500000
28 73 10005 613627 0 0 131768 131768 500000 424134 424134 500000
29 74 10005 654720 0 0 129825 129825 500000 453697 453697 500000
30 75 10005 697961 0 0 126651 126651 500000 485300 485300 519271
31 76 10005 743364 0 0 122199 122199 500000 518666 518666 544599
32 77 10005 791038 0 0 116135 116125 500000 553525 553525 581201
33 78 10005 841095 0 0 108131 108131 500000 589917 589917 619413
34 79 10005 893655 0 0 96186 96186 500000 627751 627751 659138
35 80 10005 948843 0 0 80902 80902 500000 667139 667139 700496
36 81 10005 1006791 0 0 61951 61951 500000 708130 708130 743536
37 82 10005 1067635 0 0 38208 38208 500000 750716 750716 788252
38 83 10005 1131522 0 0 11632 11632 500000 795156 795156 834914
39 84 10005 1198604 0 0 0 0 0 841324 841324 883390
40 85 10005 1269039 0 0 0 0 0 889179 889179 933638
</TABLE>
Not valid without current prospectus and must be accompanied by Compliance
Report 1, the Disclosure page, the continuation of Compliance Report 2, and the
Supplemental Footnote page.
Page 5 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-67
<PAGE> 165
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $10,005.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: GPT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 10005 1342997 0 0 0 0 0 938764 938764 985702
42 87 10005 1420652 0 0 0 0 0 989996 989996 1039496
43 88 10005 1502190 0 0 0 0 0 1042901 1042901 1095047
44 89 10005 1587805 0 0 0 0 0 1097440 1097440 1152313
45 90 10005 1677700 0 0 0 0 0 1153567 1153567 1211246
46 91 10005 1772090 0 0 0 0 0 1211115 1211115 1271671
47 92 10005 1871200 0 0 0 0 0 1272405 1272405 1323302
48 93 10005 1975266 0 0 0 0 0 1338080 1338080 1378222
49 94 10005 2084534 0 0 0 0 0 1408916 1408916 1437094
50 95 10005 2199266 0 0 0 0 0 1485843 1485843 1500701
</TABLE>
Assume current charges and a gross investment return of 0.00%, contract lapses
after age 83. Assuming current charges and a gross investment return of 6.00%.
This contract matures at anniversary at age 95. This is an illustration, not a
contract. For presentation in Arizona, 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 Policyholder, and the different investment rates of return
achieved by the sub account chosen by the Policyholder. The Surrender Value,
Account 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 that these hypothetical rates of return can be achieved for any one
year, or sustained over any period of time.
<TABLE>
<S> <C>
Initial Guideline Single: $108,829.00 Initial Guideline Annual: $10,005.00
Prepared by: Agent Date prepared: 11/6/96
</TABLE>
Not valid without current prospectus and must be accompanied by Compliance
Report 1, the Disclosure page, and Supplemental Footnote page.
Page 6 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-68
<PAGE> 166
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $10,005.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: GPT
Underwriting Class: Guaranteed Issue
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------------
NONE
------------------------------------------------------
From Year 0 to Year 0
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 law 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 target death
benefit and/or a change in death benefit 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.
Values shown on this illustration are based on a policy owner tax bracket of
0.00%.
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 death benefit, account value and
surrender value will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The policy's surrender value includes any sales charge refund on full
surrender. The sales charge refund equals the sales charge collected in the
first policy year or the first policy year of an increase adjusted by the
following schedule:
Year 1-100%
Year 2-66.67%
Year 3-33.33%
Premiums less the following deductions are added to the account value. (1) A
premium tax charge of 2.00% of gross premiums in all years. (2) A sales charge
on the gross premium equals to 9% up to the target premium in Years 1-10.0% in
policy years 11 and after, and 0% of premium in excess of the target premium in
all years. (3) A DAC tax charge of 1.25% of gross premiums in all years.
Refer to Prospectus
Page 7 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-69
<PAGE> 167
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $10,005.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: GPT
Underwriting Class: Guaranteed Issue
</TABLE>
Those columns assuming guaranteed charges use the current monthly mortality
charges and current charges for rider benefits if any, for the first year as
well as the assumed hypothetical gross annual investment return indicated.
Thereafter these columns use guaranteed charges for monthly mortality charges,
rider benefits if any, 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 Insurance Company 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 Insurance Company
of America.
The difference between the account value and the value upon surrender is any
outstanding debt plus any applicable sales charge refund. A partial surrender,
the surrender amount and the partial surrender fee ($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 account 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 4.6% will be charged in arrears. Amounts
borrowed will earn interest at an annual rate of 4%. After the 10th policy
anniversary the annual interest rate applicable to the loan account will be
0.30% higher than the rate applicable to policies in the same type which have
not reached their 10th policy anniversary. This increase is anticipated but not
guaranteed. This increase is based on current expectations as to mortality,
investment earnings, persistency and expenses and is not guaranteed. Adverse tax
consequences could occur if a policy subject to loans is surrendered or
permitted to lapse. In addition, the loan interest may not be deductible. Please
consult your tax advisor for advice surrounding the deductibility of loan
interest and other tax consequences.
An administrative charge is deducted each month. During the first 36 policy
months the charge is $10.50 per month, thereafter, the charge is $7.50 per
month.
