<PAGE> 1
SUPPLEMENT DATED NOVEMBER 10, 2000
to
PROSPECTUS DATED MAY 1, 2000
for
Last Survivor Flexible Premium Variable
Universal Life Insurance Policy
Issued by
MONY Life Insurance Company of America
MONY America Variable Account L
EFFECTIVE NOVEMBER 10, 2000 THIS SUPPLEMENT UPDATES CERTAIN INFORMATION
CONTAINED IN YOUR PROSPECTUS. PLEASE READ IT AND KEEP IT WITH YOUR PROSPECTUS
FOR FUTURE REFERENCE.
New pages D-3 through D-53 are substituted to reflect a change in the
current cost of insurance rates as of November 10, 2000.
Form No. 14430 SL (Supp 11/10/00) Registration No. 333-64417
<PAGE> 2
FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
With respect to MONY America Variable Account L:
Statement of assets and liabilities as of June 30, 2000
(unaudited)............................................ F-2
Statement of operations for the periods ended June 30,
2000 (unaudited)....................................... F-5
Statement of changes in net assets for the periods ended
June 30, 2000 (unaudited) and December 31, 1999........ F-8
Notes to financial statements (unaudited)................. F-13
With respect to MONY Life Insurance Company of America:
Unaudited interim condensed consolidated balance sheets as
of June 30, 2000 and December 31, 1999................. F-16
Unaudited interim condensed consolidated statements of
income and comprehensive income for the three-month
periods ended June 30, 2000 and 1999................... F-17
Unaudited interim condensed consolidated statements of
income and comprehensive income for the six-month
periods ended June 30, 2000 and 1999................... F-18
Unaudited interim condensed consolidated statement of
changes in shareholders' equity for the six-month
period ended June 30, 2000............................. F-19
Unaudited interim condensed consolidated statements of
cash flows for the six-month period ended June 30, 2000
and 1999............................................... F-20
Notes to unaudited interim condensed consolidated
financial statements................................... F-21
</TABLE>
F-1
<PAGE> 3
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------- ---------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY SMALL COMPANY
TERM BOND BOND SECURITIES MARKET EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective
Funds..................... 13,460 14,481 7,926 538,949 8,928 11,644 25,802
======== ======== ======= ======== ======== ======== ========
Investments at cost......... $145,173 $181,479 $85,220 $538,949 $349,141 $357,558 $925,668
======== ======== ======= ======== ======== ======== ========
Investments in respective
Funds, at net asset
value..................... $139,176 $175,218 $84,016 $538,949 $405,516 $366,668 $911,085
Amount due from MONY
America................... 0 0 0 25,930 1,702 2,349 2,846
Amount due from respective
Funds..................... 90 99 66 12 120 45 197
-------- -------- ------- -------- -------- -------- --------
Total assets...... 139,266 175,317 84,082 564,891 407,338 369,062 914,128
-------- -------- ------- -------- -------- -------- --------
LIABILITIES
Amount due to MONY
America................... 110 123 77 86 173 93 321
Amount due to respective
Funds..................... 0 0 0 25,930 1,702 2,349 2,846
-------- -------- ------- -------- -------- -------- --------
Total
liabilities..... 110 123 77 26,016 1,875 2,442 3,167
-------- -------- ------- -------- -------- -------- --------
Net assets.................. $139,156 $175,194 $84,005 $538,875 $405,463 $366,620 $910,961
======== ======== ======= ======== ======== ======== ========
Net assets consist of:
Contractholders' net
payments............... $137,316 $172,448 $81,712 $523,133 $336,452 $340,664 $901,507
Undistributed net
investment income...... 11,823 16,134 3,911 15,742 11,223 11,988 70,516
Accumulated net realized
gain (loss) on
investments............ (3,986) (7,127) (414) 0 1,413 4,858 (46,479)
Net unrealized
appreciation
(depreciation) of
investments............ (5,997) (6,261) (1,204) 0 56,375 9,110 (14,583)
-------- -------- ------- -------- -------- -------- --------
Net assets.................. $139,156 $175,194 $84,005 $538,875 $405,463 $366,620 $910,961
======== ======== ======= ======== ======== ======== ========
Number of units
outstanding*.............. 13,589 17,640 8,119 50,236 29,908 29,982 85,939
-------- -------- ------- -------- -------- -------- --------
Net asset value per unit
outstanding*.............. $ 10.24 $ 9.93 $ 10.35 $ 10.73 $ 13.56 $ 12.23 $ 10.60
======== ======== ======= ======== ======== ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-2
<PAGE> 4
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD GROWTH AND SMALL COMPANY EQUITY
GROWTH BOND GROWTH INCOME GROWTH INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.... 54,200 39,704 319,404 143,049 39,628 76,606
======== ======== ========== ======== ======== ========
Investments at cost................ $470,539 $193,710 $1,959,150 $856,019 $302,541 $409,258
======== ======== ========== ======== ======== ========
Investments in respective Funds, at
net asset value.................. $445,525 $190,976 $2,031,412 $905,499 $347,143 $396,820
Amount due from MONY America....... 2,263 1,616 12,125 4,731 647 2,177
Amount due from respective Funds... 74 42 339 181 2 23
-------- -------- ---------- -------- -------- --------
Total assets............... 447,862 192,634 2,043,876 910,411 347,792 399,020
-------- -------- ---------- -------- -------- --------
LIABILITIES
Amount due to MONY America......... 133 68 601 301 48 77
Amount due to respective Funds..... 2,263 1,616 12,125 4,731 647 2,177
-------- -------- ---------- -------- -------- --------
Total liabilities.......... 2,396 1,684 12,726 5,032 695 2,254
-------- -------- ---------- -------- -------- --------
Net assets......................... $445,466 $190,950 $2,031,150 $905,379 $347,097 $396,766
======== ======== ========== ======== ======== ========
Net assets consist of:
Contractholders' net payments.... $463,560 $189,197 $1,905,526 $842,877 $291,262 $409,374
Undistributed net investment
income (loss).................. 1,476 6,077 (4,380) (1,658) (698) (851)
Accumulated net realized gain
(loss) on investments.......... 5,444 (1,590) 57,742 14,680 11,931 681
Net unrealized appreciation
(depreciation) of
investments.................... (25,014) (2,734) 72,262 49,480 44,602 (12,438)
-------- -------- ---------- -------- -------- --------
Net assets......................... $445,466 $190,950 $2,031,150 $905,379 $347,097 $396,766
======== ======== ========== ======== ======== ========
Number of units outstanding*....... 36,554 18,627 168,217 74,469 21,628 38,963
-------- -------- ---------- -------- -------- --------
Net asset value per unit
outstanding*..................... $ 12.19 $ 10.25 $ 12.07 $ 12.16 $ 16.05 $ 10.18
======== ======== ========== ======== ======== ========
<CAPTION>
MONY CUSTOM ESTATE MASTER
--------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------
CAPITAL MUTI-CAP
APPRECIATION GROWTH BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ----------
<S> <C> <C> <C>
ASSETS
Shares held in respective Funds.... 30,053 14,231 23,469
======== ======== ========
Investments at cost................ $220,189 $209,334 $119,389
======== ======== ========
Investments in respective Funds, at
net asset value.................. $242,225 $191,554 $121,571
Amount due from MONY America....... 2,719 53 0
Amount due from respective Funds... 47 31 17
-------- -------- --------
Total assets............... 244,991 191,638 121,588
-------- -------- --------
LIABILITIES
Amount due to MONY America......... 78 56 33
Amount due to respective Funds..... 2,719 53 0
-------- -------- --------
Total liabilities.......... 2,797 109 33
-------- -------- --------
Net assets......................... $242,194 $191,529 $121,555
======== ======== ========
Net assets consist of:
Contractholders' net payments.... $211,405 $206,608 $119,395
Undistributed net investment
income (loss).................. (540) (211) (27)
Accumulated net realized gain
(loss) on investments.......... 9,293 2,912 5
Net unrealized appreciation
(depreciation) of
investments.................... 22,036 (17,780) 2,182
-------- -------- --------
Net assets......................... $242,194 $191,529 $121,555
======== ======== ========
Number of units outstanding*....... 16,709 16,345 11,881
-------- -------- --------
Net asset value per unit
outstanding*..................... $ 14.50 $ 11.72 $ 10.23
======== ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-3
<PAGE> 5
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
DREYFUS ------------------------------------------
DREYFUS SOCIALLY VIP III
STOCK RESPONSIBLE VIP VIP II GROWTH
INDEX GROWTH GROWTH CONTRA OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ----------- ----------- ----------- --------------
<S> <C> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.... 5,644 185 2,797 3,107 773
======== ====== ======== ======= =======
Investments at cost................ $208,408 $7,027 $141,970 $79,565 $16,255
======== ====== ======== ======= =======
Investments in respective Funds, at
net asset value.................. $214,593 $7,395 $143,760 $77,767 $15,905
Amount due from MONY America....... 0 0 0 0 0
Amount due from respective Funds... 46 0 32 0 0
-------- ------ -------- ------- -------
Total assets............... 214,639 7,395 143,792 77,767 15,905
-------- ------ -------- ------- -------
LIABILITIES
Amount due to MONY America......... 74 1 49 9 2
Amount due to respective Funds..... 0 0 0 0 0
-------- ------ -------- ------- -------
Total liabilities.......... 74 1 49 9 2
-------- ------ -------- ------- -------
Net assets......................... $214,565 $7,394 $143,743 $77,758 $15,903
======== ====== ======== ======= =======
Net assets consist of:
Contractholders' net payments.... $199,785 $6,968 $120,647 $76,858 $16,170
Undistributed net investment
income (loss).................. 1,006 (9) 19,609 4,639 524
Accumulated net realized gain
(loss) on investments.......... 7,589 67 1,697 (1,941) (441)
Net unrealized appreciation
(depreciation) of
investments.................... 6,185 368 1,790 (1,798) (350)
-------- ------ -------- ------- -------
Net assets......................... $214,565 $7,394 $143,743 $77,758 $15,903
======== ====== ======== ======= =======
Number of units outstanding*....... 20,188 679 12,307 7,448 1,601
-------- ------ -------- ------- -------
Net asset value per unit
outstanding*..................... $ 10.63 $10.88 $ 11.68 $ 10.44 $ 9.93
======== ====== ======== ======= =======
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------
JANUS ASPEN SERIES
---------------------------------------------------
AGGRESSIVE CAPITAL WORLDWIDE
GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ----------
<S> <C> <C> <C> <C>
ASSETS
Shares held in respective Funds.... 2,325 1,876 5,772 2,508
======== ======= ======== ========
Investments at cost................ $144,484 $51,768 $199,618 $123,422
======== ======= ======== ========
Investments in respective Funds, at
net asset value.................. $129,709 $49,366 $183,135 $120,478
Amount due from MONY America....... 0 0 0 0
Amount due from respective Funds... 15 33 0 24,642
-------- ------- -------- --------
Total assets............... 129,724 49,399 183,135 145,120
-------- ------- -------- --------
LIABILITIES
Amount due to MONY America......... 33 39 22 24,657
Amount due to respective Funds..... 0 0 0 0
-------- ------- -------- --------
Total liabilities.......... 33 39 22 24,657
-------- ------- -------- --------
Net assets......................... $129,691 $49,360 $183,113 $120,463
======== ======= ======== ========
Net assets consist of:
Contractholders' net payments.... $133,960 $48,432 $198,149 $119,080
Undistributed net investment
income (loss).................. 9,944 3,200 461 1,603
Accumulated net realized gain
(loss) on investments.......... 562 130 986 2,724
Net unrealized appreciation
(depreciation) of
investments.................... (14,775) (2,402) (16,483) (2,944)
-------- ------- -------- --------
Net assets......................... $129,691 $49,360 $183,113 $120,463
======== ======= ======== ========
Number of units outstanding*....... 11,059 4,700 15,301 10,234
-------- ------- -------- --------
Net asset value per unit
outstanding*..................... $ 11.73 $ 10.50 $ 11.97 $ 11.77
======== ======= ======== ========
</TABLE>
---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-4
<PAGE> 6
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------------------------------
MONY SERIES FUND, INC. ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------- ---------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY SMALL COMPANY
TERM BOND BOND SECURITIES MARKET EQUITY VALUE MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend investment income........ $ 8,535 $11,858 $ 3,812 $11,593 $ 0 $ 0 $ 0
Distribution from capital gains... 0 0 0 0 0 0 0
Mortality and expense risk
charges......................... (218) (273) (118) (719) (498) (531) (1,323)
------- ------- ------- ------- ------- ------ --------
Net investment income (loss)...... 8,317 11,585 3,694 10,874 (498) (531) (1,323)
------- ------- ------- ------- ------- ------ --------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments.................. (3,418) (5,093) (149) 0 2,961 2,205 (40,614)
Net change in unrealized
appreciation (depreciation)
of investments............... (2,780) 1,141 (1,461) 0 44,821 (39) 27,026
------- ------- ------- ------- ------- ------ --------
Net realized and unrealized gain
(loss) on investments........... (6,198) (3,952) (1,610) 0 47,782 2,166 (13,588)
------- ------- ------- ------- ------- ------ --------
Net increase (decrease) in net
assets resulting from
operations...................... $ 2,119 $ 7,633 $ 2,084 $10,874 $47,284 $1,635 $(14,911)
======= ======= ======= ======= ======= ====== ========
</TABLE>
See notes to financial statements.
F-5
<PAGE> 7
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
-----------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD GROWTH AND SMALL COMPANY EQUITY
GROWTH BOND GROWTH INCOME GROWTH INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ------------ ------------ ------------ ------------- ------------
FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30,
2000 2000 2000 2000 2000 2000
------------- ------------ ------------ ------------ ------------- ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Dividend investment income....... $ 0 $ 3,740 $ 0 $ 0 $ 0 $ 0
Distribution from capital
gains.......................... 0 0 0 0 0 0
Mortality and expense risk
charges........................ (531) (136) (2,700) (1,101) (467) (674)
-------- ------- -------- ------- ------- --------
Net investment income (loss)..... (531) 3,604 (2,700) (1,101) (467) (674)
-------- ------- -------- ------- ------- --------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments.................. 4,479 (1,049) 52,917 1,847 9,320 25
Net change in unrealized
appreciation (depreciation)
of investments............... (51,426) (1,762) (64,021) 27,336 (4,423) (12,623)
-------- ------- -------- ------- ------- --------
Net realized and unrealized gain
(loss) on investments.......... (46,947) (2,811) (11,104) 29,183 4,897 (12,598)
-------- ------- -------- ------- ------- --------
Net increase (decrease) in net
assets resulting from
operations..................... $(47,478) $ 793 $(13,804) $28,082 $ 4,430 $(13,272)
======== ======= ======== ======= ======= ========
<CAPTION>
MONY CUSTOM ESTATE MASTER
--------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------
CAPITAL MULTI-CAP
APPRECIATION GROWTH BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------ --------------
FOR THE SIX FOR THE SIX FOR THE PERIOD
MONTHS ENDED MONTHS ENDED MAY 4, 2000**
JUNE 30, JUNE 30, THROUGH
2000 2000 JUNE 30, 2000
------------ ------------ --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
Dividend investment income....... $ 0 $ 0 $ 0
Distribution from capital
gains.......................... 0 0 0
Mortality and expense risk
charges........................ (348) (203) (27)
-------- -------- ------
Net investment income (loss)..... (348) (203) (27)
-------- -------- ------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments.................. 6,951 2,877 5
Net change in unrealized
appreciation (depreciation)
of investments............... (19,655) (22,629) 2,182
-------- -------- ------
Net realized and unrealized gain
(loss) on investments.......... (12,704) (19,752) 2,187
-------- -------- ------
Net increase (decrease) in net
assets resulting from
operations..................... $(13,052) $(19,955) $2,160
======== ======== ======
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
F-6
<PAGE> 8
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
DREYFUS -----------------------------------------------
DREYFUS SOCIALLY VIP III
STOCK RESPONSIBLE VIP VIP II GROWTH
INDEX GROWTH GROWTH CONTRA FUND OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ----------------- ------------ ------------ -----------------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE SIX FOR THE PERIOD
MONTHS ENDED JANUARY 7, 2000** MONTHS ENDED MONTHS ENDED JANUARY 7, 2000**
JUNE 30, THROUGH JUNE 30, JUNE 30, THROUGH
2000 JUNE 30, 2000 2000 2000 JUNE 30, 2000
------------ ----------------- ------------ ------------ -----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Dividend investment income..... $ 862 $ 1 $ 165 $ 127 $ 87
Distribution from capital
gains........................ 166 0 19,688 4,598 455
Mortality and expense risk
charges...................... (328) (10) (244) (84) (18)
------- ---- ------- ------- -----
Net investment income (loss)... 700 (9) 19,609 4,641 524
------- ---- ------- ------- -----
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments................ 7,562 67 1,697 (1,938) (441)
Net change in unrealized
appreciation (depreciation)
of investments............. 4,948 368 1,627 (2,448) (350)
------- ---- ------- ------- -----
Net realized and unrealized
gain (loss) on investments... 12,510 435 3,324 (4,386) (791)
------- ---- ------- ------- -----
Net increase (decrease) in net
assets resulting from
operations................... $13,210 $426 $22,933 $ 255 $(267)
======= ==== ======= ======= =====
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------
JANUS ASPEN SERIES
---------------------------------------------------------
AGGRESSIVE CAPITAL WORLDWIDE
GROWTH BALANCED APPRECIATION GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------ ------------ ------------
FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
2000 2000 2000 2000
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Dividend investment income..... $ 6,878 $ 824 $ 575 $ 427
Distribution from capital
gains........................ 3,203 2,306 74 1,275
Mortality and expense risk
charges...................... (136) (62) (189) (96)
-------- ------- -------- -------
Net investment income (loss)... 9,945 3,068 460 1,606
-------- ------- -------- -------
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss) on
investments................ 558 130 985 2,715
Net change in unrealized
appreciation (depreciation)
of investments............. (15,200) (2,784) (16,742) (4,591)
-------- ------- -------- -------
Net realized and unrealized
gain (loss) on investments... (14,642) (2,654) (15,757) (1,876)
-------- ------- -------- -------
Net increase (decrease) in net
assets resulting from
operations................... $ (4,697) $ 414 $(15,297) $ (270)
======== ======= ======== =======
</TABLE>
---------------
** Commencement of operations
See notes to financial statements.
