Registration No. 333-17637
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Post-Effective Amendment No. 1 to
FORM S-6
FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933
OF SECURITIES OF UNIT INVESTMENT TRUSTS REGISTERED ON FORM N-8B-2
SEPARATE ACCOUNT FP
of
THE EQUITABLE LIFE ASSURANCE Edward D. Miller, President
SOCIETY OF THE UNITED STATES The Equitable Life Assurance Society of
(Exact Name of Trust) the United States
1290 Avenue of the Americas
THE EQUITABLE LIFE ASSURANCE New York, New York 10104
SOCIETY OF THE UNITED STATES (Name and Address of Agent for Service)
(Exact Name of Depositor)
1290 Avenue of the Americas
New York, New York 10104
(Address of Depositor's Principal
Executive Offices)
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Telephone Number, Including Area Code: (212) 554-1234
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Please send copies of all communications to:
BETH N. LOWSON, ESQ. with a copy to:
Counsel THOMAS C. LAUERMAN
The Equitable Life Assurance Freedman, Levy, Kroll & Simonds
Society of the United States 1050 Connecticut Avenue, N.W. Suite 825
1290 Avenue of the Americas Washington, D.C. 20036
New York, New York 10104
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Securities Being Registered: Units of Interest in Separate Account FP
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It is proposed that this filing will become effective (check appropriate line):
[ ] immediately upon filing pursuant to paragraph (b) of Rule 485
[ ] on (date) pursuant to paragraph (b) of Rule 485
[X] 60 days after filing pursuant to paragraph (a) of Rule 485
[ ] on (date) pursuant to paragraph (a) of Rule 485
[ ] This post-effective amendment designates a new effective date for a
previously filed post-effective amendment
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SEPARATE ACCOUNT FP OF
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES
Reconciliation and Tie
Modified Single Premium Variable Life (SM)
Items of
Form N-8B-2* Captions in MSPVL Prospectus
1(a), (b) About Our Separate Account FP.
2 Who is Equitable Life?
3 Inapplicable
4 How We Market the Policies.
5,6 About Our Separate Account FP.
7 Inapplicable**
8 Inapplicable**
9 Inapplicable
10(a) About our Separate Account FP: Policy features and benefits:
Your options for receiving policy proceeds; More information
that applies to your policy: Ways we pay policy proceeds;
Assigning your policy.
(b) Determining your policy's value: Your account value; Your
policy's value in our variable investment options; More
information about other matters: About our separate account
FP.
(c)(d) Charges and Expenses You Will Pay: Changes in charges;
Accessing Your Money: Borrowing from your policy; Making
withdrawals from your policy; Surrendering your policy for its
net cash surrender value; More information about procedures
that apply to your policy: Requirements for surrender
requests; Ways we pay policy proceeds; Assigning your policy;
Tax Treatment of distributions to you; Dates and prices at
which policy events occur.
(e) Policy features and benefits: How you pay for your policy;
Policy "lapse" and termination; --Restoring a terminated
policy; Your death benefit guarantee.
(f) More information about other matters: Your voting privileges.
10(g)(1) 10(g)(2) More information about other matters: Changes we can make;
10(h)(1) 10(h)(2) Your voting privileges.
10(g)(3) 10(g)(4) Inapplicable**
10(h)(3) 10(h)(4)
_________________
*Registrants include this Reconciliation and Tie in their Registration Statement
in compliance with Instruction 4 as to the Prospectus as set out in Form S-6.
Separate Account FP will be an investment company registered under the
Investment Company Act of 1940 on a Form N-8B-2 Registration Statement. Pursuant
to Sections 8 and 30(b)(1) of the Investment Company Act of 1940, Rule 30a-1
under the Act, and Forms N-8B-2 and N-SAR under that Act, the Account keeps its
Form N-8B-2 Registration Statement current through the filing of periodic
reports required by the Securities and Exchange Commission.
**Not required pursuant to either Instruction 1(a) as to the Prospectus as set
out in Form S-6 or the administrative practice of the Commission and its staff
of adapting the disclosure requirements of the Commission's registration
statement forms in recognition of the differences between variable life
insurance policies and other periodic payment plan certificates issued by
investment companies and between separate account organized as management
companies and unit investment trusts.
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10(i) Determining your policy's value; Tax information; Charges and
expenses you will pay; Policy features and benefits: Variable
investment options within your policy; Transferring your money
among our variable investment options.
11 What is MSPVL; Variable investment options within your
policy.
12(a) What is MSPVL?
12(b) Inapplicable
12(c) About our Separate Account FP.
12(d) How we market the policies.
12(e) Inapplicable**
13(a) Charges and expenses you will pay; More information about
other matters: Deducting Policy Charges.
13(b), (c), (g) Inapplicable**
13(d) Variations among MSPVL Policies
13(e), (f) Inapplicable
14,15 Policy features and benefits: How you pay for your policy;
More information about procedures that apply to your policy:
Ways to make premium and loan payments; Dates and prices at
which policy events occur; policy issuance.
16 More information about other matters: About our Separate
Account FP; Determining your policy's value: Your account
value; Transferring your money among our variable investment
options; Accessing your money.
17(a),(b) Captions referenced under Items 10 (c), (d) and (e) above.
17(c) Inapplicable**
18(a) Policy features and benefits; determining your policy's value.
18(b), (d) Inapplicable
18(c) Tax Information: Our taxes.
19 More information about other matters: Reports we will send
you; Your voting privileges.
20(a) Captions referenced under Items 10(g)(1), 10(g)(2), 10(h)(1)
and 10(h)(2).
20(b), 20(c),
20(d), 20(e),
20(f) Inapplicable
21(a), 21(b) Accessing your money: Borrowing from your policy.
21(c) Inapplicable**
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22 More information about other matters: Suicide and certain
misstatements; When we pay policy proceeds; --Delay to
challenge coverage.
23 Inapplicable
24 All prospectus captions.
25 Who is Equitable Life?
26(a), 26(b) Inapplicable**
27 Who is Equitable Life?; More Information about other
matters: How we market the policies.
28 More information about other matters; Directors and principal
officers.
29 Who is Equitable Life?
30 Inapplicable
31, 32, 33, 34 Inapplicable**
35 More information about other matters: Insurance regulation
that applies to Equitable Life.
36 Inapplicable**
37 Inapplicable**
38 More information about other matters: How we market the
policies.
39(a) Who is Equitable Life?
39(b) More information about other matters: How we market the
policies.
40(a) Inapplicable** (But see "More information about other matters:
How we market the policies").
40(b) Inapplicable
41(a) Who is Equitable Life? More information about other
matters: How we market the policies.
41(b),41(c),42 Inapplicable**
43 Inapplicable
44 (a) (1) Policy features and benefits; Determining your policy's
value.
44 (a) (2) More information about other matters: About our Separate
Account FP; About our general account; Transfers of your
account value; Telephone requests; Determining your policy's
value: Your account value; Accessing your money; Policy
features and benefits: About your life insurance benefit.
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44(a)(3) Determining your policy's value; Transferring your money
among our variable investment options; Accessing Your Money.
44(a)(4) Tax Information.
44(a)(5) Charges and expenses you will pay; More information about
other matters: Deducting policy charges.
44(a)(6) Determining your policy's value: Your account value; More
Information about other matters: About our Separate Account
FP; Transfers of your account value; Deducting policy charges;
Charges and expenses you will pay.
44(b) Inapplicable**
44(c) Charges and expenses you will pay: Changes in charges; More
information about other matters: Changes we can make.
45 Inapplicable
46(a) Captions referenced under Item 44(a) above.
46(b) Inapplicable**
47,48,49 Inapplicable
50 More information about other matters: About our Separate
Account FP.
51(a)-(j) Inapplicable**
52(a), (c) More information about other matters: Changes we can make.
52(b), (d) Inapplicable
53(a) Tax Information: Our taxes.
54(b), 54 Inapplicable
55 Inapplicable**
56-59 Inapplicable**
<PAGE>
[MODIFIED SINGLE PREMIUM VARIABLE LIFE] (Service Mark)
A modified single premium variable life insurance policy
PROSPECTUS DATED MAY 1, 2000
Please read this prospectus and keep it for future reference. It contains
important information that you should know before purchasing, or taking any
other action under a policy. Also, at the end of this prospectus you will find
attached the prospectus for EQ Advisors Trust, which contains important
information about its Portfolios.
This prospectus describes many aspects of an MSPVL policy, but is not
itself a policy. The policy is the actual contract that determines your benefits
and obligations under MSPVL. To make this prospectus easier to read, we
sometimes use different words than the policy. Equitable Life or your financial
professional can provide any further explanation about your policy.
WHAT IS MSPVL?
MSPVL is issued by Equitable Life. It provides life insurance coverage,
plus the opportunity for you to earn a return in one or more of the following
variable investment options:
[VARIABLE INVESTMENT OPTIONS:]
o Alliance Money Market
o Alliance High Yield
o Alliance Common Stock
o EQ/Aggressive Stock
o Alliance Small Cap Growth
o EQ/Alliance Premier Growth
o EQ/Alliance Technology
o BT Equity 500 Index
o BT Small Company Index
o BT International Equity Index
o Capital Guardian U.S. Equity
o Capital Guardian Research
o Capital Guardian International
o EQ/Evergreen
o EQ/Evergreen Foundation
o JPM Core Bond
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o Lazard Large Cap Value
o Lazard Small Cap Value
o Merrill Lynch Basic Value Equity
o Merrill Lynch World Strategy
o MFS Growth with Income
o MFS Research
o MFS Emerging Growth Companies
o Morgan Stanley Emerging Markets Equity
o EQ/Putnam Growth & Income Value
o EQ/Putnam Investors Growth
o EQ/Putnam International Equity
Amounts that you allocate under your policy to any of the variable
investment options are invested in a corresponding "Portfolio" that is part of
EQ Advisors Trust, a mutual fund. Your investment results in a variable
investment option will depend on those of the related Portfolio. Any gains will
generally be tax deferred, and the life insurance benefits we pay if the
policy's insured person dies will generally be income tax free.
Your MSPVL policy likely will be a "modified endowment contract," which may
subject you to special tax rules and penalties on any taxable distributions,
including loans. See "Tax information" beginning on page ___ below.
OTHER CHOICES YOU HAVE. You can tailor the policy to your needs. For example,
subject to our rules, you decide (1) how much you contribute to your policy,
which determines how much insurance coverage you initially have, (2) whether to
borrow or withdraw amounts you have accumulated and (3) whether to take
advantage of "free withdrawals," which do not incur surrender charges.
Additionally, if this policy is issued as the result of an exchange of another
policy under Section 1035 of the Internal Revenue Code, you have the option of
carrying over any loan from the exchanged policy to this MSPVL policy, subject
to our approval. The amount of loan you may carry over is limited to 50% of your
initial premium.
Your financial professional can provide you with information about all
forms of life insurance available from us and help you decide which may best
meet your needs. Replacing existing insurance with MSPVL or another policy may
not be to your advantage.
THE SECURITIES AND EXCHANGE COMMISSION ("SEC") HAS NOT APPROVED OR
DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR
COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THE POLICIES
ARE NOT INSURED BY THE FDIC OR ANY OTHER AGENCY. THEY ARE NOT DEPOSITS OR OTHER
OBLIGATIONS OF ANY BANK AND ARE NOT BANK GUARANTEED. THEY ARE SUBJECT TO
INVESTMENT RISKS AND POSSIBLE LOSS OF PRINCIPAL.
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<PAGE>
Contents of this prospectus
MSPVL
What is MSPVL? Cover
Who is Equitable Life?
How to reach us
Charges and expenses you will pay
Risks you should consider
Policy features and benefits
How you pay for your policy
Your death benefit guarantee
Policy "lapse" and termination
About your death benefit
Variable investment options within your policy
Your options for receiving policy proceeds
Your right to cancel within a certain number of days
Variations among MSPVL policies
Determining your policy's value
Your account value
Transferring your money among our variable investment options
Transfers you can make
Telephone transfers
Our dollar cost averaging service
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<PAGE>
Our asset rebalancing service
Accessing your money
Borrowing from your policy
Making withdrawals from your policy
Surrendering your policy for its net cash surrender value
Tax information
Basic tax treatment for you and your beneficiary
Tax treatment of distributions to you
Effect of policy on interest deductions taken by business entities
Requirement that we diversify investments
Estate, gift, and generation-skipping taxes
Pension and profit-sharing plans
Other employee benefit programs
ERISA
Our taxes
When we withhold taxes from distributions
Possibility of future tax changes
More information about procedures that apply to your policy
Ways to make premium and loan payments
Requirements for surrender requests
Ways we pay policy proceeds
Assigning your policy
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<PAGE>
Dates and prices at which policy events occur
Policy issuance
Gender-neutral policies
More information about other matters
Your voting privileges
About our Separate Account FP
About our general account
Transfers of your account value
Telephone requests
Deducting policy charges
Suicide and certain misstatements
When we pay policy proceeds
Changes we can make
Reports we will send you
Legal proceedings
Illustrations of policy benefits
SEC registration statement
How we market the policies
Insurance regulation that applies to Equitable Life
Directors and principal officers
Financial statements of Separate Account FP and Equitable Life
Separate Account FP financial statements FSA-1
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<PAGE>
Equitable Life financial statements F-1
Appendices
I--Investment performance record A-1
II--Our data on market performance B-1
III--An index of key words and phrases C-1
EQ Advisors Trust Prospectus (follows after page C-1 of this prospectus, but is
not a part of this prospectus)
[THE FOLLOWING ARE THE FOOTNOTES TO THE TABLE OF CONTENTS PAGE:]
"We," "our" and "us" refers to Equitable Life. "Financial professional"
means the registered representative who is offering you this policy.
When we address the reader of this prospectus with words such as "you"
and "your," we mean the person or persons having the right or responsibility
that the prospectus is discussing at that point. This usually is the policy's
owner. If a policy has more than one owner, all owners must join in the exercise
of any rights an owner has under the policy, and the word "owner" therefore
refers to all owners.
When we use the word "state," we also mean any other local jurisdiction
whose laws or regulations affect a policy.
We do not offer MSPVL in all states. This prospectus does not offer
MSPVL anywhere such offers are not lawful. Equitable Life does not authorize any
information or representation about the offering other than that contained or
incorporated in this prospectus, in any current supplements thereto, or in any
related sales materials authorized by Equitable Life.
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<PAGE>
Who is Equitable Life?
We are The Equitable Life Assurance Society of the United States
("Equitable Life"), a New York stock life insurance corporation. We have been
doing business since 1859. Equitable Life is a subsidiary of AXA Financial, Inc.
(previously The Equitable Companies Incorporated). The majority shareholder of
AXA Financial, Inc. is AXA, a French holding company for an international group
of insurance and related financial services companies. As a majority
shareholder, and under its other arrangements with Equitable Life and Equitable
Life's parent, AXA exercises significant influence over the operations and
capital structure of Equitable Life and its parent. No company other than
Equitable Life, however, has any legal responsibility to pay amounts that
Equitable Life owes under the policies.
AXA Financial, Inc. and its consolidated subsidiaries managed approximately
$462.7 billion in assets as of December 31, 1999. For more than 100 years
Equitable Life has been among the largest insurance companies in the United
States. We are licensed to sell life insurance and annuities in all fifty
states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Our
home office is located at 1290 Avenue of the Americas, New York, N.Y. 10104.
HOW TO REACH US
To obtain (1) any forms you need for communicating with us, (2) unit values
and other values under your policy, and (3) any other information or materials
that we provide in connection with your policy or the Portfolios, you can
contact us
By mail:
at the Post Office Box for our Administrative Office:
Equitable Life Client Services
Radio City Station
P.O. Box 808
New York, New York 10101-0808
By express delivery:
at the Street Address for our Administrative Office:
Equitable Life Client Services
135 W. 50th St., 10th Fl.
New York, New York 10020
By toll-free phone:
1-888-228-6690
By e-mail:
life-service@ equitable.com
By fax:
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<PAGE>
1-212-641-7075
By internet:
Our Web site (www.equitable.com) can also provide you information.
We require that the following types of communications be on specific
forms we provide for that purpose:
(1) request for dollar cost averaging (our automatic transfer service);
(2) authorization for telephone transfers by a person who is not both
the insured person and the owner;
(3) request for asset rebalancing service; and
(4) designation of a new policy owner(s).
We also have specific forms that we recommend you use for the following:
(a) policy surrenders;
(b) address changes;
(c) beneficiary changes;
(d) transfers between variable investment options; and
(e) changes in allocation percentages for loan repayments, deductions
and any additional premium payment.
Except for properly authorized telephone transactions, any notice or
request that does not use our standard form must be in writing dated and signed
by you and should also specify your name, the insured person's name (if
different), your policy number, and adequate details about the notice you wish
to give or other action you wish us to take. For information about transaction
requests you can make by phone, see "Telephone transfers" on page ____ and
"Telephone requests" on page ____ of this prospectus. We may require you to
return your policy to us before we make certain policy changes that you may
request.
The proper person to sign forms, notices and requests would normally be the
owner or any other person that our procedures permit to exercise the right or
privilege in question. If there are joint owners all must sign. Any irrevocable
beneficiary or assignee that we have on our records also must sign certain types
of requests.
You should send all requests and notices to our Administrative Office at
the addresses specified above. We will also accept requests and notices by fax
at the above number, if we believe them to be
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<PAGE>
genuine. We reserve the right, however, to require an original signature before
acting on any faxed item. You must send all payments to our Administrative
Office at the above addresses; except that you should send any payments for
which we have billed you to the address on the billing notice.
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<PAGE>
Charges and expenses you will pay
TABLE OF POLICY CHARGES
This table shows the charges that we deduct under the terms of your
policy. For more information about some of these charges, see "Deducting policy
charges" beginning on page ____ below.
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TABLE OF POLICY CHARGES
<TABLE>
<CAPTION>
CHARGES WE DEDUCT FROM AMOUNTS
YOU CONTRIBUTE TO YOUR POLICY: None
CHARGES WE DEDUCT FROM
YOUR POLICY'S VALUE EACH MONTH:
<S> <C>
Cost of insurance charges. . . . . . . . . . . . . . 1.15% (effective annual rate) of your
. policy's account value(1), subject to the
maximum charges specified in your policy.
(2)(3)
Charge for administration and taxes . . . . . . . . .50% (effective annual rate) of your
policy's account value. (3)
Guaranteed minimum death benefit charge. . . . . . . 20% (effective annual rate) of your
policy's account value. (We may increase
this rate up to .50%.) (3)
CHARGES WE DEDUCT FROM YOUR POLICY'S
VARIABLE INVESTMENT PERFORMANCE EACH DAY:
Mortality and expense risk charge . . . . . . . . . 1.35% (effective annual rate) of the value
you have in our variable investment
options.
</TABLE>
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<TABLE>
<CAPTION>
CHARGES WE DEDUCT FROM YOUR ACCOUNT VALUE
AT THE TIME OF THE TRANSACTION:
<S> <C>
Surrender (turning in) of your policy
during its first 9 years . . . . . . . . . . . . A surrender charge based on the policy's
age and a percentage of the initial
premium(4), as follows:
Policy Year Percentage Charge
1 10%
2 9.5
3 9
4 8.5
5 8
6 7
7 5
8 3
9 1
10 and later 0
Partial withdrawal during the first 9 years . . . . . A surrender charge equal to the applicable
percentage specified above, applied to
of partial withdrawals in any
policy year that cumulatively exceed 15%
of: your policy account value less
outstanding loans and loan interest, as of
the end of the previous policy year. (5)
</TABLE>
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(1) "Account value" is defined on page __ below in "Section 2 -- Determining
your policy's value". The account value used to determine the amount of
each monthly charge is the account value on the date the charge is due.
(2) See "Monthly cost of insurance charge" on page ___ below.
(3) Not applicable after the insured person reaches age 100.
(4) For purposes of this calculation, the amount of the initial premium would
be reduced by the amounts of any prior partial withdrawals that were
subject to a surrender charge.
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(5) Over the life of your policy, the cumulative amount of your partial
withdrawals on which we impose any surrender charge will not exceed the
amount of your initial premium.
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<PAGE>
YOU ALSO BEAR YOUR PROPORTIONATE SHARE OF ALL FEES AND EXPENSES PAID BY A
"PORTFOLIO" THAT CORRESPONDS TO ANY VARIABLE INVESTMENT OPTION YOU ARE USING:
This table shows the fees and expenses paid by each Portfolio for the year
ended December 31, 1999. These fees and expenses are reflected in the
Portfolio's net asset value each day. Therefore, they reduce the investment
return of the Portfolio and of the related variable investment option. Actual
fees and expenses are likely to fluctuate from year to year. All figures are
expressed as an annual percentage of each Portfolio's daily average net assets.
<TABLE>
<CAPTION>
1999 FEES AND EXPENSES [NUMBERS TO BE UPDATED]
MANAGEMENT 12B-1 FEE OTHER TOTAL FEE WAIVERS NET TOTAL
FEE EXPENSES(1) ANNUAL AND/OR EXPENSE ANNUAL
EXPENSES REIMBURSEMENTS(2) EXPENSES
<S> <C> <C> <C> <C> <C> <C>
Alliance Money Market 0.35% 0.25% 0.03% 0.63% -- 0.63%
Alliance High Yield 0.60% 0.25% 0.04% 0.89% -- 0.89%
Alliance Common Stock 0.36% 0.25% 0.04% 0.65% -- 0.65%
EQ/Aggressive Stock 0.54% 0.25% 0.04% 0.83% -- 0.83%
Alliance Small Cap Growth(3) 0.90% 0.25% 0.06% 1.21% -- 1.21%
EQ/Alliance Premier Growth(4) 0.90% 0.25% 0.74% 1.89% 0.74% 1.15%
EQ/Alliance Technology(5)
BT Equity 500 Index 0.25% 0.25% 0.33% 0.83% 0.28% 0.55%
BT Small Company Index 0.25% 0.25% 1.31% 1.81% 1.06% 0.75%
BT International Equity Index 0.35% 0.25% 0.89% 1.49% 0.49% 1.00%
Capital Guardian U.S. Equity(4) 0.65% 0.25% 0.74% 1.64% 0.69% 0.95%
Capital Guardian Research (4) 0.65% 0.25% 0.74% 1.64% 0.69% 0.95%
Capital Guardian International(4) 0.75% 0.25% 1.03% 2.03% 0.83% 1.20%
EQ/Evergreen 0.75% 0.25% 0.76% 1.76% 0.71% 1.05%
EQ/Evergreen Foundation 0.63% 0.25% 0.86% 1.74% 0.79% 0.95%
JPM Core Bond 0.45% 0.25% 0.33% 1.03% 0.23% 0.80%
Lazard Large Cap Value 0.55% 0.25% 0.40% 1.20% 0.25% 0.95%
Lazard Small Cap Value 0.80% 0.25% 0.49% 1.54% 0.34% 1.02%
Merrill Lynch Basic Value Equity 0.55% 0.25% 0.26% 1.06% 0.21% 0.85%
Merrill Lynch World Strategy 0.70% 0.25% 0.66% 1.61% 0.41% 1.20%
MFS Growth with Income 0.55% 0.25% 0.59% 1.39% 0.54% 0.85%
MFS Research 0.55% 0.25% 0.25% 1.05% 0.20% 0.85%
MFS Emerging Growth Companies 0.55% 0.25% 0.24% 1.04% 0.19% 0.85%
Morgan Stanley Emerging Markets
Equity 1.15% 0.25% 1.23% 2.63% 0.88% 1.75%
EQ/Putnam Growth & Income Value 0.55% 0.25% 0.24% 1.04% 0.19% 0.85%
EQ/Putnam Investors Growth 0.55% 0.25% 0.29% 1.09% 0.14% 0.95%
EQ/Putnam International Equity 0.70% 0.25% 0.51% 1.46% 0.26% 1.20%
</TABLE>
(1) On October 18, 1999, the Alliance Portfolios (other than EQ/Alliance
Premier Growth and EQ/Alliance Technology) became part of EQ Advisors
Trust. Other Expenses for these Portfolios have been restated to reflect
the estimated expenses that would have been incurred, had these Portfolios
been portfolios of EQ Advisors Trust for the year ended December 31, 1999.
(2) Equitable Life, EQ Advisors Trust's manager, has entered into an Expense
Limitation Agreement with respect to several of the Portfolios under which
it has agreed to waive or reduce its fees and to assume other expenses of
each of these Portfolios, if necessary, in an amount that limits each
Portfolio's Total Annual Expenses (exclusive of interest, taxes, brokerage
commissions,
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capitalized expenditures, extraordinary expenses and 12b-1 fees) to not
more than the amounts specified above as Net Total Annual Expenses.
Portfolios that show "__" in this column have no expense limitation
arrangement in effect. See the EQ Advisors Trust prospectus for more
information about the Expense Limitation Agreement.
(3) Prior to October 18, 1999, Total Annual Expenses for the Alliance Small Cap
Growth Portfolio were limited to 1.20% under an expense limitation
arrangement which is no longer in effect. The amounts shown have been
restated to reflect the expenses that would have been incurred in 1999,
absent the expense limitation arrangement.
(4) Annualized. Initial seed capital was invested in the EQ/Alliance Premier
Growth, Capital Guardian U.S. Equity, Capital Guardian Research and Capital
Guardian International Portfolios on April 30, 1999.
(5) Will commence operations [May 1, 2000].