Refer to Prospectus
Page 8 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-70
<PAGE> 168
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: GPT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 10005 10505 0 0 8151 7250 500000 9109 8206 500000
2 47 10005 21536 0 0 14563 13963 500000 17422 16822 500000
3 48 10005 33118 0 0 20798 20498 500000 26566 26266 500000
4 49 10005 45279 0 0 26840 26840 500000 36615 36615 500000
5 50 10005 58048 0 0 32960 32960 500000 47941 47941 500000
6 51 10005 71456 0 0 38864 38864 500000 60359 60359 500000
7 52 10005 85534 0 0 44502 44502 500000 73948 73948 500000
8 53 10005 100316 0 0 49884 49884 500000 88852 88852 500000
9 54 10005 115838 0 0 54962 54962 500000 105184 105184 500000
10 55 10005 132135 0 0 59746 59746 500000 123127 123127 500000
11 56 10005 149247 0 0 65187 65187 500000 144066 144066 500000
12 57 10005 167214 0 0 70249 70249 500000 167144 167144 500000
13 58 10005 186080 0 0 74942 74942 500000 192654 192654 500000
14 59 10005 205890 0 0 79226 79226 500000 220892 220892 500000
15 60 10005 226690 0 0 83058 83058 500000 252210 252210 500000
16 61 10005 248529 0 0 86399 86399 500000 287023 287023 500000
17 62 10005 271461 0 0 89205 89205 500000 325821 325821 500000
18 63 10005 295540 0 0 91437 91437 500000 369186 369186 500000
19 64 10005 320622 0 0 92951 92951 500000 417742 417742 518000
20 65 10005 347368 0 0 93749 93749 500000 471505 471505 575236
21 66 10005 375242 0 0 93686 93686 500000 530799 530799 636958
22 67 10005 404509 0 0 92702 92702 500000 596086 596086 709342
23 68 10005 435240 0 0 90686 90686 500000 667955 667955 788187
24 69 10005 467507 0 0 87514 87514 500000 747058 747058 874058
25 70 10005 501388 0 0 83100 83100 500000 834132 834132 967593
26 71 10005 536963 0 0 77192 77192 500000 929948 929948 1069440
27 72 10005 574316 0 0 69255 69255 500000 1035684 1035684 1170323
28 73 10005 613637 0 0 59421 59421 500000 1152662 1152662 1279455
29 74 10005 654720 0 0 47018 47018 500000 1282188 1282188 1397585
30 75 10005 697961 0 0 31488 31488 500000 1425884 1425884 1525696
31 76 10005 743264 0 0 12341 12341 500000 1585728 1585728 1665015
32 77 10005 791038 0 0 0 0 0 1761721 1761721 1849807
33 78 10005 841098 0 0 0 0 0 1955379 1955379 2053148
34 79 10005 893655 0 0 0 0 0 2168366 2168366 2276784
35 80 10005 948842 0 0 0 0 0 2402462 2402462 2522585
36 81 10005 1006791 0 0 0 0 0 2659554 2659554 2792632
37 82 10005 1067638 0 0 0 0 0 2941596 2941596 3088676
38 83 10005 1131522 0 0 0 0 0 3250612 3250612 3413143
39 84 10005 1198604 0 0 0 0 0 3588738 3588738 3768175
40 85 10005 1269039 0 0 0 0 0 3958157 3958157 4156065
</TABLE>
Not valid without current prospectus and must be accompanied by the Disclosure
page, continuation of Compliance Report 1, and Supplemental Footnote page.
Page 3 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-71
<PAGE> 169
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: GPT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 10005 1342997 0 0 0 0 0 4361242 4361242 4579304
42 87 10005 1420662 0 0 0 0 0 4800496 4800496 5040521
43 88 10005 1502190 0 0 0 0 0 5278553 5278553 5542401
44 89 10005 1587805 0 0 0 0 0 5798258 5798258 6089171
45 90 10005 1677700 0 0 0 0 0 6362476 6362476 6680600
46 91 10005 1772090 0 0 0 0 0 6974163 6974163 7322871
47 92 10005 1871200 0 0 0 0 0 7656328 7656328 7962581
48 93 10005 1975266 0 0 0 0 0 8421031 8421031 8673662
49 94 10005 2084534 0 0 0 0 0 9283069 9283069 9468731
50 95 10005 2199266 0 0 0 0 0 10260896 10260896 10363505
</TABLE>
Illustration Received
(Signature of Applicant/Policyholder(s)
and Date)
Illustration Delivered
(Signature of Representative and Date)
Assume current charges and a gross investment return of 0.00%, contract lapses
after age 76. Assuming current charges and a gross investment return of 12.00%.
This contract matures at anniversary at age 95. This is an illustration, not a
contract. For presentation in Arizona, 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 Policyholder, and the different investment rates of return
achieved by the sub account chosen by the Policyholder. The Surrender Value,
Account 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 that these hypothetical rates of return can be achieved for any one
year, or sustained over any period of time.
<TABLE>
<S> <C>
Initial Guideline Single: $108,829.00 Initial Guideline Annual: $10,005.00
Prepared by: Agent Date prepared: 11/6/96
</TABLE>
Not valid without current prospectus and must be accompanied by Compliance
Report 1, the Disclosure page, and Supplemental Footnote page.