F-7
<PAGE> 9
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT
TERM BOND BOND SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------------- ----------------------------------- ------------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD FOR THE SIX
MONTHS ENDED JANUARY 11, 1999** MONTHS ENDED FEBRUARY 12, 1999** MONTHS ENDED
JUNE 30, THROUGH JUNE 30, THROUGH JUNE 30,
2000 DECEMBER 31, 1999 2000 DECEMBER 31, 1999 2000
------------ ------------------- ------------ -------------------- ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)... $ 8,317 $ 3,506 $ 11,585 $ 4,549 $ 3,694
Net realized gain (loss) on
investments.................. (3,418) (568) (5,093) (2,034) (149)
Net change in unrealized
appreciation (depreciation)
of investments............... (2,780) (3,217) 1,141 (7,402) (1,461)
-------- ------- -------- -------- -------
Net increase (decrease) in net
assets resulting from
operations..................... 2,119 (279) 7,633 (4,887) 2,084
-------- ------- -------- -------- -------
From unit transactions:
Net proceeds from the issuance
of units..................... 57,676 97,805 66,174 131,515 35,004
Net asset value of units
redeemed or used to meet
contract obligations......... (10,891) (7,274) (11,909) (13,332) (3,012)
-------- ------- -------- -------- -------
Net increase from unit
transactions................... 46,785 90,531 54,265 118,183 31,992
-------- ------- -------- -------- -------
Net increase in net assets....... 48,904 90,252 61,898 113,296 34,076
Net assets beginning of period... 90,252 0 113,296 0 49,929
-------- ------- -------- -------- -------
Net assets end of period*........ $139,156 $90,252 $175,194 $113,296 $84,005
======== ======= ======== ======== =======
Unit transactions:
Units outstanding beginning of
period......................... 8,951 0 12,005 0 4,962
Units issued during the period... 5,897 9,671 6,888 13,368 3,454
Units redeemed during the
period......................... (1,259) (720) (1,253) (1,363) (297)
-------- ------- -------- -------- -------
Units outstanding end of
period......................... 13,589 8,951 17,640 12,005 8,119
======== ======= ======== ======== =======
---------------
* Includes undistributed net
investment income of: $ 11,823 $ 3,506 $ 16,134 $ 4,549 $ 3,911
======== ======= ======== ======== =======
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------------------------------
MONY SERIES FUND, INC.
---------------------------------------------------------
GOVERNMENT MONEY
SECURITIES MARKET
SUBACCOUNT SUBACCOUNT
-------------------- ----------------------------------
FOR THE PERIOD FOR THE SIX FOR THE PERIOD
FEBRUARY 12, 1999** MONTHS ENDED JANUARY 11, 1999**
THROUGH JUNE 30, THROUGH
DECEMBER 31, 1999 2000 DECEMBER 31, 1999
-------------------- ------------ -------------------
(UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss)... $ 217 $ 10,874 $ 4,868
Net realized gain (loss) on
investments.................. (265) 0 0
Net change in unrealized
appreciation (depreciation)
of investments............... 257 0 0
------- --------- ---------
Net increase (decrease) in net
assets resulting from
operations..................... 209 10,874 4,868
------- --------- ---------
From unit transactions:
Net proceeds from the issuance
of units..................... 57,178 994,358 486,468
Net asset value of units
redeemed or used to meet
contract obligations......... (7,458) (692,751) (264,942)
------- --------- ---------
Net increase from unit
transactions................... 49,720 301,607 221,526
------- --------- ---------
Net increase in net assets....... 49,929 312,481 226,394
Net assets beginning of period... 0 226,394 0
------- --------- ---------
Net assets end of period*........ $49,929 $ 538,875 $ 226,394
======= ========= =========
Unit transactions:
Units outstanding beginning of
period......................... 0 21,669 0
Units issued during the period... 5,703 94,446 46,291
Units redeemed during the
period......................... (741) (65,879) (24,622)
------- --------- ---------
Units outstanding end of
period......................... 4,962 50,236 21,669
======= ========= =========
---------------
* Includes undistributed net
investment income of: $ 217 $ 15,742 $ 4,868
======= ========= =========
** Commencement of operations
</TABLE>
See notes to financial statements
F-8
<PAGE> 10
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
--------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------
SMALL COMPANY
EQUITY VALUE
SUBACCOUNT SUBACCOUNT
--------------------------------- --------------------------------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD
MONTHS ENDED JANUARY 11, 1999** MONTHS ENDED JANUARY 7, 1999**
JUNE 30, THROUGH JUNE 30, THROUGH
2000 DECEMBER 31, 1999 2000 DECEMBER 31, 1999
------------ ------------------ ------------ -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss).................. $ (498) $ 11,721 $ (531) $ 12,519
Net realized gain (loss) on investments....... 2,961 (1,548) 2,205 2,653
Net change in unrealized appreciation
(depreciation) of investments............... 44,821 11,554 (39) 9,149
-------- -------- -------- --------
Net increase (decrease) in net assets resulting
from operations............................... 47,284 21,727 1,635 24,321
-------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of units....... 156,049 228,368 144,085 243,690
Net asset value of units redeemed or used to
meet contract obligations................... (20,562) (27,403) (28,008) (19,103)
-------- -------- -------- --------
Net increase from unit transactions............ 135,487 200,965 116,077 224,587
-------- -------- -------- --------
Net increase in net assets..................... 182,771 222,692 117,712 248,908
Net assets beginning of period................. 222,692 0 248,908 0
-------- -------- -------- --------
Net assets end of period*...................... $405,463 $222,692 $366,620 $248,908
======== ======== ======== ========
Unit transactions:
Units outstanding beginning of period.......... 19,286 0 20,346 0
Units issued during the period................. 12,276 21,811 11,953 22,000
Units redeemed during the period............... (1,654) (2,525) (2,317) (1,654)
-------- -------- -------- --------
Units outstanding end of period................ 29,908 19,286 29,982 20,346
======== ======== ======== ========
---------------
* Includes undistributed net investment income
of: $ 11,223 $ 11,721 $ 11,988 $ 12,519
======== ======== ======== ========
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
-------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-------------------------------------------------------------------
INTERNATIONAL
MANAGED GROWTH
SUBACCOUNT SUBACCOUNT
-------------------------------- --------------------------------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD
MONTHS ENDED JANUARY 4, 1999** MONTHS ENDED JANUARY 4, 1999**
JUNE 30, THROUGH JUNE 30, THROUGH
2000 DECEMBER 31, 1999 2000 DECEMBER 31, 1999
------------ ----------------- ------------ -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss).................. $ (1,323) $ 71,839 $ (531) $ 2,007
Net realized gain (loss) on investments....... (40,614) (5,865) 4,479 965
Net change in unrealized appreciation
(depreciation) of investments............... 27,026 (41,609) (51,426) 26,412
-------- -------- -------- --------
Net increase (decrease) in net assets resulting
from operations............................... (14,911) 24,365 (47,478) 29,384
-------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of units....... 372,734 677,394 361,654 117,483
Net asset value of units redeemed or used to
meet contract obligations................... (80,415) (68,206) (11,812) (3,765)
-------- -------- -------- --------
Net increase from unit transactions............ 292,319 609,188 349,842 113,718
-------- -------- -------- --------
Net increase in net assets..................... 277,408 633,553 302,364 143,102
Net assets beginning of period................. 633,553 0 143,102 0
-------- -------- -------- --------
Net assets end of period*...................... $910,961 $633,553 $445,466 $143,102
======== ======== ======== ========
Unit transactions:
Units outstanding beginning of period.......... 58,038 0 10,372 0
Units issued during the period................. 35,504 64,524 27,117 10,713
Units redeemed during the period............... (7,603) (6,486) (935) (341)
-------- -------- -------- --------
Units outstanding end of period................ 85,939 58,038 36,554 10,372
======== ======== ======== ========
---------------
* Includes undistributed net investment income
of: $ 70,516 $ 71,839 $ 1,476 $ 2,007
======== ======== ======== ========
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
--------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------
HIGH YIELD
BOND
SUBACCOUNT
--------------------------------
FOR THE SIX FOR THE PERIOD
MONTHS ENDED JANUARY 6, 1999**
JUNE 30, THROUGH
2000 DECEMBER 31, 1999
------------ -----------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss).................. $ 3,604 $ 2,473
Net realized gain (loss) on investments....... (1,049) (541)
Net change in unrealized appreciation
(depreciation) of investments............... (1,762) (972)
-------- -------
Net increase (decrease) in net assets resulting
from operations............................... 793 960
-------- -------
From unit transactions:
Net proceeds from the issuance of units....... 147,187 56,495
Net asset value of units redeemed or used to
meet contract obligations................... (7,704) (6,781)
-------- -------
Net increase from unit transactions............ 139,483 49,714
-------- -------
Net increase in net assets..................... 140,276 50,674
Net assets beginning of period................. 50,674 0
-------- -------
Net assets end of period*...................... $190,950 $50,674
======== =======
Unit transactions:
Units outstanding beginning of period.......... 4,921 0
Units issued during the period................. 14,463 5,588
Units redeemed during the period............... (757) (667)
-------- -------
Units outstanding end of period................ 18,627 4,921
======== =======
---------------
* Includes undistributed net investment income
of: $ 6,077 $ 2,473
======== =======
** Commencement of operations
</TABLE>
See notes to financial statements.
F-9
<PAGE> 11
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
--------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------
GROWTH AND
GROWTH INCOME
SUBACCOUNT SUBACCOUNT
-------------------------------- ---------------------------------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD
MONTHS ENDED JANUARY 4, 1999** MONTHS ENDED JANUARY 11, 1999**
JUNE 30, THROUGH JUNE 30, THROUGH
2000 DECEMBER 31, 1999 2000 DECEMBER 31, 1999
------------ ----------------- ------------ ------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)...................... $ (2,700) $ (1,680) $ (1,101) $ (557)
Net realized gain (loss) on investments........... 52,917 4,825 1,847 12,833
Net change in unrealized appreciation
(depreciation) of investments................... (64,021) 136,283 27,336 22,144
---------- ---------- -------- ---------
Net increase (decrease) in net assets resulting
from operations................................... (13,804) 139,428 28,082 34,420
---------- ---------- -------- ---------
From unit transactions:
Net proceeds from the issuance of units........... 943,231 1,261,158 483,118 554,185
Net asset value of units redeemed or used to meet
contract obligations............................ (203,713) (95,150) (43,829) (150,597)
---------- ---------- -------- ---------
Net increase from unit transactions................ 739,518 1,166,008 439,289 403,588
---------- ---------- -------- ---------
Net increase in net assets......................... 725,714 1,305,436 467,371 438,008
Net assets beginning of period..................... 1,305,436 0 438,008 0
---------- ---------- -------- ---------
Net assets end of period*.......................... $2,031,150 $1,305,436 $905,379 $ 438,008
========== ========== ======== =========
Unit transactions:
Units outstanding beginning of period.............. 104,634 0 36,957 0
Units issued during the period..................... 80,317 113,122 41,299 49,867
Units redeemed during the period................... (16,734) (8,488) (3,787) (12,910)
---------- ---------- -------- ---------
Units outstanding end of period.................... 168,217 104,634 74,469 36,957
========== ========== ======== =========
---------------
* Includes undistributed net investment income
(loss) of: $ (4,380) $ (1,680) $ (1,658) $ (557)
========== ========== ======== =========
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
-------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
-------------------------------------------------------------------
SMALL COMPANY EQUITY
GROWTH INCOME
SUBACCOUNT SUBACCOUNT
-------------------------------- --------------------------------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD
MONTHS ENDED JANUARY 4, 1999** MONTHS ENDED JANUARY 4, 1999**
JUNE 30, THROUGH JUNE 30, THROUGH
2000 DECEMBER 31, 1999 2000 DECEMBER 31, 1999
------------ ----------------- ------------ -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)...................... $ (467) $ (231) $ (674) $ (177)
Net realized gain (loss) on investments........... 9,320 2,611 25 656
Net change in unrealized appreciation
(depreciation) of investments................... (4,423) 49,025 (12,623) 185
-------- -------- -------- --------
Net increase (decrease) in net assets resulting
from operations................................... 4,430 51,405 (13,272) 664
-------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of units........... 151,568 166,044 51,123 396,878
Net asset value of units redeemed or used to meet
contract obligations............................ (12,162) (14,188) (26,340) (12,287)
-------- -------- -------- --------
Net increase from unit transactions................ 139,406 151,856 24,783 384,591
-------- -------- -------- --------
Net increase in net assets......................... 143,836 203,261 11,511 385,255
Net assets beginning of period..................... 203,261 0 385,255 0
-------- -------- -------- --------
Net assets end of period*.......................... $347,097 $203,261 $396,766 $385,255
======== ======== ======== ========
Unit transactions:
Units outstanding beginning of period.............. 13,029 0 36,431 0
Units issued during the period..................... 9,342 14,338 5,104 37,590
Units redeemed during the period................... (743) (1,309) (2,572) (1,159)
-------- -------- -------- --------
Units outstanding end of period.................... 21,628 13,029 38,963 36,431
======== ======== ======== ========
---------------
* Includes undistributed net investment income
(loss) of: $ (698) $ (231) $ (851) $ (177)
======== ======== ======== ========
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
---------------------------------
ENTERPRISE ACCUMULATION TRUST
---------------------------------
CAPITAL
APPRECIATION
SUBACCOUNT
---------------------------------
FOR THE SIX FOR THE PERIOD
MONTHS ENDED JANUARY 11, 1999**
JUNE 30, THROUGH
2000 DECEMBER 31, 1999
------------ ------------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss)...................... $ (348) $ (192)
Net realized gain (loss) on investments........... 6,951 2,342
Net change in unrealized appreciation
(depreciation) of investments................... (19,655) 41,691
-------- --------
Net increase (decrease) in net assets resulting
from operations................................... (13,052) 43,841
-------- --------
From unit transactions:
Net proceeds from the issuance of units........... 99,836 131,349
Net asset value of units redeemed or used to meet
contract obligations............................ (11,755) (8,025)
-------- --------
Net increase from unit transactions................ 88,081 123,324
-------- --------
Net increase in net assets......................... 75,029 167,165
Net assets beginning of period..................... 167,165 0
-------- --------
Net assets end of period*.......................... $242,194 $167,165
======== ========
Unit transactions:
Units outstanding beginning of period.............. 10,726 0
Units issued during the period..................... 6,784 11,402
Units redeemed during the period................... (801) (676)
-------- --------
Units outstanding end of period.................... 16,709 10,726
======== ========
---------------
* Includes undistributed net investment income
(loss) of: $ (540) $ (192)
======== ========
** Commencement of operations
</TABLE>
See notes to financial statements.
F-10
<PAGE> 12
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------------------------
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------------------------
MULTI-CAP DREYFUS
GROWTH BALANCE STOCK INDEX
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------------- -------------- ----------------------------------
FOR THE SIX FOR THE PERIOD FOR THE PERIOD FOR THE SIX FOR THE PERIOD
MONTHS ENDED NOVEMBER 10, 1999** MAY 4, 2000** MONTHS ENDED NOVEMBER 10, 1999**
JUNE 30, THROUGH THROUGH JUNE 30, THROUGH
2000 DECEMBER 31, 1999 JUNE 30, 2000 2000 DECEMBER 31, 1999
------------ ------------------- -------------- ------------ -------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)............ $ (203) $ (8) $ (27) $ 700 $ 306
Net realized gain (loss) on
investments........................... 2,877 35 5 7,562 27
Net change in unrealized appreciation
(depreciation) of investments......... (22,629) 4,849 2,182 4,948 1,237
-------- ------- -------- --------- -------
Net increase (decrease) in net assets
resulting from operations............. (19,955) 4,876 2,160 13,210 1,570
-------- ------- -------- --------- -------
From unit transactions:
Net proceeds from the insurance of
units................................. 176,553 39,067 120,291 283,922 48,446
Net asset value of units redeemed or
used to meet contract obligations..... (8,774) (238) (896) (131,671) (912)
-------- ------- -------- --------- -------
Net increase from unit transactions...... 167,779 38,829 119,395 152,251 47,534
-------- ------- -------- --------- -------
Net increase in net assets............... 147,824 43,705 121,555 165,461 49,104
Net assets beginning of period........... 43,705 0 0 49,104 0
-------- ------- -------- --------- -------
Net assets end of period*................ $191,529 $43,705 $121,555 $ 214,565 $49,104
======== ======= ======== ========= =======
Unit transactions:
Units outstanding beginning of period.... 3,425 0 0 4,587 0
Units issued during the period........... 13,640 3,445 11,970 27,512 4,675
Units redeemed during the period......... (720) (20) (89) (11,911) (88)
-------- ------- -------- --------- -------
Units outstanding end of period.......... 16,345 3,425 11,881 20,188 4,587
======== ======= ======== ========= =======
---------------
* Includes undistributed net investment
income (loss) of: $ (211) $ (8) $ (27) $ 1,006 $ 306
======== ======= ======== ========= =======
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
-----------------------
ENTERPRISE ACCUMULATION TRUST
-----------------------
DREYFUS
SOCIALLY
RESPONSIBLE
GROWTH
SUBACCOUNT
-----------------
FOR THE PERIOD
JANUARY 7, 2000**
THROUGH
JUNE 30, 2000
-----------------
(UNAUDITED)
<S> <C>
From operations:
Net investment income (loss)............ $ (9)
Net realized gain (loss) on
investments........................... 67
Net change in unrealized appreciation
(depreciation) of investments......... 368
-------
Net increase (decrease) in net assets
resulting from operations............. 426
-------
From unit transactions:
Net proceeds from the insurance of
units................................. 8,689
Net asset value of units redeemed or
used to meet contract obligations..... (1,721)
-------
Net increase from unit transactions...... 6,968
-------
Net increase in net assets............... 7,394
Net assets beginning of period........... 0
-------
Net assets end of period*................ $ 7,394
=======
Unit transactions:
Units outstanding beginning of period.... 0
Units issued during the period........... 840
Units redeemed during the period......... (161)
-------
Units outstanding end of period.......... 679
=======
---------------
* Includes undistributed net investment
income (loss) of: $ (9)
=======
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------------------------------------------
FIDELITY VARIABLE INSURANCE PRODUCTS FUNDS
----------------------------------------------------------------------
VIP VIP II
GROWTH CONTRA FUND
SUBACCOUNT SUBACCOUNT
---------------------------------- ---------------------------------
FOR THE SIX FOR THE PERIOD FOR THE SIX FOR THE PERIOD
MONTHS ENDED NOVEMBER 15, 1999** MONTHS ENDED DECEMBER 8, 1999**
JUNE 30, THROUGH JUNE 30, THROUGH
2000 DECEMBER 31, 1999 2000 DECEMBER 31, 1999
------------ ------------------- ------------ ------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)............ $ 19,609 $ 0 $ 4,641 $ (2)
Net realized gain (loss) on
investments........................... 1,697 0 (1,938) (3)
Net change in unrealized appreciation
(depreciation) of investments......... 1,627 163 (2,448) 650
--------- ------- ------- -------
Net increase (decrease) in net assets
resulting from operations............. 22,933 163 255 645
--------- ------- ------- -------
From unit transactions:
Net proceeds from the insurance of
units................................. 240,589 9,854 69,858 11,394
Net asset value of units redeemed or
used to meet contract obligations..... (129,792) (4) (3,753) (641)
--------- ------- ------- -------
Net increase from unit transactions...... 110,797 9,850 66,105 10,753
--------- ------- ------- -------
Net increase in net assets............... 133,730 10,013 66,360 11,398
Net assets beginning of period........... 10,013 0 11,398 0
--------- ------- ------- -------
Net assets end of period*................ $ 143,743 $10,013 $77,758 $11,398
========= ======= ======= =======
Unit transactions:
Units outstanding beginning of period.... 899 0 1,075 0
Units issued during the period........... 21,886 899 6,733 1,139
Units redeemed during the period......... (10,478) 0 (360) (64)
--------- ------- ------- -------
Units outstanding end of period.......... 12,307 899 7,448 1,075
========= ======= ======= =======
---------------
* Includes undistributed net investment
income (loss) of: $ 19,609 $ 0 $ 4,639 $ (2)
========= ======= ======= =======
** Commencement of operations
</TABLE>
See notes to financial statements.