HOW WE ALLOCATE CHARGES AMONG YOUR VARIABLE INVESTMENT OPTIONS
Generally, all monthly charges will be deducted in the same proportion as
the allocation that you provide in your policy application, unless you instruct
us otherwise. If we cannot deduct the charge as your most current instructions
direct, we will allocate the deduction among your variable investment options
proportionately to your value in each.
CHANGES IN CHARGES
We reserve the right in the future to (1) make a charge for certain taxes
or reserves set aside for taxes (see "Our taxes" on page ____ below), (2) make a
charge for the operating expenses of our variable investment options (including,
without limitation, SEC registration fees and related legal counsel fees and
auditing fees), (3) make a charge of up to $25 for each transfer among variable
investment options that you make or (4) make a charge of up to $25 each time you
request a policy illustration, if you request more than one in any policy year.
Any changes that we make in our current charges or charge rates will be by
class of insured person and will be based on changes in future expectations
about such factors as investment earnings, mortality experience, the length of
time policies will remain in effect, expenses and taxes. Any changes in charges
may apply to then outstanding policies, as well as to new policies, but we will
not raise any charges above any maximums discussed in this prospectus and shown
in your policy.
Risks you should consider
Some of the principal risks of investing in a policy are as follows:
o Your policy's account value and death benefit will increase or decrease
based, in part, on the performance of your variable investment options.
o You may have to pay a surrender charge, taxes or tax penalties if you
make a surrender or partial withdrawal under a policy or take a policy loan.
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o We can increase certain charges without your consent, within limits
stated in your policy.
Your policy permits other transactions that also have risks. These and
other risks and benefits of investing in a policy are discussed in detail
throughout this prospectus.
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Section 1
Policy features and benefits
HOW YOU PAY FOR YOUR POLICY
INITIAL PREMIUM. We call the amount you contribute to your policy a "premium."
The minimum premium we require is $25,000. The amount of insurance initially
provided by your policy is based on the amount of your premium. Once you make
your initial premium payment under your policy, you may only make one additional
premium payment, subject to the conditions below.
ADDITIONAL PREMIUM. On your 10th policy anniversary, if your death benefit is
below the initial death benefit, subject to our approval as specified below, you
may make one additional premium payment. The amount of the additional premium is
limited to an amount that will restore your initial death benefit. (See "About
your life insurance benefit" on page __ below for a discussion of how your death
benefit can vary over time.)
This premium must be received by us within 60 days after your 10th policy
anniversary. Any premium payment received before or after this period, or any
premium payment in excess of the permitted amount, will be returned to you.
You must provide us with satisfactory evidence of insurability for us to
approve this additional payment. We also may refuse to accept any additional
premium payment if this would cause the policy to fail to qualify as life
insurance under federal tax law. See "Tax Information" for a discussion of the
tax consequences of making this additional payment.
SIMPLIFIED QUALIFICATION FOR COVERAGE. We will use a simplified process to
qualify many insured persons for coverage (the "underwriting process") under the
MSPVL policies. This process reduces underwriting questions and requirements.
The underwriting procedures we use in any particular case, however, will depend
on the age of the insured person, the amount of the premium payment and the
other risk characteristics of the insured person, and may involve our full
underwriting process.
If we accept your application to purchase MSPVL, the cost of your insurance
coverage will be the same regardless of the extent to which we use a simplified
underwriting process in your case. The cost of insurance rate will be the same
for all insured persons of the same gender and age, regardless of whether they
are tobacco users and regardless of their other insurance risk characteristics.
Therefore, you may be able to obtain more economical coverage by purchasing a
policy that uses more traditional underwriting procedures than MSPVL, if the
insured person is willing to undergo such procedures and has relatively
favorable insurance risk characteristics. You may consult your financial
professional for further information.
LOANS TRANSFERRED FROM AN OLD POLICY. Subject to our discretion and
administrative procedures, we may permit you to pay for your MSPVL policy by an
exchange of an existing life insurance policy. We may also permit you to
transfer (or carry over) any existing loan from your old policy to your new
MSPVL policy. See "Borrowing from your policy" on page ___ for more information
regarding these types of loans.
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YOUR DEATH BENEFIT GUARANTEE
Provided that you have no policy loans outstanding, we guarantee that your
policy will not terminate, even if your policy's "net cash surrender value" is
not sufficient to pay a monthly deduction that has become due. ("Net cash
surrender value" is explained under "Surrendering your policy for its net cash
surrender value" on page ____ below.) In this circumstance, we will waive any
monthly deductions (for cost of insurance charges, the charge for administration
and taxes and the guaranteed minimum death benefit charge) in excess of your
policy's account value. We guarantee that your death benefit will not be less
than the guaranteed minimum death benefit, regardless of investment performance,
provided you have no outstanding loans. (See the discussions of death benefit
and guaranteed minimum death benefit below.)
POLICY "LAPSE" AND TERMINATION
If you have an outstanding loan, your policy will lapse (also referred to
in your policy as "default") if it does not have enough "net cash surrender
value" to pay your policy's monthly charges when due. If this occurs, you will
have a 61-day grace period during which you will have to pay a minimum specified
amount to keep your policy from terminating. This amount equals the lesser of
(1) the amount we estimate is needed to increase your net cash surrender value
enough to pay three months of charges (without regard to loan interest or
investment performance) or (2) the amount needed to repay your loan and loan
interest. We will decline any payment less than the minimum specified amount and
treat amounts in excess of this amount as an additional loan repayment. Amounts
in excess of your outstanding loan and accrued interest will be returned to you.
We will mail a notice to you at your last known address if your policy
lapses and enters a grace period. You may not make any transfers or request any
other policy changes during a grace period. If we receive the amount requested
before the end of the grace period, but due to poor investment performance your
net cash surrender value is still insufficient to pay your policy's monthly
deductions, and there is still a loan outstanding, we will send you a written
notice that a new 61-day grace period has begun and request an additional
payment. If we do not receive your required payment by the end of a grace
period, your policy will terminate without value and all coverage under your
policy will cease. We will mail an additional notice to you if your policy
terminates.
You may owe taxes (and tax penalties) if your policy terminates while you
have a loan outstanding, even though you receive no additional money from your
policy at that time. See "Tax information," beginning on page ____ below.
RESTORING A TERMINATED POLICY. To have your policy "restored" (put back in
force), you must apply within six months after the date of termination. In some
states, you may have a longer period of time. You must also present evidence of
insurability satisfactory to us and make the required payment. Your policy
contains additional information about the required payment and about the values
and terms of the policy after it is restored.
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ABOUT YOUR DEATH BENEFIT
In your application to buy an MSPVL policy, you tell us the amount of the
premium you want to pay. This determines the amount of your initial death
benefit, as well as your initial guaranteed minimum death benefit.
If the insured person dies, we pay a life insurance "death benefit" to the
"beneficiary" you have named. The death benefit under your policy equals the
greater of (i) the policy's guaranteed minimum death benefit (as described
below) on the date of the insured person's death or (ii) the policy's "account
value" on the date of the insured person's death multiplied by a factor
specified in your policy. The factor depends on the insured person's age and
gender.
Representative factors are as follows:
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AGE:* 35 40 45 50 55 60 70 80 90 99-
OVER
- ----------------------------------------------------------------------------------------------------------
FEMALE: 4.646 3.940 3.363 2.886 2.489 2.157 1.647 1.319 1.140 1.025
- ----------------------------------------------------------------------------------------------------------
MALE: 3.971 3.370 2.877 2.472 2.140 1.873 1.488 1.256 1.128 1.025
- ----------------------------------------------------------------------------------------------------------
</TABLE>
* For the policy year of the insured person's death.
Your policy's "account value" is the total of the amounts that you have in
the variable investment options, as well as amounts you are holding to secure
any outstanding policy loans (Account value is discussed in more detail under
"Determining your policy's value" beginning on page ____ below.) Because the
amount of the death benefit is generally based on your policy's account value,
the amount of death benefit generally changes from day to day, as many factors
(including investment performance, charges and partial withdrawals) affect your
policy's account value. As set forth above, the death benefit also depends on
the death benefit factor for the insured person's age at death. This factor
decreases as the insured person grows older. Therefore, the policy's death
benefit will also decrease over time, unless the policy's account value
increases by a sufficient amount to offset the impact of the decreasing death
benefit factor.
Your policy's "GUARANTEED MINIMUM DEATH BENEFIT" is equal to the sum of the
initial premium payment and any permitted additional premium payment, adjusted
for any partial withdrawals. A partial withdrawal will result in a reduction in
the guaranteed minimum death benefit; the benefit is reduced by the proportion
that the partial withdrawal amount bears to your policy's account value just
prior to the withdrawal.
ADJUSTMENTS TO DEATH BENEFIT PROCEEDS. We will reduce the death benefit
proceeds by the amount of any outstanding policy loan and loan interest and by
any amount of monthly charges under the policy that remain unpaid because the
insured person died during a grace period.
VARIABLE INVESTMENT OPTIONS WITHIN YOUR POLICY
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We will initially put all of your account value that is not attributable to
policy loans into our Alliance Money Market variable investment option. On the
first business day following the twentieth day after your policy is issued (the
"Allocation Date"), we will re-allocate that investment in accordance with the
allocation instructions you give in your application to purchase a policy. These
allocation instructions also serve as instructions for allocating monthly
deductions, loan repayments and credited loan interest, unless you instruct us
otherwise. You can change any allocation percentages at any time, but this will
not affect any prior allocations. Changes requested prior to the Allocation Date
are not effective until after the Allocation Date. The allocation percentages
that you specify must always be in whole numbers and total exactly 100%.
[Sidebar: You can choose among 27 variable investment options]
VARIABLE INVESTMENT OPTIONS. The 27 available variable investment options are
listed on the front cover of this prospectus. (Your policy and other
supplemental materials may refer to these as "Investment Funds".) The investment
results you will achieve in any one of these options will depend on the
investment performance of the corresponding Portfolio that shares the same name
as that option. That Portfolio follows investment practices, policies and
objectives that are appropriate to the variable investment option you have
chosen. The advisers who make the investment decisions for each Portfolio are as
follows:
o Alliance Capital Management L.P. (for each "Alliance" or "EQ/Alliance" option)
o Bankers Trust Company (for the "BT" options)
o Capital Guardian Trust Company (for the "Capital Guardian" options)
o Evergreen Asset Management Corp. (for the "EQ/Evergreen" options)
o J.P. Morgan Investment Management Inc. (for the "JPM" options)
o Lazard Asset Management (for both "Lazard" options)
o Massachusetts Financial Services Company (for the "MFS" options)
o Merrill Lynch Asset Management L.P. (for both "Merrill Lynch" options)
o Morgan Stanley Asset Management Inc. (for the "Morgan Stanley" option)
o Putnam Investment Management, Inc. (for both "EQ/Putnam" options)
Each Portfolio is a part of EQ Advisors Trust. Equitable Life serves as
investment manager of EQ Advisors Trust. As such, Equitable Life oversees the
activities of the above-listed advisers with respect to EQ Advisors Trust and is
responsible for retaining or discontinuing the services of those advisers.
(Prior to September 1999, EQ Financial Consultants, Inc., the predecessor to AXA
Advisors, LLC and a subsidiary of Equitable Life, served as investment manager
to EQ Advisors Trust.) You will find other important information about each
Portfolio in the separate prospectus for EQ Advisors Trust attached at the end
of this prospectus. We may add or delete variable investment options or
Portfolios at any time.
YOUR OPTIONS FOR RECEIVING POLICY PROCEEDS
BENEFICIARY OF DEATH BENEFIT. You designate your policy's beneficiary in your
policy application. You can change the beneficiary at any other time during the
insured person's life. If no beneficiary is living
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when the insured person dies, we will pay the death benefit proceeds in equal
shares to the insured person's surviving children. If there are no surviving
children, we will instead pay the insured person's estate.
PAYMENT OPTIONS FOR DEATH BENEFIT. In your policy application, or at any other
time during the insured person's life, you may choose among several payment
options for all or part of any death benefit proceeds that subsequently become
payable. These payment options are described in the policy, may result in
varying tax consequences and, if selected, cannot be changed by the beneficiary
after the insured person dies. The terms and conditions of each option are set
out in a separate contract that we will send the payee when any such option goes
into effect. Equitable Life or your financial professional can provide you with
samples of such contracts on request.
[Sidebar: You can choose to have the proceeds from the policy's life
insurance benefit paid under one of our payment options, rather than as a single
sum.]
If you have not elected a payment option, we will pay any death benefit in
a single sum. If the beneficiary is a natural person (i.e., not an entity such
as a corporation or trust) we will pay any such single sum death benefit through
an interest-bearing checking account (the "Equitable Access Account(Trademark)")
that we will automatically open for the beneficiary. The beneficiary will have
immediate access to the proceeds by writing a check on the account. We pay
interest on the proceeds from the date of death to the date the beneficiary
closes the Equitable Access Account.
PAYMENT OPTIONS FOR SURRENDER AND PARTIAL WITHDRAWAL PROCEEDS. You can also
choose to receive all or part of any proceeds from a surrender or partial
withdrawal from your policy under one of the above referenced payment options,
rather than as a single sum.
YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS
If for any reason you are not satisfied with your policy, you may return it
to us for a full refund of the initial premium you paid, less the amount of any
outstanding policy loan and loan interest. In some states, we will adjust this
amount for any investment performance (whether positive or negative).
To exercise this cancellation right, you must mail the policy directly to
our Administrative Office with a written request to cancel. Your cancellation
request must be postmarked within 10 days after you receive the policy and your
coverage will terminate as of the date of the postmark. In some states, this
"free look" period is longer than 10 days. Your policy will indicate the length
of your "free look" period.
VARIATIONS AMONG MSPVL POLICIES
Time periods and other terms and conditions described in this prospectus
may vary due to legal requirements in your state. These variations will be
reflected in your policy.
Equitable Life also may vary the charges and other terms of MSPVL where
special circumstances result in sales or administrative expenses or mortality
risks that are different from those normally
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associated with MSPVL. We will make such variations only in accordance with
uniform rules that we establish.
Equitable Life or your financial professional can advise you about any
variations that may apply to your policy.
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Section 2
Determining your policy's value
YOUR ACCOUNT VALUE
We credit your initial premium payment (and any permitted additional
premium) to your policy's "account value." We use your instructions to allocate
your unloaned account value to one or more of the policy's variable investment
options indicated on the front cover of this prospectus.
Your account value is the total of (i) your amounts in our variable
investment options, and (ii) any amounts that we are holding to secure policy
loans that you have taken (including any interest on those amounts which has not
yet been allocated to the variable investment options). See "Borrowing from your
policy" beginning on page ____ below. (Your policy and other supplemental
material may refer to (ii) above as your "Loaned Policy Account.") These amounts
are subject to certain charges discussed in the table on page ___.
[Sidebar: Your value in the variable investment options will be credited with
the same returns as are achieved by the Portfolios that you select, but will
also be reduced by the amount of charges we deduct under the policy.]
YOUR POLICY'S VALUE IN OUR VARIABLE INVESTMENT OPTIONS. We invest the account
value that you have allocated to any variable investment option in shares of the
corresponding Portfolio. Your value in each variable investment option is
measured by "units."
The number of your units in any variable investment option does not change,
absent an event or transaction under your policy that involves moving assets
into or out of that option. Whenever any amount is withdrawn or otherwise
deducted from one of your policy's variable investment options, we "redeem"
(cancel) the number of units that has a value equal to that amount. This can
happen, for example, when all or a portion of monthly deductions and
transaction-based charges are allocated to that option, or when loans,
transfers, and partial withdrawals or full surrenders are made from that option.
Similarly, you "purchase" additional units having the same value as the amount
of your premium, any loan repayment, or a transfer that you allocate to that
option.
The value of each unit will increase or decrease each day, by the same
amount as if you had invested in the corresponding Portfolio's shares directly
(and reinvested all dividends and distributions from the Portfolio in additional
Portfolio shares). The units' values will be reduced, however, by the amount of
the mortality and expense risk charge for that period (the charge is described
in the table on page ___ above). On any day, your value in any variable
investment option equals the number of units credited to your policy under that
option, multiplied by that day's value for one such unit.
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Section 3
Transferring your money among our variable investment options
TRANSFERS YOU CAN MAKE
[Sidebar: You can transfer among our variable investment options.]
After your policy's Allocation Date, you can transfer amounts from one
variable investment option to another. You may submit a written request for a
transfer to our Administrative Office or you can make a telephone request (see
below).
TRANSFER CHARGE. We do not currently make any charge for transfers. We reserve
the right, however, to impose up to a $25 charge for each transfer you make.
This charge does not apply to any transfer pursuant to our dollar cost averaging
service or our asset rebalancing service, both discussed below.
TELEPHONE TRANSFERS
You can make telephone transfers by following one of two procedures:
o if you are both the policy's insured person and its owner, by calling
1-888-228-6690 (toll free) from a touch tone phone; or
o if you are not both the insured person and owner, by signing a telephone
transfer authorization form and sending it to us. Once we have the form on file,
we will provide you with a toll-free telephone number to make transfers.
For more information see "Telephone requests" on page ____ below. We allow
only one request for telephone transfers each day (although that request can
cover multiple transfers), and we will not allow you to revoke a telephone
transfer. If you are unable to reach us by telephone, you should send a written
transfer request to our Administrative Office.
OUR DOLLAR COST AVERAGING SERVICE
We offer you a dollar cost averaging service. This service allows you to
gradually allocate amounts to the variable investment options by periodically
transferring approximately the same dollar amount to the variable investment
options you select. This will cause you to purchase more units if the unit's
value is low, and fewer units if the unit's value is high. Therefore, you may
get a lower average cost per unit over the long term.
[Sidebar: Using the dollar cost averaging service, however, does not
guarantee that you will earn a profit or be protected against losses.]
Our dollar cost averaging service (also referred to as our "automatic
transfer service") enables you to make automatic monthly transfers from the
Alliance Money Market option to our other variable
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investment options. You may elect the dollar cost averaging service with your
policy application or at any later time (provided you are not already using the
asset rebalancing service). At least $5,000 must be allocated to the Alliance
Money Market option to begin using the dollar cost averaging service. You can
choose up to eight other variable investment options to receive the automatic
transfers, but each transfer to each option must be at least $50.
The service terminates when the Alliance Money Market option is exhausted.
You can also cancel the dollar cost averaging service at any time. You may not
simultaneously participate in the asset rebalancing service (see below) and the
dollar cost averaging service.
OUR ASSET REBALANCING SERVICE
You may wish us to periodically redistribute the amounts you have in our
variable investment options so that the relative amount of your account value in
each variable option is restored to an asset allocation that you select. You can
accomplish this automatically through our asset rebalancing service. The
rebalancing may be at quarterly, semiannual or annual intervals.
You may specify asset allocation percentages for up to eight variable
investment options. The allocation percentage you specify for each variable
investment option selected must be at least 5% (whole percentage only) of the
total value you hold under the variable investment options, and the sum of the
percentages must equal 100%. You may not simultaneously participate in the asset
rebalancing service and the dollar cost averaging service (discussed above).
You may request the asset rebalancing service in your policy application or
at any later time. You may change your allocation instructions or discontinue
participation in the asset rebalancing service at any time.
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Section 4
Accessing your money
BORROWING FROM YOUR POLICY
You may borrow up to 90% of the difference between your policy's account
value and any surrender charges that are in effect under your policy. (In your
policy, this "difference" is referred to as your "cash surrender value".)
However, the amount you can borrow will be reduced by any other loans (and loan
interest) you have outstanding. There is a $500 minimum for the initial loan and
for each new policy loan you request. (This minimum loan amount may vary by
state.)
When you take a policy loan, we remove an amount equal to the loan from one
or more of your variable investment options and hold it as collateral for the
loan's repayment. (Your policy may sometimes refer to the collateral as the
"loaned policy account.") We hold this loan collateral as part of our general
assets.
[sidebar: You can use policy loans to obtain funds from your policy without
surrender charges. However, you may be subject to tax consequences and the
borrowed amount is no longer credited with the investment results of any of our
variable investment options under the policy. Instead, you are charged loan
interest on your loan balance while the collateral we hold for the borrowed
amount is credited with interest at rates we determine.]
YOU MAY BE REQUIRED TO CURRENTLY INCLUDE ALL OR A PORTION OF THE AMOUNT YOU
BORROW IN YOUR INCOME FOR TAX PURPOSES AND YOU MAY ALSO BE SUBJECT TO A TAX
PENALTY IF YOU ARE UNDER 59 1/2 YEARS OF AGE IF YOUR POLICY IS CONSIDERED A
"MODIFIED ENDOWMENT CONTRACT" ("MEC"). Even if your policy is not a MEC, and a
loan is not taxable when made, it may later become taxable, for example, upon
termination or surrender. See "Tax information" beginning on page ____ below for
a discussion of the tax consequences of policy loans.
Note that you cannot make transfers or partial withdrawals of the
collateral and the collateral is not available to pay policy charges.
When you request your loan, you should tell us how much of the loan
collateral you wish to have taken from any amounts you have in each of our
variable investment options. If you do not give us directions (or if we are
making the loan automatically to cover unpaid interest), we will take the loan
from your variable investment options in the same proportion as we are then
taking monthly deductions for charges. If that is not possible, we will take the
loan from your variable investment options in proportion to your value in each.
In some cases, your policy may be issued with a loan if your policy was
issued, in whole or in part, as a result of the exchange of another life
insurance policy under Section 1035 of the Internal Revenue Code. If your old
policy had an existing loan, we may permit that loan to be transferred (or
carried over) to your new MSPVL policy. Any value representing your transferred
loan will be immediately set aside as collateral for your loan's repayment, and
will not be allocated to the variable investment options.
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LOAN INTEREST WE CHARGE. The interest we charge on a policy loan accrues daily
at a fixed loan interest rate of 6%. Loan interest payments are due on each
policy anniversary. If not paid when due, we automatically add the interest as a
new policy loan, as described above. This new policy loan will generally have
tax and other consequences as described for policy loans you request, even
though no actual disbursement of loan proceeds occurs. If we add unpaid loan
interest to your loan, and your policy is a modified endowment contract, there
may be adverse tax consequences. See "Tax information" beginning on page __
below.
INTEREST THAT WE CREDIT ON LOAN COLLATERAL. The annual interest rate we credit
on your loan collateral will be at least 4%. We guarantee that this rate will
never be less than that unless tax law changes increase the taxes we pay on
policy loans or loan interest.
Currently, after the first policy year, we credit a "preferred" interest
rate on a portion of your loan collateral. This preferred rate is equal to the
interest rate we charge on your loans, 6%. This 6% preferred rate is not
guaranteed and we may at any time reduce or discontinue crediting interest at
any rate above 4%. The maximum amount of loan collateral that can qualify for
preferred status is determined at the end of each policy year for the following
year (or as of the effective date of any restoration, if later). It is the
excess (if any) of your account value on that date over the sum of your initial
and any additional premium payment. The maximum amount at any other time during
the policy year is determined as the maximum amount at the beginning of the
policy year, accumulated at the preferred rate.
We credit interest on your loan collateral daily. On each anniversary of
your policy (or when your policy loan is fully repaid) we allocate that interest
to your policy's variable investment options in the same proportions as if it
were a premium payment.
POSSIBILITY OF POLICY TERMINATION. In addition to the tax and other effects
described above, a loan can reduce the length of time that your insurance
remains in force, because your policy could terminate in certain circumstances
if you fail to repay your loan or to pay loan interest. See "policy lapse and
termination" on page __. The amount we set aside as loan collateral cannot be
used to pay policy charges as they become due. See "Failure to repay a loan or
loan interest," below. A loan will also cause your guaranteed minimum death
benefit to become unavailable if the net cash surrender value of your policy is
not sufficient to pay monthly charges as they become due. We will deduct any
outstanding policy loan plus loan interest from any policy's proceeds if you do
not pay it back.
PAYING OFF YOUR LOAN. You can repay all or part of your loan at any time. If you
send us more than all of the loan principal and accrued interest you owe, we
will refund the excess portion of the payment. When you send us a loan
repayment, we will transfer an amount equal to such repayment from your loan
collateral back to the variable investment options under your policy. We will
allocate any repayments among variable investment options as you instruct; or,
if you don't instruct us, in the same proportion as your premium allocation
percentages then in effect.
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FAILURE TO REPAY A LOAN OR LOAN INTEREST. In addition to the effects discussed
above, if you fail to repay a loan and the accrued loan interest, and, at the
beginning of a policy month, the policy's net cash surrender value is less than
the monthly charges then due, (i) your policy could terminate (see "Policy
termination" on page ____, above) and (ii) you are not permitted to make
transfers or to change allocation instructions for loan repayments or monthly
deductions.
MAKING WITHDRAWALS FROM YOUR POLICY
You may make a partial withdrawal of your net cash surrender value at any
time after the first year of your policy. The request must be for at least $500,
and the policy's account value after the partial withdrawal, and after the
deduction of any applicable surrender charge, must be at least $25,000, or we
will decline your request. If your withdrawal is subject to a surrender charge,
we deduct the amount of that charge from your account value in addition to the
amount you requested. If you do not tell us from which variable investment
options you wish us to take the partial withdrawal, we will use the same
allocation that then applies for the monthly deductions we make for charges;
and, if that is not possible, we will take the partial withdrawal from all of
your variable investment options in proportion to your value in each. After we
have taken your partial withdrawal, we will then take any related surrender
charge from the variable investment options using the same process.
[Sidebar: You can withdraw all or part of your policy's net cash surrender
value, although you may incur charges and tax consequences by doing so.]