Page 4 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-72
<PAGE> 170
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $10,005.06 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: GPT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 10005 10505 0 0 8151 7250 500000 9109 8208 500000
2 47 10005 21536 0 0 14853 14252 500000 17729 17129 500000
3 48 10005 33118 0 0 21313 21013 500000 27148 26848 500000
4 49 10005 45279 0 0 27576 27576 500000 37497 37497 500000
5 50 10005 58048 0 0 33856 33856 500000 49094 49094 500000
6 51 10005 71456 0 0 40026 40026 500000 61921 61921 500000
7 52 10005 85534 0 0 46089 46089 500000 76119 76119 500000
8 53 10005 100316 0 0 52046 52046 500000 91845 91845 500000
9 54 10005 115838 0 0 57901 57901 500000 109272 109272 500000
10 55 10005 132135 0 0 63655 63655 500000 128595 128595 500000
11 56 10005 149247 0 0 70419 70419 500000 151490 151490 500000
12 57 10005 167216 0 0 77047 77047 500000 176936 176936 500000
13 58 10005 186080 0 0 83395 83395 500000 205124 205124 500000
14 59 10005 205890 0 0 89472 89472 500000 236409 236409 500000
15 60 10005 226690 0 0 95237 95237 500000 271160 271160 500000
16 61 10005 248529 0 0 100605 100605 500000 309785 309785 500000
17 62 10005 271461 0 0 105633 105633 500000 352844 352844 500000
18 63 10005 295540 0 0 110285 110285 500000 400928 400928 505169
19 64 10005 320822 0 0 114568 114568 500000 454362 454362 563409
20 65 10005 347368 0 0 118537 118537 500000 513519 513519 626494
21 66 10005 375242 0 0 122108 122108 500000 579006 579006 694807
22 67 10005 404509 0 0 125332 125332 500000 651453 651453 775229
23 68 10005 435240 0 0 128125 128125 500000 731579 731579 863263
24 69 10005 467507 0 0 130361 130361 500000 820158 820158 959585
25 70 10005 501388 0 0 131867 131867 500000 918029 918029 1064914
26 71 10005 536963 0 0 132687 132687 500000 1026206 1026206 1180137
27 72 10005 574316 0 0 132644 132644 500000 1145989 1145989 1294968
28 73 10005 613537 0 0 131768 131768 500000 1278778 1278778 1419443
29 74 10005 654720 0 0 129825 129825 500000 1426068 1426068 1554414
30 75 10005 697961 0 0 126651 126651 500000 1589629 1589629 1700903
31 76 10005 743364 0 0 122199 122199 500000 1771549 1771549 1860127
32 77 10005 791038 0 0 116135 116135 500000 1972682 1972682 2071316
33 78 10005 841095 0 0 108131 108131 500000 2194943 2194943 2304690
34 79 10005 893655 0 0 96186 96186 500000 2439921 2439921 2561918
35 80 10005 948843 0 0 80902 80902 500000 2710130 2710130 2845636
36 81 10005 1006791 0 0 61951 61951 500000 3008076 3008076 3158479
37 82 10005 1067635 0 0 38208 38208 500000 3336249 3336249 3503061
38 83 10005 1131522 0 0 11632 11632 500000 3698579 3698579 3883508
39 84 10005 1198604 0 0 0 0 0 4097607 4097607 4302487
40 85 10005 1269039 0 0 0 0 0 4536444 4536444 4763267
</TABLE>
Not valid without current prospectus and must be accompanied by Compliance
Report 1, the Disclosure page, the continuation of Compliance Report 2, and the
Supplemental Footnote page.
Page 5 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-73
<PAGE> 171
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $10,005.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: GPT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 10005 1342997 0 0 0 0 0 5018885 5018885 5269829
42 87 10005 1420652 0 0 0 0 0 5548374 5548374 5825792
43 88 10005 1502190 0 0 0 0 0 6129220 6129220 6436681
44 89 10005 1587805 0 0 0 0 0 6765704 6765704 7103989
45 90 10005 1677700 0 0 0 0 0 7462390 7462390 7835509
46 91 10005 1772090 0 0 0 0 0 8223356 8223356 8634524
47 92 10005 1871200 0 0 0 0 0 9070608 9070608 9433432
48 93 10005 1975266 0 0 0 0 0 10017453 10017453 10317977
49 94 10005 2084534 0 0 0 0 0 11080027 11080027 11301628
50 95 10005 2199266 0 0 0 0 0 12277920 12277920 12400699
</TABLE>
Assume current charges and a gross investment return of 0.00%, contract lapses
after age 83. Assuming current charges and a gross investment return of 12.00%.
This contract matures at anniversary at age 95. This is an illustration, not a
contract. For presentation in Arizona, 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 Policyholder, and the different investment rates of return
achieved by the sub account chosen by the Policyholder. The Surrender Value,
Account 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 that these hypothetical rates of return can be achieved for any one
year, or sustained over any period of time.
<TABLE>
<S> <C>
Initial Guideline Single: $108,829.00 Initial Guideline Annual: $10,005.00
Prepared by: Agent Date prepared: 11/6/96
</TABLE>
Not valid without current prospectus and must be accompanied by Compliance
Report 1, Disclosure page, and Supplemental Footnote page.
Page 6 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-74
<PAGE> 172
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $10,005.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: GPT
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------------
NONE
------------------------------------------------------
From Year 0 to Year 0
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 law 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 target death
benefit and/or a change in death benefit 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.
Values shown on this illustration are based on a policy owner tax bracket of
0.00%.
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 death benefit, account value and
surrender value will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The policy's surrender value includes any sales charge refund on full
surrender. The sales charge refund equals the sales charge collected in the
first policy year or the first policy year of an increase adjusted by the
following schedule:
Year 1-100%
Year 2-66.67%
Year 3-33.33%
Premiums less the following deductions are added to the account value. (1) A
premium tax charge of 2.00% of gross premiums in all years. (2) A sales charge
on the gross premium equals to 9% up to the target premium in Years 1-10.0% in
policy years 11 and after, and 0% of premium in excess of the target premium in
all years. (3) A DAC tax charge of 1.25% of gross premiums in all years.
Refer to Prospectus
Page 7 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-75
<PAGE> 173
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $10,005.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: GPT
Underwriting Class: Guaranteed Issue
</TABLE>
Those columns assuming guaranteed charges use the current monthly mortality
charges and current charges for rider benefits if any, for the first year as
well as the assumed hypothetical gross annual investment return indicated.
Thereafter these columns use guaranteed charges for monthly mortality charges,
rider benefits if any, 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 Insurance Company 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 Insurance Company
of America.