F-11
<PAGE> 13
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY CUSTOM ESTATE MASTER
--------------------------------------------------------------------
FIDELITY VARIABLE
INSURANCE
PRODUCTS FUNDS JANUS ASPEN SERIES FUND
----------------- ------------------------------------------------
VIP III
GROWTH AGGRESSIVE
OPPORTUNITIES GROWTH BALANCED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------- --------------------------------- ------------
FOR THE PERIOD FOR THE SIX FOR THE PERIOD FOR THE SIX
JANUARY 7, 2000** MONTHS ENDED DECEMBER 6, 1999** MONTHS ENDED
THROUGH JUNE 30, THROUGH JUNE 30,
JUNE 30, 2000 2000 DECEMBER 31, 1999 2000
----------------- ------------ ------------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)............................. $ 524 $ 9,945 $ (1) $ 3,068
Net realized gain (loss) on investments.................. (441) 558 4 130
Net change in unrealized appreciation (depreciation) of
investments............................................ (350) (15,200) 425 (2,784)
------- -------- ------- -------
Net increase (decrease) in net assets resulting from
operations............................................. (267) (4,697) 428 414
------- -------- ------- -------
From unit transactions:
Net proceeds from the insurance of units................. 20,033 132,013 10,287 38,700
Net asset value of units redeemed or used to meet
contract obligations................................... (3,863) (8,269) (71) (2,493)
------- -------- ------- -------
Net increase from unit transactions....................... 16,170 123,744 10,216 36,207
------- -------- ------- -------
Net increase in net assets............................... 15,903 119,047 10,644 36,621
Net assets beginning of period........................... 0 10,644 0 12,739
------- -------- ------- -------
Net assets end of period*................................. $15,903 $129,691 $10,644 $49,360
======= ======== ======= =======
Unit transactions:
Units outstanding beginning of period..................... 0 920 0 1,220
Units issued during the period............................ 1,990 10,849 927 3,720
Units redeemed during the period.......................... (389) (710) (7) (240)
------- -------- ------- -------
Units outstanding end of period........................... 1,601 11,059 920 4,700
======= ======== ======= =======
---------------
* Includes undistributed net investment income (loss) of: 524 $ 9,944 $ (1) $ 3,200
======= ======== ======= =======
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
-------------------------------------------------------
JANUS ASPEN SERIES FUND
-------------------------------------------------------
CAPITAL
BALANCED APPRECIATION
SUBACCOUNT SUBACCOUNT
------------------ ----------------------------------
FOR THE PERIOD FOR THE SIX FOR THE PERIOD
DECEMBER 6, 1999** MONTHS ENDED NOVEMBER 10, 1999**
THROUGH JUNE 30, THROUGH
DECEMBER 31, 1999 2000 DECEMBER 31, 1999
------------------ ------------ -------------------
(UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss)............................. $ 132 $ 460 $ 1
Net realized gain (loss) on investments.................. 0 985 1
Net change in unrealized appreciation (depreciation) of
investments............................................ 382 (16,742) 259
------- -------- ------
Net increase (decrease) in net assets resulting from
operations............................................. 514 (15,297) 261
------- -------- ------
From unit transactions:
Net proceeds from the insurance of units................. 12,929 205,761 1,062
Net asset value of units redeemed or used to meet
contract obligations................................... (704) (8,663) (11)
------- -------- ------
Net increase from unit transactions....................... 12,225 197,098 1,051
------- -------- ------
Net increase in net assets............................... 12,739 181,801 1,312
Net assets beginning of period........................... 0 1,312 0
------- -------- ------
Net assets end of period*................................. $12,739 $183,113 $1,312
======= ======== ======
Unit transactions:
Units outstanding beginning of period..................... 0 105 0
Units issued during the period............................ 1,290 15,884 106
Units redeemed during the period.......................... (70) (688) (1)
------- -------- ------
Units outstanding end of period........................... 1,220 15,301 105
======= ======== ======
---------------
* Includes undistributed net investment income (loss) of: $ 132 $ 461 $ 1
======= ======== ======
** Commencement of operations
<CAPTION>
MONY CUSTOM ESTATE MASTER
----------------------------------
JANUS ASPEN SERIES FUND
----------------------------------
WORLDWIDE
GROWTH
SUBACCOUNT
----------------------------------
FOR THE SIX FOR THE PERIOD
MONTHS ENDED NOVEMBER 30, 1999**
JUNE 30, THROUGH
2000 DECEMBER 31, 1999
------------ -------------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss)............................. $ 1,606 $ (3)
Net realized gain (loss) on investments.................. 2,715 9
Net change in unrealized appreciation (depreciation) of
investments............................................ (4,591) 1,647
-------- -------
Net increase (decrease) in net assets resulting from
operations............................................. (270) 1,653
-------- -------
From unit transactions:
Net proceeds from the insurance of units................. 115,659 11,276
Net asset value of units redeemed or used to meet
contract obligations................................... (7,712) (143)
-------- -------
Net increase from unit transactions....................... 107,947 11,133
-------- -------
Net increase in net assets............................... 107,677 12,786
Net assets beginning of period........................... 12,786 0
-------- -------
Net assets end of period*................................. $120,463 $12,786
======== =======
Unit transactions:
Units outstanding beginning of period..................... 1,107 0
Units issued during the period............................ 9,775 1,120
Units redeemed during the period.......................... (648) (13)
-------- -------
Units outstanding end of period........................... 10,234 1,107
======== =======
---------------
* Includes undistributed net investment income (loss) of: $ 1,603 $ (3)
======== =======
** Commencement of operations
</TABLE>
See notes to financial statements.
F-12
<PAGE> 14
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION AND BUSINESS:
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Premium Variable Life Insurance policies,
which include Variable Life (Strategist) Variable Universal Life (MONYEquity
Master, MONY Custom Equity Master and MONY Custom Estate 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
Variable Universal Life Insurance policies (MONY Custom Estate Master) is
presented here.
There are twenty-five MONY Custom Estate Master Subaccounts within the
Variable Account, each of which invests only in a corresponding portfolio of the
MONY Series Fund, Inc. (the "Fund"), the Enterprise Accumulation Trust
("Enterprise"), Dreyfus Stock Index Fund, The Dreyfus Socially Responsible
Growth Fund, Inc., Fidelity Variable Insurance Products Funds, or Janus Aspen
Series (collectively, the "Funds"). Twenty-two subaccounts of the MONY Custom
Estate Master commenced operations during 1999. The Funds are registered under
the 1940 Act as an open end, diversified, management investment companies. The
Fund and Enterprise are affiliated with MONY.
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:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Investment:
The investment in shares of each of the respective Funds' portfolios is
stated at value which is the net asset value of the respective portfolio as
reported by such portfolio. Net asset values are based upon market or fair
valuations of the securities held in each of the corresponding portfolios of the
Funds. For the money market portfolios, the net asset value is based on
amortized cost of the securities held, which approximates market value.
Investment Transactions and Investment Income:
Investments in the portfolios of the Funds are recorded on the trade date.
Realized gains and losses on redemption of investments in the portfolios of the
Funds are determined on the identified cost basis. Dividend income is recorded
on ex-dividend date. Investment income includes distributions of dividends and
net realized capital gains received from the respective portfolios of the Funds.
Investment income received is reinvested in additional shares of the respective
portfolios of the Funds.
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
F-13
<PAGE> 15
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES: (CONTINUED)
expectation, no charges are currently being deducted from the Variable Account
for Federal income tax purposes.
3. RELATED PARTY TRANSACTIONS:
MONY America is the legal owner of the assets held by the Variable Account.
Policy premiums received from MONY America by the Variable Account
represent gross policy premiums recorded by MONY America less deductions
retained as compensation for certain sales distribution expenses and premium
taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders to the insurance policies are deducted
monthly from the cash value of the contract to compensate MONY America. A
surrender charge may be imposed by MONY America when a full or partial surrender
is requested by the policyholders. These deductions are treated as
contractholder redemptions by the Variable Account. The amount deducted for the
MONY Custom Estate Master subaccounts for the period ended June 30, 2000
aggregated $308,602.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of 0.35% of the average daily net
assets of each of the MONY Custom Estate Master subaccounts. As investment
adviser to the Fund, it receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to the portfolios of Enterprise, and it receives
amounts paid by Enterprise for those services.
4. INVESTMENT TRANSACTIONS:
Cost of shares acquired and proceeds from shares redeemed by each
subaccount during the period ended June 30, 2000 were as follows:
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM ESTATE MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
MONY Series Fund, Inc.
Intermediate Term Bond Portfolio......................... $ 78,490 $ 31,917
Long Term Bond Portfolio................................. 87,834 33,835
Government Securities Portfolio.......................... 40,536 8,658
Money Market Portfolio................................... 1,306,249 1,005,318
Enterprise Accumulation Trust
Equity Portfolio......................................... 181,112 46,102
Small Company Value Portfolio............................ 154,652 39,095
Managed Portfolio........................................ 476,049 185,021
International Growth Portfolio........................... 369,597 20,246
High Yield Bond Portfolio................................ 151,022 11,657
Growth Portfolio......................................... 1,279,714 542,818
Growth and Income Portfolio.............................. 492,230 53,987
Small Company Growth Portfolio........................... 160,837 21,880
</TABLE>
F-14
<PAGE> 16
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. INVESTMENT TRANSACTIONS: (CONTINUED)
<TABLE>
<CAPTION>
COST OF SHARES PROCEEDS FROM
MONY CUSTOM ESTATE MASTER SUBACCOUNTS ACQUIRED SHARES REDEEMED
------------------------------------- -------------- ---------------
<S> <C> <C>
Equity Income Portfolio.................................. $ 67,099 $ 42,989
Capital Appreciation Portfolio........................... 110,842 23,102
Multi-Cap Growth Subaccount.............................. 187,879 20,283
Balanced Portfolio....................................... 120,291 907
Dreyfus
Stock Index Portfolio.................................... 302,134 150,189
Socially Responsible Growth Portfolio.................... 8,650 1,692
Insurance Products Funds
VIP Growth Portfolio..................................... 263,111 152,542
VIP II Contra Fund Portfolio............................. 88,440 22,411
VIP III Growth Opportunities Portfolio................... 20,149 3,995
Janus Aspen Series
Aggressive Growth Portfolio.............................. 135,284 11,660
Balanced Portfolio....................................... 39,728 3,579
Capital Appreciation Portfolio........................... 236,537 39,606
Worldwide Growth Portfolio............................... 151,830 43,966
</TABLE>
F-15
<PAGE> 17
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED BALANCE SHEETS
JUNE 30, 2000 AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
2000 1999
-------- ------------
($ IN MILLIONS)
<S> <C> <C>
ASSETS
Investments:
Fixed maturity securities available-for-sale, at fair
value..................................................... $ 982.9 $1,048.8
Mortgage loans on real estate............................... 164.3 165.0
Policy loans................................................ 65.1 58.8
Real estate................................................. 7.3 6.9
Other invested assets....................................... 3.6 2.3
-------- --------
1,223.2 1,281.8
-------- --------
Cash and cash equivalents................................... 1.0 28.9
Accrued investment income................................... 21.4 20.4
Amounts due from reinsurers................................. 17.6 18.6
Deferred policy acquisition costs........................... 450.5 406.4
Current federal income taxes receivable..................... 7.2 2.3
Other assets................................................ 8.9 24.9
Separate account assets..................................... 4,274.7 4,387.2
-------- --------
Total assets...................................... $6,004.5 $6,170.5
======== ========
LIABILITIES AND SHAREHOLDER'S EQUITY
Future policy benefits...................................... $ 131.1 $ 123.4
Policyholders' account balances............................. 1,133.9 1,154.1
Other policyholders' liabilities............................ 53.1 54.0
Accounts payable and other liabilities...................... 26.3 79.5
Note payable to affiliate (Note 5).......................... 47.9 49.0
Deferred federal income taxes............................... 26.9 19.4
Separate account liabilities................................ 4,274.7 4,387.2
-------- --------
Total liabilities................................. $5,693.9 $5,866.6
======== ========
Commitments and contingencies (Note 4)
Common stock $1.00 par value; 5,000,000 shares authorized,
2,500,000 issued and outstanding.......................... $ 2.5 $ 2.5
Capital in excess of par.................................... 199.7 199.7
Retained earnings........................................... 117.0 109.0
Accumulated other comprehensive loss........................ (8.6) (7.3)
-------- --------
Total shareholder's equity........................ 310.6 303.9
-------- --------
Total liabilities and shareholder's equity........ $6,004.5 $6,170.5
======== ========
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-16
<PAGE> 18
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
THREE-MONTH PERIODS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
------ ------
($ IN MILLIONS)
<S> <C> <C>
REVENUES:
Universal life and investment-type product policy fees...... $43.9 $38.8
Premiums.................................................... 7.4 1.3
Net investment income....................................... 23.3 24.1
Net realized (losses)/gains on investments.................. (1.7) 1.0
Other income................................................ 4.2 1.5
----- -----
77.1 66.7
----- -----
BENEFITS AND EXPENSES:
Benefits to policyholders................................... 19.8 10.2
Interest credited to policyholders' account balances........ 14.8 16.1
Amortization of deferred policy acquisition costs........... 15.2 10.0
Other operating costs and expenses.......................... 21.2 20.2
----- -----
71.0 56.5
----- -----
Income before income taxes.................................. 6.1 10.2
Income tax expense.......................................... 1.5 3.5
----- -----
Net income.................................................. 4.6 6.7
Other comprehensive loss, net............................... (0.6) (6.0)
----- -----
Comprehensive income........................................ $ 4.0 $ 0.7
===== =====
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-17
<PAGE> 19
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
SIX-MONTH PERIODS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
------ ------
($ IN MILLIONS)
<S> <C> <C>
REVENUES:
Universal life and investment-type product policy fees...... $ 82.0 $ 71.3
Premiums.................................................... 12.3 2.3
Net investment income....................................... 47.0 48.3
Net realized (losses)/gains on investments.................. (1.8) 1.2
Other Income................................................ 7.5 3.1
------ ------
147.0 126.2
------ ------
BENEFITS AND EXPENSES:
Benefits to policyholders................................... 32.3 20.0
Interest credited to policyholders' account balances........ 30.9 32.6
Amortization of deferred policy acquisition costs........... 28.1 20.0
Other operating costs and expenses.......................... 44.3 39.2
------ ------
135.6 111.8
------ ------
Income before income taxes.................................. 11.4 14.4
Income tax expense.......................................... 3.4 5.0
------ ------
Net income.................................................. 8.0 9.4
Other comprehensive loss, net............................... $ (1.3) $ (9.5)
------ ------
Comprehensive income (loss)................................. $ 6.7 $ (0.1)
====== ======
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-18
<PAGE> 20
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENT
OF CHANGES IN SHAREHOLDER'S EQUITY
SIX-MONTH PERIOD ENDED JUNE 30, 2000
<TABLE>
<CAPTION>
ACCUMULATED
CAPITAL OTHER TOTAL
COMMON IN EXCESS RETAINED COMPREHENSIVE SHAREHOLDER'S
STOCK OF PAR EARNINGS INCOME/(LOSS) EQUITY
------ --------- -------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1999............... $2.5 $199.7 $109.0 $(7.3) $303.9
Comprehensive income:....................
Net income 8.0 8.0
Other comprehensive income:
Unrealized losses on investments,
net of unrealized gains,
reclassification adjustments, and
taxes............................. (1.3) (1.3)
------
Comprehensive income..................... 6.7
---- ------ ------ ----- ------
Balance, June 30, 2000................... $2.5 $199.7 $117.0 $(8.6) $310.6
==== ====== ====== ===== ======
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-19
<PAGE> 21
MONY LIFE INSURANCE COMPANY OF AMERICA
UNAUDITED INTERIM CONDENSED STATEMENTS OF CASH FLOWS
SIX-MONTH PERIODS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
------- -------
($ IN MILLIONS)
<S> <C> <C>
NET CASH (USED IN) OPERATING ACTIVITIES..................... $ (76.4) $ (23.0)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales, maturities or repayments of:
Fixed maturities.......................................... 102.8 138.6
Mortgage loans on real estate............................. 7.3 12.0
Other invested assets..................................... -- 3.7
Acquisitions of investments:
Fixed maturities.......................................... (44.6) (229.0)
Mortgage loans on real estate............................. (6.4) (47.5)
Real estate............................................... (0.5) (0.3)
Other invested assets..................................... (0.9) (0.9)
Policy loans, net......................................... (6.3) (2.4)
Other, net................................................ -- 0.3
------- -------
Net cash provided by/(used in) investing activities......... $ 51.4 $(125.5)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Note payable to affiliate................................... -- 50.5
Repayment of note to affiliate.............................. (1.0) (0.5)
Receipts from annuity and universal life policies credited
to policyholders' account balances........................ 937.4 595.5
Return of policyholders' account balances on annuity and
universal life policies................................... (939.3) (582.5)
------- -------
Net cash (used in)/provided by financing activities......... (2.9) 63.0
------- -------
Net decrease in cash and cash equivalents................... (27.9) (85.5)
Cash and cash equivalents, beginning of year................ 28.9 133.4
------- -------
Cash and cash equivalents, end of period.................... $ 1.0 $ 47.9
======= =======
</TABLE>
See accompanying notes to unaudited interim condensed financial statements.
F-20
<PAGE> 22
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
1. ORGANIZATION AND DESCRIPTION OF BUSINESS
MONY Life Insurance Company of America (the "Company"), an Arizona stock
life insurance company, is a wholly-owned subsidiary of MONY Life Insurance
Company of New York ("MONY Life"), formerly The Mutual Life Insurance Company of
New York, which converted from a mutual life insurance company to a stock life
insurance company (the "Demutualization"). MONY Life is a wholly-owned
subsidiary of The MONY Group, Inc. (the "MONY Group").
The Company's primary business is to provide asset accumulation and life
insurance products to business owners, growing families, and pre-retirees. The
Company's insurance and financial products are marketed and distributed directly
to individuals primarily through MONY Life's career agency sales force. These
products are sold in 49 states (not including New York), the District of
Columbia, the U.S. Virgin Islands and Puerto Rico.