We charge any applicable surrender charge on the portion of any partial
withdrawal that is not treated as a "free withdrawal." The surrender charge we
impose is the applicable surrender charge percentage multiplied by the lesser
of: (i) the amount of the withdrawal that does not qualify as a free withdrawal
(as discussed below), and (ii) the initial premium less the amount of any
previous partial withdrawals that incurred a surrender charge. The applicable
surrender charge percentages are shown on page ____ of this prospectus.
FREE WITHDRAWAL. Beginning in the second policy year you can take as a free
withdrawal 15% of your policy's account value (less outstanding loans and loan
interest) as determined as of the end of the previous policy year. Multiple
withdrawals taken in any one policy year are aggregated for this purpose. Each
year your "free withdrawal" amount is redetermined, but amounts that were not
withdrawn in a policy year cannot be carried over to the next policy year. A
free withdrawal is "free" from surrender charges. It is not free from any income
tax consequences resulting from the withdrawal.
EFFECT OF PARTIAL WITHDRAWAL ON INSURANCE COVERAGE. A partial withdrawal
automatically reduces your net cash surrender value on a dollar-for-dollar basis
by the amount of the withdrawal. A partial withdrawal also automatically reduces
your policy's account value on a dollar-for-dollar basis by the amount of the
withdrawal plus any applicable surrender charge. A partial withdrawal also
results in a reduction in your policy's guaranteed minimum death benefit by the
proportion that the partial withdrawal bears to the policy account value just
prior to the partial withdrawal. For example, if the requested partial
withdrawal equals 10% of your policy's account value prior to the withdrawal,
your guaranteed minimum death benefit would be reduced by 10%.
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Thus, if you take a partial withdrawal, your policy's death benefit will be
the greater of (i) a multiple of the now-reduced account value or (ii) its
now-reduced guaranteed minimum death benefit.
You should refer to "Tax information" beginning on page ___ below, for
information about possible tax consequences of partial withdrawals and any
associated reduction in policy benefits. If you have an unpaid policy loan, a
partial withdrawal may also increase the chance that your policy could lapse
because of insufficient value to pay policy charges as they fall due.
SURRENDERING YOUR POLICY FOR ITS NET CASH SURRENDER VALUE
You can fully surrender (give us back) your policy for its "net cash
surrender value" at any time. The net cash surrender value equals your account
value, minus any outstanding loans and unpaid loan interest, and minus any
surrender charge that then remains applicable.
The surrender charge we impose on a full surrender is the applicable
surrender charge percentage multiplied by the amount of the initial premium, as
adjusted for any prior partial withdrawals. For purposes of this calculation,
the amount of the initial premium would be reduced by the amounts of any prior
partial withdrawals that incurred a surrender charge. The surrender charge
percentages are shown on page ____ of the prospectus.
A full surrender causes your policy and all insurance benefits to
terminate. Please refer to "Tax information" beginning on page ____ below for
the possible tax consequences of surrendering your policy.
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Section 5
Tax information
This discussion is based on current federal income tax law and
interpretations. It assumes that the policyowner is a natural person who is a
U.S. citizen and resident. The tax effects on corporate taxpayers, non-U.S.
residents or non-U.S. citizens may be different. This discussion is general in
nature, and should not be considered tax advice, for which you should consult a
qualified tax advisor.
BASIC TAX TREATMENT FOR YOU AND YOUR BENEFICIARY
An MSPVL policy will be treated as "life insurance" for federal income tax
purposes (a) if it meets the definition of life insurance under Section 7702 of
the Internal Revenue Code (the "Code") and (b) as long as the investments made
by the underlying Portfolios satisfy certain investment diversification
requirements under Section 817(h) of the Code. We believe that the policies will
meet these requirements and, therefore, that
o the death benefit received by the beneficiary under your policy will
generally not be subject to federal income tax; and
o increases in your policy's account value as a result of interest or
investment experience will not be subject to federal income tax, unless and
until there is a distribution from your policy, such as a surrender, a
partial withdrawal, loan or a payment to you that we believe is required to
maintain your policy's status as life insurance under the Code.
There may be different tax consequences if you assign your policy or
designate a new owner. See "Assigning your policy" at page __ below.
TAX TREATMENT OF DISTRIBUTIONS TO YOU
The federal income tax consequences of a distribution from your policy
depend on whether your policy is a "modified endowment contract" (sometimes also
referred to as a "MEC"). In all cases, however, the character of any income
described below as being taxable to the recipient will be ordinary income (as
opposed to capital gain).
TESTING FOR MODIFIED ENDOWMENT CONTRACT ("MEC") STATUS. In all cases where you
have purchased your policy with a single premium or by exchanging another life
insurance policy and paying an additional premium, your policy will be a
"modified endowment contract." A life insurance policy that you receive in
exchange for another life insurance policy that was a modified endowment
contract will also be considered a modified endowment contract.
If you acquire your policy solely through the exchange of an existing life
insurance policy that is not itself a modified endowment contract, your new
policy will generally not be a modified endowment contract. There are two
exceptions:
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(1) if there is a reduction in benefits below the level that would have caused
your existing policy to become a modified endowment. This will not be the case
if the existing policy was not subject to (or was grandfathered from) modified
endowment contract testing or beyond any seven-year testing period. We will
request the issuer of any existing contract being exchanged to provide us with
information necessary to determine the new contract's status.
(2) if you decide to make an additional premium payment at such later time as
the policy may permit.
TAXATION OF PRE-DEATH DISTRIBUTIONS IF YOUR POLICY IS A MODIFIED ENDOWMENT
CONTRACT. Any distribution from your policy will be taxed on an "income-first"
basis if your policy is a modified endowment contract. Distributions for tax
purposes include a loan (including any increase in the loan amount to pay
interest on an existing loan or an assignment or a pledge to secure a loan) or
partial withdrawal. Any such distributions will be considered taxable income to
you to the extent your account value exceeds your basis in the policy. (For
modified endowment contracts, if your policy is acquired for a single premium,
your basis is equal to the premium paid, increased by any additional premium and
reduced by the amount of any previous distributions from your policy that were
not taxable. If your policy was acquired through a tax free exchange, your basis
will generally equal the basis carried over from the policy you exchanged,
increased by any additional premium and reduced by any previous distributions
that were not taxable. Your basis also would be increased by the amount of any
prior loan under your policy that was considered taxable income to you.) For
purposes of determining the taxable portion of any distribution, all modified
endowment contracts issued by Equitable Life (or its affiliate) to the same
owner (excluding certain qualified plans) during any calendar year are treated
as if they were a single contract.
A 10% penalty tax also will apply to the taxable portion of most
distributions from a policy that is a modified endowment contract. The penalty
tax will not, however, apply to (i) taxpayers whose actual age is at least 59
1/2, (ii) distributions in the case of a disability (as defined in the Code) or
(iii) distributions received as part of a series of substantially equal periodic
annuity payments for the life (or life expectancy) of the taxpayer or the joint
lives (or joint life expectancies) of the taxpayer and his or her beneficiary.
Interest charged on the loan will generally not be tax deductible, although
interest credited on loan collateral may become taxable if distributed under the
policy. IF YOUR POLICY TERMINATES AFTER A GRACE PERIOD, THE EXTINGUISHMENT OF
ANY THEN OUTSTANDING POLICY LOAN AND UNPAID LOAN INTEREST WILL BE TREATED AS A
DISTRIBUTION (to the extent the loan was not previously treated as a
distribution) and could be subject to tax, including the 10% penalty tax, as
described above. In addition, upon a full surrender, any excess of the proceeds
we pay (including any amounts we use to discharge any loan) over your basis in
the policy, will be subject to federal income tax and, unless an exception
applies, the 10% penalty tax.
TAXATION OF PRE-DEATH DISTRIBUTIONS IF YOUR POLICY IS NOT A MODIFIED ENDOWMENT
CONTRACT. As long as your policy remains in force as a non-modified endowment
contract, policy loans will be treated as indebtedness, and no part of the loan
proceeds will be subject to current federal income tax. Interest
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charged on the loan will generally not be tax deductible, although interest
credited on loan collateral may become taxable under the rules below if
distributed.
If you make a partial withdrawal after the first 15 years of your policy,
the proceeds will not be subject to federal income tax except to the extent such
proceeds exceed your "basis" in your policy. (Your basis generally will equal
the basis carried over from the old life policy you exchanged, if the exchange
was a tax free exchange, less the amount of any distributions from your policy
that were not taxable. We need to receive this basis information from the issuer
of the old life policy.) During the first 15 years, however, the proceeds from a
partial withdrawal are likely to be. subject to federal income tax, under a
complex formula, to the extent that your account value exceeds your basis.
Upon full surrender, any amount by which the proceeds we pay (including
amounts we use to discharge any policy loan and unpaid loan interest) exceed
your basis in the policy will be subject to federal income tax. IN ADDITION, IF
A POLICY TERMINATES AFTER A GRACE PERIOD, THE EXTINGUISHMENT OF ANY
THEN-OUTSTANDING POLICY LOAN AND UNPAID LOAN INTEREST WILL BE TREATED AS A
DISTRIBUTION AND COULD BE SUBJECT TO TAX UNDER THE FOREGOING RULES. Finally, if
you make an assignment of rights or benefits under your policy, you may be
deemed to have received a distribution from your policy, all or part of which
may be taxable.
Distributions that occur during a year of your policy in which it becomes a
modified endowment contract, and during any subsequent years, will be taxed as
described above for a policy which is a modified endowment contract. In
addition, distributions from a policy within two years before it becomes a
modified endowment contract also will be subject to tax in this manner. This
means that a distribution made from a policy that is not a modified endowment
contract could later become taxable as a distribution from a modified endowment
contract.
RESTORATION OF A TERMINATED POLICY. For tax purposes, some restorations of
a policy that terminated after a grace period may be treated as the purchase of
a new policy.
EFFECT OF POLICY ON INTEREST DEDUCTIONS TAKEN BY BUSINESS ENTITIES
OWNERSHIP OF A POLICY BY A TRADE OR BUSINESS ENTITY CAN LIMIT THE AMOUNT OF
ANY INTEREST ON BUSINESS BORROWINGS THAT ENTITY OTHERWISE COULD DEDUCT for
federal income tax purposes, even though such business borrowings may be
unrelated to the policy. To avoid the limit, the insured person must be an
officer, director, employee or 20% owner of the trade or business entity when
coverage on that person commences.
The limit does not generally apply for policies owned by natural persons
(even if those persons are conducting a trade or business as sole
proprietorships), unless a trade or business entity that is not a sole
proprietorship is a direct or indirect beneficiary under the policy. ENTITIES
COMMONLY HAVE SUCH A BENEFICIAL INTEREST, FOR EXAMPLE, IN SO-CALLED "SPLIT
DOLLAR" ARRANGEMENTS. If the trade or business entity has such an interest in a
policy, it will be treated the same as if it owned the policy for purposes of
the limit on deducting interest on unrelated business income.
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The limit generally applies only to policies issued after June 8, 1997
in taxable years ending after such date. However, for this purpose, any material
increase in death benefit as a result of any additional premium payment, or
other material change in a policy, will be treated as the issuance of a new
policy.
In cases where the above-discussed limit on deductibility applies, the
non-deductible portion of unrelated interest on business loans is determined by
multiplying the total amount of such interest by a fraction. The numerator of
the fraction is the policy's average account value (excluding amounts we are
holding to secure any policy loans) for the year in question, and the
denominator is the average for the year of the aggregate tax bases of all the
entity's other assets.
Any corporate, trade, or business use of a policy should be carefully
reviewed by your tax advisor with attention to these rules, as well as the other
rules and possible pending legislative proposals which might further restrict
available exceptions to this limit on interest deductions or make other tax law
changes with respect to such coverage.
REQUIREMENT THAT WE DIVERSIFY INVESTMENTS
Under Section 817(h) of the Code, the Treasury Department has issued
regulations that implement investment diversification requirements. Failure to
comply with these regulations would disqualify your policy as a life insurance
policy under Section 7702 of the Code. If this were to occur, you would be
subject to federal income tax on any income and gains under the policy and the
death benefit proceeds would lose their income tax-free status. These
consequences would continue for the period of the disqualification and for
subsequent periods. Through the Portfolios, we intend to comply with the
applicable diversification requirements.
ESTATE, GIFT, AND GENERATION-SKIPPING TAXES
If the policy's owner is the insured person, the death benefit will
generally be includable in the owner's estate for purposes of federal estate
tax. If the owner is not the insured person, and the owner dies before the
insured person, the value of the policy would be includable in the owner's
estate. If the owner is neither the insured person nor the beneficiary, the
owner will be considered to have made a gift to the beneficiary of the death
benefit proceeds when they become payable.
In general, a person will not owe estate or gift taxes until gifts made by
such person, plus that person's taxable estate, total at least $675,000 (a
figure that is scheduled to rise at periodic intervals to $1 million by the year
2006). For this purpose, however, certain amounts may be deductible or
excludable, such as gifts and bequests to the person's spouse or charitable
institutions and certain gifts of $10,000 or less per year for each recipient.
As a general rule, if you make a "transfer" to a person two or more
generations younger than you, a generation-skipping tax may be payable.
Generation-skipping transactions would include, for example, a case where a
grandparent "skips" his or her children and names grandchildren as a policy's
beneficiaries. In that case, the generation-skipping "transfer" would be deemed
to occur when the insurance proceeds are paid. The generation-skipping tax rates
are similar to the maximum estate tax rate in effect at the time.
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Individuals, however, are generally allowed an aggregate generation-skipping tax
exemption of $1 million.
The particular situation of each policyowner, insured person or beneficiary
will determine how ownership or receipt of policy proceeds will be treated for
purposes of federal estate, gift and generation-skipping taxes, as well as state
and local estate, inheritance and other taxes. Because these rules are complex,
you should consult with a qualified tax adviser for specific information,
especially where benefits are passing to younger generations.
PENSION AND PROFIT-SHARING PLANS
There are special limits on the amount of insurance that may be
purchased by a trust or other entity that forms part of a pension or
profit-sharing plan qualified under Section 401(a) or 403 of the Code. In
addition, the federal income tax consequences will be different from those
described in this prospectus. These rules are complex, and you should consult a
qualified tax advisor.
OTHER EMPLOYEE BENEFIT PROGRAMS
Complex rules may also apply when a policy is held by an employer or a
trust, or acquired by an employee, in connection with the provision of other
employee benefits. These policyowners must consider whether the policy was
applied for by or issued to a person having an insurable interest under
applicable state law and with the insured person's consent. The lack of an
insurable interest or consent may, among other things, affect the qualification
of the policy as life insurance for federal income tax purposes and the right of
the beneficiary to receive a death benefit.
ERISA
Employers and employer-created trusts may be subject to reporting,
disclosure and fiduciary obligations under the Employee Retirement Income
Security Act of 1974. You should consult a qualified legal advisor.
OUR TAXES
The operations of our Separate Account FP are reported in our federal
income tax return. The separate account's investment income and capital gains,
however, are, for tax purposes, reflected in our variable life insurance policy
reserves. Therefore, we currently pay no taxes on such income and gains and
impose no charge for such taxes. We reserve the right to impose a charge in the
future for taxes incurred; for example, a charge to the separate account for
income taxes incurred by us that are allocable to the policies.
If our state, local or other tax expenses increase, we may add or increase
our charges for such taxes when they are attributable to Separate Account FP,
based on premiums, or otherwise allocable to the policies.
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WHEN WE WITHHOLD TAXES FROM DISTRIBUTIONS
Generally, unless you provide us with a satisfactory written election to
the contrary prior to the distribution, we are required to withhold income tax
from any proceeds we distribute as part of a taxable transaction under your
policy. If you do not wish us to withhold tax from the payment, or if we do not
withhold enough, you may have to pay later, and you may incur penalties under
the estimated income tax rules. In some cases, where generation-skipping taxes
may apply, we may also be required to withhold for such taxes unless we are
provided satisfactory notification that no such taxes are due. States may also
require us to withhold tax on distributions to you. Special withholding rules
apply if you are not a U.S. resident or U.S. citizen.
POSSIBILITY OF FUTURE TAX CHANGES
The U.S. Congress frequently considers legislation that, if enacted, could
change the tax treatment of life insurance policies or increase the taxes we pay
in connection with such policies. In addition, the Treasury Department may amend
existing regulations, issue regulations on the qualification of life insurance
and modified endowment contracts, or adopt new or clarifying interpretations of
existing law. State and local tax law or, if you are not a U.S. citizen and
resident, foreign tax law, may also affect the tax consequences to you, the
insured person or your beneficiary, and are subject to change or changes of
interpretation. Any changes in federal, state, local or foreign tax law or
interpretations could have a retroactive effect, both on our taxes and the way
your policy is taxed.
The Treasury Department has stated that it anticipates the issuance of
guidelines prescribing the circumstances in which your ability to direct your
investment to particular Portfolios within a separate account may cause you,
rather than the insurance company, to be treated as the owner of the Portfolio
shares attributable to your policy. In that case, income and gains attributable
to such Portfolio shares would be included in your gross income for federal
income tax purposes. Under current law, however, we believe that Equitable Life,
and not the owner of a policy, would be considered the owner of the Portfolio
shares.
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Section 6
More information about procedures that apply to your policy
This section provides further detail about certain subjects that are
addressed in the previous pages. The following discussion generally does not
repeat the information already contained in those pages.
WAYS TO MAKE PREMIUM AND LOAN PAYMENTS
CHECKS AND MONEY ORDERS. Your premiums or loan repayments generally must be paid
by check or money order drawn on a U.S. bank in U.S. dollars and made payable to
"Equitable Life."
We prefer that you make each payment to us with a single check drawn on
your business or personal bank account. We also will accept a single money
order, bank draft or cashier's check payable directly to Equitable Life,
although we must report such "cash equivalent" payments to the Internal Revenue
Service under certain circumstances. Cash and travelers' checks, or any payments
in foreign currency, are not acceptable. We will not accept third-party checks
payable to someone other than Equitable Life.
EXCHANGES OF EXISTING LIFE INSURANCE POLICIES. We may, under certain
circumstances, permit you to exchange an existing life insurance policy for an
MSPVL policy. In these regards, we will follow our established administrative
procedures as in effect from time to time. We will apply these procedures
uniformly and will not unfairly discriminate. We will generally require the use
of special forms for this purpose. We may also permit you to pay additional
premium with the exchange.
REQUIREMENTS FOR SURRENDER REQUESTS
Your surrender request must include the policy number, your name, your tax
identification number, the name of the insured person, and the address where
proceeds should be mailed. The request must be signed by you, as the owner, and
by any joint owner, collateral assignee or irrevocable beneficiary. We may also
require you to complete specific tax forms.
Finally, in order for your surrender request to be complete, you must
return your policy to us.
WAYS WE PAY POLICY PROCEEDS
The payee for death benefit or other policy proceeds (e.g. upon surrenders)
may name a successor to receive any amounts that we still owe following the
payee's death. Otherwise, we will pay any such amounts to the payee's estate.
We must approve any payment arrangements that involve more than one payment
option, or a payee who is not a natural person (for example, a corporation), or
a payee who is a fiduciary. Also, the details of all payment arrangements will
be subject to our rules at the time the arrangements are selected and take
effect. This includes rules on the minimum amount we will pay under an option,
minimum amounts for installment payments, withdrawals or commutation rights
(your rights to receive payments
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over time, for which we may offer a lump sum payment), the naming of payees, and
the methods for proving the payee's age and continued survival.
ASSIGNING YOUR POLICY
You may assign (transfer) your rights in a policy to someone else as
collateral for a loan, to effect a change of ownership or for some other reason,
if we agree. A copy of the assignment must be forwarded to our Administrative
Office. We are not responsible for any payment we make or any action we take
before we receive notice of the assignment or for the validity of the
assignment. An absolute assignment is a change of ownership.
Certain transfers for value may subject you to income tax and penalties and
cause the death benefit to lose its income-tax free treatment. A gift of a
policy that has a loan outstanding may be treated as part gift and part transfer
for value, which could result in both gift tax and income tax consequences. An
assignment of a life insurance policy that is a modified endowment contract as
collateral for a loan will generally be treated as a distribution under the
policy for income tax purposes. You should consult your tax advisor prior to
making a transfer or other assignment.
DATES AND PRICES AT WHICH POLICY EVENTS OCCUR
We describe below the general rules for when, and at what prices, events
under your policy will occur. Other portions of this prospectus describe
circumstances that may cause exceptions. We generally do not repeat those
exceptions below.
DATE OF RECEIPT. Where this prospectus refers to the day when we receive a
payment, request, election, or notice from you, we usually mean the day on which
that item (or the last thing necessary for us to process that item) arrives in
complete and proper form at our Administrative Office or via the appropriate
telephone or fax number if the item is a type we accept by those means. There
are two main exceptions: if the item arrives (1) on a day that is not a business
day or (2) after the close of a business day, then, in each case, we are deemed
to have received that item on the next business day.
BUSINESS DAYS. Every day that the New York Stock Exchange is open for regular
trading is a business day for us. Each business day ends at the time regular
trading on the exchange closes (or is suspended) for the day. We compute unit
values for our variable investment options as of the end of each business day.
This usually is 4:00 p.m., Eastern Time.
PAYMENTS AND REQUESTS YOU MAKE. Loan repayments, any permitted additional
premium payment, and interest payments are reflected in your policy as of the
date we receive them.
The following transactions occur as of the date we receive your request:
o partial withdrawals
o account value and guaranteed minimum death benefit decreases that
result from partial withdrawals
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o tax withholding elections
o changes of allocation percentages
o surrenders
o changes of beneficiary o changes in form of death benefit payment
o loans
o transfers among variable investment options
o assignments
Restoration of terminated policies occurs on your policy's next monthly
anniversary that coincides with or follows the date we approve your request.
DOLLAR COST AVERAGING SERVICE. Transfers pursuant to our dollar cost averaging
service (automatic transfer service) occur as of the first day of each policy
month. If you request the dollar cost averaging service in our original policy
application, the first transfer will occur as of the first day of the second
policy month after your policy's initial Allocation Date. If you request this
service at any later time, we make the first such transfer as of your policy's
first monthly anniversary that coincides with or follows the date we receive
your request.
ASSET REBALANCING SERVICE. If you request the asset rebalancing service in your
policy application, the initial transaction will be on the start date you
specify. However, no rebalancing will occur prior to your Allocation Date. The
first transfer of a periodic rebalancing program received after the original
policy application will be processed as of the start date you specify or the
date we receive your request, if you do not select a start date. Subsequent
periodic rebalancings occur quarterly, semiannually or annually, as you have
requested.
DELAY IN CERTAIN CASES. We may delay allocating any payment you make to our
variable investment options, or any transfer, for the same reasons stated in
"Delay of variable investment option proceeds" on page ____ below. We may also
delay such transactions for any other legally permitted purpose.
PRICES APPLICABLE TO POLICY TRANSACTIONS. If a transaction will increase or
decrease the amount you have in a variable investment option as of a certain
date, we process the transaction using the unit values for that option computed
as of that day's close of business, unless that day is not a business day. In
that case, we use unit values computed as of the next business day's close.
EFFECT OF DEATH OR SURRENDER. You may not make any policy transactions or
changes after the insured person has died. Also, all insurance coverage ends on
the date as of which we process any request for a full surrender.
POLICY ISSUANCE
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REGISTER DATE. When we issue a policy, we assign it a "register date," which
will be shown in the policy. We measure the months, years, and anniversaries of
your policy from your policy's register date. The register date will be the same
as the date we actually issue the policy (the "issue date").
Policies that would otherwise receive a register date of the 29th, 30th
or 31st of any month will receive a register date of the 28th of that month.
INVESTMENT START DATE. This is the date your investment first begins to earn a
return for you in our Alliance Money Market option (prior to the Allocation
Date). The investment start date is the register date.
COMMENCEMENT OF INSURANCE COVERAGE. You must give the entire premium for this
policy to your financial professional before the policy is delivered to you. No
insurance under your policy will take effect unless (1) the insured person is
still living at the time such delivery is completed and (2) unless the
information in the application continues to be true and complete, without
material change, as of the time of such payment. If you submit your entire
premium with your application, we may, subject to certain conditions, provide a
limited amount of temporary insurance on the proposed insured person. You may
review a copy of our temporary insurance agreement, on request, for more
information about the terms and conditions of that coverage.
NON-ISSUANCE. If, after considering your application, we decide not to issue a
policy, we will refund any premium you have paid (less the amount of any loan)
without interest.
AGE; AGE AT ISSUE. Unless the context in this prospectus requires otherwise, we
consider the insured person's "age" during any policy year be his or her age on
his or her birthday nearest to the beginning of that policy year. For example,
the insured person's age for the first policy year ("age at issue") is that
person's age on whichever birthday is closer to (i.e., before or after) the
policy's register date.
GENDER-NEUTRAL POLICIES
Congress and various states have from time to time considered legislation
that would require insurance rates and the "factors" we use to compute the
policies' death benefits to be the same for males and females.
There will be no distinctions based on sex in the death benefit factors or
cost of insurance rates for MSPVL policies sold in Montana because of Montana
insurance department regulations. Guaranteed maximum cost of insurance rates
applicable to a gender-neutral policy will not be greater than the comparable
male rates under a gender specific MSPVL policy.