The difference between the account value and the value upon surrender is any
outstanding debt plus any applicable sales charge refund. A partial surrender,
the surrender amount and the partial surrender fee ($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 account 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 4.6% will be charged in arrears. Amounts
borrowed will earn interest at an annual rate of 4%. After the 10th policy
anniversary the annual interest rate applicable to the loan account will be
0.30% higher than the rate applicable to policies in the same type which have
not reached their 10th policy anniversary. This increase is anticipated but not
guaranteed. This additional increase is based on current expectations as to
mortality, investment earnings, persistency and expenses and is not guaranteed.
Adverse tax consequences could occur if a policy subject to loans is surrendered
or permitted to lapse. In addition, the loan interest may not be deductible.
Please consult your tax advisor for advice surrounding the deductibility of loan
interest and other tax consequences.
An administrative charge is deducted each month. During the first 36 policy
months the charge is $10.50 per month, thereafter, the charge is $7.50 per
month.
Refer to Prospectus
Page 8 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-76
<PAGE> 174
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $5,000.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 5000 5250 0 0 3354 2904 500000 3570 3120 500000
2 47 5000 10763 0 0 5606 5306 500000 6207 5907 500000
3 48 5000 16551 0 0 7719 7569 500000 8865 8715 500000
4 49 5000 22628 0 0 9672 9672 500000 11522 11522 500000
5 50 5000 29010 0 0 11581 11581 500000 14292 14292 500000
6 51 5000 35710 0 0 13301 13301 500000 17027 17027 500000
7 52 5000 42746 0 0 14775 14775 500000 19668 19668 500000
8 53 5000 50133 0 0 16008 16008 500000 22211 22211 500000
9 54 5000 57889 0 0 16944 16944 500000 24596 24596 500000
10 55 5000 66034 0 0 17587 17587 500000 26817 26817 500000
11 56 5000 74586 0 0 18360 18360 500000 29332 29332 500000
12 57 5000 83565 0 0 18729 18729 500000 31585 31585 500000
13 58 5000 92993 0 0 18696 18696 500000 33566 33566 500000
14 59 5000 102893 0 0 18203 18203 500000 35203 35203 500000
15 60 5000 113287 0 0 17194 17194 500000 36423 36423 500000
16 61 5000 124202 0 0 15608 15608 500000 37147 37147 500000
17 62 5000 135662 0 0 13383 13383 500000 37288 37288 500000
18 63 5000 147695 0 0 10453 10453 500000 36753 36753 500000
19 64 5000 160330 0 0 6630 6630 500000 35325 35325 500000
20 65 5000 173596 0 0 1897 1897 500000 32941 32941 500000
21 66 5000 187526 0 0 0 0 0 29350 29350 500000
22 67 5000 202152 0 0 0 0 0 24395 24395 500000
23 68 5000 217510 0 0 0 0 0 17832 17832 500000
24 69 5000 233635 0 0 0 0 0 9386 9386 500000
25 70 0 0 0 0 0 0 0 0 0 0
26 71 0 0 0 0 0 0 0 0 0 0
27 72 0 0 0 0 0 0 0 0 0 0
28 73 0 0 0 0 0 0 0 0 0 0
29 74 0 0 0 0 0 0 0 0 0 0
30 75 0 0 0 0 0 0 0 0 0 0
31 76 0 0 0 0 0 0 0 0 0 0
32 77 0 0 0 0 0 0 0 0 0 0
33 78 0 0 0 0 0 0 0 0 0 0
34 79 0 0 0 0 0 0 0 0 0 0
35 80 0 0 0 0 0 0 0 0 0 0
36 81 0 0 0 0 0 0 0 0 0 0
37 82 0 0 0 0 0 0 0 0 0 0
38 83 0 0 0 0 0 0 0 0 0 0
39 84 0 0 0 0 0 0 0 0 0 0
40 85 0 0 0 0 0 0 0 0 0 0
</TABLE>
Not valid without current prospectus and must be accompanied by the Disclosure
page, continuation of Compliance Report 1, and Supplemental Footnote page.
Page 3 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-77
<PAGE> 175
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $5,000.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 0 0 0 0 0 0 0 0 0
42 87 0 0 0 0 0 0 0 0 0 0
43 88 0 0 0 0 0 0 0 0 0 0
44 89 0 0 0 0 0 0 0 0 0 0
45 90 0 0 0 0 0 0 0 0 0 0
46 91 0 0 0 0 0 0 0 0 0 0
47 92 0 0 0 0 0 0 0 0 0 0
48 93 0 0 0 0 0 0 0 0 0 0
49 94 0 0 0 0 0 0 0 0 0 0
50 95 0 0 0 0 0 0 0 0 0 0
</TABLE>
Illustration Received
(Signature of Applicant/Policyholder(s)
and Date)
Illustration Delivered
(Signature of Representative and Date)
Assume current charges and a gross investment return of 0.00%, contract lapses
after age 65. Assuming current charges and a gross investment return of 6.00%.
This contract lapses after age 69. This is an illustration, not a contract. For
presentation in Arizona, 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
Policyholder, and the different investment rates of return achieved by the sub
account chosen by the Policyholder. The Surrender Value, Account 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 that
these hypothetical rates of return can be achieved for any one year, or
sustained over any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Disclosure page
and Supplemental Footnote page.