2. BASIS OF PRESENTATION
The accompanying unaudited interim condensed financial statements are
prepared in conformity with generally accepted accounting principles ("GAAP")
which requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. In the opinion of
management, these statements include all adjustments which were normal recurring
adjustments necessary to present fairly the financial position, results of
operations and cash flows for the periods presented. These statements should be
read in conjunction with the financial statements of the Company for the year
ended December 31, 1999 in the Company's 1999 Annual Report on Form 10-K. The
results of operations for the three-month and six-month periods ended June 30,
2000 are not necessarily indicative of the results to be expected for the full
year.
3. FEDERAL INCOME TAXES
Federal income taxes for interim periods have been computed using an
estimated annual effective tax rate. This rate is revised, if necessary, at the
end of each successive interim period to reflect the current estimate of the
annual effective tax rate. In the second quarter to 2000, the effective tax rate
was revised to reflect higher dividends received deductions.
4. COMMITMENTS AND CONTINGENCIES
Since late 1995 a number of purported class actions have been commenced in
various state and federal courts against the Company alleging that the Company
engaged in deceptive sales practices in connection with the sale of whole and
universal life insurance policies in the 1980s and 1990s. Although the claims
asserted in each case are not identical, they seek substantially the same relief
under essentially the same theories of recovery (i.e., breach of contract,
fraud, negligent misrepresentation, negligent supervision and training, breach
of fiduciary duty, unjust enrichment and violation of state insurance and/or
deceptive business practice laws). Plaintiffs in these cases seek primarily
equitable relief (e.g., reformation, specific performance, mandatory injunctive
relief prohibiting the Company from canceling policies for failure to make
required premium payments, imposition of a constructive trust and creation of a
claims resolution facility to adjudicate any individual issues remaining after
resolution of all class-wide issues) as opposed to compensatory damages,
although they also seek compensatory damages in unspecified amounts. The Company
has answered the complaints in each action (except for one being voluntarily
held in abeyance), has denied any wrongdoing and has asserted numerous
affirmative defenses.
On June 7, 1996, the New York State Supreme Court certified one of those
cases, Goshen v. The Mutual Life Insurance Company of New York and MONY Life
Insurance Company of America, the Goshen case,
F-21
<PAGE> 23
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS -- (CONTINUED)
being the first of the aforementioned class actions filed, as a nationwide class
consisting of all persons or entities who have, or at the time of the policy's
termination had, an ownership interest in a whole life or universal life
insurance policy issued by the Company and sold on an alleged "vanishing
premium" basis during the period January 1, 1982 to December 31, 1995. On March
27, 1997, the Company filed a motion to dismiss or, alternatively, for summary
judgement on all counts of the complaint. All of the other putative class
actions have been consolidated and transferred by the Judicial Panel on
Multidistrict Litigation to the United States District Court for the District of
Massachusetts, or are being voluntarily held in abeyance pending the outcome of
the Goshen case.
On October 21, 1997, the New York State Supreme Court granted the Company's
motion for summary judgement and dismissed all claims filed in the Goshen case
against the Company. On December 20, 1999, the New York State Court of Appeals
affirmed the dismissal of all but one of the claims in the Goshen case (a claim
under New York's General Business Law), which has been remanded back to the New
York State Supreme Court for further proceedings consistent with the opinion.
The Company intends to defend itself vigorously against the sole remaining
claim. There can be no assurance that the present litigation relating to sales
practices will not have a material adverse effect on the Company.
In addition to the matters discussed above, the Company is involved in
various other legal actions and proceedings in connection with its business. The
claimants in certain of these actions and proceedings seek damages of
unspecified amounts.
While the outcome of such matters cannot be predicted with certainty, in
the opinion of management, any liability resulting from the resolution of these
matters will not have a material adverse effect on the Company's financial
position or results of operations.
Insurance companies are subject to assessments up to statutory limits, by
state guaranty funds for losses of policyholders of insolvent insurance
companies. In the opinion of management, such assessments will not have a
material adverse effect on the financial position and the results of operations
of the Company.
At June 30, 2000, the Company had a commitment outstanding of $0.6 million
for fixed rate agricultural loan with periodic interest rate reset dates. The
initial interest rate on the agricultural loan is 8.9%. There were no
commitments outstanding for commercial mortgages as of June 30, 2000. The
Company had commitments outstanding to purchase $15.3 million of private fixed
maturity securities as of June 30, 2000 with interest rates ranging from 7.9% to
10.8%.
5. NOTE PAYABLE TO AFFILIATE
On March 5, 1999, the Company borrowed $50.5 million from MONY Benefits
Management Corp. ("MBMC"), an affiliate, in exchange for a note payable in the
same amount. The note bears interest at 6.75% per annum and matures on March 5,
2014. Principal and interest are payable quarterly to MBMC. The carrying value
of the note as of June 30, 2000 is $48.0 million.
6. INTERCOMPANY REINSURANCE AGREEMENTS
The Company entered into a modified coinsurance agreement with U.S.
Financial Life Insurance Company ("USFL"), an affiliate, effective January 1,
1999, whereby the Company agrees to reinsure 90% of all level term life
insurance policies written by USFL after January 1, 1999. Under the agreement,
the Company will share in all premiums and benefits for such policies based on
the 90% quota share percentage, after consideration of existing reinsurance
agreements previously in force on this business. In addition, the Company will
reimburse USFL for its quota share of expense allowances, as defined in the
agreement. At June 30, 2000 the Company recorded a payable of $5.7 million to
USFL in connection with this agreement which is included in Accounts Payable and
Other Liabilities in the balance sheet.
F-22
<PAGE> 24
MONY LIFE INSURANCE COMPANY OF AMERICA
NOTES TO UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS -- (CONTINUED)
Effective September 1, 1999, the Company recaptured its reinsurance
agreements with MONY Life for all in force and new business. The Company
simultaneously entered into new reinsurance agreements with third party
reinsurers which reinsured the same block of business as that previously
reinsured by MONY Life. Under the new reinsurance agreements, the Company
increased its retention limits on new business for any one person for individual
products from $0.5 million to $4.0 million and on last survivor products from
$0.5 million to $6.0 million.
F-23
<PAGE> 25
STANDARD LEDGER STATEMENT -- SUPPLEMENTAL FOOTNOTE PAGE
MONY CUSTOM ESTATE MASTER
FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
MONY LIFE INSURANCE COMPANY OF AMERICA
ADDITIONAL INFORMATION
These policies have been tested for the possibility of classification as a
modified endowment. This test is not a guarantee that a policy will not be
classified as a modified endowment.
This illustration has been checked against federal tax laws relating to
their definition of life insurance and is in compliance based on proposed
premium payments and coverages. Any decrease in specified amount and/or a change
in death benefit option 2 to death benefit option 1 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 policy, 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.
GUIDELINE PREMIUMS
<TABLE>
<CAPTION>
DEATH
BENEFIT INITIAL GUIDELINE INITIAL GUIDELINE
SEX AGE UNDERWRITING CLASS SEX AGE UNDERWRITING CLASS OPTION SINGLE PREMIUM ANNUAL PREMIUM
--- --- ------------------ --- --- ------------------ ------- ----------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Male 45 Preferred Non-smoker Female 45 Preferred Non-smoker 1 $28,430.07 $2,418.56
Male 45 Standard Smoker Female 45 Standard Smoker 1 $34,023.09 $2,879.52
Male 45 Preferred Non-smoker Female 45 Preferred Non-smoker 2 $28,430.07 $9,457.00
Male 35 Preferred Non-smoker Female 35 Preferred Non-smoker 1 $17,441.09 $1,517.79
Male 55 Preferred Non-smoker Female 55 Preferred Non-smoker 1 $46,935.63 $4,055.37
</TABLE>
Values shown on these illustrations are based on a Specified Amount of
$200,000 and on a policyowner tax bracket of 0%.
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 proceeds, fund value and value
upon surrender will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The policy's cash value is net of any applicable surrender charge.
Premiums less the following deductions are added to the fund value:
1. A premium tax charge of 2.25% of gross premiums in all policy years.
2. A sales charge on the gross premiums. The sales charges equal 6% of
each premium dollar paid up to the Target Premium, in years 1-10, 3% of
premium paid in excess of Target Premium in years 1-10, and 3% of all
premiums after the tenth Policy year.
3. A DAC tax charge of 1.50% of gross premiums in all policy years.
Those columns assuming guaranteed charges use the current monthly mortality
charges, current monthly administrative charges, current charges for mortality
and expense risks, current charges for rider benefits, if any, and current
premium sales charge ("current charges" for the first year) as well as the
assumed hypothetical gross annual investment return indicated. Thereafter these
columns use guaranteed monthly mortality charges, guaranteed monthly
administrative charges, guaranteed charges for mortality and expense risks,
guaranteed charges for rider benefits if any, guaranteed maximum premium sales
charge, and the assumed hypothetical gross annual investment return indicated.
Those columns assuming current charges are based upon "current charges" and the
assumed hypothetical gross annual investment return indicated.
The current charges declared by MONY Life Insurance Company of America are
guaranteed for the first policy year and apply to policies issued as of the
illustration preparation date and could change between the preparation date and
the date the policy is issued. After the first policy year, current charges are
not guaranteed, and may be changed at the discretion of MONY Life Insurance
Company of America.
D-3
<PAGE> 26
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,220 0 784 200,000 0 784 200,000 0 784 200,000
5 1,220 3,039 3,771 200,000 3,039 3,771 200,000 3,091 3,822 200,000
10 1,220 6,950 7,072 200,000 6,950 7,072 200,000 7,235 7,357 200,000
20 1,220 12,731 12,731 200,000 12,731 12,731 200,000 14,948 14,948 200,000
@ Age 70 1,220 10,752 10,752 200,000 10,752 10,752 200,000 16,720 16,720 200,000
@ Age 85 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 30 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 30 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 36 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
</TABLE>
D-4
<PAGE> 27
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- -------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,220 1,281 0 784 200,000 0 784 200,000 0 784 200,000
2 1,220 2,625 456 1,553 200,000 456 1,553 200,000 461 1,559 200,000
3 1,220 4,037 1,332 2,308 200,000 1,332 2,308 200,000 1,348 2,324 200,000
4 1,220 5,520 2,194 3,048 200,000 2,194 3,048 200,000 2,225 3,078 200,000
5 1,220 7,077 3,039 3,771 200,000 3,039 3,771 200,000 3,091 3,822 200,000
6 1,220 8,711 3,867 4,476 200,000 3,867 4,476 200,000 3,945 4,555 200,000
7 1,220 10,428 4,674 5,162 200,000 4,674 5,162 200,000 4,788 5,276 200,000
8 1,220 12,230 5,459 5,825 200,000 5,459 5,825 200,000 5,618 5,984 200,000
9 1,220 14,122 6,219 6,463 200,000 6,219 6,463 200,000 6,434 6,678 200,000
10 1,220 16,109 6,950 7,072 200,000 6,950 7,072 200,000 7,235 7,357 200,000
11 1,220 18,195 7,900 7,900 200,000 7,900 7,900 200,000 8,267 8,267 200,000
12 1,220 20,385 8,688 8,688 200,000 8,688 8,688 200,000 9,153 9,153 200,000
13 1,220 22,685 9,433 9,433 200,000 9,433 9,433 200,000 10,011 10,011 200,000
14 1,220 25,100 10,129 10,129 200,000 10,129 10,129 200,000 10,837 10,837 200,000
15 1,220 27,636 10,771 10,771 200,000 10,771 10,771 200,000 11,629 11,629 200,000
16 1,220 30,299 11,348 11,348 200,000 11,348 11,348 200,000 12,384 12,384 200,000
17 1,220 33,094 11,850 11,850 200,000 11,850 11,850 200,000 13,097 13,097 200,000
18 1,220 36,030 12,260 12,260 200,000 12,260 12,260 200,000 13,764 13,764 200,000
19 1,220 39,112 12,561 12,561 200,000 12,561 12,561 200,000 14,383 14,383 200,000
20 1,220 42,348 12,731 12,731 200,000 12,731 12,731 200,000 14,948 14,948 200,000
21 1,220 45,746 12,746 12,746 200,000 12,746 12,746 200,000 15,456 15,456 200,000
22 1,220 49,314 12,585 12,585 200,000 12,585 12,585 200,000 15,896 15,896 200,000
23 1,220 53,061 12,220 12,220 200,000 12,220 12,220 200,000 16,254 16,254 200,000
24 1,220 56,994 11,623 11,623 200,000 11,623 11,623 200,000 16,529 16,529 200,000
25 1,220 61,125 10,752 10,752 200,000 10,752 10,752 200,000 16,720 16,720 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
</TABLE>
D-5
<PAGE> 28
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- -------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 1,220 65,462 9,551 9,551 200,000 9,551 9,551 200,000 16,805 16,805 200,000
27 1,220 70,016 7,946 7,946 200,000 7,946 7,946 200,000 16,770 16,770 200,000
28 1,220 74,797 5,834 5,834 200,000 5,834 5,834 200,000 16,591 16,591 200,000
29 1,220 79,818 3,091 3,091 200,000 3,091 3,091 200,000 16,214 16,214 200,000
30 1,220 85,089 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 15,595 15,595 200,000
31 1,220 90,625 14,707 14,707 200,000
32 1,220 96,436 13,499 13,499 200,000
33 1,220 102,539 11,907 11,907 200,000
34 1,220 108,947 9,855 9,855 200,000
35 1,220 115,675 7,256 7,256 200,000
36 1,220 122,739 4,004 4,004 200,000
37 0 128,876 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
</TABLE>
D-6
<PAGE> 29
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
--------------------------- --------------------------- --------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,220 0 784 200,000 0 840 200,000 0 840 200,000
5 1,220 3,039 3,771 200,000 3,829 4,561 200,000 3,885 4,617 200,000
10 1,220 6,950 7,072 200,000 9,925 10,047 200,000 10,262 10,384 200,000
20 1,220 12,731 12,731 200,000 25,844 25,844 200,000 28,731 28,731 200,000
@ Age 70 1,220 10,752 10,752 200,000 32,295 32,295 200,000 39,973 39,973 200,000
@ Age 85 1,220 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 59,747 59,747 200,000
@ Age 90 1,220 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 23,698 23,698 200,000
</TABLE>
* Policy lapses in policy year 30 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 36 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 46 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
</TABLE>
D-7
<PAGE> 30
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------- ------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,220 1,281 0 784 200,000 0 840 200,000 0 840 200,000
2 1,220 2,625 456 1,553 200,000 617 1,715 200,000 623 1,721 200,000
3 1,220 4,037 1,332 2,308 200,000 1,650 2,626 200,000 1,667 2,642 200,000
4 1,220 5,520 2,194 3,048 200,000 2,721 3,574 200,000 2,754 3,607 200,000
5 1,220 7,077 3,039 3,771 200,000 3,829 4,561 200,000 3,885 4,617 200,000
6 1,220 8,711 3,867 4,476 200,000 4,975 5,585 200,000 5,063 5,673 200,000
7 1,220 10,428 4,674 5,162 200,000 6,159 6,647 200,000 6,288 6,776 200,000
8 1,220 12,230 5,459 5,825 200,000 7,380 7,746 200,000 7,563 7,928 200,000
9 1,220 14,122 6,219 6,463 200,000 8,636 8,880 200,000 8,887 9,131 200,000
10 1,220 16,109 6,950 7,072 200,000 9,925 10,047 200,000 10,262 10,384 200,000
11 1,220 18,195 7,900 7,900 200,000 11,506 11,506 200,000 11,946 11,946 200,000
12 1,220 20,385 8,688 8,688 200,000 13,006 13,006 200,000 13,571 13,571 200,000
13 1,220 22,685 9,433 9,433 200,000 14,545 14,545 200,000 15,256 15,256 200,000
14 1,220 25,100 10,129 10,129 200,000 16,120 16,120 200,000 17,002 17,002 200,000
15 1,220 27,636 10,771 10,771 200,000 17,725 17,725 200,000 18,808 18,808 200,000