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Section 7
More information about other matters
YOUR VOTING PRIVILEGES
VOTING OF PORTFOLIO SHARES. As the legal owner of any Portfolio shares that
support a variable investment option, we will attend (and have the right to vote
at) any meeting of shareholders of the Portfolio (or the Trust). To satisfy
currently-applicable legal requirements, however, we will give you the
opportunity to tell us how to vote the number of each Portfolio's shares that
are attributable to your policy. We will vote shares attributable to policies
for which we receive no instructions in the same proportion as the instructions
we do receive from all policies that participate in our Separate Account FP
(discussed below). With respect to any Portfolio shares that we are entitled to
vote directly (because we do not hold them in a separate account or because they
are not attributable to policies), we will vote in proportion to the
instructions we have received from all holders of variable annuity and variable
life insurance policies who are using that Portfolio.
Under current legal requirements, we may disregard the voting instructions
we receive from policyowners only in certain narrow circumstances prescribed by
SEC regulations. If we do, we will advise you of the reasons in the next annual
or semiannual report we send to you.
VOTING AS POLICYOWNER. In addition to being able to instruct voting of Portfolio
shares as discussed above, policyowners that use our variable investment options
may in a few instances be called upon to vote on matters that are not the
subject of a shareholder vote being taken by any Portfolio. If so, you will have
one vote for each $100 of account value in any such option; and we will vote our
interest in Separate Account FP in the same proportion as the instructions we
receive from holders of MSPVL and other policies that Separate Account FP
supports.
ABOUT OUR SEPARATE ACCOUNT FP
Each variable investment option is a part (or "subaccount") of our Separate
Account FP. We established Separate Account FP under special provisions of the
New York Insurance Law. These provisions prevent creditors from any other
business we conduct from reaching the assets we hold in our variable investment
options for owners of our variable life insurance policies. We are the legal
owner of all of the assets in Separate Account FP and may withdraw any amounts
that exceed our reserves and other liabilities with respect to variable
investment options under our policies. The results of Separate Account FP's
operations are accounted for without regard to Equitable Life's other
operations.
Separate Account FP's predecessor was established on April 19, 1985 by our
then wholly owned subsidiary, Equitable Variable Life Insurance Company. We
established our Separate Account FP under New York Law on September 21, 1995.
When Equitable Variable Life Insurance Company merged into Equitable Life, as of
January 1, 1997, our Separate Account FP succeeded to all the assets,
liabilities and operations of its predecessor.
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Separate Account FP is registered with the SEC under the Investment Company
Act of 1940 and is classified by that act as a "unit investment trust." The SEC,
however, does not manage or supervise Equitable Life or Separate Account FP.
Each subaccount (variable investment option) of Separate Account FP
available under MSPVL invests solely in class IB shares issued by the
corresponding Portfolio of EQ Advisors Trust. Separate Account FP immediately
reinvests all dividends and other distributions it receives from a Portfolio in
additional shares of that Portfolio.
The EQ Advisors Trust sells its shares to Equitable Life separate accounts
in connection with Equitable Life's variable life insurance and annuity
products, to the trustee of a qualified benefit plan for Equitable Life and to
separate accounts of insurance companies, both affiliated and unaffiliated with
Equitable Life. We currently do not foresee any disadvantages to our
policyowners arising out of this. However, the Board of Trustees of EQ Advisors
Trust intends to monitor events to identify any material irreconcilable
conflicts that may arise and to determine what action, if any, should be taken
in response. If we believe that the Board's response insufficiently protects our
policyowners, we will see to it that appropriate action is taken to do so. Also,
if we ever believe that any of the Trust's Portfolios is so large as to
materially impair the investment performance of the Portfolio involved, we will
examine other investment alternatives.
ABOUT OUR GENERAL ACCOUNT
Our general account assets support all of our obligations (including those
under the MSPVL policies). Our general assets consist of all of our assets as to
which no class or classes of our annuity or life insurance policies have any
preferential claim. You will not share in the investment experience of our
general account assets, however; and we have full discretion about how we invest
those assets (subject only to any requirements of law).
TRANSFERS OF YOUR ACCOUNT VALUE
TRANSFERS NOT IMPLEMENTED. When we cannot process part of a transfer request, we
will not process any other part of the request. This could occur, for example,
where you request transfer of an amount greater than that currently allocated to
an variable investment option.
The dollar cost averaging service will terminate immediately if: (1) your amount
in the Alliance Money Market option is insufficient to cover the automatic
transfer amount; (2) your policy is in a grace period; or (3) we receive notice
of the insured person's death. Similarly, the asset rebalancing program will
terminate immediately if either (2) or (3) occurs.
MARKET TIMING. We may, at any time, restrict the use of market timers and other
agents acting under a power of attorney who are acting on behalf of more than
one policyowner. Any agreements to use marketing timing services to make
transfers are subject to our rules in effect at that time.
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TELEPHONE REQUESTS
If you are a properly authorized person, you may make telephone transfers
as described above on page __.
Also, if you are both the owner and the insured person under your policy,
you may call 1-888-228-6690 (toll free) from a touch tone phone to make the
following additional types of requests:
o policy loans
o changes of allocation percentages
o changes of address
For security purposes, all telephone requests are automatically
tape-recorded and are invalid if the information given is incomplete or any
portion of the request is inaudible. We have established procedures reasonably
designed to confirm that telephone instructions are genuine. These include
requiring personal identification information from the caller and providing
subsequent written confirmation of the instructions. If we do not employ
reasonable procedures to confirm the genuineness of telephone instructions, we
may be liable for any losses arising out of any act or omission that constitutes
negligence, lack of good faith, or willful misconduct. In light of our
procedures, we will not be liable for following telephone instructions that we
reasonably believe to be genuine.
Any telephone transaction request that you make after the close of a
business day (which is usually 4:00 p.m. Eastern Time) will be processed as of
the next business day. During times of extreme market activity, or for other
reasons, you may be unable to contact us to make a telephone request. If this
occurs, you should submit a written transaction request to our Administrative
Office. We reserve the right to discontinue telephone transactions, or modify
the procedures and conditions for such transactions, without prior notification,
at any time.
DEDUCTING POLICY CHARGES
MONTHLY COST OF INSURANCE CHARGE. The monthly cost of insurance charge is
determined by multiplying the cost of insurance rate by your policy's account
value. A greater policy account value, or a higher cost of insurance rate, will
generally result in a higher current monthly charge. The currently applicable
cost of insurance rate is 1.15%, subject to the maximum charges specified in
your policy.
We reserve the right to change this rate, but we will never charge more
than the guaranteed maximum charge specified in your policy. These maximum
charges are determined by multiplying the maximum cost of insurance rate that is
then applicable to your policy by the amount we have at risk under your policy.
The maximum cost of insurance rates are based on the 1980 Commissioners'
Standard Ordinary Male and Female Mortality Tables. Our amount at risk (also
described in your policy as "net amount at risk") on any date is the difference
between (a) the death benefit that would be payable if the insured person died
on that date and (b) the then total account value under the policy.
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Our maximum cost of insurance rates will generally be lower (except in
Montana) if the insured person is a female than if a male.
DATE OF MONTHLY DEDUCTIONS. We make the regular monthly deductions as of the
first day of each month of the policy.
PURPOSES OF POLICY CHARGES. The charges under the policies are designed to
cover, in the aggregate, our direct and indirect costs of selling, administering
and providing benefits under the policies. They are also designed, in the
aggregate, to compensate us for the risks of loss we assume pursuant to the
policies. If, as we expect, the charges that we collect from the policies exceed
our total costs in connection with the policies, we will earn a profit.
Otherwise, we will incur a loss.
The current and maximum rates of certain of our charges have been set with
reference to estimates of the amount of specific types of expenses or risks that
we will incur. In most cases, this prospectus identifies such expenses or risks
in the name of the charge: e.g., charge for administration and taxes, cost of
insurance charge, guaranteed minimum death benefit charge, and mortality and
expense risk charge. However, the fact that any charge bears the name of, or is
designed primarily to defray, a particular expense or risk does not mean that
the amount we collect from that charge will never be more than the amount of
such expense or risk. Nor does it mean that we may not also be compensated for
such expense or risk out of any other charges we are permitted to deduct by the
terms of the policies. The surrender charge, for example, is designed primarily
to defray sales expenses, but may also be used to defray other expenses
associated with your policy that we have not recovered by the time of any
surrender.
SUICIDE AND CERTAIN MISSTATEMENTS
If an insured person commits suicide within certain time periods, the
amount of death benefit we pay will be limited as described in the policy. Also,
if an application misstated the age or gender of an insured person, we will
adjust the amount of any death benefit as described in the policy.
WHEN WE PAY POLICY PROCEEDS
GENERAL. We will generally pay any death benefit, surrender, partial withdrawal,
or loan within seven days after we receive the request and any other required
items.
CLEARANCE OF CHECKS. We reserve the right to defer payment of that portion of
your account value that is attributable to a premium payment or loan repayment
made by check for a reasonable period of time (not to exceed 15 days) to allow
the check to clear the banking system.
DELAY OF VARIABLE INVESTMENT OPTION PROCEEDS. We reserve the right to defer
payment of any death benefit, transfer, loan or other distribution that is
derived from a variable investment option if (a) the New York Stock Exchange is
closed (other than customary weekend and holiday closings) or trading on that
exchange is restricted; (b) the SEC has declared that an emergency exists, as a
result of which disposal of securities is not reasonably practicable or it is
not reasonably practicable to fairly determine the account value; or (c) the law
permits the delay for the protection of owners. If we need to defer calculation
of
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values for any of the foregoing reasons, all delayed transactions will be
processed at the next available unit values.
DELAY TO CHALLENGE COVERAGE. We may challenge the validity of your insurance
policy based on any material misstatements in an application you have made to
us. We cannot make such challenges, however, beyond certain time limits set
forth in the policy. If the insured person dies within one of these limits, we
may delay payment of any proceeds until we decide whether to challenge the
policy.
CHANGES WE CAN MAKE
In addition to any of the other changes described in this prospectus, we
have the right to modify how we or Separate Account FP operate. We intend to
comply with applicable law in making any changes and, if necessary, we will seek
policyowner approval. We have the right to:
o combine two or more variable investment options or withdraw assets
relating to MSPVL from one variable investment option and put them
into another;
o end the registration of, or re-register, Separate Account FP under the
Investment Company Act of 1940;
o operate Separate Account FP under the direction of a "committee" or
discharge such a committee at any time;
o restrict or eliminate any voting rights or privileges of policyowners
(or other persons) that affect Separate Account FP;
o operate Separate Account FP, or one or more of the variable investment
options, in any other form the law allows. This includes any form that
allows us to make direct investments, in which case we may charge
Separate Account FP an advisory fee.
We may make any legal investments we wish for Separate Account FP. In
addition, we may disapprove any change in investment advisers or in investment
policy unless a law or regulation provides differently.
If we take any action that results in a material change in the underlying
investments of a variable investment option, we will notify you to the extent
required by law. We may, for example, cause the variable investment option to
invest in a mutual fund other than, or in addition to, EQ Advisors Trust. If you
then wish to transfer the amount you have in that option to another variable
investment option, you may do so.
We may make any changes in the policy or make distributions from the policy
to the extent we deem necessary to ensure that your policy qualifies or
continues to qualify as life insurance for tax purposes. Any such change will
apply uniformly to all policies that are affected. We will give you written
notice of such changes. Subject to all applicable legal requirements, we also
may make other
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changes in the policies that do not reduce any net cash surrender value, death
benefit, account value, or other accrued rights or benefits.
REPORTS WE WILL SEND YOU
Shortly after the end of each year of your policy, we will send you a
report that includes information about your policy's current death benefit,
account value, cash surrender value (i.e., account value minus any current
surrender charge), policy loans, policy transactions and amounts of charges
deducted. We will send you individual notices to confirm your premium payments,
loan repayments, transfers and certain other policy transactions.
LEGAL PROCEEDINGS
Equitable Life and its affiliates are parties to various legal proceedings.
In our view, none of these proceedings would be considered material with respect
to a policyowner's interest in Separate Account FP, nor would any of these
proceedings be likely to have a material adverse effect upon the Separate
Account, our ability to meet our obligations under the policies, or the
distribution of the policies.
ILLUSTRATIONS OF POLICY BENEFITS
In order to help you understand how your policy values would vary over time
under different sets of assumptions, we will provide you with certain
illustrations when you purchase your policy and upon request thereafter. These
will be based on the age and gender of the insured person under your policy, and
such factors as the premium payment amount and assumed rates of return (within
limits) that you request. We have filed an example of such an illustration as an
exhibit to the registration statement referred to below.
SEC REGISTRATION STATEMENT
We have on file with the SEC a registration statement under the Securities
Act of 1933 that relates to the MSPVL policies. The registration statement
contains additional information that is not required to be included in this
prospectus. You may obtain this information, for a fee, from the SEC's Public
Reference Section at 450 5th Street, N.W., Washington, D.C. 20549 or, without
charge, from the SEC's web-site (www.sec.gov).
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HOW WE MARKET THE POLICIES
We offer variable life insurance policies (including MSPVL) and variable
annuity contracts through Equitable Distributors Inc. ("EDI"). The Investment
Company Act of 1940, therefore, classifies EDI as a "principal underwriter" of
those policies and contracts. EDI also serves as a principal underwriter of EQ
Advisors Trust. EDI is a wholly owned subsidiary of Equitable Life, with its
address at 1290 Avenue of the Americas, New York, NY 10104. EDI is registered
with the SEC as a broker-dealer and is a member of the National Association of
Securities Dealers, Inc. ("NASD"). In 1998 and 1999, we paid EDI a fee of
$35,582,313 and $ , respectively, for its services under a
------------
Distribution Agreement with Equitable Life and its separate accounts.
We sell MSPVL through licensed insurance agencies (both affiliated and
unaffiliated with Equitable Life) and their affiliated broker-dealers (who are
registered with the SEC and are members of the NASD). Such agencies and their
affiliated broker-dealers have entered into selling agreements with EDI. The
licensed insurance agents who sell our policies are appointed as agents of
Equitable Life, and are financial professionals of the agencies' affiliated
broker-dealer. Sales commissions will be paid by Equitable Life to the agency
which sells you this policy. The commissions don't cost you anything above the
charges and expenses already discussed elsewhere in this prospectus. Generally,
the agencies will receive maximum commissions of 4.50% of the amount of the
initial premium you pay. Alternatively, the agencies could receive a lower
initial commission, but receive additional commissions in later years based on
the policy's unloaned account value in the variable investment options. The
agency may be required to return to us any commissions on premiums that we have
refunded to a policyowner.
INSURANCE REGULATION THAT APPLIES TO EQUITABLE LIFE
We are regulated and supervised by the New York State Insurance Department.
In addition, we are subject to the insurance laws and regulations in every state
where we sell policies. We submit annual reports on our operations and finances
to insurance officials in all of these states. The officials are responsible for
reviewing our reports to see that we are financially sound. Such regulation,
however, does not guarantee or provide absolute assurance of our soundness.
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Directors and principal officers
Set forth below is information about our directors and, to the extent they
are responsible for variable life insurance operations, our principal officers.
Unless otherwise noted, their address is 1290 Avenue of the Americas, New York,
New York 10104.
[TO BE UPDATED]
DIRECTORS
NAME AND PRINCIPAL BUSINESS ADDRESS BUSINESS EXPERIENCE WITHIN PAST FIVE YEARS
Francoise Colloc'h AXA
23, Avenue Matignon
75008 Paris, France Director of Equitable Life since July
1992. Senior Executive Vice President, Human Resources and Communications of
AXA, and various positions with AXA affiliated companies. Director of AXA
Financial, Inc. ("AXA Financial") since December 1996.
Henri de Castries AXA
23, Avenue Matignon
75008 Paris, France Director of Equitable Life since September 1993. Director
(since May 1994) and Chairman of the Board (since April 1998) of AXA Financial.
Prior thereto, Vice Chairman of the Board of AXA Financial (February 1996 to
April 1998). Senior Executive Vice President, Financial Services and Life
Insurance Activities of AXA since 1996. Prior thereto, Executive Vice President
Financial Services and Life Insurance Activities of AXA (1933 to 1996). Also
Director or officer of various subsidiaries and affiliates of the AXA Group.
Director of other Equitable Life affiliates. Previously held other officerships
with the AXA Group.
Joseph L. Dionne The McGraw_Hill Companies
1221 Avenue of the Americas
New York, NY 10020 Director of Equitable Life since May 1982. Chairman (since
April 1988) and former Chief Executive Officer (April 1983 to April 1988) of The
McGraw_Hill Companies. Director of AXA Financial (since May 1992). Director,
Harris Corporation and Ryder System, Inc.
Denis Duverne AXA
23, Avenue Matignon
75008 Paris, France Director of Equitable Life since February 1998. Senior Vice
President International (US_UK_Benelux) AXA. Director since February 1996,
Alliance. Director since February 1997, Donaldson Lufkin & Jenrette ("DLJ").
Jean_Rene Fourtou Rhone_Poulenc S.A.
25, Quai Paul Doumer
92408 Courbevoie Cedex
France Director of Equitable Life since July 1992. Director of AXA Financial
since July 1992. Chairman and Chief Executive Officer of Rhone_Poulenc, S.A.;
Member, Supervisory Board of AXA since January 1997; European Advisory Board of
Bankers Trust Company and Consulting Council of Banque de France; Director,
Societe Generale, Schneider S.A. and Groupe Pernod_Ricard (July 1997 to
present).
Norman C. Francis Xavier University of Louisiana
7325 Palmetto Street
New Orleans, LA 70125 Director of Equitable Life since March 1989. President of
Xavier University of Louisiana; Director, First National Bank of Commerce, New
Orleans, LA, Piccadilly Cafeterias, Inc., and Entergy Corporation.
Donald J. Greene LeBouef, Lamb, Greene & MacRae, L.L.P. 125 West 55th Street
New York, NY 10019_4513 Director of Equitable Life since July 1991. Partner,
LeBoeuf, Lamb, Greene & MacRae, L.L.P. Director of AXA Financial since May 1992.
Directors (continued)
NAME AND PRINCIPAL BUSINESS ADDRESS BUSINESS EXPERIENCE WITHIN PAST
ADDRESSS FIVE YEARS
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NAME AND PRINCIPAL BUSINESS ADDRESS BUSINESS EXPERIENCE WITHIN PAST
ADDRESSS FIVE YEARS
John T. Hartley 1025 NASA Boulevard
Melbourne, FL 32919 Director of Equitable Life since August 1987. Currently a
Director and retired Chairman and Chief Executive Officer of Harris Corporation
(retired July 1995); previously held other officerships with Harris Corporation.
Director of AXA Financial since May 1992; Director of the McGraw Hill Companies.
John H.F. Haskell Jr. SBC Warburg Dillon Read LLC
535 Madison Avenue
New York, NY 10022 Director of Equitable Life since July 1992; Director of AXA
Financial since July 1992; Managing Director of Warburg Dillon Read LLC, and
member of its Board of Directors; Chairman, Supervisory Board, Dillon Read
(France) Gestion (until 1998); Director, Pall Corporation (November 1998 to
present), and Dillon, Read Limited).
Mary R. (Nina) Henderson Bestfoods Grocery
BESTFOODS
International Plaza
700 Sylvan Avenue
Englewood Cliffs, NJ 07632_9976 Director of Equitable Life since December 1996.
President of Bestfoods Grocery (formerly CPC Specialty Markets Group); Vice
President, BESTFOODS (formerly CPC International, Inc.) since 1993. Prior
thereto, President of CPC Specialty Markets Group. Director of AXA Financial
since December 1996; Director, Hunt Corporation.
W. Edwin Jarmain Jarmain Group Inc.
121 King Street West
Suite 2525
Toronto, Ontario M5H 3T9
Canada Director of Equitable Life since July 1992. President of Jarmain Group
Inc. and officer or director of several affiliated companies. Chairman and
Director of FCA International Ltd. (until May 1998). Director of various AXA
affiliated companies and National Mutual Holdings Limited (July 1998_Present;
Alternate Director, the National Mutual Life Association of Australasia Limited
(until 1998); National Mutual Asia Limited and National Mutual Insurance Company
Limited, Hong Kong (February 1997 to present). Previously held other
officerships with FCA International. Director of AXA Financial since July 1992.
George T. Lowy Cravath, Swaine & Moore
825 Eighth Avenue
New York, NY 10019 Director of Equitable Life since July 1992. Partner, Cravath,
Swaine & Moore. Director, Eramet.
Didier Pineau_Valencienne Schneider S.A.
64/70, Avenue Jean_Baptiste Clement
92646 Boulogne_Billancourt Cedex
France Director of Equitable Life since February 1996. Former Chairman and
Chief Executive Officer of Schneider S.A. as of February 1999, Honorary
Chairman. Chairman or director of numerous subsidiaries and affiliated companies
of Schneider and AXA Financial. Director of the Company and Equitable Life from
July 1992 to February 1995. Member, Supervisory Board, AXA and Lagardere ERE;
Director, CGIP, Sema Group PLC and Rhone_Poulenc, SA; Member of European
Advisory Board of Bankers Trust Company, Supervisory Board of Banque Paribas
(until 1998) and Advisory Boards of Bankers Trust Company, Booz Allen & Hamilton
(USA) and Banque de France.
Directors (continued)
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NAME AND PRINCIPAL BUSINESS ADDRESS BUSINESS EXPERIENCE WITHIN PAST
ADDRESSS FIVE YEARS
George J. Sella, Jr. P.O. Box 397
Newton, NJ 07860 Director of Equitable Life since May 1987. Retired Chairman
and Chief Executive Officer of American Cyanamid Company (retired April 1993);
previously held other officerships with American Cyanamid. Director of AXA
Financial, since May 1992.
Peter J. Tobin St. John's University
8000 Utopia Parkway
Jamaica, NY 11439 Director of Equitable Life since March 1999; Dean, College of
Business Administration, St. John's University (since August 1998); Chief
Financial Officer, Chase Manhattan Corp. (1985 to 1997).
Dave H. Williams Alliance Capital Management
Corporation
1345 Avenue of the Americas
New York, NY 10105 Director of Equitable Life since March 1991. Chairman and
Chief Executive Officer of Alliance until January 1999 and Chairman or Director
of numerous subsidiaries and affiliated companies of Alliance. Senior Executive
Vice President of AXA since January 1997. Director of AXA Financial, since May
1992.
Officers_Directors
NAME AND PRINCIPAL BUSINESS ADDRESS BUSINESS EXPERIENCE WITHIN PAST
ADDRESSS FIVE YEARS
Michael Hegarty Director of Equitable Life since January 1998. President since
January 1998 and Chief Operating Officer since February 1998, Equitable Life.
Vice Chairman since April 1998, Senior Executive Vice President (January 1998 to
April 1998), and Director and Chief Operating Officer (both since January 1998),
AXA Financial. Vice Chairman (from 1996 to 1997), Chase Manhattan Corporation.
Vice Chairman (from 1995 to 1996) and Senior Executive Vice President (from 1991
to 1995), Chemical Bank. Executive Vice President, Chief Operating Officer and
Director since March 1998, Equitable Investment Corporation ("EIC"); ACMC, Inc.
("ACMC")(since March 1998). Director, Equitable Capital Management Corporation
("ECMC")(since March 1998), Alliance and DLJ (both May 1998 to Present).
Edward D. Miller Director of Equitable Life since August 1997. Chairman of the
Board since January 1998, Chief Executive Officer since August 1997, President
(August 1997 to January 1998), Equitable Life. Director, President and Chief
Executive Officer, all since August 1997, AXA Financial. Senior Executive Vice
President and Member of the Executive Committee, AXA; Senior Vice Chairman,
Chase Manhattan Corporation (March 1996 to April 1997). President (January 1994
to March 1996) and Vice Chairman (December 1991 to January 1994), Chemical Bank.
Director, Alliance (since August 1997), DLJ (since November 1997), ECMC (since
March 1998), ACMC, Inc. (since March 1998), and AXA Canada (since September
1998). Director, Chairman, President and Chief Executive Officer since March
1998, EIC. Director, KeySpan Energy.
Stanley B. Tulin Director and Vice Chairman of the Board since February 1998,
and Chief Financial Officer since May 1996, Equitable Life. Senior Executive
Vice President until February 1998, and Chief Financial Officer since May 1997,
AXA Financial. Vice President until 1998, EQ ADVISORS TRUST. Director, Alliance
(since July 1997), and DLJ (since June 1997). Prior thereto, Chairman, Insurance
Consulting and Actuarial Practice, Coopers & Lybrand, L.L.P.
Other officers
NAME AND PRINCIPAL BUSINESS ADDRESS BUSINESS EXPERIENCE WITHIN PAST FIVE YEARS
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<PAGE>
NAME AND PRINCIPAL BUSINESS ADDRESS BUSINESS EXPERIENCE WITHIN PAST
ADDRESSS FIVE YEARS
Leon B. Billis Executive Vice President (since February 1998) and Chief
Information Officer (since November 1994), Equitable Life. Previously held other
officerships with Equitable Life; Director, J.M.R. Realty Services, Inc. Derry
E. Bishop Executive Vice President (since September 1998), Chief Agency Officer,
(since December 1997), and Senior Vice President (January 1995 to September
1998), Equitable Life; Director (since January 1995) and Executive Vice
President (since November 1994), EQ Financial Consultants, Inc. ("EQF").
Harvey Blitz Senior Vice President, Equitable Life. Senior Vice President, AXA
Financial. Director, The Equitable of Colorado, Inc.. Vice President and Chief
Financial Officer since March 1997, EQ ADVISORS TRUST. Director and Chairman,
Frontier Trust Company ("Frontier"). Executive Vice President since November
1996 and Director, EQF. Director until May 1996, Equitable Distributors, Inc.