Page 4 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-78
<PAGE> 176
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $5,000.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 5000 5250 0 0 3354 2904 500000 3570 3120 500000
2 47 5000 10763 0 0 5901 5601 500000 6611 6211 500000
3 48 5000 16551 0 0 8246 8096 500000 9426 9276 500000
4 49 5000 22628 0 0 10427 10427 500000 12352 12352 500000
5 50 5000 29010 0 0 12504 12504 500000 15344 15344 500000
6 51 5000 35710 0 0 14506 14506 500000 18430 18430 500000
7 52 5000 42746 0 0 16432 16432 500000 21615 21615 500000
8 53 5000 50133 0 0 18285 18285 500000 24906 24906 500000
9 54 5000 57889 0 0 20064 20064 500000 28307 28307 500000
10 55 5000 66034 0 0 21772 21772 500000 31827 31827 500000
11 56 5000 74586 0 0 23932 23932 500000 36507 36507 500000
12 57 5000 83565 0 0 25967 25967 500000 40406 40406 500000
13 58 5000 92993 0 0 27711 27711 500000 44714 44714 500000
14 59 5000 102893 0 0 29167 29167 500000 48985 48985 500000
15 60 5000 113287 0 0 30281 30281 500000 53166 53166 500000
16 61 5000 124202 0 0 30945 30945 500000 57149 57149 500000
17 62 5000 135662 0 0 31216 31216 500000 60985 60985 500000
18 63 5000 147695 0 0 31040 31040 500000 64618 64618 500000
19 64 5000 160330 0 0 30417 30417 500000 68042 68042 500000
20 65 5000 173596 0 0 29400 29400 500000 71304 71304 500000
21 66 5000 187526 0 0 27875 27875 500000 74296 74296 500000
22 67 5000 202152 0 0 25895 25895 500000 77059 77059 500000
23 68 5000 217510 0 0 23339 23339 500000 79480 79480 500000
24 69 5000 233635 0 0 20028 20028 500000 81386 81386 500000
25 70 5000 250567 0 0 15716 15716 500000 82544 82544 500000
26 71 5000 268346 0 0 10434 10434 500000 82957 82957 500000
27 72 5000 287013 0 0 3917 3917 500000 82368 82368 500000
28 73 5000 306614 0 0 0 0 0 80752 80752 500000
29 74 5000 327194 0 0 0 0 0 77761 77761 500000
30 75 5000 348604 0 0 0 0 0 73111 73111 500000
31 76 5000 371494 0 0 0 0 0 66633 66633 500000
32 77 5000 398319 0 0 0 0 0 57798 57798 500000
33 78 5000 420335 0 0 0 0 0 46039 46039 500000
34 79 5000 446602 0 0 0 0 0 28711 28711 500000
35 80 5000 474182 0 0 0 0 0 6101 6101 500000
36 81 0 0 0 0 0 0 0 0 0 0
37 82 0 0 0 0 0 0 0 0 0 0
38 83 0 0 0 0 0 0 0 0 0 0
39 84 0 0 0 0 0 0 0 0 0 0
40 85 0 0 0 0 0 0 0 0 0 0
</TABLE>
Not valid without current prospectus and must be accompanied by Compliance
Report 1, the Disclosure page, the continuation of Compliance Report 2, and the
Supplemental Footnote page.
Page 5 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-79
<PAGE> 177
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $5,000.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 6% @ 6% @ 6%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 0 0 0 0 0 0 0 0 0 0
42 87 0 0 0 0 0 0 0 0 0 0
43 88 0 0 0 0 0 0 0 0 0 0
44 89 0 0 0 0 0 0 0 0 0 0
45 90 0 0 0 0 0 0 0 0 0 0
46 91 0 0 0 0 0 0 0 0 0 0
47 92 0 0 0 0 0 0 0 0 0 0
48 93 0 0 0 0 0 0 0 0 0 0
49 94 0 0 0 0 0 0 0 0 0 0
50 95 0 0 0 0 0 0 0 0 0 0
</TABLE>
Assume current charges and a gross investment return of 0.00%, contract lapses
after age 72. Assuming current charges and a gross investment return of 6.00%.
This contract lapses after age 95. This is an illustration, not a contract. For
presentation in Arizona, 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
Policyholder, and the different investment rates of return achieved by the sub
account chosen by the Policyholder. The Surrender Value, Account 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 that
these hypothetical rates of return can be achieved for any one year, or
sustained over any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Compliance
Report 1, Disclosure page, and Supplemental Footnote page.
Page 6 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-80
<PAGE> 178
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $5,000.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------------
NONE
------------------------------------------------------
From Year 0 to Year 0
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 law 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 target death
benefit and/or a change in death benefit 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.
Values shown on this illustration are based on a policy owner tax bracket of
0.00%.
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 death benefit, account value and
surrender value will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The policy's surrender value includes any sales charge refund on full
surrender. The sales charge refund equals the sales charge collected in the
first policy year or the first policy year of an increase adjusted by the
following schedule:
Year 1-100%
Year 2-66.67%
Year 3-33.33%
Premiums less the following deductions are added to the account value. (1) A
premium tax charge of 2.00% of gross premiums in all years. (2) A sales charge
on the gross premium equals to 9% up to the target premium in Years 1-10.0% in
policy years 11 and after, and 0% of premium in excess of the target premium in
all years. (3) A DAC tax charge of 1.25% of gross premiums in all years.
Refer to Prospectus
Page 7 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-81
<PAGE> 179
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 6.0% (5.3% Initial NET)
Annual Premium: $5,000.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Those columns assuming guaranteed charges use the current monthly mortality
charges and current charges for rider benefits if any, for the first year as
well as the assumed hypothetical gross annual investment return indicated.
Thereafter these columns use guaranteed charges for monthly mortality charges,
rider benefits if any, 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 Insurance Company 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 Insurance Company
of America.
The difference between the account value and the value upon surrender is any
outstanding debt plus any applicable sales charge refund. A partial surrender,
the surrender amount and the partial surrender fee ($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 account 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 4.6% will be charged in arrears. Amounts
borrowed will earn interest at an annual rate of 4%. After the 10th policy
anniversary the annual interest rate applicable to the loan account will be
0.30% higher than the rate applicable to policies in the same type which have
not reached their 10th policy anniversary. This increase is anticipated but not
guaranteed. This increase is based on current expectations as to mortality,
investment earnings, persistency and expenses and is not guaranteed. Adverse tax
consequences could occur if a policy subject to loans is surrendered or
permitted to lapse. In addition, the loan interest may not be deductible. Please
consult your tax advisor for advice surrounding the deductibility of loan
interest and other tax consequences.