16 1,220 30,299 11,348 11,348 200,000 19,354 19,354 200,000 20,675 20,675 200,000
17 1,220 33,094 11,850 11,850 200,000 20,996 20,996 200,000 22,602 22,602 200,000
18 1,220 36,030 12,260 12,260 200,000 22,638 22,638 200,000 24,587 24,587 200,000
19 1,220 39,112 12,561 12,561 200,000 24,260 24,260 200,000 26,630 26,630 200,000
20 1,220 42,348 12,731 12,731 200,000 25,844 25,844 200,000 28,731 28,731 200,000
21 1,220 45,746 12,746 12,746 200,000 27,365 27,365 200,000 30,889 30,889 200,000
22 1,220 49,314 12,585 12,585 200,000 28,800 28,800 200,000 33,097 33,097 200,000
23 1,220 53,061 12,220 12,220 200,000 30,123 30,123 200,000 35,345 35,345 200,000
24 1,220 56,994 11,623 11,623 200,000 31,302 31,302 200,000 37,637 37,637 200,000
25 1,220 61,125 10,752 10,752 200,000 32,295 32,295 200,000 39,973 39,973 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
</TABLE>
D-8
<PAGE> 31
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------- ------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 1,220 65,462 9,551 9,551 200,000 33,046 33,046 200,000 42,339 42,339 200,000
27 1,220 70,016 7,946 7,946 200,000 33,479 33,479 200,000 44,726 44,726 200,000
28 1,220 74,797 5,834 5,834 200,000 33,491 33,491 200,000 47,117 47,117 200,000
29 1,220 79,818 3,091 3,091 200,000 32,960 32,960 200,000 49,468 49,468 200,000
30 1,220 85,089 LAPSED LAPSED LAPSED 31,738 31,738 200,000 51,748 51,748 200,000
31 1,220 90,625 29,659 29,659 200,000 53,936 53,936 200,000
32 1,220 96,436 26,526 26,526 200,000 55,995 55,995 200,000
33 1,220 102,539 22,108 22,108 200,000 57,877 57,877 200,000
34 1,220 108,947 16,108 16,108 200,000 59,526 59,526 200,000
35 1,220 115,675 8,129 8,129 200,000 60,879 60,879 200,000
36 1,220 122,739 LAPSED LAPSED LAPSED 61,859 61,859 200,000
37 1,220 130,157 62,384 62,384 200,000
38 1,220 137,945 62,356 62,356 200,000
39 1,220 146,123 61,557 61,557 200,000
40 1,220 154,710 59,747 59,747 200,000
41 1,220 163,726 56,736 56,736 200,000
42 1,220 173,194 52,171 52,171 200,000
43 1,220 183,134 45,616 45,616 200,000
44 1,220 193,571 36,399 36,399 200,000
45 1,220 204,531 23,698 23,698 200,000
46 1,220 216,038 6,383 6,383 200,000
47 0 226,840 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
</TABLE>
D-9
<PAGE> 32
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
--------------------------- ---------------------------- ----------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,323 0 876 200,000 0 999 200,000 0 999 200,000
5 1,323 3,428 4,221 200,000 5,336 6,130 200,000 5,398 6,191 200,000
10 1,323 7,817 7,949 200,000 15,927 16,059 200,000 16,324 16,456 200,000
20 1,323 14,448 14,448 200,000 61,553 61,553 200,000 64,679 64,679 200,000
@ Age 70 1,323 12,911 12,911 200,000 105,845 105,845 200,000 113,582 113,582 200,000
@ Age 85 1,323 LAPSED LAPSED LAPSED 508,652 508,652 534,084 563,513 563,513 591,688
@ Age 90 1,323 LAPSED LAPSED LAPSED 828,345 828,345 869,763 933,169 933,169 979,828
</TABLE>
* Policy lapses in policy year 31 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
----------------------------------------------------- -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
</TABLE>
D-10
<PAGE> 33
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------ ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,323 1,389 0 876 200,000 0 999 200,000 0 999 200,000
2 1,323 2,847 546 1,736 200,000 910 2,100 200,000 916 2,107 200,000
3 1,323 4,379 1,523 2,581 200,000 2,257 3,315 200,000 2,274 3,332 200,000
4 1,323 5,986 2,484 3,410 200,000 3,728 4,654 200,000 3,763 4,689 200,000
5 1,323 7,675 3,428 4,221 200,000 5,336 6,130 200,000 5,398 6,191 200,000
6 1,323 9,447 4,352 5,014 200,000 7,094 7,756 200,000 7,192 7,853 200,000
7 1,323 11,309 5,256 5,785 200,000 9,017 9,546 200,000 9,162 9,691 200,000
8 1,323 13,263 6,137 6,534 200,000 11,118 11,515 200,000 11,328 11,725 200,000
9 1,323 15,315 6,992 7,256 200,000 13,416 13,680 200,000 13,708 13,972 200,000
10 1,323 17,470 7,817 7,949 200,000 15,927 16,059 200,000 16,324 16,456 200,000
11 1,323 19,732 8,863 8,863 200,000 18,945 18,945 200,000 19,471 19,471 200,000
12 1,323 22,108 9,737 9,737 200,000 22,115 22,115 200,000 22,800 22,800 200,000
13 1,323 24,602 10,566 10,566 200,000 25,597 25,597 200,000 26,472 26,472 200,000
14 1,323 27,221 11,347 11,347 200,000 29,422 29,422 200,000 30,508 30,508 200,000
15 1,323 29,971 12,072 12,072 200,000 33,623 33,623 200,000 34,937 34,937 200,000
16 1,323 32,858 12,732 12,732 200,000 38,232 38,232 200,000 39,805 39,805 200,000
17 1,323 35,890 13,317 13,317 200,000 43,289 43,289 200,000 45,157 45,157 200,000
18 1,323 39,074 13,811 13,811 200,000 48,832 48,832 200,000 51,041 51,041 200,000
19 1,323 42,416 14,195 14,195 200,000 54,903 54,903 200,000 57,520 57,520 200,000
20 1,323 45,926 14,448 14,448 200,000 61,553 61,553 200,000 64,679 64,679 200,000
21 1,323 49,611 14,549 14,549 200,000 68,836 68,836 200,000 72,601 72,601 200,000
22 1,323 53,481 14,473 14,473 200,000 76,822 76,822 200,000 81,352 81,352 200,000
23 1,323 57,544 14,196 14,196 200,000 85,587 85,587 200,000 91,019 91,019 200,000
24 1,323 61,810 13,689 13,689 200,000 95,227 95,227 200,000 101,720 101,720 200,000
25 1,323 66,289 12,911 12,911 200,000 105,845 105,845 200,000 113,582 113,582 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
</TABLE>
D-11
<PAGE> 34
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------ ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 1,323 70,992 11,807 11,807 200,000 117,566 117,566 200,000 126,739 126,739 200,000
27 1,323 75,931 10,303 10,303 200,000 130,537 130,537 200,000 141,352 141,352 200,000
28 1,323 81,116 8,300 8,300 200,000 144,939 144,939 200,000 157,604 157,604 200,000
29 1,323 86,561 5,674 5,674 200,000 161,005 161,005 200,000 175,706 175,706 200,000
30 1,323 92,278 2,288 2,288 200,000 179,042 179,042 200,000 195,901 195,901 209,614
31 1,323 98,281 LAPSED LAPSED LAPSED 199,406 199,406 209,376 218,335 218,335 229,252
32 1,323 104,584 222,003 222,003 233,103 243,170 243,170 255,328
33 1,323 111,202 246,953 246,953 259,300 270,654 270,654 284,186
34 1,323 118,151 274,483 274,483 288,208 301,060 301,060 316,113
35 1,323 125,448 304,840 304,840 320,082 334,686 334,686 351,421
36 1,323 133,109 338,285 338,285 355,199 371,859 371,859 390,452
37 1,323 141,153 375,093 375,093 393,848 412,933 412,933 433,579
38 1,323 149,600 415,553 415,553 436,331 458,295 458,295 481,209
39 1,323 158,469 459,967 459,967 482,965 508,345 508,345 533,762
40 1,323 167,781 508,652 508,652 534,084 563,513 563,513 591,688
41 1,323 177,559 561,941 561,941 590,039 624,272 624,272 655,485
42 1,323 187,826 620,186 620,186 651,195 691,105 691,105 725,661
43 1,323 198,606 683,749 683,749 717,937 764,525 764,525 802,751
44 1,323 209,925 753,009 753,009 790,660 845,035 845,035 887,287
45 1,323 221,811 828,345 828,345 869,763 933,169 933,169 979,828
46 1,323 234,290 910,133 910,133 955,639 1,029,472 1,029,472 1,080,946
47 1,323 247,393 1,001,198 1,001,198 1,041,245 1,136,221 1,136,221 1,181,670
48 1,323 261,152 1,103,166 1,103,166 1,136,261 1,255,059 1,255,059 1,292,711
49 1,323 275,599 1,218,081 1,218,081 1,242,442 1,388,172 1,388,172 1,415,935
50 1,323 290,767 1,348,624 1,348,624 1,362,110 1,538,085 1,538,085 1,553,466
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
</TABLE>
D-12
<PAGE> 35
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------ ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
51 1,323 306,695 1,492,374 1,492,374 1,507,297 1,703,794 1,703,794 1,720,832
52 1,323 323,418 1,650,054 1,650,054 1,666,555 1,886,851 1,886,851 1,905,720
53 1,323 340,978 1,821,428 1,821,428 1,839,642 2,089,117 2,089,117 2,110,008
54 1,323 359,416 2,007,836 2,007,836 2,027,914 2,312,558 2,312,558 2,335,684
55 1,323 378,776 2,213,192 2,213,192 2,235,323 2,559,344 2,559,344 2,584,937
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
</TABLE>
D-13
<PAGE> 36
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
--------------------------- --------------------------- ---------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,798 0 1,299 200,000 0 1,299 200,000 0 1,299 200,000
5 1,798 5,087 6,166 200,000 5,087 6,166 200,000 5,168 6,247 200,000
10 1,798 11,063 11,243 200,000 11,063 11,243 200,000 11,406 11,586 200,000
20 1,798 16,615 16,615 200,000 16,615 16,615 200,000 19,015 19,015 200,000
@ Age 70 1,798 10,336 10,336 200,000 10,336 10,336 200,000 17,765 17,765 200,000
@ Age 85 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 29 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 29 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 32 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,797.92-Premium Mode: Annual-Riders: None
</TABLE>
D-14
<PAGE> 37
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- -------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,798 1,888 0 1,299 200,000 0 1,299 200,000 0 1,299 200,000
2 1,798 3,870 947 2,565 200,000 947 2,565 200,000 959 2,577 200,000
3 1,798 5,951 2,362 3,800 200,000 2,362 3,800 200,000 2,392 3,831 200,000
4 1,798 8,137 3,743 5,002 200,000 3,743 5,002 200,000 3,796 5,055 200,000
5 1,798 10,431 5,087 6,166 200,000 5,087 6,166 200,000 5,168 6,247 200,000
6 1,798 12,841 6,390 7,289 200,000 6,390 7,289 200,000 6,503 7,402 200,000
7 1,798 15,371 7,645 8,365 200,000 7,645 8,365 200,000 7,800 8,519 200,000
8 1,798 18,027 8,848 9,387 200,000 8,848 9,387 200,000 9,052 9,592 200,000
9 1,798 20,816 9,990 10,350 200,000 9,990 10,350 200,000 10,257 10,616 200,000
10 1,798 23,745 11,063 11,243 200,000 11,063 11,243 200,000 11,406 11,586 200,000
11 1,798 26,820 12,328 12,328 200,000 12,328 12,328 200,000 12,752 12,752 200,000
12 1,798 30,049 13,325 13,325 200,000 13,325 13,325 200,000 13,837 13,837 200,000
13 1,798 33,439 14,227 14,227 200,000 14,227 14,227 200,000 14,827 14,827 200,000
14 1,798 36,999 15,025 15,025 200,000 15,025 15,025 200,000 15,730 15,730 200,000
15 1,798 40,736 15,707 15,707 200,000 15,707 15,707 200,000 16,539 16,539 200,000
16 1,798 44,661 16,259 16,259 200,000 16,259 16,259 200,000 17,250 17,250 200,000
17 1,798 48,782 16,657 16,657 200,000 16,657 16,657 200,000 17,858 17,858 200,000
18 1,798 53,109 16,872 16,872 200,000 16,872 16,872 200,000 18,357 18,357 200,000
19 1,798 57,652 16,870 16,870 200,000 16,870 16,870 200,000 18,745 18,745 200,000
20 1,798 62,422 16,615 16,615 200,000 16,615 16,615 200,000 19,015 19,015 200,000
21 1,798 67,431 16,071 16,071 200,000 16,071 16,071 200,000 19,163 19,163 200,000
22 1,798 72,691 15,207 15,207 200,000 15,207 15,207 200,000 19,113 19,113 200,000
23 1,798 78,213 13,991 13,991 200,000 13,991 13,991 200,000 18,872 18,872 200,000
24 1,798 84,012 12,385 12,385 200,000 12,385 12,385 200,000 18,430 18,430 200,000
25 1,798 90,100 10,336 10,336 200,000 10,336 10,336 200,000 17,765 17,765 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,797.92-Premium Mode: Annual-Riders: None
</TABLE>
D-15
<PAGE> 38
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- -------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 1,798 96,493 7,763 7,763 200,000 7,763 7,763 200,000 16,824 16,824 200,000
27 1,798 103,205 4,549 4,549 200,000 4,549 4,549 200,000 15,598 15,598 200,000
28 1,798 110,253 543 543 200,000 543 543 200,000 14,034 14,034 200,000
29 1,798 117,654 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 11,985 11,985 200,000
30 1,798 125,424 9,352 9,352 200,000
31 1,798 133,583 6,103 6,103 200,000
32 1,798 142,150 2,102 2,102 200,000
33 0 149,258 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,797.92-Premium Mode: Annual-Riders: None
</TABLE>
D-16
<PAGE> 39
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,798 0 1,299 200,000 0 1,386 200,000 0 1,386 200,000
5 1,798 5,087 6,166 200,000 6,358 7,486 200,000 6,446 7,525 200,000
10 1,798 11,063 11,243 200,000 15,846 16,026 200,000 16,257 16,436 200,000
20 1,798 16,615 16,615 200,000 36,869 36,869 200,000 39,909 39,909 200,000
@ Age 70 1,798 10,336 10,336 200,000 43,198 43,198 200,000 52,169 52,169 200,000
@ Age 85 1,798 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 37,759 37,759 200,000
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 29 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 36 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 42 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,797.92-Premium Mode: Annual-Riders: None
</TABLE>
D-17
<PAGE> 40
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- -------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,798 1,888 0 1,299 200,000 0 1,386 200,000 0 1,386 200,000
2 1,798 3,870 947 2,565 200,000 1,203 2,821 200,000 1,215 2,833 200,000
3 1,798 5,951 2,362 3,800 200,000 2,870 4,308 200,000 2,901 4,340 200,000
4 1,798 8,137 3,743 5,002 200,000 4,588 5,847 200,000 4,646 5,904 200,000
5 1,798 10,431 5,087 6,166 200,000 6,358 7,436 200,000 6,446 7,525 200,000
6 1,798 12,841 6,390 7,289 200,000 8,175 9,074 200,000 8,303 9,202 200,000
7 1,798 15,371 7,645 8,365 200,000 10,038 10,757 200,000 10,215 10,934 200,000
8 1,798 18,027 8,848 9,387 200,000 11,941 12,481 200,000 12,180 12,719 200,000
9 1,798 20,816 9,990 10,350 200,000 13,880 14,239 200,000 14,195 14,555 200,000
10 1,798 23,745 11,063 11,243 200,000 15,846 16,026 200,000 16,257 16,436 200,000
11 1,798 26,820 12,328 12,328 200,000 18,113 18,113 200,000 18,629 18,629 200,000
12 1,798 30,049 13,325 13,325 200,000 20,228 20,228 200,000 20,862 20,862 200,000
13 1,798 33,439 14,227 14,227 200,000 22,366 22,366 200,000 23,124 23,124 200,000
14 1,798 36,999 15,025 15,025 200,000 24,519 24,519 200,000 25,424 25,424 200,000
15 1,798 40,736 15,707 15,707 200,000 26,679 26,679 200,000 27,760 27,760 200,000
16 1,798 44,661 16,259 16,259 200,000 28,831 28,831 200,000 30,130 30,130 200,000
17 1,798 48,782 16,657 16,657 200,000 30,956 30,956 200,000 32,530 32,530 200,000
18 1,798 53,109 16,872 16,872 200,000 33,026 33,026 200,000 34,961 34,961 200,000
19 1,798 57,652 16,870 16,870 200,000 35,008 35,008 200,000 37,421 37,421 200,000
20 1,798 62,422 16,615 16,615 200,000 36,869 36,869 200,000 39,909 39,909 200,000
21 1,798 67,431 16,071 16,071 200,000 38,576 38,576 200,000 42,426 42,426 200,000
22 1,798 72,691 15,207 15,207 200,000 40,096 40,096 200,000 44,908 44,908 200,000
23 1,798 78,213 13,991 13,991 200,000 41,400 41,400 200,000 47,363 47,363 200,000
24 1,798 84,012 12,385 12,385 200,000 42,451 42,451 200,000 49,788 49,788 200,000
25 1,798 90,100 10,336 10,336 200,000 43,198 43,198 200,000 52,169 52,169 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,797.92-Premium Mode: Annual-Riders: None
</TABLE>
D-18
<PAGE> 41
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- -------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 1,798 96,493 7,763 7,763 200,000 43,567 43,567 200,000 54,466 54,466 200,000
27 1,798 103,205 4,549 4,549 200,000 43,450 43,450 200,000 56,677 56,677 200,000
28 1,798 110,253 543 543 200,000 42,712 42,712 200,000 58,764 58,764 200,000
29 1,798 117,654 LAPSED LAPSED LAPSED 41,187 41,187 200,000 60,622 60,622 200,000
30 1,798 125,424 38,680 38,680 200,000 62,178 62,178 200,000
31 1,798 133,583 34,967 34,967 200,000 63,414 63,414 200,000
32 1,798 142,150 29,796 29,796 200,000 64,238 64,238 200,000
33 1,798 151,146 22,867 22,867 200,000 64,549 64,549 200,000
34 1,798 160,591 13,795 13,795 200,000 64,226 64,226 200,000
35 1,798 170,508 2,050 2,050 200,000 63,127 63,127 200,000
36 1,798 180,921 LAPSED LAPSED LAPSED 61,106 61,106 200,000
37 1,798 191,855 57,938 57,938 200,000
38 1,798 203,336 53,368 53,368 200,000
39 1,798 215,390 46,858 46,858 200,000
40 1,798 228,048 37,759 37,759 200,000
41 1,798 241,338 25,575 25,575 200,000
42 1,798 255,293 9,165 9,165 200,000
43 0 268,057 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,797.92-Premium Mode: Annual-Riders: None
</TABLE>
D-19
<PAGE> 42
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- --------------------------------- ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,932 0 1,419 200,000 0 1,608 200,000 0 1,608 200,000
5 1,932 5,593 6,752 200,000 8,603 9,762 200,000 8,701 9,860 200,000
10 1,932 12,196 12,389 200,000 24,984 25,178 200,000 25,476 25,669 200,000
20 1,932 18,908 18,908 200,000 91,845 91,845 200,000 94,631 94,631 200,000
@ Age 70 1,932 13,304 13,304 200,000 158,601 158,601 200,000 165,137 165,137 200,000
@ Age 85 1,932 LAPSED LAPSED LAPSED 768,789 768,789 807,229 811,135 811,135 851,692
@ Age 90 1,932 LAPSED LAPSED LAPSED 1,246,741 1,246,741 1,309,078 1,326,611 1,326,611 1,392,941
</TABLE>
* Policy lapses in policy year 29 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,932.08-Premium Mode: Annual-Riders: None
</TABLE>
D-20
<PAGE> 43
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------- -----------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,932 2,029 0 1,419 200,000 0 1,608 200,000 0 1,608 200,000
2 1,932 4,159 1,064 2,803 200,000 1,631 3,370 200,000 1,644 3,383 200,000