("EDI"). Director and Senior Vice President, EquiSource. Director and Officer of
various Equitable Life affiliates. Previously held other officerships with
Equitable Life and its affiliates.
Kevin R. Byrne Senior Vice President and Treasurer, Equitable Life and AXA
Financial. Treasurer, EIC (since June 1997), EquiSource and Frontier. President
and Chief Executive Officer (since September 1997), and prior thereto, Vice
President and Treasurer, Equitable Casualty Insurance Company ("Casualty"). Vice
President and Treasurer, EQ ADVISORS TRUST (since March 1997). Director,
Chairman, President and Chief Executive Officer, Equitable JV Holdings (since
August 1997). Director (since July 1997), and Senior Vice President and Chief
Financial Officer (since April 1998), ACMC and ECMC. Previously held other
officerships with Equitable Life and its affiliates.
John A. Caroselli Executive Vice President (since September 1998), Equitable
Life; Senior Vice President, Equitable Life (February 1998 to September 1998);
Senior Vice President, Chase Manhattan Corp. (1996 to 1998); Vice President,
Chemical Bank (1991 to 1996).
Judy A. Faucett Senior Vice President, Equitable Life, (since September 1996)
and Actuary (September 1996 to December 1998). Partner and Senior Actuarial
Consultant, Coopers & Lybrand L.L.P. (January 1989 to August 1996).
Other officers (continued)
NAME AND PRINCIPAL BUSINESS ADDRESS BUSINESS EXPERIENCE WITHIN PAST
ADDRESSS FIVE YEARS
Alvin H. Fenichel Senior Vice President and Controller, Equitable Life and AXA
Financial. Senior Vice President and Chief Financial Officer, The Equitable of
Colorado, Inc., since March 1997. Previously held other officerships with
Equitable Life and its affiliates.
Paul J. Flora Senior Vice President and Auditor, Equitable Life. Vice President
and Auditor, AXA Financial.
Robert E. Garber Executive Vice President and General Counsel, Equitable Life
and AXA Financial. Previously held other officerships with Equitable Life and
its affiliates.
Mark A. Hug Senior Vice President since April 1997, Equitable Life. Prior
thereto, Vice President, Aetna.
Donald R. Kaplan Vice President and Chief Compliance Officer and Associate
General Counsel, Equitable Life. Previously held other officerships with
Equitable Life.
Michael S. Martin Executive Vice President (since September 1998) and Chief
Marketing Officer (since December 1997). Prior thereto, Senior Vice President
and Chief Marketing Officer, Equitable Life. Chairman and Chief Executive
Officer, EQF. Vice President, EQ ADVISORS TRUST (until April 1998) and THE
HUDSON RIVER TRUST. Director, Equitable Underwriting and Sales Agency (Bahamas),
Ltd. and EquiSource; Director and Executive Vice President (since December
1998), Colorado, prior thereto, Director and Senior Vice President. Previously
held other officerships with Equitable Life and its affiliates.
Richard J. Matteis Executive Vice President, Equitable Life (since May 1998);
Executive Vice President, Chase Manhattan Corporation (January 1983 to June
1997); Director, EQF (since October 1998).
Other officers (continued)
NAME AND PRINCIPAL BUSINESS ADDRESS BUSINESS EXPERIENCE WITHIN PAST
ADDRESSS FIVE YEARS
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NAME AND PRINCIPAL BUSINESS ADDRESS BUSINESS EXPERIENCE WITHIN PAST
ADDRESSS FIVE YEARS
Peter D. Noris Executive Vice President and Chief Investment Officer, Equitable
Life. Executive Vice President since May 1995 and Chief Investment Officer since
July 1995, AXA Financial. Trustee, THE HUDSON RIVER TRUST, and Chairman,
President and Trustee since March 1997, EQ ADVISORS TRUST. Director, Alliance,
and Equitable Real Estate (until June 1997). Executive Vice President, EQF,
since November 1996. Director, EREIM Managers Corp. (since July 1997), and EREIM
LP Corp. (since October 1997). Prior to May 1995, Vice President/Manager,
Insurance Companies Investment Strategies Group, Salomon Brothers, Inc.
Brian S. O'Neil Executive Vice President, Equitable Life (since June 1998);
Director of Investment, AXA Investment Management (January 1998 to June 1998);
Chief Investment Officer, AXA Investment Management (July 1995 to January 1998).
Anthony C. Pasquale Senior Vice President, Equitable Life. Director, Chairman
and Chief Operating Officer, Casualty, (since September 1997). Director,
Equitable Agri_Business, Inc. (until June 1997). Previously held other
officerships with Equitable Life and its affiliates.
Pauline Sherman Senior Vice President (since February 1999); Vice President,
Secretary and Associate General Counsel, Equitable Life and AXA Financial, since
September 1995. Previously held other officerships with Equitable Life.
Richard V. Silver Senior Vice President (since February 1995) and Deputy General
Counsel (since June 1996), Equitable Life. Senior Vice President and Associate
General Counsel (since September 1996), AXA Financial. Director, EQF. Senior
Vice President and General Counsel, EIC (June 1997 to March 1998). Previously
held other officerships with Equitable Life and its affiliates.
Jose S. Suquet Senior Executive Vice President (since February 1998), Chief
Distribution Officer (since December 1997) and Chief Agency Officer (August 1994
to December 1997), Equitable Life. Prior thereto, Agency Manager. Executive Vice
President since May 1996, AXA Financial. Vice President since March 1998, THE
HUDSON RIVER TRUST. Chairman (since December 1997), EDI.
Other officers (continued)
NAME AND PRINCIPAL BUSINESS ADDRESS BUSINESS EXPERIENCE WITHIN PAST
ADDRESSS FIVE YEARS
Gregory G. Wilcox Executive Vice President (since September 1998), Senior Vice
President (May 1992 to September 1998), Equitable Life. Senior Vice President
(since May 1992), AXA Financial.
R. Lee Wilson Executive Vice President (since May 1998) and Deputy Chief
Financial Officer (since September 1998), Equitable Life. Prior thereto,
Executive Vice President, Chase Manhattan Bank.
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Section 8
Financial statements of Separate Account FP and Equitable Life
The financial statements of Separate Account FP as of December 31, 1999 and
for each of the three years in the period ended December 31, 1999 and the
financial statements of Equitable Life as of December 31, 1999 and 1998 and for
each of the three years in the period ended December 31, 1999 included in this
prospectus have been so included in reliance on the reports of
PricewaterhouseCoopers LLP, independent accountants, given on the authority of
such firm as experts in accounting and auditing. The financial statements of
Equitable Life have relevance for the policies only to the extent that they bear
upon the ability of Equitable Life to meet its obligations under the policies.
[FINANCIAL STATEMENTS TO BE FILED BY AMENDMENT]
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Appendix I: Investment performance record
The tables below show performance information for the variable investment
options. The performance shown for each option equals the performance of the
Portfolio corresponding to that option, reduced by the current rate of the
policies' mortality and expense risk charge (1.35% effective annual rate). You
can find more information about the performance of the Portfolios in the EQ
Advisors Trust prospectus attached at the end of this prospectus. The
performance figures on which the tables are based are after deduction of all
fees and expenses paid by the Trust or any of the Portfolios.
For periods prior to October 18, 1999, the "Alliance" Portfolios (other
than EQ/Alliance Premier Growth) were part of The Hudson River Trust. On October
18, 1999, these Portfolios became corresponding Portfolios of EQ Advisors Trust.
In each case, the performance shown is for the indicated EQ Advisors Trust
Portfolio and any predecessors that it may have had. In addition, we have
adjusted the results for these Portfolios prior to the dates when the Class IB
shares for these Portfolios were available, to reflect the 12b-1 fees currently
imposed. Class IB shares of Alliance Money Market, Alliance High Yield, Alliance
Common Stock and Alliance Aggressive Stock Portfolios first became available in
EQ Advisors Trust's predecessor on October 2, 1996. Class IB shares of Alliance
Small Cap Growth Portfolio first became available in the Trust's predecessor on
May 1, 1997.
The tables below, however, do not take into account the following
additional charges that we will deduct under your policy: (1) the monthly charge
for administration and taxes; (2) the monthly cost of insurance charge; (3) the
monthly guaranteed minimum death benefit charge; or (4) the surrender charge.
For more information about these charges, see "Charges and expenses you will
pay" beginning on page ___ of this prospectus. If we reflected these charges,
the performance shown below would be reduced. We have not done so, however,
because the actual impact of these charges on a particular policy may vary based
on such factors as the age and gender of the insured person; the amount of your
initial premium payment; and whether you make partial withdrawals, take policy
loans, or fully surrender your policy. In order to better understand how the
charges we have omitted from the below tables will affect your policy's value,
you should refer to your Illustrations of Policy Benefits that your financial
professional will provide. You can request Equitable Life or your financial
professional to provide you with such illustrations at any time, whether before
or after you purchase a policy.
In a few cases, the return information shown in the first table below
includes a period of time prior to when Separate Account FP first offered a
corresponding variable investment option under any form of variable life
insurance policy. Therefore, the second table below provides additional
performance information from the date that those variable investment options
actually received initial funding.
121315
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<PAGE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL RATE OF RETURN AFTER DEDUCTION OF MORTALITY AND EXPENSE RISK
CHARGE FOR PERIODS ENDING DECEMBER 31, 1998* [TO BE UPDATED FOR 1999]
<S> <C> <C> <C> <C> <C> <C>
VARIABLE INVESTMENT OPTION 1 YR. 3 YRS. 5 YRS. 10 YRS. SINCE PORTFOLIO
INCEPTION (DATE**)
Alliance Money Market 4.44% 4.47% 4.28% 4.69% 6.19% (7/13/81)
Alliance High Yield (5.96)% 10.41% 9.06% 10.22% 9.66% (1/2/87)
Alliance Common Stock 28.29% 26.52% 20.88% 17.63% 15.37% (1/13/76)
EQ/Aggressive Stock (0.56)% 9.80% 10.50% 17.87% 16.75% (1/27/86)
Alliance Small Cap Growth (5.09)% -- -- -- 11.30% (5/1/97)
BT Equity 500 Index 24.38% -- -- -- 24.38% (12/31/97)
BT Small Company Index (2.90)% -- -- -- (2.90)%(12/31/97)
BT International Equity Index 19.37% -- -- -- 19.37% (12/31/97)
JFM Core Bond 8.37% -- -- -- 8.37% (12/31/97)
Lazard Large Cap Value 19.34% -- -- -- 19.34% (12/31/97)
Lazard Small Cap Value (7.72)% -- -- -- (7.72)%(12/31/97)
Merrill Lynch Basic Value Equity 10.91% -- -- -- 16.63% (5/1/97)
Merrill Lynch World Strategy 6.18% -- -- -- 6.31% (5/1/97)
MFS Research 23.36% -- -- -- 23.70% (5/1/97)
MFS Emerging Growth Companies 33.71% -- -- -- 34.05% (5/1/97)
Morgan Stanley Emerging Markets Equity (27.46)% -- -- -- (33.12)%(8/20/97)
EQ/Putnam Growth & Income Value 12.14% -- -- -- 16.92% (5/1/97)
EQ/Putnam Investors Growth 35.47% -- -- -- 36.56% (5/1/97)
EQ/Putnam International Equity 18.76% -- -- -- 16.82% (5/1/97)
</TABLE>
* No performance information is shown for EQ/Alliance Premier Growth,
EQ/Alliance Technology, Capital Guardian U.S. Equity, Capital Guardian Research,
Capital Guardian International, EQ/Evergreen, EQ/Evergreen Foundation or MFS
Growth with Income, as those Portfolios had not received their initial funding
prior to December 31, 1998.
** The inception date shown is the date that the relevant Portfolio (or its
predecessor) received its initial funding.
VARIABLE INVESTMENT OPTION AVERAGE ANNUAL RATES OF RETURN FOR PERIODS ENDING
DECEMBER 31, 1998 SINCE VARIABLE INVESTMENT OPTION
INCEPTION (DATE)
ALLIANCE MONEY MARKET 4.96% (1/27/86)
ALLIANCE COMMON STOCK 16.85% (1/27/86)
Unlike the rate of return tables above, the following yield information
does not include capital gains and losses that the Portfolios corresponding to
the indicated variable investment options may have experienced.
7 DAYS 30 DAYS
ALLIANCE MONEY MARKET 3.80% __
ALLIANCE HIGH YIELD __ 13.53%
121315
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<PAGE>
The information in the tables above is not a guarantee, a prediction,
or necessarily an indication of future performance.
121315
55
<PAGE>
Appendix II: Our data on market performance
In reports or other communications to policyowners or in advertising
material, we may describe general economic and market conditions affecting our
variable investment options and the Portfolios and may compare the performance
or ranking of those options and the Portfolios with:
o those of other insurance company separate accounts or mutual funds included
in the rankings prepared by Lipper Analytical Services, Inc., Morningstar, Inc.
or similar investment services that monitor the performance of insurance company
separate accounts or mutual funds;
o other appropriate indices of investment securities and averages for peer
universes of mutual funds; or
o data developed by us derived from such indices or averages.
We also may furnish to present or prospective policyowners advertisements
or other communications that include evaluations of a variable investment option
or Portfolio by nationally recognized financial publications. Examples of such
publications are:
Barron's
Morningstar's Variable Annuities/Life
Business Week
Forbes
Fortune
Institutional Investor
Money
Kiplinger's Personal Finance
Financial Planning
Investment Adviser
Investment Management Weekly
Money Management Letter
Investment Dealers Digest
National Underwriter
Pension & Investments
USA Today
Investor's Daily
The New York Times
The Wall Street Journal
The Los Angeles Times
The Chicago Tribune
121315
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<PAGE>
Lipper Analytical Services, Inc. (Lipper) compiles performance data for
peer universes of Portfolios with similar investment objectives in its Lipper
Variable Insurance Products Performance Analysis Service (Lipper Survey).
Morningstar, Inc. compiles similar data in the Morningstar Variable Annuity/Life
Report (Morningstar Report).
The Lipper Survey records performance data as reported to it by over 800
mutual funds underlying variable annuity and life insurance products. It divides
these actively managed portfolios into 25 categories by portfolio objectives.
The Lipper Survey contains two different universes, which reflect different
types of fees in performance data:
o The "Separate Account" universe reports performance data net of investment
management fees, direct operating expenses and asset-based charges applicable
under variable insurance and annuity contracts; and
o The "Mutual Fund" universe reports performance net only of investment
management fees and direct operating expenses, and therefore reflects only
charges that relate to the underlying mutual fund.
The Morningstar Report consists of nearly 700 variable life and annuity
portfolios, all of which report their data net of investment management fees,
direct operating expenses and separate account level charges.
LONG-TERM MARKET TRENDS
The following chart presents historical return trends for various types of
securities. The information presented does not directly relate to the
performance of our variable investment options or the Trust. Nevertheless, it
may help you gain a perspective on the potential returns of different asset
classes over different periods of time. By combining this information with your
knowledge of your own financial needs, you may be able to better determine how
you wish to allocate your MSPVL premium(s).
Historically, the investment performance of common stocks over the long
term has generally been superior to that of long- or short-term debt securities.
However, common stocks have also experienced dramatic changes in value over
short periods of time. One of our variable investment options that invests
primarily in common stocks may, therefore, be a desirable selection for owners
who are willing to accept such risks. If, on the other hand, you wish to limit
your short-term risk, you may find it preferable to allocate a smaller
percentage of net premiums to those options that invest primarily in common
stock. All investments in securities, whether equity or debt, involve varying
degrees of risk. They also offer varying degrees of potential reward.
The chart below illustrates the average annual compound rates of return
over selected time periods between December 31, 1926 and December 31, 1999 for
the types of securities indicated in the chart. These rates of return assume the
reinvestment of dividends, capital gains and interest. The Consumer Price Index
is also shown as a
121315
57
<PAGE>
measure of inflation for comparison purposes. The investment return information
presented is an historical record of unmanaged categories of securities. In
addition, the rates of return shown do not reflect either (1) investment
management fees and expenses, or (2) costs and charges associated with ownership
of a variable life insurance policy.
The rates of return illustrated do not represent returns of our variable
investment options or the Portfolios and do not constitute a representation that
the performance of those options or the Portfolios will correspond to rates of
return such as those illustrated in the chart.
<TABLE>
<CAPTION>
AVERAGE ANNUAL RATES OF RETURN
[TO BE UPDATED]
FOR THE FOLLOWING PERIODS COMMON LONG-TERM LONG-TERM INTERMEDIATE- U.S. TREASURY CONSUMER
ENDING STOCKS GOVERNMENT CORPORATE TERM GOV'T BILLS PRICE INDEX
DECEMBER 31, 1998 BONDS BONDS BONDS
<S> <C> <C> <C> <C> <C> <C>
1 Year 28.58% 13.06% 10.76% 10.21% 4.86% 1.80%
3 Years 28.27 9.07 8.25 6.84 5.11 2.27
5 years 24.06 9.52 8.74 6.20 4.96 2.41
10 years 19.19 11.66 10.85 8.74 5.29 3.14
20 years 17.75 11.14 10.86 9.85 7.17 4.53
30 years 12.67 9.09 9.14 8.71 6.76 5.24
40 years 12.00 7.20 7.43 7.39 5.94 4.44
50 years 13.56 5.89 6.20 6.21 5.07 3.92
60 years 12.49 5.43 5.62 5.50 4.26 4.19
Since 1926 11.21 5.29 5.78 5.32 3.78 3.15
Inflation Adjusted Since 7.82 2.08 2.55 2.11 0.62 0.00
1926
</TABLE>
Source: Ibbotson, Roger G. and Rex A. Sinquefield, STOCKS, BONDS, BILLS, AND
INFLATION (SBBI), 1982, updated in STOCKS, BONDS, BILLS, AND INFLATION 2000
YEARBOOK (Trademark), Ibbotson Associates, Inc., Chicago. All rights reserved.
Common Stocks (S&P 500) -- Standard and Poor's Composite Index, an unmanaged
weighted index of the stock performance of 500 industrial, transportation,
utility and financial companies.
Long-Term Government Bonds -- Measured using a one-bond portfolio constructed
each year containing a bond with approximately a twenty-year maturity and a
reasonably current coupon.
Long-Term Corporate Bonds -- For the period 1969-1999, represented by the
Salomon Brothers Long-Term, High-Grade Corporate Bond Index; for the period
1946-1968, the Salomon Brothers' Index was backdated using Salomon Brothers'
monthly yield data and a methodology similar to that used by Salomon for
1969-1999; for the period 1926-1945, the Standard and Poor's monthly High-Grade
Corporate Composite yield data were used, assuming a 4 percent coupon and a
twenty-year maturity.
121315
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<PAGE>
Intermediate-Term Government Bonds -- Measured by a one-bond portfolio
constructed each year containing a bond with approximately a five-year maturity.
U.S. Treasury Bills -- Measured by rolling over each month a one-bill portfolio
containing, at the beginning of each month, the bill having the shortest
maturity not less than one month.
Consumer Price Index -- Measured by the Consumer Price Index for all Urban
Consumers (CPI-U), not seasonally adjusted.
121315
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<PAGE>
Appendix III: An index of key words and phrases
This index should help you locate more information on the terms used in
this prospectus.
Page
account value
Administrative Office
age
Allocation Date
amount at risk
anniversary
assign; assignment
automatic transfer service
AXA Financial, Inc.
basis
beneficiary
business day
cash surrender value
Code
collateral
cost of insurance charge
cost of insurance rates
day
default
dollar cost averaging service
EQ Advisors Trust
Equitable Distributors
Equitable Life
Equitable Access Account
grace period
guaranteed minimum death benefit
insured person
Investment Funds
issue date
lapse
loan, loan interest
modified endowment contract
month, year
monthly deduction
net cash surrender value
our
owner
partial withdrawal
payment option
121315
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<PAGE>
policy
Portfolio
premium payment
prospectus
rebalancing
receive
restore, restoration
SEC
Separate Account FP
MSPVL
state
subaccount
surrender
surrender charge
telephone transfer transfers
Trust
units
unit values
us
variable investment option
we
you, your
121315
61
<PAGE>
Part II
REPRESENTATION REGARDING REASONABLENESS OF
AGGREGATE POLICY FEES AND CHARGES
Equitable represents that the fees and charges deducted under the Policies
described in this Registration Statement, in the aggregate, are reasonable in
relation to the services rendered, the expenses to be incurred, and the risks
assumed by Equitable under the Policies. Equitable bases its representation on
its assessment of all of the facts and circumstances, including such relevant
factors as: the nature and extent of such services, expenses and risks, the need
for Equitable to earn a profit, the degree to which the Policies include
innovative features, and regulatory standards for the grant of exemptive relief
under the Investment Company Act of 1940 used prior to October 1996, including
the range of industry practice. This representation applies to all policies sold
pursuant to this Registration Statement, including those sold on the terms
specifically described in the prospectus contained herein, or any variation
therein, based on supplements, data pages or riders to any policies or
prospectuses or otherwise.
CONTENTS OF REGISTRATION STATEMENT
This Registration Statement comprises the following papers and documents:
The facing sheet.
Reconciliation and Tie.
The Prospectus for Single Premium Variable Life (SP-Flex) dated September 30,
1987, previously filed with this Registration Statement (File No. 333-17637),
on December 11, 1996.
The Prospectus for Modified Single Premium Variable Life dated May 1, 2000
consisting of __ pages.
Representation regarding reasonableness of aggregate policy fees and charges.
Undertaking to file reports, previously filed with this Registration Statement
(File No. 333-1763), filed December 11, 1996.
Undertaking pursuant to Rule 484(B)(1) under the Securities Act of 1933,
previously filed with this Registration Statement (File No. 333-17637), on
December 11, 1996.
II-1
<PAGE>
The signatures.
Written Consents of the following persons:
Robin Wagner
Vice President and Counsel of Equitable
(see exhibit 2(a)(ii)).
Barbara Fraser,
Vice President and Senior Actuary of Equitable (see Exhibit 2(b)(iv)).
Independent Public Accountants (see Exhibit 6).
The following exhibits: Exhibits required by Article IX, paragraph A of Form
N-8B-2:
1-A(1)(a)(i) Certified resolutions re Authority to Market Variable
Life Insurance and Establish Separate Accounts,
previously filed with this registration statement
(File No. 333-17637), on December 11, 1996.
1-A(2) Inapplicable.
1-A(3)(a) See Exhibit 1-A(8).
1-A(3)(b) Broker-Dealer and General Agent Sales Agreement,
previously filed with this registration statement
(File No. 333-17637), on December 11, 1996.
1-A(3)(c) See Exhibit 1-A(8)(i).
1-A(4) Inapplicable.
1-A(5)(a) Specimen of Variable Life Insurance Policy With
Additional Premium Option (policy form no. 87-500),
previously filed with this registration statement
(File No. 333-17637), on December 11, 1996.
1-A(5)(b) Limitation on Amount of Insurance (New York only),
Rider 85-406, previously filed with this registration
statement (File No. 333-17637), on December 11,
1996.
1-A(5)(c) Accelerated Death Benefit Rider, previously filed
with this registration statement (File No. 333-17637),
on December 11, 1996.
1-A(5)(d) Name Change Endorsement (S.97-1), previously filed
with this registration statement (File No. 333-17637),
on December 11, 1996.
1-A(5)(e) Specimen of Equitable's Modified Single Premium
Variable Life Insurance Policy, Form No. 99-100.
1-A(5)(f) Guaranteed Minimum Death Benefit Endorsement
(S.99-50).
1-A(6)(a) Declaration and Charter of Equitable, as amended,
previously filed with this registration statement
(File No. 333-17637), on December 11, 1996.
1-A(6)(b) By-Laws of Equitable, as amended, previously filed
with this registration statement (File No. 333-17637),
on December 11, 1996.
1-A(7) Inapplicable.
1-A(8) Distribution and Servicing Agreement among EQ
Financial Consultants, Inc. (now AXA Advisors, LLC),
Equitable and Equitable Variable dated as of May 1,
1994, previously filed with this registration
statement (File No. 333-17637), on December 11,
1996.
1-A(8)(i) Schedule of Commissions, previously filed with this
registration statement (File No. 333-17637), on
December 11, 1996.
1-A(9)(a) Agreement and Plan of Merger of Equitable Variable
with and into Equitable dated September 19, 1996,
previously filed with this registration statement
(File No. 333-17637), on December 11, 1996.
1-A(10) Application previously filed with this Registration
Statement (File No. 333-17637), on December 11,
1996.
1-A(10)(a) Form of Application for Modified Single Premium
Variable Life Insurance Policy.
Other Exhibits:
2(a)(i) Opinion and Consent of Mary P. Breen, Vice President
and Associate General Counsel of Equitable,
previously filed with this Registration Statement
(File No. 333-17637) on December 11, 1996.
2(a)(ii) Opinion and Consent of Robin Wagner, Vice President
and Counsel of Equitable (to be filed by amendment).
2(b)(i) Opinion and Consent of Joseph O. North, Jr., Vice
President and Senior Actuary of Equitable Variable,
dated March 16, 1987.
2(b)(ii) Opinion and Consent of Joseph O. North, Jr., Vice
President and Senior Actuary of Equitable Variable,
dated April 19, 1989.
2(b)(iii) Consent of Joseph O. North, Jr., Vice President and
Senior Actuary of Equitable Variable, dated December
9, 1996, relating to Exhibits 2(b)(i) and 2(b)(ii).
2(b)(iv) Opinion and Consent of Barbara Fraser, Vice President
and Senior Actuary of Equitable (to be filed by
amendment).