An administrative charge is deducted each month. During the first 36 policy
months the charge is $10.50 per month, thereafter, the charge is $7.50 per
month.
Refer to Prospectus
Page 8 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-82
<PAGE> 180
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $5,000.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 5000 5250 0 0 3354 2904 500000 3786 3336 500000
2 47 5000 10763 0 0 5506 5306 500000 6836 6536 500000
3 48 5000 16551 0 0 7719 7569 500000 10115 9965 500000
4 49 5000 22628 0 0 9672 9672 500000 13626 13626 500000
5 50 5000 29010 0 0 11581 11581 500000 17509 17509 500000
6 51 5000 35710 0 0 13301 13301 500000 21642 21642 500000
7 52 5000 42746 0 0 14775 14775 500000 25996 25996 500000
8 53 5000 50133 0 0 16008 16008 500000 30601 30601 500000
9 54 5000 57889 0 0 16944 16944 500000 35429 35429 500000
10 55 5000 66034 0 0 17587 17587 500000 40513 40513 500000
11 56 5000 74586 0 0 18360 18360 500000 46405 46405 500000
12 57 5000 83565 0 0 18729 18729 500000 52585 52585 500000
13 58 5000 92993 0 0 18696 18696 500000 59097 59097 500000
14 59 5000 102893 0 0 18203 18203 500000 65937 65937 500000
15 60 5000 113287 0 0 17194 17194 500000 73104 73104 500000
16 61 5000 124202 0 0 15608 15608 500000 80600 80600 500000
17 62 5000 135662 0 0 13383 13383 500000 88431 88431 500000
18 63 5000 147695 0 0 10453 10453 500000 96608 96608 500000
19 64 5000 160330 0 0 6630 6630 500000 105049 105049 500000
20 65 5000 173596 0 0 1897 1897 500000 113818 113818 500000
21 66 5000 187526 0 0 0 0 0 122846 122846 500000
22 67 5000 202152 0 0 0 0 0 132161 132161 500000
23 68 5000 217510 0 0 0 0 0 141755 141755 500000
24 69 5000 233635 0 0 0 0 0 151627 151627 500000
25 70 5000 250567 0 0 0 0 0 161830 161830 500000
26 71 5000 268346 0 0 0 0 0 172304 172304 500000
27 72 5000 287013 0 0 0 0 0 182793 182793 500000
28 73 5000 306614 0 0 0 0 0 193599 193599 500000
29 74 5000 327194 0 0 0 0 0 204475 204475 500000
30 75 5000 348804 0 0 0 0 0 215325 215325 500000
31 76 5000 371494 0 0 0 0 0 226171 226171 500000
32 77 5000 395319 0 0 0 0 0 237020 237020 500000
33 78 5000 420335 0 0 0 0 0 247893 247893 500000
34 79 5000 446602 0 0 0 0 0 258899 258899 500000
35 80 5000 474182 0 0 0 0 0 270119 270119 500000
36 81 5000 503141 0 0 0 0 0 281616 281616 500000
37 82 5000 533548 0 0 0 0 0 293385 293385 500000
38 83 5000 565475 0 0 0 0 0 305426 305426 500000
39 84 5000 598999 0 0 0 0 0 317831 317831 500000
40 85 5000 614199 0 0 0 0 0 330738 330738 500000
</TABLE>
Not valid without current prospectus and must be accompanied by the Disclosure
page, continuation of Compliance Report 1, and Supplemental Footnote page.
Page 3 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-83
<PAGE> 181
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 1
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $5,000.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Guaranteed Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 5000 671159 0 0 0 0 0 344522 344522 500000
42 87 5000 709967 0 0 0 0 0 359779 359779 500000
43 88 5000 750715 0 0 0 0 0 377429 377429 500000
44 89 5000 793501 0 0 0 0 0 398920 398920 500000
45 90 5000 838426 0 0 0 0 0 426426 426426 500000
46 91 5000 885597 0 0 0 0 0 463154 463154 510257
47 92 5000 935127 0 0 0 0 0 506522 506522 550894
48 93 5000 987133 0 0 0 0 0 554931 554931 594775
49 94 5000 1041740 0 0 0 0 0 609940 609940 642328
50 95 5000 1099077 0 0 0 0 0 674078 674078 694300
</TABLE>
Illustration Received
(Signature of Applicant/Policyholder(s)
and Date)
Illustration Delivered
(Signature of Representative and Date)
Assume guaranteed charges and a gross investment return of 0.00%, contract
lapses after age 65. Assuming guaranteed charges and a gross investment return
of 12.00%. This contract matures at anniversary at age 95. This is an
illustration, not a contract. For presentation in Arizona, 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 Policyholder, and the different
investment rates of return achieved by the sub account chosen by the
Policyholder. The Surrender Value, Account 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 that these
hypothetical rates of return can be achieved for any one year, or sustained over
any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Disclosure page
and Supplemental Footnote page.