3 1,932 6,395 2,610 4,156 200,000 3,761 5,306 200,000 3,794 5,340 200,000
4 1,932 8,744 4,121 5,473 200,000 6,079 7,431 200,000 6,140 7,493 200,000
5 1,932 11,210 5,593 6,752 200,000 8,603 9,762 200,000 8,701 9,860 200,000
6 1,932 13,799 7,023 7,989 200,000 11,351 12,317 200,000 11,495 12,461 200,000
7 1,932 16,518 8,404 9,177 200,000 14,342 15,115 200,000 14,544 15,317 200,000
8 1,932 19,372 9,732 10,312 200,000 17,596 18,176 200,000 17,874 18,453 200,000
9 1,932 22,369 10,999 11,385 200,000 21,136 21,522 200,000 21,508 21,895 200,000
10 1,932 25,517 12,196 12,389 200,000 24,984 25,178 200,000 25,476 25,669 200,000
11 1,932 28,821 13,587 13,587 200,000 29,463 29,463 200,000 30,091 30,091 200,000
12 1,932 32,291 14,698 14,698 200,000 34,148 34,148 200,000 34,933 34,933 200,000
13 1,932 35,934 15,712 15,712 200,000 39,273 39,273 200,000 40,232 40,232 200,000
14 1,932 39,759 16,623 16,623 200,000 44,883 44,883 200,000 46,015 46,015 200,000
15 1,932 43,776 17,418 17,418 200,000 51,028 51,028 200,000 52,350 52,350 200,000
16 1,932 47,994 18,083 18,083 200,000 57,761 57,761 200,000 59,296 59,296 200,000
17 1,932 52,422 18,596 18,596 200,000 65,140 65,140 200,000 66,911 66,911 200,000
18 1,932 57,072 18,927 18,927 200,000 73,229 73,229 200,000 75,271 75,271 200,000
19 1,932 61,954 19,042 19,042 200,000 82,100 82,100 200,000 84,475 84,475 200,000
20 1,932 67,080 18,908 18,908 200,000 91,845 91,845 200,000 94,631 94,631 200,000
21 1,932 72,463 18,489 18,489 200,000 102,576 102,576 200,000 105,916 105,916 200,000
22 1,932 78,115 17,753 17,753 200,000 114,430 114,430 200,000 118,412 118,412 200,000
23 1,932 84,049 16,670 16,670 200,000 127,577 127,577 200,000 132,308 132,308 200,000
24 1,932 90,280 15,205 15,205 200,000 142,220 142,220 200,000 147,805 147,805 200,000
25 1,932 96,823 13,304 13,304 200,000 158,601 158,601 200,000 165,137 165,137 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,932.08-Premium Mode: Annual-Riders: None
</TABLE>
D-21
<PAGE> 44
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 1,932 103,693 10,888 10,888 200,000 177,010 177,010 203,562 184,526 184,526 212,205
27 1,932 110,906 7,843 7,843 200,000 197,525 197,525 223,204 206,026 206,026 232,810
28 1,932 118,480 4,022 4,022 200,000 220,218 220,218 244,442 229,842 229,842 255,125
29 1,932 126,433 LAPSED LAPSED LAPSED 245,343 245,343 267,424 256,229 256,229 279,290
30 1,932 134,783 273,205 273,205 292,329 285,492 285,492 305,477
31 1,932 143,551 304,164 304,164 319,372 317,986 317,986 333,885
32 1,932 152,758 338,317 338,317 355,232 353,893 353,893 371,587
33 1,932 162,424 375,973 375,973 394,772 393,553 393,553 413,230
34 1,932 172,574 417,469 417,469 438,343 437,333 437,333 459,199
35 1,932 183,231 463,165 463,165 486,324 485,632 485,632 509,914
36 1,932 194,422 513,445 513,445 539,117 538,888 538,888 565,832
37 1,932 206,171 568,713 568,713 597,149 597,564 597,564 627,442
38 1,932 218,509 629,394 629,394 660,864 662,166 662,166 695,274
39 1,932 231,463 695,928 695,928 730,725 733,183 733,183 769,843
40 1,932 245,065 768,789 768,789 807,229 811,135 811,135 851,692
41 1,932 259,346 848,484 848,484 890,908 896,640 896,640 941,472
42 1,932 274,342 935,551 935,551 982,328 990,244 990,244 1,039,756
43 1,932 290,088 1,030,555 1,030,555 1,082,082 1,092,693 1,092,693 1,147,328
44 1,932 306,621 1,134,080 1,134,080 1,190,784 1,204,586 1,204,586 1,264,816
45 1,932 323,981 1,246,741 1,246,741 1,309,078 1,326,611 1,326,611 1,392,941
46 1,932 342,209 1,369,106 1,369,106 1,437,561 1,459,604 1,459,604 1,532,584
47 1,932 361,348 1,505,605 1,505,605 1,565,830 1,607,615 1,607,615 1,671,919
48 1,932 381,444 1,658,674 1,658,674 1,708,434 1,773,177 1,773,177 1,826,372
49 1,932 402,545 1,831,350 1,831,350 1,867,977 1,959,665 1,959,665 1,998,858
50 1,932 424,701 2,027,594 2,027,594 2,047,870 2,170,762 2,170,762 2,192,470
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,932.08-Premium Mode: Annual-Riders: None
</TABLE>
D-22
<PAGE> 45
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
51 1,932 447,965 2,243,698 2,243,698 2,266,135 2,404,178 2,404,178 2,428,220
52 1,932 472,392 2,480,744 2,480,744 2,505,551 2,662,245 2,662,245 2,688,867
53 1,932 498,040 2,738,374 2,738,374 2,765,758 2,947,527 2,947,527 2,977,003
54 1,932 524,971 3,018,614 3,018,614 3,048,800 3,262,837 3,262,837 3,295,465
55 1,932 553,248 3,327,339 3,327,339 3,360,612 3,611,256 3,611,256 3,647,369
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,932.08-Premium Mode: Annual-Riders: None
</TABLE>
D-23
<PAGE> 46
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,220 0 784 200,784 0 784 200,784 0 784 200,784
5 1,220 3,038 3,770 203,770 3,038 3,770 203,770 3,090 3,822 203,822
10 1,220 6,938 7,060 207,060 6,938 7,060 207,060 7,231 7,353 207,353
20 1,220 12,500 12,500 212,500 12,500 12,500 212,500 14,838 14,838 214,838
@ Age 70 1,220 10,102 10,102 210,102 10,102 10,102 210,102 16,388 16,388 216,388
@ Age 85 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 30 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 30 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 36 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
</TABLE>
D-24
<PAGE> 47
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- -------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,220 1,281 0 784 200,784 0 784 200,784 0 784 200,784
2 1,220 2,625 456 1,553 201,553 456 1,553 201,553 461 1,559 201,559
3 1,220 4,037 1,332 2,308 202,308 1,332 2,308 202,308 1,348 2,324 202,324
4 1,220 5,520 2,194 3,047 203,047 2,194 3,047 203,047 2,225 3,078 203,078
5 1,220 7,077 3,038 3,770 203,770 3,038 3,770 203,770 3,090 3,822 203,822
6 1,220 8,711 3,865 4,474 204,474 3,865 4,474 204,474 3,945 4,555 204,555
7 1,220 10,428 4,671 5,159 205,159 4,671 5,159 205,159 4,787 5,275 205,275
8 1,220 12,230 5,454 5,820 205,820 5,454 5,820 205,820 5,617 5,983 205,983
9 1,220 14,122 6,211 6,455 206,455 6,211 6,455 206,455 6,432 6,676 206,676
10 1,220 16,109 6,938 7,060 207,060 6,938 7,060 207,060 7,231 7,353 207,353
11 1,220 18,195 7,882 7,882 207,882 7,882 7,882 207,882 8,262 8,262 208,262
12 1,220 20,385 8,663 8,663 208,663 8,663 8,663 208,663 9,145 9,145 209,145
13 1,220 22,685 9,399 9,399 209,399 9,399 9,399 209,399 9,998 9,998 209,998
14 1,220 25,100 10,083 10,083 210,083 10,083 10,083 210,083 10,819 10,819 210,819
15 1,220 27,636 10,708 10,708 210,708 10,708 10,708 210,708 11,604 11,604 211,604
16 1,220 30,299 11,265 11,265 211,265 11,265 11,265 211,265 12,348 12,348 212,348
17 1,220 33,094 11,741 11,741 211,741 11,741 11,741 211,741 13,048 13,048 213,048
18 1,220 36,030 12,119 12,119 212,119 12,119 12,119 212,119 13,699 13,699 213,699
19 1,220 39,112 12,380 12,380 212,380 12,380 12,380 212,380 14,297 14,297 214,297
20 1,220 42,348 12,500 12,500 212,500 12,500 12,500 212,500 14,838 14,838 214,838
21 1,220 45,746 12,455 12,455 212,455 12,455 12,455 212,455 15,316 15,316 215,316
22 1,220 49,314 12,221 12,221 212,221 12,221 12,221 212,221 15,720 15,720 215,720
23 1,220 53,061 11,773 11,773 211,773 11,773 11,773 211,773 16,033 16,033 216,033
24 1,220 56,994 11,080 11,080 211,080 11,080 11,080 211,080 16,257 16,257 216,257
25 1,220 61,125 10,102 10,102 210,102 10,102 10,102 210,102 16,388 16,388 216,388
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products III, or Janus Aspen Series that these hypothetical rates of
return can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
</TABLE>
D-25
<PAGE> 48
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- -------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 1,220 65,462 8,788 8,788 208,788 8,788 8,788 208,788 16,404 16,404 216,404
27 1,220 70,016 7,065 7,065 207,065 7,065 7,065 207,065 16,289 16,289 216,289
28 1,220 74,797 4,842 4,842 204,842 4,842 4,842 204,842 16,018 16,018 216,018
29 1,220 79,818 2,012 2,012 202,012 2,012 2,012 202,012 15,532 15,532 215,532
30 1,220 85,089 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 14,787 14,787 214,787
31 1,220 90,625 13,758 13,758 213,758
32 1,220 96,436 12,394 12,394 212,394
33 1,220 102,539 10,636 10,636 210,636
34 1,220 108,947 8,417 8,417 208,417
35 1,220 115,675 5,662 5,662 205,662
36 1,220 122,739 2,289 2,289 202,289
37 0 128,876 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc, Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products III, or Janus Aspen Series that these hypothetical rates of
return can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
</TABLE>
D-26
<PAGE> 49
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,220 0 784 200,784 0 840 200,840 0 840 200,840
5 1,220 3,038 3,770 203,770 3,828 4,559 204,559 3,885 4,617 204,617
10 1,220 6,938 7,060 207,060 9,908 10,030 210,030 10,256 10,378 210,378
20 1,220 12,500 12,500 212,500 25,354 25,354 225,354 28,505 28,505 228,505
@ Age 70 1,220 10,102 10,102 210,102 30,502 30,502 230,502 39,138 39,138 239,138
@ Age 85 1,220 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 39,245 39,245 239,245
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 30 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 35 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 43 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
</TABLE>
D-27
<PAGE> 50
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- --------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,220 1,281 0 784 200,784 0 840 200,840 0 840 200,840
2 1,220 2,625 456 1,553 201,553 617 1,715 201,715 623 1,721 201,721
3 1,220 4,037 1,332 2,308 202,308 1,650 2,626 202,626 1,667 2,642 202,642
4 1,220 5,520 2,194 3,047 203,047 2,720 3,574 203,574 2,753 3,607 203,607
5 1,220 7,077 3,038 3,770 203,770 3,828 4,559 204,559 3,885 4,617 204,617
6 1,220 8,711 3,865 4,474 204,474 4,973 5,583 205,583 5,062 5,672 205,672
7 1,220 10,428 4,671 5,159 205,159 6,155 6,643 206,643 6,287 6,775 206,775
8 1,220 12,230 5,454 5,820 205,820 7,372 7,738 207,738 7,561 7,926 207,926
9 1,220 14,122 6,211 6,455 206,455 8,624 8,868 208,868 8,883 9,127 209,127
10 1,220 16,109 6,938 7,060 207,060 9,908 10,030 210,030 10,256 10,378 210,378
11 1,220 18,195 7,882 7,882 207,882 11,480 11,480 211,480 11,938 11,938 211,938
12 1,220 20,385 8,663 8,663 208,663 12,967 12,967 212,967 13,558 13,558 213,558
13 1,220 22,685 9,399 9,399 209,399 14,489 14,489 214,489 15,236 15,236 215,236
14 1,220 25,100 10,083 10,083 210,083 16,041 16,041 216,041 16,972 16,972 216,972
15 1,220 27,636 10,708 10,708 210,708 17,615 17,615 217,615 18,765 18,765 218,765
16 1,220 30,299 11,265 11,265 211,265 19,203 19,203 219,203 20,612 20,612 220,612
17 1,220 33,094 11,741 11,741 211,741 20,791 20,791 220,791 22,512 22,512 222,512
18 1,220 36,030 12,119 12,119 212,119 22,362 22,362 222,362 24,463 24,463 224,463
19 1,220 39,112 12,380 12,380 212,380 23,891 23,891 223,891 26,462 26,462 226,462
20 1,220 42,348 12,500 12,500 212,500 25,354 25,354 225,354 28,505 28,505 228,505
21 1,220 45,746 12,455 12,455 212,455 26,719 26,719 226,719 30,590 30,590 230,590
22 1,220 49,314 12,221 12,221 212,221 27,955 27,955 227,955 32,706 32,706 232,706
23 1,220 53,061 11,773 11,773 211,773 29,027 29,027 229,027 34,836 34,836 234,836
24 1,220 56,994 11,080 11,080 211,080 29,894 29,894 229,894 36,982 36,982 236,982
25 1,220 61,125 10,102 10,102 210,102 30,502 30,502 230,502 39,138 39,138 239,138
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
</TABLE>
D-28
<PAGE> 51
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------- ------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 1,220 65,462 8,788 8,788 208,788 30,781 30,781 230,781 41,283 41,283 241,283
27 1,220 70,016 7,065 7,065 207,065 30,638 30,638 230,638 43,398 43,398 243,398
28 1,220 74,797 4,842 4,842 204,842 29,952 29,952 229,952 45,453 45,453 245,453
29 1,220 79,818 2,012 2,012 202,012 28,580 28,580 228,580 47,385 47,385 247,385
30 1,220 85,089 LAPSED LAPSED LAPSED 26,366 26,366 226,366 49,138 49,138 249,138
31 1,220 90,625 23,140 23,140 223,140 50,674 50,674 250,674
32 1,220 96,436 18,729 18,729 218,729 51,929 51,929 251,929
33 1,220 102,539 12,947 12,947 212,947 52,823 52,823 252,823
34 1,220 108,947 5,587 5,587 205,587 53,266 53,266 253,266
35 1,220 115,675 LAPSED LAPSED LAPSED 53,153 53,153 253,153
36 1,220 122,739 52,365 52,365 252,365
37 1,220 130,157 50,780 50,780 250,780
38 1,220 137,945 48,261 48,261 248,261
39 1,220 146,123 44,514 44,514 244,514
40 1,220 154,710 39,245 39,245 239,245
41 1,220 163,726 32,282 32,282 232,282
42 1,220 173,194 23,286 23,286 223,286
43 1,220 183,134 11,919 11,919 211,919
44 0 192,291 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,219.73-Premium Mode: Annual-Riders: None
</TABLE>
D-29
<PAGE> 52
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- ---------------------------- ----------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,323 0 876 200,876 0 999 200,999 0 999 200,999
5 1,323 3,426 4,220 204,220 5,334 6,128 206,128 5,397 6,191 206,191
10 1,323 7,803 7,936 207,936 15,898 16,030 216,030 16,315 16,447 216,447
20 1,323 14,189 14,189 214,189 60,350 60,350 260,350 63,941 63,941 263,941
@ Age 70 1,323 12,166 12,166 212,166 100,148 100,148 300,148 110,276 110,276 310,276
@ Age 85 1,323 LAPSED LAPSED LAPSED 268,483 268,483 468,483 453,642 453,642 653,642
@ Age 90 1,323 LAPSED LAPSED LAPSED 252,535 252,535 452,535 661,426 661,426 861,426
</TABLE>
* Policy lapses in policy year 31 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 51 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
</TABLE>
D-30
<PAGE> 53
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1,323 1,389 0 876 200,876 0 999 200,999 0 999 200,999
2 1,323 2,847 546 1,736 201,736 910 2,100 202,100 916 2,107 202,107
3 1,323 4,379 1,523 2,581 202,581 2,256 3,315 203,315 2,274 3,332 203,332
4 1,323 5,986 2,483 3,409 203,409 3,727 4,653 204,653 3,763 4,689 204,689
5 1,323 7,675 3,426 4,220 204,220 5,334 6,128 206,128 5,397 6,191 206,191
6 1,323 9,447 4,350 5,011 205,011 7,091 7,752 207,752 7,191 7,852 207,852
7 1,323 11,309 5,253 5,782 205,782 9,010 9,539 209,539 9,161 9,690 209,690
8 1,323 13,263 6,131 6,528 206,528 11,107 11,504 211,504 11,325 11,722 211,722
9 1,323 15,315 6,983 7,247 207,247 13,397 13,662 213,662 13,702 13,967 213,967
10 1,323 17,470 7,803 7,936 207,936 15,898 16,030 216,030 16,315 16,447 216,447
11 1,323 19,732 8,843 8,843 208,843 18,899 18,899 218,899 19,457 19,457 219,457
12 1,323 22,108 9,709 9,709 209,709 22,045 22,045 222,045 22,777 22,777 222,777
13 1,323 24,602 10,528 10,528 210,528 25,494 25,494 225,494 26,436 26,436 226,436
14 1,323 27,221 11,295 11,295 211,295 29,271 29,271 229,271 30,450 30,450 230,450
15 1,323 29,971 12,002 12,002 212,002 33,404 33,404 233,404 34,840 34,840 234,840
16 1,323 32,858 12,639 12,639 212,639 37,920 37,920 237,920 39,652 39,652 239,652
17 1,323 35,890 13,195 13,195 213,195 42,847 42,847 242,847 44,921 44,921 244,921
18 1,323 39,074 13,653 13,653 213,653 48,211 48,211 248,211 50,686 50,686 250,686
19 1,323 42,416 13,992 13,992 213,992 54,037 54,037 254,037 56,998 56,998 256,998
20 1,323 45,926 14,189 14,189 214,189 60,350 60,350 260,350 63,941 63,941 263,941
21 1,323 49,611 14,221 14,221 214,221 67,174 67,174 267,174 71,586 71,586 271,586
22 1,323 53,481 14,063 14,063 214,063 74,538 74,538 274,538 79,970 79,970 279,970
23 1,323 57,544 13,689 13,689 213,689 82,471 82,471 282,471 89,152 89,152 289,152
24 1,323 61,810 13,070 13,070 213,070 91,001 91,001 291,001 99,223 99,223 299,223
25 1,323 66,289 12,166 12,166 212,166 100,148 100,148 300,148 110,276 110,276 310,276
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance
Products Fund III, or Janus Aspen Series that these hypothetical rates of return
can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/06/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Form # B1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
</TABLE>
D-31
<PAGE> 54
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------- ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 1,323 70,992 10,924 10,924 210,924 109,919 109,919 309,919 122,391 122,391 322,391
27 1,323 75,931 9,273 9,273 209,273 120,303 120,303 320,303 135,664 135,664 335,664
28 1,323 81,116 7,121 7,121 207,121 131,264 131,264 331,264 150,192 150,192 350,192
29 1,323 86,561 4,361 4,361 204,361 142,745 142,745 342,745 166,042 166,042 366,042
30 1,323 92,278 879 879 200,879 154,677 154,677 354,677 183,307 183,307 383,307
31 1,323 98,281 LAPSED LAPSED LAPSED 166,977 166,977 366,977 202,080 202,080 402,080
32 1,323 104,584 179,559 179,559 379,559 222,457 222,457 422,457
33 1,323 111,202 192,321 192,321 392,321 244,531 244,531 444,531
34 1,323 118,151 205,140 205,140 405,140 268,392 268,392 468,392
35 1,323 125,448 217,845 217,845 417,845 294,134 294,134 494,134
36 1,323 133,109 230,195 230,195 430,195 321,844 321,844 521,844
37 1,323 141,153 241,869 241,869 441,869 351,621 351,621 551,621
38 1,323 149,600 252,459 252,459 452,459 383,564 383,564 583,564
39 1,323 158,469 261,498 261,498 461,498 417,593 417,593 617,593