3 Inapplicable.
4 Inapplicable.
6 Consent of Independent Public Accountant (to
be filed by amendment).
7 Powers of Attorney.
8 Description of Equitable's Issuance, Transfer and
Redemption Procedures for Policies pursuant to Rule
6e-3(T)(b)(12)(iii) under the Investment
Company Act of 1940, previously filed with this
registration statement (File No. 333-17637), filed
December 11, 1996.
9 Form of Illustration (to be filed by amendment).
II-2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant
has duly caused this amendment to the Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, and its seal to be
hereunto affixed and attested, in the City and State of New York, on the 16th
day of February, 2000.
SEPARATE ACCOUNT FP OF THE EQUITABLE
LIFE ASSURANCE SOCIETY OF THE UNITED
STATES. (REGISTRANT)
[SEAL]
By: THE EQUITABLE LIFE
ASSURANCE SOCIETY OF
THE UNITED STATES,
(DEPOSITOR)
By: /s/ Mildred M. Oliver
------------------------------
(Mildred M. Oliver)
Vice President
Attest: /s/ Linda Galasso
------------------------
(Linda Galasso)
Assistant Secretary
February 16, 2000
II-3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Depositor
has duly caused this amendment to the Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City and State of
New York, on the 16th day of February, 2000.
THE EQUITABLE LIFE ASSURANCE
SOCIETY OF THE UNITED STATES
(DEPOSITOR)
By: /s/ Mildred M. Oliver
--------------------------------
(Mildred M. Oliver)
Vice President
Pursuant to the requirements of the Securities Act of 1933, this amendment
to the Registration Statement has been signed by the following persons in the
capacities and on the date indicated:
PRINCIPAL EXECUTIVE OFFICERS:
*Edward D. Miller Chairman of the Board and
Chief Executive Officer
*Michael Hegarty President and Chief Operating Officer
PRINCIPAL FINANCIAL OFFICER:
*Stanley B. Tulin Vice Chairman of the Board
and Chief Financial Officer
PRINCIPAL ACCOUNTING OFFICER:
*Alvin H. Fenichel Senior Vice President and Controller
*DIRECTORS:
Francoise Colloc'h Donald J. Greene George T. Lowy
Henri de Castries John T. Hartley Edward D. Miller
Joseph L. Dionne John H.F. Haskell, Jr. Didier Pineau-Valencienne
Denis Duverne Michael Hegarty George J. Sella, Jr.
Jean-Rene Fourtou Mary R. (Nina) Henderson Peter J. Tobin
Norman C. Francis W. Edwin Jarmain Stanley B. Tulin
Dave H. Williams
*By: /s/ Mildred M. Oliver
-----------------------
(Mildred M. Oliver)
Attorney-in-Fact
February 16, 2000
II-4
<PAGE>
EXHIBIT INDEX
-------------
<TABLE>
<CAPTION>
EXHIBIT NO. DOCUMENT TAG
- ---------- ------------
<S> <C> <C>
1-A(5)(e) Specimen of Modified Single Premium Variable Life Insurance
Policy (policy form no. 99-100). EX-99.1A5e
1-A(5)(f) Guaranteed Minimum Death Benefit Endorsement (S.99-50). EX-99.1A5f
1-A(10)(a) Form of Application for Modified Single Premium Variable
Life Insurance Policy. EX-99.1A10a
7 Powers of Attorney. EX-99.7
</TABLE>
7275H/21
INSURED PERSON RICHARD ROE
POLICY OWNER RICHARD ROE
INITIAL DEATH
BENEFIT $99,275.00
INITIAL PREMIUM $25,000.00
POLICY NUMBER XX XXX XXX
VARIABLE LIFE
INSURANCE
POLICY
WE AGREE to pay the Insurance Benefit of this policy to the beneficiary upon
receiving proof of the insured person's death while this policy is in force.
MODIFIED SINGLE PREMIUM VARIABLE LIFE INSURANCE POLICY
This is a modified single premium variable life insurance policy. We put your
initial premium and any additional premium into your Policy Account. You may
allocate this to one or more investment funds of our Separate Account(s) (SA).
We make monthly deductions from your Policy Account and take daily charges from
your Separate Account assets to cover the cost of benefits provided by this
policy. You can transfer amounts among your investment options.
All of these rights and benefits are subject to the terms and conditions of this
policy.
THE AMOUNT AND DURATION OF THE DEATH BENEFIT ARE VARIABLE. SEE THE DEATH BENEFIT
PROVISION FOR A DESCRIPTION OF THE VARIABLE DEATH BENEFIT.
YOUR POLICY ACCOUNT WILL INCREASE OR DECREASE IN VALUE DEPENDING ON THE
INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT INVESTMENT FUNDS IN WHICH YOUR
POLICY ACCOUNT IS INVESTED.
This is a non-participating policy.
RIGHT TO EXAMINE POLICY. YOU MAY EXAMINE THIS POLICY AND IF FOR ANY REASON YOU
ARE NOT SATISFIED WITH IT, YOU MAY CANCEL IT BY RETURNING THIS POLICY WITH A
WRITTEN REQUEST FOR CANCELLATION TO OUR ADMINISTRATIVE OFFICE BY THE 10TH DAY
AFTER YOU RECEIVE THE POLICY. IF YOU DO THIS, WE WILL REFUND THE PREMIUM THAT
WAS PAID, MINUS ANY POLICY LOAN AND ACCRUED LOAN INTEREST.
READ YOUR POLICY CAREFULLY. It is a legal contract between you and The Equitable
Life Assurance Society of the United States.
Pauline Sherman, Senior Vice President, Secretary
& Associate General Counsel
Michael Hegarty, President & Chief Operating Officer
No. 99-100
<PAGE>
CONTENTS
- --------
Policy Information 3
Table of Maximum Expense Charges 3
Table of Surrender Charges 3
Table of Maximum Monthly Cost of
Insurance Rates 4
Those Who Benefit from this Policy 5
The Insurance Benefit We Pay 5
Your Policy Account and How it Works 6
Your Investment Options 8
The Value of Your Policy Account 8
The Cash Surrender Value of this
Policy 9
How a Loan Can Be Made 10
Our Separate Account(s) (SA) 11
Our Report to You 12
How Benefits are Paid 12
Other Important Information 13
Table of Guaranteed Payments 15
IN THIS POLICY:
- ---------------
"We", "our" and "us" mean The Equitable Life Assurance Society of the United
States.
"You" and "your" mean the owner of this policy at the time an owner's right is
exercised.
"Financial professional" means the registered representative who sold you this
policy.
Unless otherwise stated, all references to interest in this policy are effective
annual rates of interest.
Attained age means age on the birthday nearest to the beginning of the current
policy year.
ADMINISTRATIVE OFFICE
- ---------------------
The address of our Administrative Office is shown on Page 3. You should send
correspondence to that office. Any payments should be sent to the address listed
on your billing notice.
A copy of the application for this policy is attached to the policy.
No. 99-100 Page 2
<PAGE>
POLICY INFORMATION
INSURED PERSON RICHARD ROE
POLICY OWNER RICHARD ROE
INITIAL
DEATH BENEFIT $99,275.00 SEPARATE ACCOUNT [FP]
INITIAL PREMIUM $25,000.00 ISSUE AGE 35
POLICY NUMBER XX XXX XXX SEX MALE
BENEFICIARY MARGARET H. ROE
REGISTER DATE FEBRUARY 1, 2000
DATE OF ISSUE FEBRUARY 1, 2000
THE INITIAL PREMIUM SHOWN ABOVE IS DUE ON OR BEFORE DELIVERY OF THE POLICY.
THE PERIOD FOR WHICH LIFE INSURANCE COVERAGE WILL CONTINUE IN FORCE DURING THE
LIFETIME OF THE INSURED PERSON WILL DEPEND ON: (1) THE INVESTMENT PERFORMANCE OF
THE INVESTMENT FUNDS OF OUR SA; (2) CHANGES IN THE MONTHLY DEDUCTIONS FROM THE
POLICY ACCOUNT; (3) PAYMENT OF ANY ADDITIONAL PREMIUM, IF PERMITTED; AND (4)
LOAN AND PARTIAL NET CASH SURRENDER VALUE WITHDRAWAL ACTIVITY.
[THE INITIAL GUARANTEED MINIMUM DEATH BENEFIT IS $25,000.00. SEE THE GUARANTEED
MINIMUM DEATH BENEFIT ENDORSEMENT FOR INFORMATION REGARDING GUARANTEES AS TO
PAYMENT OF THE POLICY DEATH BENEFIT.]
99-100-3 PAGE 3
(CONTINUED ON NEXT PAGE)
<PAGE>
POLICY INFORMATION CONTINUED - POLICY NUMBER XX XXX XXX
-------- TABLE OF MAXIMUM EXPENSE CHARGES ---------
DEDUCTIONS FROM YOUR POLICY ACCOUNT:
FOR ADMINISTRATION AND TAXES: WE DEDUCT A MONTHLY CHARGE AT AN ANNUAL
RATE NOT TO EXCEED .50% OF THE POLICY ACCOUNT.
DEDUCTIONS FROM SEPARATE ACCOUNT ASSETS:
FOR MORTALITY AND EXPENSE RISKS: WE DEDUCT A DAILY CHARGE AT AN ANNUAL
RATE NOT TO EXCEED 1.35% OF YOUR SEPARATE ACCOUNT ASSETS.
-------- TABLE OF SURRENDER CHARGES ---------
POLICY YEAR PERCENTAGE
----------- ----------
1 10
2 9.5
3 9
4 8.5
5 8
6 7
7 5
8 3
9 1
10 AND LATER 0
WE WILL DEDUCT A SURRENDER CHARGE FROM YOUR POLICY ACCOUNT IF THIS POLICY
TERMINATES WITHIN THE FIRST NINE POLICY YEARS FOR ANY REASON EXCEPT THE DEATH
OF THE INSURED. THE SURRENDER CHARGE DURING A POLICY YEAR EQUALS A PERCENTAGE,
AS SHOWN IN THE TABLE ABOVE, OF THE INITIAL PREMIUM PAID FOR THIS POLICY.
DURING EACH OF THE FIRST NINE POLICY YEARS, WE WILL ALSO DEDUCT A SURRENDER
CHARGE IF AN EXCESS PARTIAL WITHDRAWAL IS MADE DURING THAT POLICY YEAR. AN
EXCESS PARTIAL WITHDRAWAL EXISTS WHEN THE CUMULATIVE AMOUNT OF PARTIAL
WITHDRAWALS MADE DURING A POLICY YEAR EXCEEDS 15% OF THE POLICY ACCOUNT
VALUE, MINUS ANY POLICY LOAN AND ACCRUED LOAN INTEREST, AS OF THE END OF THE
PREVIOUS POLICY YEAR. SEE THE "PARTIAL WITHDRAWALS" PROVISION FOR MORE
INFORMATION ABOUT THIS CHARGE.
ADMINISTRATIVE OFFICE: EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SPECIMEN LIFE INSURANCE CENTER
100 SPECIMEN STREET
CITY, STATE 10001
(800) 123-4567
99-100-3 PAGE 3 - CONTINUED
<PAGE>
POLICY INFORMATION CONTINUED--POLICY NUMBER XX XXX XXX
-------- TABLE OF MAXIMUM MONTHLY COST OF INSURANCE RATES ---------
PER $1,000 OF NET AMOUNT AT RISK (SEE "MONTHLY DEDUCTIONS" PROVISION)
INSURED INSURED INSURED
PERSON'S PERSON'S PERSON'S
ATTAINED ATTAINED ATTAINED
AGE RATE AGE RATE AGE RATE
- -------- ---- -------- ---- -------- ----
35 0.17583 55 0.87667 75 5.51250
36 0.18667 56 0.96000 76 6.07583
37 0.20000 57 1.04667 77 6.66500
38 0.21500 58 1.13917 78 7.27583
39 0.23250 59 1.23917 79 7.92333
40 0.25167 60 1.34917 80 8.63500
41 0.27417 61 1.47333 81 9.43000
42 0.29667 62 1.61333 82 10.33833
43 0.32250 63 1.77167 83 11.37333
44 0.34917 64 1.94833 84 12.51333
45 0.37917 65 2.14333 85 13.73750
46 0.41083 66 2.35083 86 15.02167
47 0.44417 67 2.57250 87 16.35583
48 0.47917 68 2.80833 88 17.73750
49 0.51833 69 3.06500 89 19.17167
50 0.56083 70 3.35333 90 20.67750
51 0.61000 71 3.68167 91 22.28667
52 0.66500 72 4.06000 92 24.06333
53 0.72833 73 4.49583 93 26.11917
54 0.80000 74 4.98333 94 28.81250
95 32.81750
96 39.64250
97 53.06583
98 83.33250
99 83.33250
100 AND 00.00000
OVER
99-100-4 PAGE 4
(CONTINUED ON NEXT PAGE)
<PAGE>
POLICY INFORMATION CONTINUED-POLICY NUMBER XX XXX XXX
-------- TABLE OF FACTORS USED FOR ---------
CALCULATING DEATH BENEFITS
AGE FACTOR AGE FACTOR
--- ------ --- ------
35 3.971 70 1.488
36 3.841 71 1.458
37 3.717 72 1.430
38 3.597 73 1.403
39 3.481 74 1.378
40 3.370 75 1.355
41 3.263 76 1.333
42 3.161 77 1.312
43 3.062 78 1.292
44 2.968 79 1.274
45 2.877 80 1.256
46 2.789 81 1.239
47 2.705 82 1.223
48 2.624 83 1.208
49 2.547 84 1.194
50 2.472 85 1.181
51 2.400 86 1.169
52 2.331 87 1.158
53 2.265 88 1.148
54 2.201 89 1.138
55 2.140 90 1.128
56 2.082 91 1.118
57 2.027 92 1.108
58 1.974 93 1.098
59 1.923 94 1.087
60 1.873 95 1.074
61 1.826 96 1.061
62 1.781 97 1.047
63 1.738 98 1.034
64 1.697 99 AND OVER 1.025
65 1.658
66 1.621
67 1.585
68 1.551
69 1.519
99-100-4 PAGE 4 - CONTINUED
<PAGE>
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THOSE WHO BENEFIT FROM THIS POLICY
OWNER. The owner of this policy is the insured person unless otherwise stated
in the application, or later changed.
As the owner, you are entitled to exercise all the rights of this policy while
the insured person is living. To exercise a right, you do not need the consent
of anyone who has only a conditional or future ownership interest in this
policy.
BENEFICIARY. The beneficiary is as stated in the application, unless later
changed. The beneficiary is entitled to the Insurance Benefit of this policy.
One or more beneficiaries for the Insurance Benefit can be named in the
application. If more than one beneficiary is named, they can be classed as
primary or contingent. If two or more persons are named in a class, their shares
in the benefit can be stated. The stated shares in the Insurance Benefit will be
paid to any primary beneficiaries who survive the insured person. If no primary
beneficiaries survive, payment will be made to any surviving contingent
beneficiaries. Beneficiaries who survive in the same class will share the
Insurance Benefit equally, unless you have made another arrangement with us.
If there is no designated beneficiary living at the death of the insured person,
we will pay the Insurance Benefit to the insured person's surviving children
in equal shares. If none survive, we will pay the insured person's estate.
CHANGING THE OWNER OR BENEFICIARY. While the insured person is living, you may
change the owner or beneficiary by written notice in a form satisfactory to us.
You can get such a form from your financial professional or by writing to us at
our Administrative Office. The change will take effect on the date you sign the
notice; however, it will not apply to any payment we make or other action we
take before we receive the notice. If you change the beneficiary, any previous
arrangement you made as to a payment option for benefits is cancelled. You may
choose a payment option for the new beneficiary in accordance with the "How
Benefits Are Paid" section of this policy.
ASSIGNMENT. You may assign this policy, if we agree; however, we will not be
bound by an assignment unless we have received it in writing at our
Administrative Office. Your rights and those of any other person referred to in
this policy will be subject to the assignment. We assume no responsibility for
the validity of an assignment. An absolute assignment will be considered as a
change of ownership to the assignee.
- --------------------------------------------------------------------------------
THE INSURANCE BENEFIT WE PAY
We will pay the Insurance Benefit of this policy to the beneficiary when we
receive at our Administrative Office (1) proof that the insured person died
while the policy was in force; and (2) all other requirements we deem necessary.
The Insurance Benefit includes the following amounts, which we will determine as
of the date of the insured person's death:
o the benefit described in the Death Benefit provision;
o MINUS any policy loan and accrued loan interest;
o MINUS any overdue deductions from your Policy Account if the insured
person dies during a grace period.
We will add interest to the resulting amount in accordance with applicable law.
We will compute the interest at a rate we determine, but not less than the
greater of (a) the rate we are paying on the date of payment under the Deposit
Option provision, or (b) the rate required by any applicable law. Payment of the
Insurance Benefit may also be affected by other provisions of this policy; see
the "Other Important Information" section, where we specify our right to contest
the policy, the suicide exclusion, and what happens if age or sex has been
misstated.
DEATH BENEFIT. The initial death benefit on the Register Date is shown in the
Policy Information section. At any time thereafter, the death benefit of this
policy on the date of death of the insured person is equal to the amount in your
Policy Account on such date multiplied by the applicable factor. The factor
referred to is from the Table of Factors Used For Calculating Death Benefits,
shown in the Policy Information section, for the insured person's age (nearest
birthday) at the beginning of the policy year of determination.
A partial withdrawal of net cash surrender value will result in a reduction of
the death benefit; see the "Partial Withdrawals" provision for more information.
99-100-5 Page 5
<PAGE>
This policy is designed to satisfy the definition of life insurance for Federal
income tax purposes under Section 7702 of the Internal Revenue Code of 1986, as
amended (i.e., the "Code"). Accordingly, even if this policy states otherwise,
at no time will the death benefit under the policy be less than the Policy
Account value of the policy, divided by the net single premium per dollar of
insurance which would have to be paid at such time to fund such benefits
consistent with the definition of such terms in the Code. In addition, we may
take certain actions, described here and elsewhere in the policy, to meet the
definitions and limitations in the Code, based on our interpretation of the
Code. Please see "Policy Changes -- Applicable Tax Law" for more information.
- --------------------------------------------------------------------------------
YOUR POLICY ACCOUNT AND HOW IT WORKS
PREMIUM PAYMENT. The initial premium shown in the Policy Information section is
due on or before delivery of this policy. No insurance will take effect before
this premium is paid. We put this premium into your Policy Account as of the
date we receive it at our Administrative Office, but not earlier than the
Register Date of the Policy.
ADDITIONAL PREMIUM PAYMENT. You may make one additional premium payment for
this policy, subject to all of the following conditions:
o The additional payment may be made only during the period starting
on the tenth policy anniversary and ending 60 days thereafter; and
o You provide evidence of insurability satisfactory to us; and
o The amount of any additional premium that will be accepted by us may
not exceed that amount that will increase the death benefit as of the
tenth policy anniversary to the amount of the initial death benefit
shown in the Policy Information section.
We reserve the right not to accept any additional premium payment if this
would cause the policy to fail to qualify as life insurance under applicable
tax law, as interpreted by us.
We will put any additional premium payment approved by us into your Policy
Account as of the date we receive it at our Administrative Office, and will
allocate it to the investment funds of our SA in accordance with your most
recent allocation instructions on our records (unless you provide us with
different allocation instructions for the additional premium payment).
MONTHLY DEDUCTIONS. At the beginning of each policy month we make a deduction
from your Policy Account to cover monthly charges for expenses and insurance
coverage. The first deduction is made on the Register Date. No deduction is made
after age 100 of the insured person. Such deduction for any policy month is the
sum of the following amounts determined as of the beginning of that month:
o the monthly cost of insurance for the insured person; and
o the monthly charge for administration and taxes.
We charge on a current basis a percentage of the Policy Account value for cost
of insurance. The maximum monthly cost of insurance is equal to the maximum
monthly cost of insurance rate shown in the Policy Information section times the
net amount at risk at the beginning of the policy month, divided by $1,000. The
net amount at risk at any time is equal to the difference between the death
benefit (calculated as of that time) and the Policy Account value. The use of a
percentage of the Policy Account value is done for simplicity and may not always
bear a close relationship to the actual cost of providing the coverage. Changes
in this insurance charge will be based on our expectations of future investment
earnings, mortality, persistency, expenses and taxes. Such changes may also be
affected by past investment performance to the extent that it affects our
expectations as to the future insurance risk. For example, we may increase the
percentage of Policy Account value used in determining the insurance charge
solely as a result of poor past investment performance.
Any change in the cost of insurance rates we use will be as described in the
"Changes in Policy Cost Factors" provision. The current charge will never be
more than the guaranteed maximum charge calculated as described above.
99-100-5 Page 6
<PAGE>
OTHER DEDUCTIONS. We also make the following other deductions from your Policy
Account as they occur:
o We deduct a surrender charge if, before the tenth policy year, partial
withdrawals in a policy year exceed 15% of the Policy Account value, minus
any policy loan and accrued loan interest, as of the end of the previous
policy year, or as of the effective date of any restoration of policy
benefits, if later.
o We deduct a surrender charge if, before the tenth policy year, you give up
this policy for its Net Cash Surrender Value or this policy terminates
without value.
o We may deduct a charge for certain transfers (see "Transfers" provision).
GRACE PERIOD. At the beginning of each policy month, we compare the Net Cash
Surrender Value to the total monthly deductions described in the "Monthly
Deductions" provision. If the Net Cash Surrender Value is sufficient to cover
the total monthly deductions, the policy is not in default.
If the Net Cash Surrender Value at the beginning of any policy month is less
than the total monthly deductions for that month, then the policy is in default
as of the first day of that policy month.
If the policy is in default, we will send you and any assignee on our records at
last known addresses written notice stating that a grace period of 61 days has
begun starting with the date the notice is mailed. The notice will also state
the amount of payment that is due.
The payment required will not be more than an amount sufficient to increase the
Net Cash Surrender Value to cover all monthly deductions for 3 months calculated
assuming no interest or investment performance were credited to or charged
against the Policy Account and no policy changes were made.
If we do not receive such amount at our Administrative Office before the end of
the grace period, we will then (1) withdraw and retain any amount in your Policy
Account; and (2) send a written notice to you and any assignee on our records at
last known addresses stating that this policy has ended without value.
If we receive the requested amount before the end of the grace period, but the
Net Cash Surrender Value is still insufficient to cover total monthly
deductions, we will send a written notice that a new 61-day grace period has
begun and request an additional payment.
If the insured person dies during a grace period, we will pay the Insurance
Benefit as described in "The Insurance Benefit We Pay" section of this policy.
RESTORING YOUR POLICY BENEFITS. If this policy has ended without value, you may
restore policy benefits while the insured person is alive if you:
1. Ask for restoration of policy benefits within 6 months from the end of
the grace period; and
2. Provide evidence of insurability satisfactory to us; and
3. Repay all of any policy loan and accrued loan interest outstanding
at the time that the policy ended without value; and
4. Make a required payment. The required payment will not be more than an
amount sufficient to cover (i) total monthly deductions for 3 months,
calculated from the effective date of restoration; and (ii) any excess
of the applicable surrender charge on the date of restoration over the
surrender charge that was deducted on the date of default. We will
determine the amount of this required payment as if no interest or
investment performance were credited to or charged against your Policy
Account.
We must receive the required payment while the insured person is alive. The
policy account on the date of restoration will be equal to the required payment
(including the amount of any policy loan and accrued loan interest payment) plus
a surrender charge credit. The surrender charge credit will be the surrender
charge that was deducted on the date of default, but not greater than the
applicable surrender charge as of the effective date of restoration.
The effective date of the restoration of policy benefits will be the beginning
of the policy month which coincides with or next follows the date we approve
your request. We will start to make monthly charges again as of the effective
date of restoration.
We reserve the right to decline to restore this policy if it would cause this
policy to fail to qualify as life insurance under applicable tax law, as
interpreted by us.
99-100-7 Page 7
<PAGE>
- --------------------------------------------------------------------------------
YOUR INVESTMENT OPTIONS
ALLOCATIONS. This policy provides investment options for the amount in your
Policy Account. Amounts put into your Policy Account are allocated to the
investment funds of our SA at your direction. You specified your initial premium
allocation in your application for this policy, a copy of which is attached to
this policy. However, any amounts which are put into your Policy Account (minus
any amount put into your Loaned Policy Account) prior to the Allocation Date
will initially be allocated to the Money Market Fund of our SA. The Allocation
Date is the first business day twenty calendar days after the date of issue of
this policy. On the Allocation Date, any such amounts then in the Money Market
Fund will be allocated in accordance with the directions contained in your
policy application.
Allocation percentages must be zero or a whole number not greater than 100. The
sum of the allocation percentages must equal 100.
We will make monthly deductions based on the allocation percentages specified in
the application. You may change such allocation percentages by written notice to
our Administrative Office. A change will take effect on the date we receive it
at our Administrative Office except for changes received on or prior to the
Allocation Date, which will take effect on the first business day following the
Allocation Date. If we cannot make a deduction on the basis of the allocation
percentages then in effect, we will make monthly deductions based on the
proportion that your values in the investment funds of our SA bear to the total
unloaned value in your Policy Account.
