<PAGE>
As filed with the Securities and Exchange Commission on September 28, 1998
Registration No. 33-56908
811-06032
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
- --------------------------------------------------------------------------------
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
Post-Effective Amendment No. 10 X
and
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
Amendment No. 23 X
PFL ENDEAVOR VA SEPARATE ACCOUNT
--------------------------------
(Exact Name of Registrant)
PFL ENDEAVOR VARIABLE ANNUITY ACCOUNT
-------------------------------------
(Former name of Registrant)
PFL LIFE INSURANCE COMPANY
--------------------------
(Name of Depositor)
4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499
--------------------------------------------------
(Address of Depositor's Principal Executive Offices)
Depositor's Telephone Number, including Area Code
(319) 297-8121
Frank A. Camp, Esquire
PFL Life Insurance Company
4333 Edgewood Road, N.E.
Cedar Rapids, Iowa 52499
(Name and Address of Agent for Service)
Copy to:
Frederick R. Bellamy, Esquire
Sutherland, Asbill & Brennan L.L.P.
1275 Pennsylvania Avenue, N.W.
Washington, D.C. 20004-2404
1
<PAGE>
Title of Securities Being Registered:
Flexible Premium Variable Annuity Policies
It is proposed that this filing will become effective:
___ immediately upon filing pursuant to paragraph (b) of Rule 485
on ___________ pursuant to paragraph (b) of Rule 485
---
X 60 days after filing pursuant to paragraph (a)(i) of Rule 485
---
___ on ___________ pursuant to paragraph (a)(i) of Rule 485
___ 75 days after filing pursuant to paragraph (a)(ii)
___ on __________ pursuant to paragraph (a)(ii) of Rule 485
If appropriate, check the following box:
X this post-effective amendment designates a new effective date for
a previously filed post-effective amendment.
2
<PAGE>
CROSS REFERENCE SHEET
Pursuant to Rule 495
Showing Location in Part A (Prospectus) and
Part B (Statement of Additional Information)
of Registration Statement of Information Required by Form N-4
-------------------------------------------------------------
PART A
------
<TABLE>
<CAPTION>
Item of Form N-4 Prospectus Caption
- ---------------- ------------------
<S> <C>
1. Cover Page........................... Cover Page
2. Definitions.......................... Definitions
3. Synopsis............................. Summary; Historical Performance
Data
4. Condensed Financial Information...... Financial Statements
5. General
(a) Depositor...................... PFL Life Insurance Company
(b) Registrant..................... The Mutual Fund Account
(c) Portfolio Company.............. The Mutual Fund Account
(d) Fund Prospectus................ The Mutual Fund Account
(e) Voting Rights.................. Voting Rights
6. Deductions and Expenses
(a) General........................ Charges and Deductions
(b) Sales Load %................... N/A
(c) Special Purchase Plan.......... N/A
(d) Commissions.................... Distributor of the Policies
(e) Expenses - Registrant.......... N/A
(f) Fund Expenses.................. Expenses Including Investment
Advisory Fees
(g) Organizational Expenses........ N/A
7. Policies
(a) Persons with Rights............ The Policy; Election of Annuity
Option; Determination of Annuity
Payments; Annuity Commencement
Date; Ownership of the Policy
Voting Rights
(b) (i) Allocation of Premium
Payments................. Allocation of Premiums
(ii) Transfers................ Transfers
(iii) Exchanges................ N/A
(c) Changes........................ Addition, Deletion or
Substitution of Investments;
Election of Annuity Option;
Annuity Commencement Date;