40 1,323 167,781 268,483 268,483 468,483 453,642 453,642 653,642
41 1,323 177,559 272,882 272,882 472,882 491,740 491,740 691,740
42 1,323 187,826 274,131 274,131 474,131 531,762 531,762 731,762
43 1,323 198,606 271,620 271,620 471,620 573,582 573,582 773,582
44 1,323 209,925 264,682 264,682 464,682 616,885 616,885 816,885
45 1,323 221,811 252,535 252,535 452,535 661,426 661,426 861,426
46 1,323 234,290 234,268 234,268 434,268 706,924 706,924 906,924
47 1,323 247,393 208,749 208,749 408,749 753,016 753,016 953,016
48 1,323 261,152 174,502 174,502 374,502 799,280 799,280 999,280
48 1,323 275,599 129,375 129,375 329,375 846,275 846,275 1,046,275
50 1,323 290,767 69,777 69,777 269,777 893,820 893,820 1,093,820
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/06/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Form # B1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
</TABLE>
D-32
<PAGE> 55
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
51 1,323 306,695 LAPSED LAPSED LAPSED 941,638 941,638 1,141,638
51 1,323 323,418 988,262 988,262 1,188,262
53 1,323 340,978 1,034,945 1,034,945 1,234,945
54 1,323 359,416 1,081,483 1,081,483 1,281,483
55 1,323 378,776 1,127,791 1,127,791 1,327,791
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 45 Male Non-Smoker Preferred Prepared On: 09/06/00
Age 45 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 2 Form # B1-98
Initial Modal Premium: $1,322.78-Premium Mode: Annual-Riders: None
</TABLE>
D-33
<PAGE> 56
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 692 0 361 200,000 0 361 200,000 0 361 200,000
5 692 1,337 1,753 200,000 1,337 1,753 200,000 1,348 1,764 200,000
10 692 3,279 3,348 200,000 3,279 3,348 200,000 3,335 3,404 200,000
20 692 7,476 7,476 200,000 7,476 7,476 200,000 7,955 7,955 200,000
@ Age 70 692 2,890 2,890 200,000 2,890 2,890 200,000 10,023 10,023 200,000
@ Age 85 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 37 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 37 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 43 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
</TABLE>
D-34
<PAGE> 57
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- --------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 692 727 0 361 200,000 0 361 200,000 0 361 200,000
2 692 1,490 94 717 200,000 94 717 200,000 96 719 200,000
3 692 2,292 514 1,068 200,000 514 1,068 200,000 518 1,072 200,000
4 692 3,133 928 1,413 200,000 928 1,413 200,000 935 1,420 200,000
5 692 4,017 1,337 1,753 200,000 1,337 1,753 200,000 1,348 1,764 200,000
6 692 4,945 1,740 2,086 200,000 1,740 2,086 200,000 1,757 2,103 200,000
7 692 5,919 2,135 2,412 200,000 2,135 2,412 200,000 2,160 2,436 200,000
8 692 6,942 2,524 2,732 200,000 2,524 2,732 200,000 2,557 2,765 200,000
9 692 8,016 2,906 3,044 200,000 2,906 3,044 200,000 2,949 3,088 200,000
10 692 9,144 3,279 3,348 200,000 3,279 3,348 200,000 3,335 3,404 200,000
11 692 10,328 3,831 3,831 200,000 3,831 3,831 200,000 3,902 3,902 200,000
12 692 11,572 4,302 4,302 200,000 4,302 4,302 200,000 4,391 4,391 200,000
13 692 12,877 4,761 4,761 200,000 4,761 4,761 200,000 4,872 4,872 200,000
14 692 14,248 5,205 5,205 200,000 5,205 5,205 200,000 5,344 5,344 200,000
15 692 15,687 5,635 5,635 200,000 5,635 5,635 200,000 5,806 5,806 200,000
16 692 17,199 6,047 6,047 200,000 6,047 6,047 200,000 6,257 6,257 200,000
17 692 18,786 6,441 6,441 200,000 6,441 6,441 200,000 6,698 6,698 200,000
18 692 20,452 6,812 6,812 200,000 6,812 6,812 200,000 7,129 7,129 200,000
19 692 22,202 7,159 7,159 200,000 7,159 7,159 200,000 7,548 7,548 200,000
20 692 24,039 7,476 7,476 200,000 7,476 7,476 200,000 7,955 7,955 200,000
21 692 25,967 7,761 7,761 200,000 7,761 7,761 200,000 8,350 8,350 200,000
22 692 27,993 8,009 8,009 200,000 8,009 8,009 200,000 8,727 8,727 200,000
23 692 30,119 8,215 8,215 200,000 8,215 8,215 200,000 9,085 9,085 200,000
24 692 32,352 8,374 8,374 200,000 8,374 8,374 200,000 9,420 9,420 200,000
25 692 34,697 8,479 8,479 200,000 8,479 8,479 200,000 9,728 9,728 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<C> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
</TABLE>
D-35
<PAGE> 58
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- --------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 692 37,159 8,521 8,521 200,000 8,521 8,521 200,000 10,005 10,005 200,000
27 692 39,744 8,486 8,486 200,000 8,486 8,486 200,000 10,246 10,246 200,000
28 692 42,458 8,358 8,358 200,000 8,358 8,358 200,000 10,447 10,447 200,000
29 692 45,308 8,116 8,116 200,000 8,116 8,116 200,000 10,595 10,595 200,000
30 692 48,300 7,738 7,738 200,000 7,738 7,738 200,000 10,687 10,687 200,000
31 692 51,442 7,200 7,200 200,000 7,200 7,200 200,000 10,709 10,709 200,000
32 692 54,741 6,476 6,476 200,000 6,476 6,476 200,000 10,663 10,663 200,000
33 692 58,205 5,540 5,540 200,000 5,540 5,540 200,000 10,533 10,533 200,000
34 692 61,843 4,359 4,359 200,000 4,359 4,359 200,000 10,321 10,321 200,000
35 692 65,662 2,890 2,890 200,000 2,890 2,890 200,000 10,023 10,023 200,000
36 692 69,672 1,072 1,072 200,000 1,072 1,072 200,000 9,616 9,616 200,000
37 692 73,882 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 9,086 9,086 200,000
38 692 78,304 8,406 8,406 200,000
39 692 82,946 7,518 7,518 200,000
40 692 87,820 6,374 6,374 200,000
41 692 92,938 4,946 4,946 200,000
42 692 98,312 3,178 3,178 200,000
43 692 103,955 1,000 1,000 200,000
44 0 109,152 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
</TABLE>
D-36
<PAGE> 59
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 692 0 361 200,000 0 391 200,000 0 391 200,000
5 692 1,337 1,753 200,000 1,720 2,136 200,000 1,733 2,148 200,000
10 692 3,279 3,348 200,000 4,706 4,775 200,000 4,773 4,842 200,000
20 692 7,476 7,476 200,000 14,092 14,092 200,000 14,718 14,718 200,000
@ Age 70 692 2,890 2,890 200,000 27,870 27,870 200,000 37,355 37,355 200,000
@ Age 85 692 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 38,123 38,123 200,000
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 37 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 44 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 53 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
---------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
------------------------------------- -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
-------------------------------------- -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
</TABLE>
D-37
<PAGE> 60
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- --------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 692 727 0 361 200,000 0 391 200,000 0 391 200,000
2 692 1,490 94 717 200,000 175 798 200,000 177 800 200,000
3 692 2,292 514 1,068 200,000 671 1,225 200,000 675 1,229 200,000
4 692 3,133 928 1,413 200,000 1,186 1,670 200,000 1,193 1,678 200,000
5 692 4,017 1,337 1,753 200,000 1,720 2,136 200,000 1,733 2,148 200,000
6 692 4,945 1,740 2,086 200,000 2,275 2,621 200,000 2,294 2,640 200,000
7 692 5,919 2,135 2,412 200,000 2,851 3,127 200,000 2,878 3,155 200,000
8 692 6,942 2,524 2,732 200,000 3,447 3,655 200,000 3,485 3,693 200,000
9 692 8,016 2,906 3,044 200,000 4,066 4,204 200,000 4,117 4,255 200,000
10 692 9,144 3,279 3,348 200,000 4,706 4,775 200,000 4,773 4,842 200,000
11 692 10,328 3,831 3,831 200,000 5,563 5,563 200,000 5,649 5,649 200,000
12 692 11,572 4,302 4,302 200,000 6,382 6,382 200,000 6,492 6,492 200,000
13 692 12,877 4,761 4,761 200,000 7,235 7,235 200,000 7,374 7,374 200,000
14 692 14,248 5,205 5,205 200,000 8,119 8,119 200,000 8,294 8,294 200,000
15 692 15,687 5,635 5,635 200,000 9,037 9,037 200,000 9,254 9,254 200,000
16 692 17,199 6,047 6,047 200,000 9,987 9,987 200,000 10,257 10,257 200,000
17 692 18,786 6,441 6,441 200,000 10,970 10,970 200,000 11,303 11,303 200,000
18 692 20,452 6,812 6,812 200,000 11,982 11,982 200,000 12,394 12,394 200,000
19 692 22,202 7,159 7,159 200,000 13,024 13,024 200,000 13,532 13,532 200,000
20 692 24,039 7,476 7,476 200,000 14,092 14,092 200,000 14,718 14,718 200,000
21 692 25,967 7,761 7,761 200,000 15,183 15,183 200,000 15,955 15,955 200,000
22 692 27,993 8,009 8,009 200,000 16,295 16,295 200,000 17,240 17,240 200,000
23 692 30,119 8,215 8,215 200,000 17,424 17,424 200,000 18,572 18,572 200,000
24 692 32,352 8,374 8,374 200,000 18,566 18,566 200,000 19,951 19,951 200,000
25 692 34,697 8,479 8,479 200,000 19,714 19,714 200,000 21,376 21,376 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
</TABLE>
D-38
<PAGE> 61
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- --------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 692 37,159 8,521 8,521 200,000 20,859 20,859 200,000 22,845 22,845 200,000
27 692 39,744 8,486 8,486 200,000 21,990 21,990 200,000 24,355 24,355 200,000
28 692 42,458 8,358 8,358 200,000 23,091 23,091 200,000 25,904 25,904 200,000
29 692 45,308 8,116 8,116 200,000 24,139 24,139 200,000 27,484 27,484 200,000
30 692 48,300 7,738 7,738 200,000 25,112 25,112 200,000 29,091 29,091 200,000
31 692 51,442 7,200 7,200 200,000 25,986 25,986 200,000 30,716 30,716 200,000
32 692 54,741 6,476 6,476 200,000 26,731 26,731 200,000 32,362 32,362 200,000
33 692 58,205 5,540 5,540 200,000 27,320 27,320 200,000 34,016 34,016 200,000
34 692 61,843 4,359 4,359 200,000 27,715 27,715 200,000 35,681 35,681 200,000
35 692 65,662 2,890 2,890 200,000 27,870 27,870 200,000 37,355 37,355 200,000
36 692 69,672 1,072 1,072 200,000 27,720 27,720 200,000 39,021 39,021 200,000
37 692 73,882 LAPSED LAPSED LAPSED 27,180 27,180 200,000 40,667 40,667 200,000
38 692 78,304 26,134 26,134 200,000 42,272 42,272 200,000
39 692 82,946 24,442 24,442 200,000 43,785 43,785 200,000
40 692 87,820 21,937 21,937 200,000 45,170 45,170 200,000
41 602 92,938 18,427 18,427 200,000 46,399 46,399 200,000
42 692 98,312 13,684 13,684 200,000 47,425 47,425 200,000
43 692 103,955 7,436 7,436 200,000 48,190 48,190 200,000
44 692 109,879 LAPSED LAPSED LAPSED 48,625 48,625 200,000
45 692 116,100 48,649 48,649 200,000
46 692 122,632 48,163 48,163 200,000
47 692 129,491 47,060 47,060 200,000
48 692 136,692 45,207 45,207 200,000
49 692 144,254 42,331 42,331 200,000
50 692 152,194 38,123 38,123 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
</TABLE>
D-39
<PAGE> 62
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- --------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
51 692 160,530 32,317 32,317 200,000
52 692 169,284 24,444 24,444 200,000
53 692 178,475 13,917 13,917 200,000
54 0 187,399 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $692.37-Premium Mode: Annual-Riders: None
</TABLE>
D-40
<PAGE> 63
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- --------------------------------- ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 752 0 415 200,000 0 479 200,000 0 479 200,000
5 752 1,561 2,013 200,000 2,507 2,958 200,000 2,521 2,972 200,000
10 752 3,779 3,855 200,000 7,756 7,831 200,000 7,836 7,912 200,000
20 752 8,456 8,456 200,000 32,195 32,195 200,000 32,866 32,866 200,000
@ Age 70 752 4,569 4,569 200,000 163,023 163,023 200,000 171,177 171,177 200,000
@ Age 85 752 LAPSED LAPSED LAPSED 760,166 760,166 798,184 813,486 813,486 854,160
@ Age 90 752 LAPSED LAPSED LAPSED 1,230,422 1,230,422 1,291,965 1,339,836 1,339,836 1,406,828
</TABLE>
* Policy lapses in policy year 38 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/06/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $751.91-Premium Mode: Annual-Riders: None
</TABLE>
D-41
<PAGE> 64
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------------------- ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 752 790 0 415 200,000 0 479 200,000 0 479 200,000
2 752 1,618 146 823 200,000 332 1,009 200,000 334 1,010 200,000
3 752 2,489 624 1,226 200,000 993 1,595 200,000 997 1,599 200,000
4 752 3,403 1,096 1,622 200,000 1,716 2,242 200,000 1,724 2,250 200,000
5 752 4,363 1,561 2,013 200,000 2,507 2,958 200,000 2,521 2,972 200,000
6 752 5,370 2,020 2,396 200,000 3,373 3,749 200,000 3,394 3,770 200,000
7 752 6,428 2,472 2,772 200,000 4,322 4,623 200,000 4,353 4,654 200,000
8 752 7,539 2,916 3,141 200,000 5,363 5,588 200,000 5,407 5,632 200,000
9 752 8,706 3,352 3,502 200,000 6,504 6,654 200,000 6,564 6,714 200,000
10 752 9,930 3,779 3,855 200,000 7,756 7,831 200,000 7,836 7,912 200,000
11 752 11,216 4,387 4,387 200,000 9,333 9,333 200,000 9,439 9,439 200,000
12 752 12,567 4,907 4,907 200,000 10,992 10,992 200,000 11,128 11,128 200,000
13 752 13,984 5,414 5,414 200,000 12,824 12,824 200,000 12,999 12,999 200,000
14 752 15,473 5,906 5,906 200,000 14,846 14,846 200,000 15,065 15,065 200,000
15 752 17,036 6,383 6,383 200,000 17,077 17,077 200,000 17,347 17,347 200,000
16 752 18,678 6,843 6,843 200,000 19,540 19,540 200,000 19,866 19,866 200,000
17 752 20,401 7,283 7,283 200,000 22,256 22,256 200,000 22,647 22,647 200,000
18 752 22,211 7,701 7,701 200,000 25,252 25,252 200,000 25,715 25,715 200,000
19 752 24,111 8,093 8,093 200,000 28,555 28,555 200,000 29,110 29,110 200,000
20 752 26,106 8,456 8,456 200,000 32,195 32,195 200,000 32,866 32,866 200,000
21 752 28,201 8,786 8,786 200,000 36,206 36,206 200,000 37,024 37,024 200,000
22 752 30,400 9,078 9,078 200,000 40,627 40,627 200,000 41,618 41,618 200,000
23 752 32,710 9,329 9,329 200,000 45,500 45,500 200,000 46,694 46,694 200,000
24 752 35,135 9,533 9,533 200,000 50,871 50,871 200,000 52,301 52,301 200,000
25 752 37,681 9,682 9,682 200,000 56,793 56,793 200,000 58,496 58,496 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/06/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $751,91-Premium Mode: Annual-Riders: None
</TABLE>
D-42
<PAGE> 65
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------------------- ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 752 40,354 9,768 9,768 200,000 63,321 63,321 200,000 65,340 65,340 200,000
27 752 43,162 9,778 9,778 200,000 70,518 70,518 200,000 72,902 72,902 200,000
28 752 46,109 9,695 9,695 200,000 78,452 78,452 200,000 81,259 81,259 200,000
29 752 49,204 9,499 9,499 200,000 87,200 87,200 200,000 90,499 90,499 200,000
30 752 52,454 9,167 9,167 200,000 96,851 96,851 200,000 100,725 100,725 200,000
31 752 55,866 8,675 8,675 200,000 107,510 107,510 200,000 112,044 112,044 200,000
32 752 59,449 7,999 7,999 200,000 119,299 119,299 200,000 124,592 124,592 200,000
33 752 63,211 7,113 7,113 200,000 132,363 132,363 200,000 138,511 138,511 200,000
34 752 67,161 5,984 5,984 200,000 146,871 146,871 200,000 153,975 153,975 200,000
35 752 71,308 4,569 4,569 200,000 163,023 163,023 200,000 171,177 171,177 200,000
36 752 75,663 2,809 2,809 200,000 181,044 181,044 208,200 190,287 190,287 218,830
37 752 80,236 621 621 200,000 201,033 201,033 227,167 211,461 211,461 238,951
38 752 85,037 LAPSED LAPSED LAPSED 223,154 223,154 247,701 234,923 234,923 260,764
39 752 90,079 247,648 247,648 269,937 260,924 260,924 284,407
40 752 95,372 274,797 274,797 294,032 289,749 289,749 310,032
41 752 100,930 304,928 304,928 320,175 321,723 321,723 337,810
42 752 106,766 338,211 338,211 355,121 357,116 357,116 374,972
43 752 112,894 374,954 374,954 393,701 396,282 396,282 416,096
44 752 119,328 415,493 415,493 436,268 439,608 439,608 461,589
45 752 126,084 460,190 460,190 483,200 487,521 487,521 511,897
46 752 133,178 509,428 509,428 534,899 540,482 540,482 567,506
47 752 140,626 563,611 563,611 591,791 598,998 598,998 628,947
48 752 148,447 623,162 623,162 654,320 663,618 663,618 696,799
49 752 156,659 688,525 688,525 722,952 734,910 734,910 771,656
50 752 165,281 760,166 760,166 798,174 813,486 813,486 854,160
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/06/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $751.91-Premium Mode: Annual-Riders: None
</TABLE>
D-43
<PAGE> 66
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
-------------------------------------------------------------- ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
51 752 174,335 838,574 838,574 880,503 900,017 900,017 945,018
52 752 183,841 924,262 924,262 970,476 995,191 995,191 1,044,951
53 752 193,823 1,017,767 1,017,767 1,068,655 1,099,734 1,099,734 1,154,721
54 752 204,303 1,119,641 1,119,641 1,175,623 1,214,363 1,214,363 1,275,081
55 752 215,308 1,230,442 1,230,442 1,291,965 1,339,836 1,339,836 1,406,828
56 752 226,863 1,350,720 1,350,720 1,418,256 1,476,927 1,476,927 1,550,773
57 752 238,996 1,484,663 1,484,663 1,544,049 1,628,902 1,628,902 1,694,058
58 752 251,735 1,634,667 1,634,667 1,683,707 1,798,108 1,798,108 1,852,052
59 752 265,111 1,803,747 1,803,747 1,839,822 1,987,665 1,987,665 2,027,418
60 752 279,156 1,995,856 1,995,856 2,015,814 2,201,175 2,201,175 2,223,187
61 752 293,904 2,207,396 2,207,396 2,229,470 2,437,181 2,437,181 2,461,553
62 752 309,388 2,439,427 2,439,427 2,463,821 2,697,890 2,697,890 2,724,869
63 752 325,647 2,691,590 2,691,590 2,718,506 2,985,955 2,985,955 3,015,815
64 752 342,719 2,965,862 2,965,862 2,995,521 3,304,175 3,304,175 3,337,217