TRANSFERS. At your written request to our Administrative Office, we will
transfer amounts from your value in any investment fund of our SA to one or more
other funds of our SA. Any such transfer will take effect on the date we receive
your written request at our Administrative Office. However, no transfers will be
made prior to the Allocation Date. We reserve the right to make a charge of $25
for each transfer of amounts among your investment options. The transfer charge,
if any, is deducted from the amounts transferred from the investment funds of
our SA based on the proportion that the amount transferred from each investment
fund of our SA bears to the total amount being transferred. A transfer from the
Money Market Fund on the Allocation Date will not incur a transfer charge.
- --------------------------------------------------------------------------------
THE VALUE OF YOUR POLICY ACCOUNT
The amount in your Policy Account at any time is equal to the sum of the amounts
you then have in the investment funds of our SA under this policy, plus any
Loaned Policy Account (see "Your Value in the Loaned Policy Account" provision).
YOUR VALUE IN THE INVESTMENT FUNDS OF OUR SA. The amount you have in an
investment fund of our SA under this policy at any time is equal to the number
of units this policy then has in that fund multiplied by the fund's unit value
at that time.
Amounts allocated or transferred to an investment fund of our SA are used to
purchase units of that fund; units are redeemed when amounts are deducted,
loaned, transferred or withdrawn. These transactions are called policy
transactions.
The number of units a policy has in an investment fund at any time is equal to
the number of units purchased minus the number of units redeemed in that fund to
that time. The number of units purchased or redeemed in a policy transaction is
equal to the dollar amount of the policy transaction divided by the fund's unit
value on the date of the policy transaction. Policy transactions may be made on
any day. The unit value that applies to a transaction made on a business day
will be the unit value for that day. The unit value that applies to a
transaction made on a non-business day will be the unit value for the next
business day.
We determine unit values for the investment funds of our SA at the end of each
business day. Generally, a business day is any day the New York Stock Exchange
is open for trading. A business day immediately preceded by one or more
non-business days will include those non-business days as part of that business
day. For example, a business day which falls on a Monday will consist of that
Monday and the immediately preceding Saturday and Sunday.
The unit value of an investment fund on any business day is equal to the unit
value for that fund on the immediately preceding business day multiplied by the
net investment factor for that fund on that business day.
99-100-7 Page 8
<PAGE>
The net investment factor for an investment fund of our SA on any business day
is (a) divided by (b), minus (c), where:
(a) is the net asset value of the shares in designated investment companies that
belong to the investment fund at the close of business on such business day
before any policy transactions are made on that day, plus the amount of any
dividend or capital gain distribution paid by the investment companies on that
day;
(b) is the value of the assets in that investment fund at the close of business
on the immediately preceding business day after all policy transactions were
made for that day; and
(c) is a charge for each calendar day in that business day, as defined above,
corresponding to a charge not exceeding 1.35% yearly for mortality and expense
risks, plus any charge for that day for taxes, amounts set aside as a reserve
for taxes, or any operating expenses of our SA (including, without limitation,
SEC registration fees and auditing fees).
The net asset value of an investment company's shares held in each investment
fund shall be the value reported to us by that investment company.
YOUR VALUE IN THE LOANED POLICY ACCOUNT. The amount you have in your Loaned
Policy Account at any time is equal to the amount of any outstanding loan and
interest credited to such Account which has not yet been allocated to the
investment funds of our SA.
On each policy anniversary and at any time you repay all of a policy loan, we
allocate the interest that has been credited to the loaned portion of your
Policy Account to the investment funds of our SA in accordance with your
allocation percentages.
We will credit such Account with interest at rates we determine. We will
determine such interest rates periodically in advance. The interest rates we
credit to the Loaned Policy Account will be at an annual rate up to 2% less than
the loan interest rate we charge. However, we reserve the right to credit rates
lower than this if in the future tax laws change such that our taxes on policy
loans or policy loan interest are increased.
- --------------------------------------------------------------------------------
THE CASH SURRENDER VALUE OF THIS POLICY
CASH SURRENDER VALUE. The Cash Surrender Value on any date is equal to the
amount in your Policy Account on that date minus any surrender charge.
NET CASH SURRENDER VALUE. The Net Cash Surrender Value is equal to the Cash
Surrender Value minus any policy loan and accrued loan interest. You may give up
this policy for its Net Cash Surrender Value at any time while the insured
person is living. You may do this by sending us a written request for it and
this policy to our Administrative Office. Your written request for cancellation
or surrender must include the following:
1. A statement that makes it clear that you intend to surrender the
contract;
2. The policy number of the policy to be surrendered;
3. The name of the insured person and your name (if other than the
insured) and address where proceeds should be mailed;
4. Your signature and, if required by the policy or by a legally binding
document of which we have an actual notice, the signature of a
collateral assignee, irrevocable beneficiary, or other person having
an interest in the policy through the legally binding document.
If this policy has a cash surrender value and is being given up for its net cash
surrender value, a completed withholding authorization must also be included
with your written request. If this form is not provided to us with your written
request for surrender, we will withhold income tax on the taxable portion of
your distribution at the mandated federal and state tax rates. We will compute
the Net Cash Surrender Value as of the date we receive your request for it and
this policy at our Administrative Office. If the policy has been lost, stolen or
destroyed, you must include a statement in the written request that the policy
was lost, stolen or destroyed with an approximate date of when the policy was
lost, stolen or destroyed. All insurance coverage under this policy ends on
the date we receive your written request.
SURRENDER CHARGES. If you give up this policy for its Net Cash Surrender Value
or if it ends without value at the end of a grace period before the tenth policy
year, we will subtract a surrender charge from your Policy Account. A table of
surrender charges is shown in the Policy Information section. The surrender
charge will be equal to (1) the percentage from the table for the applicable
policy year times (2) the initial premium minus any partial withdrawals that
have incurred a surrender charge.
99-100-9 Page 9
<PAGE>
We have filed a detailed statement of the method of computing surrender charges
with the insurance supervisory official of the jurisdiction in which this policy
is delivered.
PARTIAL WITHDRAWALS. After the first policy year and while the insured person is
living, you may ask for a partial withdrawal from your net cash surrender value
by written request to our Administrative Office. Your request will be subject to
our approval based on our rules in effect when we receive your request, and to
the minimum partial withdrawal amount of $500. The Policy Account value
remaining after the partial withdrawal and any applicable surrender charge must
be at least $25,000. We have the right to decline a request for a partial
withdrawal if this would cause this policy to fail to qualify as life insurance
under applicable tax law, as interpreted by us. A partial withdrawal will result
in a reduction in the Cash Surrender Value equal to the amount withdrawn, and a
reduction in your Policy Account equal to the amount withdrawn plus any
applicable surrender charge.
A partial withdrawal will also result in a reduction in your death benefit, by
the proportion that the amount withdrawn plus any applicable surrender charge
bears to the amount in your Policy Account just prior to the withdrawal. For
example, assume that a withdrawal of $15,000 with a corresponding surrender
charge of $300 is made, and that the Policy Account and death benefit just prior
to the withdrawal are $60,000 and $128,400, respectively. The death benefit of
$128,400 will be reduced by the proportion that $15,300 bears to $60,000, or by
25.5%, to $95,658.
During the first nine policy years, we will deduct the applicable surrender
charge on any amounts withdrawn during a policy year that exceed, cumulatively,
15% of the Policy Account value (minus any policy loan and accrued loan
interest) as of the end of the previous policy year, or as of the effective date
of any restoration of policy benefits, if later. The surrender charge will be
equal to the percentage from the table of surrender charges for the applicable
policy year times the lesser of (1) such excess partial withdrawal, and (2) the
initial premium less any previous partial withdrawals that incurred a surrender
charge.
You may tell us how much of each partial withdrawal is to come from your values
in each of the investment funds of our SA. If you do not tell us, we will make
the withdrawal on the basis of your allocation percentages then in effect. Any
applicable surrender charge is deducted from your value remaining in the
investment funds from which the withdrawal was made, based on the proportion
that the amount withdrawn from each fund bears to the total amount withdrawn.
If we cannot make the withdrawal or deduct any surrender charge as indicated
above, we will make the withdrawal and any surrender charge deduction based on
the proportion that your values in the investment funds of our SA bear to the
total unloaned value in your Policy Account.
Such partial withdrawal and resulting reduction in the death benefit, in the
Cash Surrender Value and in your Policy Account will take effect on the date we
receive your written request at our Administrative Office.
- --------------------------------------------------------------------------------
HOW A LOAN CAN BE MADE
POLICY LOANS. You can take a loan on this policy while it has a loan value. This
policy will be the only security for the loan. The initial loan and each
additional loan must be for at least $500. Any amount on loan is part of your
Policy Account. We refer to this as the Loaned Policy Account.
CARRY OVER LOANS. If this policy was issued based, in whole or part, upon a
valid exchange under Section 1035 of the Internal Revenue Code, any transferred
existing loan from the exchanged policy as approved by us will be put into your
Loaned Policy Account. If a premium refund is made under the "Right to Examine
Policy" provision, we will subtract any policy loan and accrued loan interest
from that refund.
LOAN VALUE. The loan value on any date is 90% of the Cash Surrender Value on
that date. The amount of any loan you take may not be more than the loan value,
less any outstanding loan and accrued loan interest.
Your request for a policy loan must be in writing to our Administrative Office.
You may tell us how much of the requested loan is to be taken from your value in
each investment fund of our SA. Such values will be determined as of the date we
receive your request. If you do not tell us, we will take the loan from the
values of each investment fund on the basis of your allocation percentages then
in effect. If we cannot do this on the basis of your direction or those
percentages, we will take the loan from each investment fund based on the
proportion that your values in the investment funds of our SA bear to the total
unloaned value in your Policy Account.
99-100-9 Page 10
<PAGE>
We will redeem units of each investment fund sufficient in value to cover the
amount of the loan so allocated and transfer that amount to your loaned Policy
Account.
LOAN INTEREST. Interest on the loan accrues daily at an annual loan interest
rate of 6%. Loan interest is due on each policy anniversary. If the interest is
not paid when due, it will be added to your outstanding loan and allocated on
the basis of the allocation percentages then in effect. If we cannot make the
allocation on the basis of these percentages, we will make it based on the
proportion that your values in the investment funds of our SA bear to the total
unloaned value in your Policy Account. The unpaid interest will then be treated
as part of the loaned amount and will bear interest at the loan rate.
When unpaid loan interest is allocated to an investment fund of our SA, we will
redeem units of that investment fund sufficient in value to cover the amount of
the interest so allocated and transfer that amount to your loaned Policy
Account.
LOAN REPAYMENT. You may repay all or part of a policy loan at any time while the
insured person is alive and this policy is in force. You may tell us how to
allocate repayments among the investment funds of our SA. If you do not tell us,
we will make the allocation on the basis of the allocation percentages then in
effect.
Failure to repay a policy loan or to pay loan interest will not terminate this
policy unles at the beginning of a policy month the Net Cash Surrender Value is
less than the total monthly deductions then due. In that case, the "Grace
Period" provision will apply.
A policy loan will have a permanent effect on your benefits under this policy
even if it is repaid.
- --------------------------------------------------------------------------------
OUR SEPARATE ACCOUNT(S) (SA)
We established and we maintain our SA under the laws of New York State. Realized
and unrealized gains and losses from the assets of our SA are credited to or
charged against it without regard to our other income, gains, or losses. Assets
are put in our SA to support this policy and other variable life insurance
policies. Assets may be put in our SA for other purposes, but not to support
contracts or policies other than variable contracts.
The assets of our SA are our property. The portion of its assets equal to the
reserves and other policy liabilities with respect to our SA will not be
chargeable with liabilities arising out of any other business we conduct. We may
transfer assets of an investment fund in excess of the reserves and other
liabilities with respect to that fund to another investment fund or to our
General Account.
INVESTMENT FUNDS. Our SA consists of investment funds. Each fund may invest its
assets in a separate class of shares of a designated investment company or
companies or make direct investments in securities. The investment funds of our
SA that you chose for your initial allocations are shown on the application for
this policy, a copy of which is attached to this policy. We may from time to
time make other investment funds available to you or we may create a new SA. We
will provide you with written notice of all material details including
investment objectives and all charges.
We have the right to change or add designated investment companies. We have the
right to add or remove investment funds. We have the right to withdraw assets of
a class of policies to which this policy belongs from an investment fund and put
them in another investment fund. We also have the right to combine any two or
more investment funds. The term investment fund in this policy shall then refer
to any other investment fund in which the assets of a class of policies to which
this policy belongs were placed.
We have the right to operate the Separate Account or any investment fund as a
unit investment trust or management investment company under the Investment
Company Act of 1940, and if operated as a management investment company, charges
and expenses that otherwise would be assessed against an underlying investment
fund would be assessed against the Separate Account.
We have the right to:
1. register or deregister any SA available under this policy under the
Investment Company Act of 1940;
2. run any SA available under this policy under the direction of a committee,
and discharge such committee at any time;
3. restrict or eliminate any voting rights of policy owners, or other persons
who have voting rights as to any SA available under this policy; and
99-100-11 Page 11
<PAGE>
4. operate any SA available under this policy or one or more of its investment
funds by making direct investments or in any other form. If we do so, we
may invest the assets of such SA or one or more of the investment funds in
any legal investments. We will rely upon our own or outside counsel for
advice in this regard. Also, unless otherwise required by law or
regulation, an investment adviser or any investment policy may not be
changed without our consent. If required by law or regulation, the
investment policy of an investment fund of any SA available under this
policy will not be changed by us unless approved by the Superintendent of
Insurance of New York State or deemed approved in accordance with such law
or regulation.
If any of these changes result in a material change in the underlying
investments of an investment fund of our SA, we will notify you of such change,
as required by law. If you have value in that investment fund, we will, if you
wish, transfer it at your written direction from that fund to another fund(s) of
our SA. There will be no charge for such a transfer.
- --------------------------------------------------------------------------------
OUR REPORT TO YOU
For each policy year, we will send you a report for this policy that shows the
current death benefit, the value you have in each investment fund of any SA
available under this policy, the Cash Surrender Value, and any policy loan. It
will also show any other information as may be required by the insurance
supervisory official of the jurisdiction in which this policy is delivered. This
report is furnished without any charge.
- --------------------------------------------------------------------------------
HOW BENEFITS ARE PAID
You can have the Insurance Benefit or your Net Cash Surrender Value withdrawals
paid immediately in one sum. Or, you can choose another form of payment for all
or part of them. If you do not arrange for a specific choice before the insured
person dies, the beneficiary will have this right when the insured person dies.
If you do make an arrangement, however, the beneficiary cannot change it after
the insured person dies.
The options are:
1. DEPOSIT: The sum will be left on deposit for a period mutually agreed upon.
We will pay interest at the end of every month, every 3 months, every 6
months or every 12 months, as chosen.
2. INSTALLMENT PAYMENTS: There are two ways that we pay installments:
FIXED PERIOD: We will pay the sum in equal installments for a specified
number of years (not more than 30). The installments will be at least those
shown in the Table of Guaranteed Payments on the last page of this policy.
FIXED AMOUNT: We will pay the sum in installments as mutually agreed upon
until the original sum, together with interest on the unpaid balance, is
used up.
3. MONTHLY LIFE INCOME: We will pay the sum as a monthly income for life. The
amount of the monthly payment will be at least that shown in the Table of
Guaranteed Payments. The basis for these payments is the 1983 Individual
Annuity Mortality Table "a" projected with modified Scale G. You may choose
any one of three ways to receive monthly life income. We will guarantee
payments for at least 10 years (called "10 Years Certain"); at least 20
years (called "20 Years Certain"); or until the payments we make equal the
original sum (called "Refund Certain").
Payments that we make under options 1-3, above will not be affected by the
investment experience of any investment fund of our SA after proceeds are
applied under such options.
We will also apply the sum under any other option requested that we make
available at the time of payment.
The payee may name and change a successor payee for any amount we would
otherwise pay to the payee's estate.
Any arrangements involving more than one of the options, or a payee who is not a
natural person (for example, a corporation) or who is a fiduciary, must have our
approval. Also, details of all arrangements will be subject to our rules at the
time the arrangement takes effect. These include rules on: the minimum amount we
will apply under an option and minimum amounts for installment payments;
withdrawal or commutation rights; naming payees and successor payees; and
proving age and survival.
99-100-11 Page 12
<PAGE>
Payment choices (or any later changes) will be made and will take effect in the
same way as a change of beneficiary. Amounts applied under these options will
not be subject to the claims of creditors or to legal process, to the extent
permitted by law.
- --------------------------------------------------------------------------------
OTHER IMPORTANT INFORMATION
YOUR CONTRACT WITH US. This policy is issued in consideration of payment of the
initial premium shown in the Policy Information section.
This policy, any riders or endorsements, and the attached copy of the initial
application and all subsequent applications to change this policy, and all
additional Policy Information sections added to this policy, make up the entire
contract. The rights conferred by this policy are in addition to those provided
by applicable Federal and State laws and regulations.
Only our Chairman of the Board, our President or one of our Vice Presidents can
modify this contract or waive any of our rights or requirements under it. The
person making these changes must put them in writing and sign them.
POLICY CHANGES -- APPLICABLE TAX LAW. For you and the beneficiary to receive the
tax treatment accorded to life insurance under Federal law, this policy must
qualify initially and continue to qualify as life insurance under the Code or
successor law. Therefore, we have reserved earlier in this policy the right to
decline to allow partial withdrawals or to decline to accept payment of any
additional premium that, in our opinion, would cause this policy to fail to
qualify as life insurance under applicable tax law. Further, we reserve the
right to make changes in this policy (for example, in the factors in the Policy
Information section), to require additional premium payments or to make
distributions from this policy to the extent we deem it necessary to continue to
qualify this policy as life insurance. Any such changes will apply uniformly to
all policies that are affected. You will be given advance notice of such
changes.
CHANGES IN POLICY COST FACTORS. Changes in policy cost factors (cost of
insurance deductions and expense charges) will be by class and based upon
changes in future expectations for such elements as: investment earnings,
mortality, persistency, expenses and taxes. Any change in policy cost factors
will be determined in accordance with procedures and standards on file, if
required, with the insurance supervisory official of the jurisdiction in which
this policy is delivered.
WHEN THE POLICY IS INCONTESTABLE. We have the right to contest the validity of
this policy based on material misstatements made in the initial application for
this policy. We also have the right to contest the validity of any policy
restoration based on material misstatements made in any application for that
restoration. However, we will not contest the validity of this policy after it
has been in effect during the lifetime of the insured person for two years from
the earlier of the Register Date or Date of Issue shown in the Policy
Information section. We will not contest the validity of any restoration of this
policy after it has been in effect during the lifetime of the insured person for
two years from the effective date of restoration.
We also have the right to contest the validity of any increase in policy death
benefit resulting from payment of an additional premium, based on material
misstatements made in the application for that payment of additional premium.
However, we will not contest the validity of any such increase in death benefit
after it has been in effect during the lifetime of the insured person for two
years from the date of such increase.
No statement shall be used to contest a claim unless contained in an
application.
All statements made in an application are representations and not warranties.
WHAT IF AGE OR SEX HAS BEEN MISSTATED? If the insured person's age or sex has
been misstated on any application, the death benefit shall be that which would
have been applicable based on the Policy Account and the correct factor for
calculating death benefits for the correct attained age and sex.
HOW THE SUICIDE EXCLUSION AFFECTS BENEFITS. If the insured person commits
suicide (while sane or insane) within two years after the earlier of the
Register Date or the Date of Issue shown in the Policy Information section, our
liability will be limited to the payment of a single sum. This sum will be equal
to the premium paid, minus any loan and accrued loan interest and minus any
partial withdrawal of the Net Cash Surrender Value.
99-100-13 Page 13
<PAGE>
If the insured person commits suicide (while sane or insane) within two years
after the payment of an additional premium that resulted in an increase in the
death benefit of this policy, our liability as to the increase in amount will be
limited to the payment of a single sum. This sum will be equal to the additional
premium paid for such increase, minus any policy loan and accrued loan interest
and minus any partial withdrawal of the Net Cash Surrender value.
Under either circumstance detailed in the preceding two paragraphs, our total
liability will never exceed payment of the Insurance Benefit as described in
"The Insurance Benefit We Pay" section of this policy.
HOW WE MEASURE POLICY PERIODS AND ANNIVERSARIES. We measure policy years, policy
months, and policy anniversaries from the Register Date shown in the Policy
Information section. Each policy month begins on the same day in each calendar
month as the day of the month in the Register Date.
HOW, WHEN AND WHAT WE MAY DEFER. We may not be able to obtain the value of the
assets of the investment funds of our SA if: (1) the New York Stock Exchange is
closed; or (2) the Securities and Exchange Commission requires trading to be
restricted or declares an emergency. During such times we may defer:
1. Determination and payment of partial withdrawals;
2. Determination and payment of any death benefit;
3. Payment of loans;
4. Determination of the unit values of the investment funds of our SA; and
5. Any requested transfer or the transfer on the Allocation Date.
THE BASIS WE USE FOR COMPUTATION. We provide Cash Surrender Values that are at
least equal to those required by law. If required to do so, we have filed with
the insurance supervisory official of the jurisdiction in which this policy is
delivered a detailed statement of our method of computing such values. We
compute reserves under this policy by the Commissioners Reserve Valuation
Method.
We base reserves on the Commissioners 1980 Standard Ordinary, Male or Female,
Mortality Tables. We also use these tables as the basis for determining
maximum insurance costs, taking account of the sex and attained age of the
insured person.
POLICY ILLUSTRATIONS. Upon request we will give you an illustration of the
future benefits under this policy based upon both guaranteed and current cost
factor assumptions. However, if you ask us to do this more than once in any
policy year, we reserve the right to charge you a fee of up to $25 for this
service.
99-100-13 Page 14
<PAGE>
TABLE OF GUARANTEED PAYMENTS
(MINIMUM AMOUNT FOR EACH $1,000 APPLIED)
OPTION 2A
FIXED PERIOD INSTALLMENTS
-------------------------
NUMBER MONTHLY ANNUAL
OF YEARS' INSTALL- INSTALL-
INSTALLMENTS MENT MENT
------------ --------- --------
1 $84.28 $1,000.00
2 42.66 506.17
3 28.79 341.60
4 21.86 259.33
5 17.70 210.00
6 14.93 177.12
7 12.95 153.65
8 11.47 136.07
9 10.32 122.40
10 9.39 111.47
11 8.64 102.54
12 8.02 95.11
13 7.49 88.83
14 7.03 83.45
15 6.64 78.80
16 6.30 74.73
17 6.00 71.15
18 5.73 67.97
19 5.49 65.13
20 5.27 62.58
21 5.08 60.28
22 4.90 58.19
23 4.74 56.29
24 4.60 54.55
25 4.46 52.95
26 4.34 51.48
27 4.22 50.12
28 4.12 48.87
29 4.02 47.70
30 3.93 46.61
If installments are paid every 3 months, they will be 25.23% of the annual
installments. If they are paid every 6 months, the will be 50.31% of the annual
installments.
OPTION 3
MONTHLY LIFE INCOME
-------------------
10 YEARS CERTAIN 20 YEARS CERTAIN REFUND CERTAIN
---------------- ---------------- ----------------
AGE MALE FEMALE MALE FEMALE MALE FEMALE
--- ---- ------ ---- ------ ---- ------
50 $3.48 $3.19 $3.42 $3.17 $3.37 $3.14
51 3.54 3.23 3.47 3.21 3.42 3.17
52 3.59 3.28 3.51 3.25 3.46 3.21
53 3.65 3.32 3.56 3.29 3.51 3.25
54 3.70 3.37 3.61 3.33 3.56 3.29
55 3.77 3.42 3.66 3.37 3.61 3.34
56 3.83 3.47 3.72 3.42 3.67 3.38
57 3.90 3.52 3.77 3.47 3.72 3.43
58 3.97 3.58 3.83 3.52 3.78 3.48
59 4.04 3.64 3.88 3.57 3.84 3.53
60 4.12 3.70 3.94 3.62 3.90 3.58
61 4.20 3.76 4.00 3.68 3.97 3.64
62 4.29 3.83 4.06 3.74 4.04 3.69
63 4.38 3.90 4.12 3.79 4.11 3.75
64 4.48 3.98 4.18 3.85 4.19 3.82
65 4.58 4.06 4.25 3.92 4.26 3.88
66 4.68 4.14 4.31 3.98 4.35 3.95
67 4.79 4.23 4.37 4.04 4.43 4.02
68 4.90 4.32 4.43 4.11 4.52 4.10
69 5.02 4.42 4.50 4.18 4.62 4.18
70 5.14 4.52 4.56 4.25 4.71 4.26
71 5.26 4.63 4.62 4.31 4.82 4.35
72 5.39 4.75 4.67 4.38 4.92 4.44
73 5.52 4.87 4.73 4.45 5.03 4.53
74 5.66 4.99 4.78 4.51 5.14 4.63
75 5.80 5.12 4.83 4.58 5.27 4.74
76 5.95 5.26 4.88 4.64 5.39 4.84
77 6.10 5.40 4.93 4.70 5.53 4.96
78 6.25 5.55 4.97 4.75 5.66 5.08
79 6.40 5.70 5.01 4.80 5.80 5.20
80 6.56 5.85 5.04 4.86 5.96 5.33
81 6.72 6.01 5.08 4.90 6.11 5.45
82 6.88 6.18 5.11 4.95 6.27 5.60
83 7.04 6.34 5.13 4.99 6.43 5.73
84 7.20 6.51 5.16 5.03 6.62 5.89
85 & over 7.36 6.67 5.18 5.07 6.81 6.04
Amounts for Monthly Life Income are based on age nearest birthday when income
starts. Amounts for ages not shown will be furnished on request.