Page 4 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-84
<PAGE> 182
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $5,000.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 5000 5250 0 0 3354 2904 500000 3786 3336 500000
2 47 5000 10763 0 0 5901 5601 500000 7149 6849 500000
3 48 5000 16551 0 0 8246 8096 500000 10711 10561 500000
4 49 5000 22628 0 0 10427 10427 500000 14535 14535 500000
5 50 5000 29010 0 0 12504 12504 500000 18703 18703 500000
6 51 5000 35710 0 0 14506 14506 500000 23273 23273 500000
7 52 5000 42746 0 0 16432 16432 500000 28290 28290 500000
8 53 5000 50133 0 0 18285 18285 500000 33807 33807 500000
9 54 5000 57889 0 0 20064 20064 500000 39880 39880 500000
10 55 5000 66034 0 0 21772 21772 500000 46572 46572 500000
11 56 5000 74586 0 0 23932 23932 500000 54623 54623 500000
12 57 5000 83565 0 0 25967 25967 500000 63488 63488 500000
13 58 5000 92993 0 0 27711 27711 500000 73104 73104 500000
14 59 5000 102893 0 0 29167 29167 500000 83568 83568 500000
15 60 5000 113287 0 0 30281 30281 500000 94942 94942 500000
16 61 5000 124202 0 0 30945 30945 500000 107247 107247 500000
17 62 5000 135662 0 0 31216 31216 500000 120670 120670 500000
18 63 5000 147695 0 0 31040 31040 500000 135319 135319 500000
19 64 5000 160330 0 0 30417 30417 500000 151373 151373 500000
20 65 5000 173596 0 0 29400 29400 500000 169078 169078 500000
21 66 5000 187526 0 0 27875 27875 500000 188588 188588 500000
22 67 5000 202152 0 0 25895 25895 500000 210208 210208 500000
23 68 5000 217510 0 0 23339 23339 500000 234176 234176 500000
24 69 5000 233635 0 0 20028 20028 500000 260753 260753 500000
25 70 5000 250567 0 0 15716 15716 500000 290245 290245 500000
26 71 5000 268346 0 0 10434 10434 500000 323187 323187 500000
27 72 5000 287013 0 0 3917 3917 500000 359938 359938 527129
28 73 5000 306614 0 0 0 0 0 400297 400297 574146
29 74 5000 327194 0 0 0 0 0 444399 444399 624602
30 75 5000 348804 0 0 0 0 0 492555 492555 678889
31 76 5000 371494 0 0 0 0 0 545172 545172 737618
32 77 5000 395319 0 0 0 0 0 602561 602561 800925
33 78 5000 420335 0 0 0 0 0 665082 665082 869196
34 79 5000 445602 0 0 0 0 0 732274 732274 941630
35 80 5000 474182 0 0 0 0 0 805104 805104 1019181
36 81 5000 503141 0 0 0 0 0 884179 884179 1102571
37 82 5000 533548 0 0 0 0 0 969854 969854 1191853
38 83 5000 565475 0 0 0 0 0 1064086 1064086 1289353
39 84 5000 598999 0 0 0 0 0 1166748 1166748 1394847
40 85 5000 634199 0 0 0 0 0 1278313 1278313 1508793
</TABLE>
Not valid without current prospectus and must be accompanied by Compliance
Report 1, the Disclosure page, the continuation of Compliance Report 2, and the
Supplemental Footnote page.
Page 5 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-85
<PAGE> 183
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
COMPLIANCE REPORT 2
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $5,000.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Values Assume Use of Current Mortality with Assumed Interest Rates
<TABLE>
<CAPTION>
(3) (4) (5) (6) (7) (8) (9) (10)
(1) (2) PARTIAL SURRENDER ACCOUNT DEATH SURRENDER ACCOUNT DEATH
TOTAL PREMIUM SURRENDER VALUE VALUE BENEFIT VALUE VALUE BENEFIT
POL. AGE POLICY ACCUM. ANNUAL FR. INSUR. @ 0% @ 0% @ 0% @ 12% @ 12% @ 12%
YR. EOY PREMIUM @ 5% LOAN CONTRACT (GROSS) (GROSS) (GROSS) (GROSS) (GROSS) (GROSS)
- ---- --- ------- ------- ------ ---------- --------- ------- ------- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 5000 671159 0 0 0 0 0 1399823 1399823 1632194
42 87 5000 709967 0 0 0 0 0 1531849 1531849 1765689
43 88 5000 750715 0 0 0 0 0 1675705 1675705 1909801
44 89 5000 793501 0 0 0 0 0 1832638 1832638 2065749
45 90 5000 838426 0 0 0 0 0 2004249 2004249 2234136
46 91 5000 885597 0 0 0 0 0 2192249 2192249 2415201
47 92 5000 935127 0 0 0 0 0 2399973 2399973 1610210
48 93 5000 987133 0 0 0 0 0 2631476 2631476 2820416
49 94 5000 1041740 0 0 0 0 0 2892877 2892877 3046488
50 95 5000 1099077 0 0 0 0 0 3193612 3193612 2289420
</TABLE>
Assume current charges and a gross investment return of 0.00%, contract lapses
after age 72. Assuming current charges and a gross investment return of 12.00%.
This contract matures at anniversary at age 95. This is an illustration, not a
contract. For presentation in Arizona, 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 Policyholder, and the different investment rates of return
achieved by the sub account chosen by the Policyholder. The Surrender Value,
Account 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 that these hypothetical rates of return can be achieved for any one
year, or sustained over any period of time.
Prepared by: Agent Date prepared: 11/6/96
Not valid without current prospectus and must be accompanied by Compliance
Report 1, Disclosure page, and Supplemental Footnote page.
Page 6 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-86
<PAGE> 184
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $5,000.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
</TABLE>
Additional Riders and Benefits Included in This Proposal
------------------------------------------------------
NONE
------------------------------------------------------
From Year 0 to Year 0
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 law 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 target death
benefit and/or a change in death benefit 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.
Values shown on this illustration are based on a policy owner tax bracket of
0.00%.
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 death benefit, account value and
surrender value will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The policy's surrender value includes any sales charge refund on full
surrender. The sales charge refund equals the sales charge collected in the
first policy year or the first policy year of an increase adjusted by the
following schedule:
Year 1-100%
Year 2-66.67%
Year 3-33.33%
Premiums less the following deductions are added to the account value. (1) A
premium tax charge of 2.00% of gross premiums in all years. (2) A sales charge
on the gross premium equals to 9% up to the target premium in Years 1-10.0% in
policy years 11 and after, and 0% of premium in excess of the target premium in
all years. (3) A DAC tax charge of 1.25% of gross premiums in all years.