65 752 360,645 3,268,013 3,268,013 3,300,693 3,655,640 3,655,640 3,692,196
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products III, or Janus Aspen Series that these hypothetical rates of
return can be achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C>
Age 35 Male Non-Smoker Preferred Prepared On: 09/06/00
Age 35 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $751.91-Premium Mode: Annual-Riders: None
</TABLE>
D-44
<PAGE> 67
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- --------------------------- ---------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,170 0 1,513 200,000 0 1,513 200,000 0 1,513 200,000
5 2,170 5,775 7,077 200,000 5,775 7,077 200,000 6,076 7,378 200,000
10 2,170 12,218 12,435 200,000 12,218 12,435 200,000 13,962 14,179 200,000
20 2,170 10,912 10,912 200,000 10,912 10,912 200,000 26,414 26,414 200,000
@ Age 70 2,170 15,998 15,998 200,000 15,998 15,998 200,000 21,823 21,823 200,000
@ Age 85 2,170 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 7,478 7,478 200,000
@ Age 90 0 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED
</TABLE>
* Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
*** Policy lapses in policy year 31 based on current charges and a gross
investment return of 0.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $2,170.04-Premium Mode: Annual-Riders: None
</TABLE>
D-45
<PAGE> 68
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- -------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,170 2,279 0 1,513 200,000 0 1,513 200,000 0 1,513 200,000
2 2,170 4,671 1,023 2,976 200,000 1,023 2,976 200,000 1,055 3,008 200,000
3 2,170 7,183 2,659 4,395 200,000 2,659 4,395 200,000 2,749 4,485 200,000
4 2,170 9,821 4,245 5,764 200,000 4,245 5,764 200,000 4,422 5,941 200,000
5 2,170 12,590 5,775 7,077 200,000 5,775 7,077 200,000 6,076 7,378 200,000
6 2,170 15,498 7,242 8,327 200,000 7,242 8,327 200,000 7,707 8,792 200,000
7 2,170 18,552 8,635 9,503 200,000 8,635 9,503 200,000 9,314 10,182 200,000
8 2,170 21,758 9,941 10,592 200,000 9,941 10,592 200,000 10,894 11,545 200,000
9 2,170 25,124 11,142 11,576 200,000 11,142 11,576 200,000 12,445 12,879 200,000
10 2,170 28,659 12,218 12,435 200,000 12,218 12,435 200,000 13,962 14,179 200,000
11 2,170 32,371 13,546 13,546 200,000 13,546 13,546 200,000 15,836 15,836 200,000
12 2,170 36,268 14,484 14,484 200,000 14,484 14,484 200,000 17,442 17,442 200,000
13 2,170 40,360 15,226 15,226 200,000 15,226 15,226 200,000 18,989 18,989 200,000
14 2,170 44,656 15,743 15,743 200,000 15,743 15,743 200,000 20,454 20,454 200,000
15 2,170 49,168 15,998 15,998 200,000 15,998 15,998 200,000 21,823 21,823 200,000
16 2,170 53,905 15,942 15,942 200,000 15,942 15,942 200,000 23,061 23,061 200,000
17 2,170 58,878 15,505 15,505 200,000 15,505 15,505 200,000 24,160 24,160 200,000
18 2,170 64,101 14,599 14,599 200,000 14,599 14,599 200,000 25,098 25,098 200,000
19 2,170 69,584 13,110 13,110 200,000 13,110 13,110 200,000 25,857 25,857 200,000
20 2,170 75,342 10,912 10,912 200,000 10,912 10,912 200,000 26,414 26,414 200,000
21 2,170 81,388 7,860 7,860 200,000 7,860 7,860 200,000 26,750 26,750 200,000
22 2,170 87,736 3,792 3,792 200,000 3,792 3,792 200,000 26,800 26,800 200,000
23 2,170 94,401 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 26,510 26,510 200,000
24 2,170 101,400 25,815 25,815 200,000
25 2,170 108,748 24,640 24,640 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $2,170.04-Premium Mode: Annual-Riders: None
</TABLE>
D-46
<PAGE> 69
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------- -------------------------
0.00% (-.75% NET) 0.00% (-.75% NET) 0.00% (-.75% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 2,170 116,464 22,894 22,894 200,000
27 2,170 124,566 20,481 20,481 200,000
28 2,170 133,073 17,284 17,284 200,000
29 2,170 142,005 13,045 13,045 200,000
30 2,170 151,384 7,478 7,478 200,000
31 2,170 161,231 365 365 200,000
32 0 169,293 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 0.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $2,170.04-Premium Mode: Annual-Riders: None
</TABLE>
D-47
<PAGE> 70
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- -------------------------- --------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,170 0 1,513 200,000 0 1,616 200,000 0 1,616 200,000
5 2,170 5,775 7,077 200,000 7,256 8,558 200,000 7,583 8,885 200,000
10 2,170 12,218 12,435 200,000 17,711 17,928 200,000 19,747 19,964 200,000
20 2,170 10,912 10,912 200,000 33,291 33,291 200,000 52,680 52,680 200,000
@ Age 70 2,170 15,998 15,998 200,000 28,410 28,410 200,000 35,522 35,522 200,000
@ Age 85 2,170 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 79,774 79,774 200,000
@ Age 90 2,170 LAPSED LAPSED LAPSED LAPSED LAPSED LAPSED 67,820 67,820 200,000
</TABLE>
* Policy lapses in policy year 23 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy lapses in policy year 27 based on guaranteed charges and a gross
investment return of 6.00%.
*** Policy lapses in policy year 39 based on current charges and a gross
investment return of 6.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $2,170.04-Premium Mode: Annual-Riders: None
</TABLE>
D-48
<PAGE> 71
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- --------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,170 2,279 0 1,513 200,000 0 1,616 200,000 0 1,616 200,000
2 2,170 4,671 1,023 2,976 200,000 1,324 3,277 200,000 1,357 3,310 200,000
3 2,170 7,183 2,659 4,395 200,000 3,254 4,990 200,000 3,349 5,085 200,000
4 2,170 9,821 4,245 5,764 200,000 5,233 6,752 200,000 5,423 6,942 200,000
5 2,170 12,590 5,775 7,077 200,000 7,256 8,558 200,000 7,583 8,885 200,000
6 2,170 15,498 7,242 8,327 200,000 9,317 10,402 200,000 9,832 10,917 200,000
7 2,170 18,552 8,635 9,503 200,000 11,408 12,276 200,000 12,171 13,039 200,000
8 2,170 21,758 9,941 10,592 200,000 13,516 14,167 200,000 14,603 15,254 200,000
9 2,170 25,124 11,142 11,576 200,000 15,624 16,058 200,000 17,128 17,562 200,000
10 2,170 28,659 12,218 12,435 200,000 17,711 17,928 200,000 19,747 19,964 200,000
11 2,170 32,371 13,546 13,546 200,000 20,170 20,170 200,000 22,870 22,870 200,000
12 2,170 36,268 14,484 14,484 200,000 22,367 22,367 200,000 25,885 25,885 200,000
13 2,170 40,360 15,226 15,226 200,000 24,493 24,493 200,000 29,009 29,009 200,000
14 2,170 44,656 15,743 15,743 200,000 26,520 26,520 200,000 32,224 32,224 200,000
15 2,170 49,168 15,998 15,998 200,000 28,410 28,410 200,000 35,522 35,522 200,000
16 2,170 53,905 15,942 15,942 200,000 30,110 30,110 200,000 38,875 38,875 200,000
17 2,170 58,878 15,505 15,505 200,000 31,551 31,551 200,000 42,280 42,280 200,000
18 2,170 64,101 14,599 14,599 200,000 32,641 32,641 200,000 45,725 45,725 200,000
19 2,170 69,584 13,110 13,110 200,000 33,265 33,265 200,000 49,195 49,195 200,000
20 2,170 75,342 10,912 10,912 200,000 33,291 33,291 200,000 52,680 52,680 200,000
21 2,170 81,388 7,860 7,860 200,000 32,567 32,567 200,000 56,168 56,168 200,000
22 2,170 87,736 3,792 3,792 200,000 30,921 30,921 200,000 59,614 59,614 200,000
23 2,170 94,401 LAPSED LAPSED LAPSED 28,146 28,146 200,000 62,981 62,981 200,000
24 2,170 101,400 23,987 23,987 200,000 66,226 66,226 200,000
25 2,170 108,748 18,095 18,095 200,000 69,304 69,304 200,000
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/07/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $2,170.04-Premium Mode: Annual-Riders: None
</TABLE>
D-49
<PAGE> 72
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- --------------------------
0.00% (-.75% NET) 6.00% (5.25% NET) 6.00% (5.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 2,170 116,464 9,993 9,993 200,000 72,158 72,158 200,000
27 2,170 124,566 LAPSED LAPSED LAPSED 74,734 74,734 200,000
28 2,170 133,073 76,968 76,968 200,000
29 2,170 142,005 78,703 78,703 200,000
30 2,170 151,384 79,774 79,774 200,000
31 2,170 161,231 80,070 80,070 200,000
32 2,170 171,572 79,363 79,363 200,000
33 2,170 182,429 77,382 77,382 200,000
34 2,170 193,829 73,700 73,700 200,000
35 2,170 205,799 67,820 67,820 200,000
36 2,170 218,367 59,054 59,054 200,000
37 2,170 231,564 46,434 46,434 200,000
38 2,170 245,421 28,564 28,564 200,000
39 2,170 259,970 4,149 4,149 200,000
40 0 272,969 LAPSED LAPSED LAPSED
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 6.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products III, or Janus Aspen Series that these hypothetical rates of
return can be achieved for any one year, or sustained over any period of time.
<TABLE>
<CAPTION>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $2,170.04-Premium Mode: Annual-Riders: None
</TABLE>
D-50
<PAGE> 73
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
<TABLE>
<S> <C>
NUMERIC SUMMARY The following table shows how differences in investment
returns and policy charges would affect policy cash value
and death benefit.
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES* GUARANTEED CHARGES** CURRENT CHARGES***
-------------------------- ---------------------------- ----------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
NET
POLICY PREMIUM CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,305 0 1,634 200,000 0 1,855 200,000 0 1,855 200,000
5 2,305 6,286 7,669 200,000 9,757 11,140 200,000 10,113 11,496 200,000
10 2,305 13,364 13,594 200,000 27,938 28,169 200,000 30,303 30,533 200,000
20 2,305 13,343 13,343 200,000 95,874 95,874 200,000 118,811 118,811 200,000
@ Age 70 2,305 17,750 17,750 200,000 55,748 55,748 200,000 64,339 64,339 200,000
@ Age 85 2,305 LAPSED LAPSED LAPSED 269,847 269,847 283,340 363,140 363,140 381,297
@ Age 90 2,305 LAPSED LAPSED LAPSED 449,304 449,304 471,769 610,797 610,797 641,337
</TABLE>
* Policy lapses in policy year 24 based on guaranteed charges and a gross
investment return of 0.00%.
** Policy continues to age 100 based on guaranteed charges and a gross
investment return of 12.00%.
*** Policy continues to age 100 based on current charges and a gross investment
return of 12.00%.
<TABLE>
<S> <C>
APPLICANT'S OR POLICYOWNER'S I have received a copy of this illustration and understand
ACKNOWLEDGEMENT that any not-guaranteed elements are subject to change and
could be either higher or lower. The agent has told me that
they are not guaranteed.
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
------------------------------------------------------ -------------------------
Signature of Applicant or Policyowner Date
REPRESENTATIVE'S I certify that this illustration has been presented to the
ACKNOWLEDGEMENT applicant and that I have explained that any not-guaranteed
elements illustrated are subject to change. I have made no
statements that are inconsistent with the illustration.
------------------------------------------------------ -------------------------
Signature of Representative Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $2,305.37-Premium Mode: Annual-Riders: None
</TABLE>
D-51
<PAGE> 74
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------------------- ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 2,305 2,421 0 1,634 200,000 0 1,855 200,000 0 1,855 200,000
2 2,305 4,962 1,142 3,216 200,000 1,802 3,877 200,000 1,836 3,911 200,000
3 2,305 7,631 2,909 4,753 200,000 4,244 6,088 200,000 4,343 6,187 200,000
4 2,305 10,433 4,626 6,239 200,000 6,890 8,504 200,000 7,094 8,707 200,000
5 2,305 13,376 6,286 7,669 200,000 9,757 11,140 200,000 10,113 11,496 200,000
6 2,305 16,465 7,881 9,034 200,000 12,861 14,013 200,000 13,429 14,582 200,000
7 2,305 19,709 9,402 10,324 200,000 16,217 17,139 200,000 17,071 17,993 200,000
8 2,305 23,115 10,835 11,526 200,000 19,839 20,531 200,000 21,073 21,764 200,000
9 2,305 26,691 12,162 12,623 200,000 23,742 24,203 200,000 25,470 25,931 200,000
10 2,305 30,447 13,364 13,594 200,000 27,938 28,169 200,000 30,303 30,533 200,000
11 2,305 34,389 14,822 14,822 200,000 32,876 32,876 200,000 36,043 36,043 200,000
12 2,305 38,530 15,878 15,878 200,000 37,958 37,958 200,000 42,121 42,121 200,000
13 2,305 42,877 16,737 16,737 200,000 43,443 43,443 200,000 48,828 48,828 200,000
14 2,305 47,441 17,374 17,374 200,000 49,362 49,362 200,000 56,212 56,212 200,000
15 2,305 52,234 17,750 17,750 200,000 55,748 55,748 200,000 64,339 64,339 200,000
16 2,305 57,266 17,818 17,818 200,000 62,632 62,632 200,000 73,259 73,259 200,000
17 2,305 62,550 17,509 17,509 200,000 70,047 70,047 200,000 83,055 83,055 200,000
18 2,305 68,098 16,736 16,736 200,000 78,027 78,027 200,000 93,819 93,819 200,000
19 2,305 73,924 15,389 15,389 200,000 86,614 86,614 200,000 105,690 105,690 200,000
20 2,305 80,041 13,343 13,343 200,000 95,874 95,874 200,000 118,811 118,811 200,000
21 2,305 86,463 10,455 10,455 200,000 105,903 105,903 200,000 133,348 133,348 200,000
22 2,305 93,207 6,567 6,567 200,000 116,842 116,842 200,000 149,483 149,483 200,000
23 2,305 100,288 1,495 1,495 200,000 128,887 128,887 200,000 167,456 167,456 200,000
24 2,305 107,723 LAPSED LAPSED LAPSED 142,302 142,302 200,000 187,572 187,572 200,000
25 2,305 115,530 157,441 157,441 200,000 210,048 210,048 220,551
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc. or Enterprise Accumulation
Trust portfolios. The Cash Value, Fund Value and Death Proceeds for a policy
would be different from those shown if the actual rates of investment return
applicable to the policy averaged 0.00% or 12.00% over a period of years, but
also fluctuated above or below those averages for individual policy years. No
representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $2,305.37-Premium Mode: Annual-Riders: None
</TABLE>
D-52
<PAGE> 75
LIFE INSURANCE ILLUSTRATION
MONY Custom Estate Master
LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE TO MATURITY POLICY
STANDARD LEDGER STATEMENT continued
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
--------------------------------------------------------------------- ---------------------------------
0.00% (-.75% NET) 12.00% (11.25% NET) 12.00% (11.25% NET)
END PREMIUM
OF PREMIUM ACCUM'D CASH FUND DEATH CASH FUND DEATH CASH FUND DEATH
YEAR OUTLAY AT 5% VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS VALUE VALUE PROCEEDS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
26 2,305 123,727 174,786 174,786 200,000 234,903 234,903 246,648
27 2,305 132,334 194,991 194,991 204,741 262,373 262,373 275,492
28 2,305 141,372 217,659 217,659 228,542 292,719 292,719 307,355
29 2,305 150,861 242,551 242,551 254,678 326,212 326,212 342,522
30 2,305 160,824 269,847 269,847 283,340 363,140 363,140 381,297
31 2,305 171,286 299,737 299,737 314,724 403,823 403,823 424,014
32 2,305 182,271 332,418 332,418 349,039 448,585 448,585 471,014
33 2,305 193,805 368,097 368,097 386,502 497,772 497,772 522,660
34 2,305 205,916 406,987 406,987 427,337 551,723 551,723 579,309
35 2,305 218,633 449,304 449,304 471,769 610,797 610,797 641,337
36 2,305 231,985 495,260 495,260 520,023 675,361 675,361 709,129
37 2,305 246,005 546,404 546,404 568,260 746,902 746,902 776,778
38 2,305 260,726 603,641 603,641 621,750 826,513 826,513 851,308
39 2,305 276,183 668,108 668,108 681,470 915,646 915,646 933,959
40 2,305 292,413 741,297 741,297 748,710 1,015,986 1,015,986 1,026,146
41 2,305 309,454 821,897 821,897 830,116 1,126,900 1,126,900 1,138,169
42 2,305 327,347 910,320 910,320 919,423 1,249,427 1,249,427 1,261,921
43 2,305 346,135 1,006,444 1,006,444 1,016,508 1,384,812 1,384,812 1,398,660
44 2,305 365,863 1,111,020 1,111,020 1,122,130 1,534,370 1,534,370 1,549,714
45 2,305 386,576 1,226,226 1,226,226 1,238,488 1,699,556 1,699,556 1,716,552
</TABLE>
This is an illustration, not a policy.
The maximum loan value is equal to 90% of the Cash Value.
Borrowed funds are credited at 4.50% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change.
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 policyowners, and the different
investment rates of return for MONY Series Fund, Inc., or Enterprise
Accumulation Trust portfolios. The Cash Value, Fund Value and Death Proceeds for
a policy would be different from those shown if the actual rates of investment
return applicable to the policy averaged 0.00% or 12.00% over a period of years,
but also fluctuated above or below those averages for individual policy years.
No representations can be made by MONY Life Insurance Company of America, MONY
Series Fund, Inc., Enterprise Accumulation Trust, Dreyfus Stock Index Fund, The
Dreyfus Socially Responsible Growth Fund Inc., Fidelity Variable Insurance
Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable
Insurance Products Fund III, or Janus Aspen Series that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<CAPTION>
<S> <C>
Age 55 Male Non-Smoker Preferred Prepared On: 09/08/00
Age 55 Female Non-Smoker Preferred Version 2.01
Specified Amount: $200,000-Death Benefit Option: Specified Amount for Option 1 Form # B1-98
Initial Modal Premium: $2,305.37-Premium Mode: Annual-Riders: None
</TABLE>
D-53