99-100-15 Page 15
<PAGE>
THE EQUITABLE
LIFE ASSURANCE SOCIETY OF THE UNITED STATES
A Stock Life Insurance Company
Home Office: 1290 Avenue of the Americas, New York, New York 10104
Modified Single Premium Variable Life Insurance Policy. Insurance benefit
payable upon the death of the insured person while this policy is in force.
Your policy account will increase or decrease in value depending on the
investment experience of the separate account investment funds in which
your policy account is invested. This is a non-participating policy.
No. 99-100
GUARANTEED MINIMUM DEATH
BENEFIT ENDORSEMENT
In this endorsement "we", "our" and "us" mean The Equitable Life Assurance
Society of the United States. "You" and "your" mean the owner of the policy at
the time an owner's right is exercised.
- --------------------------------------------------------------------------------
This endorsement is made part of this policy as of the Register Date, and
modifies the policy as follows:
1. The following is added to the Table of Maximum Expense Charges in the
Policy Information section as a deduction from your Policy Account:
FOR THE GUARANTEED MINIMUM DEATH BENEFIT: WE DEDUCT A MONTHLY CHARGE AT AN
ANNUAL RATE NOT TO EXCEED .50% OF THE POLICY ACCOUNT.
2. The first paragraph of the Death Benefit provision is deleted and replaced
by the following:
3. The following provision is added to the policy:
DEATH BENEFIT. The initial death benefit on the Register Date is shown in the
Policy Information section. At any time thereafter, the death benefit of this
policy on the date of death of the insured person is equal to the greater of (a)
the Guaranteed Minimum Death Benefit or (b) the amount in your Policy Account on
such date multiplied by the applicable factor. The factor referred to is from
the Table of Factors Used For Calculating Death Benefits, shown in the Policy
Information section, for the insured person's age (nearest birthday) at the
beginning of the policy year of determination.
GUARANTEED MINIMUM DEATH BENEFIT. The guaranteed minimum death benefit of this
policy is equal to the sum of the initial premium and any additional premium
paid for this policy, adjusted for any partial withdrawals. A partial withdrawal
will result in a reduction in the guaranteed minimum death benefit; the benefit
is reduced by the proportion that the withdrawn amount bears to the amount in
your Policy Account just prior to the withdrawal.
For example, assume that a withdrawal of $15,000 is made, and that the Policy
Account and guaranteed minimum death benefit just prior to the withdrawal are
$60,000 and $50,000, respectively. The guaranteed minimum death benefit of
$50,000 will be reduced by the proportion that $15,000 bears to $60,000, or by
25%, to $37,500.
The death benefit will never be less than the guaranteed minimum death benefit,
regardless of investment performance, provided any outstanding policy loan and
accrued loan interest does not exceed the cash surrender value. If the net cash
surrender value at the beginning of a policy month is not sufficient to cover
the monthly deductions for that month (see "Monthly Deductions" provision) and
there is no outstanding policy loan, the policy will remain in force and we will
waive any monthly deductions that are in excess of the Policy Account.
4. The first paragraph of the "Monthly Deductions" provision is deleted and
the following is substituted:
MONTHLY DEDUCTIONS. At the beginning of each policy month we make a deduction
from your Policy Account to cover monthly charges for expenses and insurance
coverage. The first deduction is made on the Register Date. No deduction is made
after age 100 of the insured person. Such deduction for any policy month is the
sum of the following amounts determined as of the beginning of that month:
a) the monthly cost of insurance for the insured person;
b) the monthly charge for the Guaranteed Minimum Death Benefit; and
c) the monthly charge for administration and taxes.
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES.
Pauline Sherman, Senior Vice President, Michael Hegarty, President and
Secretary and Associate General Counsel Chief Operating Officer
S.99-50
[LOGO]
APPLICATION FOR MODIFIED SINGLE PREMIUM VARIABLE LIFE INSURANCE
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES (EQUITABLE)
Home Office: 1290 Avenue of the Americas, New York, NY 10104
- --------------------------------------------------------------------------------
1. PROSPECTIVE INSURED
[ ] Male [ ] Female
- --------------------------------------------------------------------------------
Name (First, Middle, Last)
- --------------------------------------------------------------------------------
Street Address
- --------------------------------------------------------------------------------
City, State, Zip Code
- --------------------------------------------------------------------------------
Home Telephone No. Office Telephone No.
- --------------------------------------------------------------------------------
U.S. Taxpayer ID No. Citizenship
- --------------------------------------------------------------------------------
Date of Birth Place of Birth (city, state, country)
- --------------------------------------------------------------------------------
Driver's License No. State
- --------------------------------------------------------------------------------
Employer Name Occupation - Position
- --------------------------------------------------------------------------------
Employer's Address (Street, City, State, Zip
Code)
- --------------------------------------------------------------------------------
2. OWNER(S) COMPLETE ONLY IF DIFFERENT THAN INSURED
Type of Owner: [ ] Individual
[ ] Trust Dated: __________________ (enter name of trust below)
[ ] Other Entity:__________________
- --------------------------------------------------------------------------------
Name(s) (First, Middle, Last) Relationship to Insured
- --------------------------------------------------------------------------------
Mailing Address (Street)
- --------------------------------------------------------------------------------
City, State, Zip Code
- --------------------------------------------------------------------------------
Telephone No(s). U.S. Taxpayer ID No.
3. BENEFICIARY(IES)
PRIMARY:
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- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Names(s) Relationship to Insured % of Death Benefit
CONTINGENT:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Names(s) Relationship to Insured % of Death Benefit
- --------------------------------------------------------------------------------
4. PREMIUM AMOUNT: ____________________
METHOD OF PAYMENT: [ ] Check payable to Equitable Life [ ] Wire Transfer
[ ] CD or Mutual Fund Transfer [ ] 1035 Exchange
- --------------------------------------------------------------------------------
5. INFORMATION FROM THE PROPOSED INSURED
Height: Weight:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------
a) Have you ever had or been treated for Acquired Immune Deficiency Syndrome Yes [ ] No [ ]
(AIDS), HIV Disease, heart trouble, stroke, high blood pressure, chest pain,
diabetes, tumor, cancer, respiratory, neurological disorder, alcohol abuse or
substance abuse?*
- ---------------------------------------------------------------------------------------------------
b) In the previous 12 months, have you consulted a physician or practitioner, or Yes [ ] No [ ]
been examined or treated at a hospital, clinic or other medical facility, or do
you plan to be treated by a physician or practitioner at a hospital, clinic or
other medical facility in the next 12 months? (Do not include visits for colds,
minor injuries or normal pregnancies.)*
- ---------------------------------------------------------------------------------------------------
c) Are you taking any prescription medication (s)? * Yes [ ] No [ ]
- ---------------------------------------------------------------------------------------------------
d) Have you ever had a driver's license suspended or revoked, been convicted of Yes [ ] No [ ]
driving under influence of alcohol and/or drugs, or in the previous 24 months
been convicted of two or more speeding and/or reckless driving
offenses?
- ---------------------------------------------------------------------------------------------------
e) In the next 12 months, are you planning to travel for a total of more than 2 Yes [ ] No [ ]
weeks to Asia, Africa, Eastern Europe or the Middle East?
- ---------------------------------------------------------------------------------------------------
f) Have you ever been rated or declined in connection with an application for Yes [ ] No [ ]
life or health insurance?
- ---------------------------------------------------------------------------------------------------
</TABLE>
* Details: If you answered "yes" to 5a, 5b or 5c, give details here, and, if
needed, in Special Instructions (No.9). Include name and address (if available)
of physician or practitioner involved, date and reason for consultation,
diagnosis, treatment (including dosage of any medication) and outcome.
MSPVLI-001
- -------------------------------------------------------------------------------
<PAGE>
- ------------------------------------------------- -----------------------------
6. INITIAL ALLOCATIONS TO INVESTMENT OPTIONS -
PREMIUM & DEDUCTIONS*
- -------------------------------------------------------------------------------
FUNDS Whole
Percentages
Minimum 5%
- -------------------------------------------------------------------------------
Alliance Money Market %
- -------------------------------------------------------------------------------
Alliance High Yield %
- -------------------------------------------------------------------------------
Alliance Common Stock %
- -------------------------------------------------------------------------------
Alliance Aggressive Stock %
- -------------------------------------------------------------------------------
Alliance Small Cap Growth %
- -------------------------------------------------------------------------------
EQ/Alliance Premier Growth %
- -------------------------------------------------------------------------------
BT Equity 500 Index %
- -------------------------------------------------------------------------------
BT Small Company Index %
- -------------------------------------------------------------------------------
BT International Equity Index %
- -------------------------------------------------------------------------------
Capital Guardian US Equity %
- -------------------------------------------------------------------------------
Capital Guardian Research %
- -------------------------------------------------------------------------------
Capital Guardian International %
- -------------------------------------------------------------------------------
JPM Core Band %
- -------------------------------------------------------------------------------
Lazard Large Cap Value %
- -------------------------------------------------------------------------------
Lazard Small Cap Value %
- -------------------------------------------------------------------------------
MFS Growth with Income %
- -------------------------------------------------------------------------------
MFS Research %
- -------------------------------------------------------------------------------
MFS Emerging Growth Companies %
- -------------------------------------------------------------------------------
Morgan Stanley Emerging Markets Equity %
- -------------------------------------------------------------------------------
EQ Putnam Growth & Income Value %
- -------------------------------------------------------------------------------
EQ Putnam Investors Growth %
- -------------------------------------------------------------------------------
EQ Putnam International Equity %
- -------------------------------------------------------------------------------
Total: 100%
- -------------------------------------------------------------------------------
7. [ ] ACCOUNT REBALANCING NOTE: THIS
PROGRAM MAY NOT BE ELECTED IF YOU CHOOSE DOLLAR COST AVERAGING.
The allocation among the investment funds will be periodically re-adjusted
according to the allocation percentages you indicate in No. 6, for a maximum of
eight funds. Select rebalancing frequency:
[ ] QUARTERLY [ ] SEMI-ANNUALLY [ ] ANNUALLY
8. [ ] DOLLAR COST AVERAGING NOTE: THIS PROGRAM MAY
NOT BE ELECTED IF YOU CHOOSE ACCOUNT REBALANCING.
You may make automatic monthly transfers from the Money Market option to a
maximum of eight other variable options. You may specify the amounts to transfer
(minimum of $50) below.
FUNDS TO RECEIVE TRANSFER: DOLLAR AMOUNT
---------------------------- $--------------
---------------------------- $--------------
---------------------------- $--------------
---------------------------- $--------------
---------------------------- $--------------
---------------------------- $--------------
---------------------------- $--------------
- -------------------------------------------------------------------------------
*Your premium will be allocated and your monthly deductions will be taken
according to these percentages beginning on the first business day on or after
the 20th calendar day from the issue date. Before that time, the premium will be
allocated to and all monthly deductions will be taken from the Alliance Money
Market fund.
- --------------------------------------------------------------------------------
9. SPECIAL INSTRUCTIONS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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<TABLE>
- -----------------------------------------------------------------------------------------------------
10. SUITABILITY - QUESTIONS FOR PROSPECTIVE OWNER
<S> <C> <C> <C>
Have you received a prospectus? Yes [ ] No [ ]
Date of Prospectus: Date of any Supplement:
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
Do you understand that actual policy values will reflect certain deductions Yes [ ] No [ ]
and charges and may increase or decrease depending on the investment
experience of Separate Account Divisions and that the cash value may be
subject to a surrender charge during the first nine policy years, upon policy
surrender or lapse?
- -----------------------------------------------------------------------------------------------------
With this in mind, is the policy in accord with your insurance and long-term Yes [ ] No [ ]
investment objectives and anticipated financial needs? [ ]
- -----------------------------------------------------------------------------------------------------
Are you replacing or changing any existing insurance or annuity or do you plan to do so, assuming the
insurance applied for will be issued? [ ] Yes [ ] No If yes, complete the following:
Year Issued: ______ Type of Plan: ______________ Company: _________________ Contract No:____________
- -----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MSPVLI-001
- -------------------------------------------------------------------------------
11. AGREEMENT
Each signer of this application agrees that:
(1) The statements and answers in all parts of this application are true and
complete to the best of my (our) knowledge and belief. Equitable may rely on
them in acting on this application.
(2) Equitable's Temporary Insurance Agreement states the conditions that must be
met before any insurance takes effect if money is paid, or an approved
authorization is signed, before the policy is delivered. Temporary Insurance
is not provided for a policy or benefit applied for under the terms of a
guaranteed insurability option or a conversion privilege.
(3) Except as stated in the Temporary Insurance Agreement, no insurance shall
take effect on this application: (a) until a policy is delivered and the
full initial premium for it is paid, or an approved authorization is signed,
while the person(s) proposed for insurance is (are) living, (b) before any
Register Date specified in this application; and (c) unless to the best of
my (our) knowledge and belief the statements and answers in all parts of
this application continue to be true and complete, without material change,
as of the time such premium is paid.
(4) No Financial Professional or medical examiner has authority to modify this
Agreement or the Temporary Insurance Agreement, nor to waive any of
Equitable's rights or requirements. Equitable shall not be bound by any
information unless it is stated in the Application.
(5) POLICY VALUES INCREASE OR DECREASE DEPENDING ON THE INVESTMENT EXPERIENCE OF
THE SEPARATE ACCOUNT DIVISIONS AND REFLECT CERTAIN DEDUCTIONS AND CHARGES.
THE DEATH BENEFIT MAY BE FIXED OR VARIABLE UNDER SPECIFIED CONDITIONS, AS
DESCRIBED IN THE POLICY.
- -------------------------------------------------------------------------------
VLI Notice: Available upon request are illustrations of benefits, including
death benefits, policy values and cash surrender values.
- -------------------------------------------------------------------------------
12. ACKNOWLEDGEMENT AND AUTHORIZATIONS
UNDERWRITING PRACTICES. I (we) have received a statement of the underwriting
practices of Equitable which describes how and why Equitable obtains information
on my insurability, to whom such information may be reported and how I may
obtain it. The statement also contains the notice required by the Fair Credit
Reporting Act.
AUTHORIZATIONS.
TO OBTAIN MEDICAL INFORMATION. I (we) authorize any physician, hospital, medical
practitioner or other facility, insurance company, and the Medical Information
Bureau to release to Equitable and its legal representative any and all
information they may have about any diagnosis, treatment and prognosis regarding
my physical or mental condition.
TO OBTAIN NON-MEDICAL INFORMATION. I (we) authorize any employer, business
associate, government unit, financial institution, Consumer Reporting Agency,
and the Medical Information Bureau to release to Equitable and its legal
representative any information they may have about my occupation, avocations,
finances, driving record, character and general reputation. I (we) authorize
Equitable to obtain investigative consumer reports, as appropriate.
TO USE AND DISCLOSE INFORMATION. I (we) understand that the information that I
(we) authorize Equitable to obtain will be used by Equitable to help determine
my insurability or my eligibility for benefits under an existing policy. I (we)
authorize Equitable to release information about my insurability to its
reinsurers, contractors and affiliates, my (our) Financial Professional, and to
the Medical Information Bureau, all as described in the statement of Equitable's
underwriting practices or to other persons or businesses performing business or
legal services in connection with my application or claim of eligibility for
benefits, or as may be otherwise lawfully required, or as I (we) may further
authorize. I (we) understand that I (we) have the right to learn the contents of
any report of information (generally through my physician, in the case of
medical information).
COPY OF AUTHORIZATIONS. I (we) have a right to ask for and receive a true copy
of this Acknowledgement and Authorization signed by me (us). I (we) agree that a
reproduced copy shall be as valid as the original.
DURATION. The authorizations shall be valid for 12 months from the date shown
below.
- -------------------------------------------------------------------------------
MSPVLI-001
<PAGE>
13. FRAUD NOTICES
ARKANSAS/KENTUCKY/NEW MEXICO/PENNSYLVANIA/LOUISIANA: Any person who knowingly
and with intent to defraud any insurance company or other person files an
enrollment form/application for insurance or statement of claim containing any
materially false information or conceals for the purpose of misleading,
information concerning any fact material thereto commits a fraudulent insurance
act, which is a crime and subjects such person to criminal and civil penalties.
COLORADO: It is unlawful to knowingly provide false, incomplete, or misleading
facts or information to an insurance company for the purpose of defrauding or
attempting to defraud the company. Penalties may include imprisonment, fines,
denial of insurance, and civil damages. Any insurance company or agent of an
insurance company who knowingly provides false, incomplete, or misleading facts
or information to a contract owner or claimant for the purpose of defrauding or
attempting to defraud the contract owner or claimant with regard to a settlement
or award payable from insurance proceeds shall be reported to the Colorado
Division of Insurance within the Department of Regulatory Agencies.
FLORIDA: Any person who knowingly and with intent to injure, defraud or deceive
an insurer files a statement of claim or an application containing any false,
incomplete, or misleading information is guilty of a felony of the third degree.
MAINE: It is a crime to knowingly provide false, incomplete or misleading
information to an insurance company for the purpose of defrauding the company.
Penalties may include imprisonment, fines, or a denial of insurance benefits.
NEW JERSEY: Any person who knowingly files a statement of claim containing any
false or misleading information is subject to criminal and civil penalties.
OHIO: Any person who, with intent to defraud or knowing that he is facilitating
a fraud against an insurer, submits an enrolment form/application or files a
claim containing a false or deceptive statement is guilty of insurance fraud.
ALL OTHER STATES (EXCEPT VIRGINIA): Any person who knowingly and with intent to
defraud any insurance company files an enrollment form/application or statement
of claim containing any materially false, misleading or incomplete information
is guilty of crime which may be punishable under state or Federal law.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
14. SIGNATURE(S)
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
- -------------------------------------------------------------------------------------------------------
Proposed Insured's Signature Date
- -------------------------------------------------------------------------------------------------------
Owner's Signature (if different from Insured) Date Signed at: City, State
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
15. PROPOSED OWNER INFORMATION
(1) Is the Owner or Insured or an immediate family member thereof (or the person(s) authorized to
transact business on behalf of owner) a member or an associated person of the National Association of
Securities Dealers, Inc. (NASD)? [ ] Yes [ ] No
(2) No. of Wage Earners in Household [ ] 0 [ ] 1 [ ] 2 [ ] 3+
(3) Before-Tax Income a. Individual $__________________ b. Household $________________ c. Business $__________________
(4) Net Worth (If Business, as of last fiscal quarter, check one)
[ ] less than $50,000 [ ] $50,000 - $99,999 [ ] $100,000 - $199,999 [ ] $200,000 - 299,999 [ ] $300,000 - $499,999
[ ] $500,000-$999,999 [ ] $1,000,000 -$4,999,999 [ ] $5,000,000 -$9,999,999 [ ] $10 million +
(5) Number of Dependents or Employees: Children____________ Other ____________ Employees ______________
(6) Purpose of Insurance: ________________________________ (7) Occupation or Type of Business: ______________________
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
16. CERTIFICATION OF FINANCIAL PROFESSIONAL
Will any existing insurance or annuity be replaced or changed assuming the insurance applied for will be issued? [ ] Yes [ ] No I
certify that i) I have asked and recorded completely and accurately the answers to all questions on this application and I know of
nothing affecting the risk that has not been recorded herein, ii) the Prospective Owner(s) has received a prospectus for the policy,
and iii) no written sales materials other than those approved by Equitable have been used.
__________________________________ ___________________________________ ______________ _____________
Financial Professional's Signature Print Financial Professional's Name Tel. No. Date
FOR FINANCIAL PROFESSIONAL USE ONLY: Contact your home office for program information.
[ ] Option I [ ] Option II NOTE: Once selected, program cannot be changed.
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
MSPVLI-001
<PAGE>
[LANGUAGE FOR TEAR-OFF SHEET]
UNDERWRITING PRACTICES
UNDERWRITING. Our evaluation of your application begins with the medical history
you furnish. Since we rely on the accuracy and completeness of your answers, we
may verify them both before and after a policy is issued.
SOURCES OF INFORMATION. We may request additional information from physicians,
hospitals, other medical professionals or health care institutions, the Medical
Information Bureau, other insurers to which you have applied, your employer,
business associates, financial institutions, governmental units, consumer
reporting agencies or your Financial Professional.
Your signature on the Acknowledgement and Authorization Form permits us to make
these inquiries. They may be made by personal interview, by telephone or in
writing. We do not ask other insurers for their underwriting decision on your
application. You have the right to know (usually through a physician you name)
what information we have concerning you, and if it is incorrect, to have it
corrected. If you want more information about this, contact your Financial
Professional. If we request information about you from an insurance support
organization, they may also furnish this information to others authorized by
you. In this connection, the federal and various state Fair Credit Reporting
Acts require that you be given this notice:
To help establish the need for insurance, an investigative consumer report
(including information on finances, character and general reputation) may be
requested. It would be based on interviews with your employer, business
associates, financial institutions, governmental units, and references you
name. You may also ask to be interviewed yourself.
You may write to us for more complete details on consumer reports. You also
have the right to know whether a consumer report was made, the name and
address of the agency which made it, and to obtain a copy of the report from
them. You can obtain a summary of all your rights under the Fair Credit
Reporting Act from the Consumer Reporting agency.
REPORT OF ADVERSE SELECTION. If an adverse underwriting decision is made on your
application, you will be notified and given the reason for this as well as
instructions for obtaining further details. If you believe this decision was
based on erroneous information, you should contact your Financial Professional.
RELEASE OF INFORMATION.
The information we obtain concerning you is treated as confidential and will
only be released as follows:
1) To the Equitable employees whose jobs require access to it.
2) To your personal physician, if you request this in writing and furnish the
doctor's full name and address.
3) To another insurer if you apply for life or health coverage or submit a
claim, provided you authorize them to obtain this information.
4) To our reinsurers, contractors or affiliates if necessary to process your
application.
5) To the Medical Information Bureau, if we consider it significant for
underwriting.
6) To your Financial Professional, to the extent needed to service your
application and policy.
WHERE TO WRITE TO US. Your Financial Professional will be pleased to give you
the address of our office to which you can write concerning any of the matters
discussed above.
MEDICAL INFORMATION BUREAU (MIB)
The MIB is a non-profit organization of life insurance companies. Its members
exchange information in order to protect the majority of applicants from the few
who might not disclose significant facts in applying for coverage. Member
companies report to it information of underwriting significance as authorized by
applicants and policyholders. This information is, in turn, available only to
other member companies when appropriately authorized to secure it.
While the MIB may help us identify areas about which we need additional
information for our underwriting evaluation, we do no use MIB reports as the
basis for our underwriting decisions.
Upon request, the MIB will arrange for disclosure to you of any information it
may have concerning you. If you question the accuracy of this information, you
may requests a correction according to the federal Fair Credit Reporting Act.
You may contact MIB at Post Office Box 105, Essex Station, Boston MA 02112.
Telephone: (617) 426-3660.
The Equitable Life Assurance Society of the United States (Equitable)
1290 Avenue of the Americas
New York, NY 10104
MSPVLI-001
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 16th day
of February, 1999.
/s/ Henri de Castries
---------------------
Henri de Castries
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day
of February, 1999.
/s/ Joseph L. Dionne
--------------------
Joseph L. Dionne
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 6th day
of February, 1999.
/s/ Denis Duverne
-----------------
Denis Duverne
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 18th day
of February, 1999.
/s/ F. COLLOC'H
---------------
F. COLLOC'H
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 8th day
of February, 1999.
/s/ Jean Rene Fourtou
---------------------
Jean Rene Fourtou
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 8th day
of February, 1999.
/s/ Norman C. Francis
---------------------
Norman C. Francis
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 15th day
of February, 1999.
/s/ Donald J. Greene
--------------------
Donald J. Greene
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 11th day
of February, 1999.
/s/ John T. Hartley
-------------------
John T. Hartley
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day
of February, 1999.
/s/ John H.F. Haskell, Jr.
--------------------------
John H.F. Haskell, Jr.
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day
of February, 1999.
/s/ Michael Hegarty
-------------------
Michael Hegarty
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day
of February, 1999.
/s/ Mary R. (Nina) Henderson
----------------------------
Mary R. (Nina) Henderson
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 5th day
of February, 1999.
/s/ W. Edwin Jarmain
--------------------
W. Edwin Jarmain
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 5th day
of February, 1999.
/s/ George T. Lowy
------------------
George T. Lowy
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day
of February, 1999.
/s/ Edward D. Miller
--------------------
Edward D. Miller
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 22th day
of February, 1999.
/s/ Didier Pineau Valencienne
-----------------------------
Didier Pineau Valencienne
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 5th day
of February, 1999.
/s/ George J. Sella, Jr.
------------------------
George J. Sella, Jr.
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 25th day
of March, 1999.
/s/ Peter J. Tobin
------------------
Peter J. Tobin
58017/36
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day
of February, 1999.
/s/ Stanley B. Tulin
--------------------
Stanley B. Tulin
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 7th day
of February, 1999.
/s/ Dave H. Williams
--------------------
Dave H. Williams
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints, Mark A. Hug, James D. Goodwin, Pauline Sherman, Michael F. McNelis,
Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary P. Breen and each
of them (with full power to each of them to act alone), his or her true and
lawful attorney-in-fact and agent, with full power of substitution to each, for
him or her and on his or her behalf and in his or her name, place and stead, to
execute and file any of the documents referred to below relating to
registrations under the Securities Act of 1933, the Securities Exchange Act of
1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand this
11th day of August, 1999.
/s/ Alvin H. Fenichel
---------------------
Alvin H. Fenichel
59838v2