Refer to Prospectus
Page 7 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-87
<PAGE> 185
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
MONY LIFE INSURANCE COMPANY OF AMERICA
SUPPLEMENTAL FOOTNOTE
...CONTINUATION
<TABLE>
<S> <C>
Insured Name, Male, Non-Smoker, Age 45 Tax Bracket %: 0.00% (ee)/0.00% (er)
Initial Target Death Benefit: $500,000 Loan Interest %: 4.6 in arrears
Initial Specified Amount: $500,000 Gross Rate Basis %: 12.0% (11.3% Initial NET)
Annual Premium: $5,000.00 Cost of Money %: 0.00%
Initial Death Benefit Option: Option I Definition of Life Insurance: CVAT
Underwriting Class: Guaranteed Issue
</TABLE>
Those columns assuming guaranteed charges use the current monthly mortality
charges and current charges for rider benefits if any, for the first year as
well as the assumed hypothetical gross annual investment return indicated.
Thereafter these columns use guaranteed charges for monthly mortality charges,
rider benefits if any, 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 Insurance Company 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 Insurance Company
of America.
The difference between the account value and the value upon surrender is any
outstanding debt plus any applicable sales charge refund. A partial surrender,
the surrender amount and the partial surrender fee ($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 account 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 4.6% will be charged in arrears. Amounts
borrowed will earn interest at an annual rate of 4%. After the 10th policy
anniversary the annual interest rate applicable to the loan account will be
0.30% higher than the rate applicable to policies in the same type which have
not reached their 10th policy anniversary. This increase is anticipated but not
guaranteed. This increase is based on current expectations as to mortality,
investment earnings, persistency and expenses and is not guaranteed. Adverse tax
consequences could occur if a policy subject to loans is surrendered or
permitted to lapse. In addition, the loan interest may not be deductible. Please
consult your tax advisor for advice surrounding the deductibility of loan
interest and other tax consequences.
An administrative charge is deducted each month. During the first 36 policy
months the charge is $10.50 per month, thereafter, the charge is $7.50 per
month.
Refer to Prospectus
Page 8 of 8 Page Illustration. This Illustration is not valid without all 8
pages.
G-88
<PAGE> 186
PART II
(INFORMATION NOT REQUIRED IN 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, MONY Life
Insurance Company
b. Evelyn L. 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 Life Insurance Company
of 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 herein by reference.
(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 (Registration No. 333-06071), is incorporated herein
by reference.
(4) Not applicable.
(5) Form of policy, filed as Exhibit 5 to Pre-Effective Amendment No. 1
to Registration Statement on Form S-6 (Registration No. 333-06071),
is incorporated herein by reference.
(6) Articles of Incorporation and By-Laws of MONY Life Insurance Company
of America filed as Exhibits 6(a) and (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.
(b) Amended 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 (Registrations 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 OpCap Advisors, as sub-advisor, filed as Exhibit 5 to Post-
II-2
<PAGE> 189
Effective Amendment No. 8, dated September 30, 1994, to
Registration Statement on Form N-1A (Registrations No.
33-21534), 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 , as sub-adviser [to be filed by amendment]
Investment Advisory Agreement between Enterprise Capital
Management, Inc., ("Enterprise Capital") and The Enterprise
Accumulation Trust ("Trust"), and Enterprise Capital, the Trust,
and , as sub-adviser [to be filed by amendment]
Investment Advisory Agreement between Enterprise Capital
Management, Inc., ("Enterprise Capital") and The Enterprise
Accumulation Trust ("Trust"), and Enterprise Capital, the Trust,
and , as sub-adviser [to be filed by amendment]
Investment Advisory Agreement between Enterprise Capital
Management, Inc., ("Enterprise Capital") and The Enterprise
Accumulation Trust ("Trust"), and Enterprise Capital, the Trust,
and , as sub-adviser [to be filed by amendment]
(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 (Registrations 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.
2. Opinion and Consent of Edward P. Bank, Vice President and Deputy General
Counsel, MONY Life Insurance Company, 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 (Registration No. 333-06071), is
incorporated herein by reference.
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 (Registration No. 333-06071), is incorporated
herein by reference.
7. (a) Consent of PricewaterhouseCoopers, LLP as to financial statements of
MONY America Variable Account L. (b) Consent of MONY Life Insurance
Company of America is filed herewith as Exhibit 7.(a).
II-3
<PAGE> 190
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT,
MONY LIFE INSURANCE COMPANY OF AMERICA, HAS DULY CAUSED THIS POST-EFFECTIVE
AMENDMENT NO. 6 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 MARCH, 1999.
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. 6 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
--------- ----
<S> <C> <C>
/s/ MICHAEL I. ROTH Director, Chairman of the Board
- ------------------------------------------------ and Chief Executive Officer
MICHAEL I. ROTH
/s/ SAMUEL J. FOTI Director, President and
- ------------------------------------------------ Chief Operating Officer
SAMUEL J. FOTI
/s/ RICHARD DADDARIO Director, Vice President
- ------------------------------------------------ and Controller
RICHARD DADDARIO (Principal Financial and
Accounting Officer)
/s/ KENNETH M. LEVINE Director and March 1, 1999
- ------------------------------------------------ Executive Vice President
KENNETH M. LEVINE
/s/ PHILLIP A. EISENBERG Director, Vice President
- ------------------------------------------------ and Actuary
PHILLIP A. EISENBERG
/s/ MARGARET G. GALE Director and Vice President
- ------------------------------------------------
MARGARET G. GALE
/s/ CHARLES P. LEONE Director, Vice President
- ------------------------------------------------ and Chief Compliance Officer
CHARLES P. LEONE
/s/ RICHARD E. CONNORS Director
- ------------------------------------------------
RICHARD E. CONNORS
/s/ STEPHEN J. HALL Director
- ------------------------------------------------
STEPHEN J. HALL
</TABLE>
II-4