Beneficiary; Ownership of the
Policy
</TABLE>
3
<PAGE>
<TABLE>
<S> <C>
(d) Inquiries....................... Summary
8. Annuity Period....................... Annuity Options
9. Death Benefit........................ Death of Annuitant Prior to
Annuity Commencement Date
10. Purchase and Policy Values
(a) Purchases....................... Policy Application and Issuance
of Policies; Premiums
(b) Valuation....................... Policy Value; The Mutual Fund
Account Value
(c) Daily Calculation............... The Mutual Fund Account Value
(d) Underwriter..................... Distributor of the Policies
11. Redemptions
(a) By Owners....................... Surrenders
By Annuitant.................... N/A
(b) Texas ORP....................... Restrictions Under the Texas
Optional Retirement Program
(c) Check Delay..................... Payment not Honored by Bank
(d) Lapse........................... N/A
(e) Free Look....................... Summary
12. Taxes................................ Certain Federal Income Tax
Consequences
13. Legal Proceedings.................... Legal Proceedings
14. Table of Contents for the
Statement of Statement of Additional
Additional Information............... Information
<CAPTION>
PART B
------
Item of Form N-4 Statement of Additional
- ---------------- Information Caption
-------------------
<S> <C>
15. Cover Page.......................... Cover Page
16. Table of Contents................... Table of Contents
17. General Information
and History......................... (Prospectus) PFL Life Insurance
Company
18. Services............................
(a) Fees and Expenses
of Registrant.................. N/A
(b) Management Policies............ N/A
(c) Custodian...................... Custody of Assets
Independent
Auditors....................... Independent Auditors
</TABLE>
4
<PAGE>
<TABLE>
<S> <C>
(d) Assets of Registrant........... Custody of Assets
(e) Affiliated Person.............. N/A
(f) Principal Underwriter.......... Distribution of the Policies
19. Purchase of Securities
Being Offered....................... Distribution of the Policies
Offering Sales Load................. N/A
20. Underwriters........................ Distribution of the Policies;
(Prospectus) Distributor of the
Policies
21. Calculation of Performance
Data................................ Calculation of Yields and Total
Returns; Other Performance Data
22. Annuity Payments.................... (Prospectus) Election of Annuity
Option; (Prospectus)
Determination of Annuity Payments
23. Financial Statements................ Financial Statements
<CAPTION>
PART C -- OTHER INFORMATION
---------------------------
Item of Form N-4 Part C Caption
- ---------------- --------------
<S> <C>
24. Financial Statements
and Exhibits........................ Financial Statements and Exhibits
(a) Financial Statements........... Financial Statements
(b) Exhibits....................... Exhibits
25. Directors and Officers of Directors and Officers of the
the Depositor....................... Depositor
26. Persons Controlled By or Under Persons Controlled By or Under
Common Control with the Common Control with the
Depositor or Registrant............. Depositor or Registrant
27. Number of Policyowners.............. Number of Policyowners
28. Indemnification..................... Indemnification
29. Principal Underwriters.............. Principal Underwriters
30. Location of Accounts
and Records......................... Location of Accounts and Records
31. Management Services................. Management Services
32. Undertakings........................ Undertakings
Signature Page...................... Signatures
</TABLE>
5
<PAGE>
THE ENDEAVOR PLATINUM VARIABLE ANNUITY
ISSUED BY
PFL LIFE INSURANCE COMPANY
Supplement Dated _____________, 1998
To The
Prospectus Dated May 1, 1998
An optional rider for the Family Income Protector benefit has been added to
The Endeavor Platinum Variable Annuity. The rights and benefits under the
Family Income Protector are summarized below; however, the description of the
Family Income Protector contained in this prospectus supplement is qualified in
its entirety by reference to the Family Income Protector rider itself, a copy of
which is available upon request from PFL.
All capitalized terms used, which are not defined in this supplement, shall
have the same meanings as the same terms used in the accompanying prospectus.
The Family Income Protector may not be available in all states at the date
of this supplement. Please contact PFL at (800) 525-6205 for additional
information regarding the availability of the Family Income Protector in your
state.
_______________
FAMILY INCOME PROTECTOR
You may elect to purchase this benefit, which guarantees the total amount
you will have to apply to a Family Income Protector payment option and which
guarantees the amounts of those payments once you begin to receive them. The
Family Income Protector assures you of a minimum level of income in the future
by guaranteeing a Minimum Annuitization Value (discussed below) after 10 years,
based on the Policy Value at the date the rider is issued (adjusted for any
withdrawals and applicable taxes and charges), increased by a guaranteed annual
growth rate. By electing the Family Income Protector, you can participate in
the gains of the underlying variable investment options you select while knowing
that you are guaranteed a minimum level of income in the future, regardless of
the performance of the underlying variable investment options.
You may elect to purchase the Family Income Protector at the time you
purchase the Policy or on subsequent Policy Anniversaries. You cannot begin to
obtain payments under the Family Income Protector until the tenth Policy
Anniversary after it is added to your Policy.
THE FAMILY INCOME PROTECTOR DOES NOT ESTABLISH OR GUARANTEE POLICY VALUE OR
GUARANTEE PERFORMANCE OF ANY INVESTMENT OPTION. Because this benefit is based
on conservative actuarial factors, the level of lifetime income that it
guarantees may often be less than the level that would be provided by
application of the Policy Value at otherwise applicable annuity factors.
Therefore, the Family Income Protector should be regarded as a safety net. As
described herein under "MIMIMUM ANNUITIZATION VALUE," withdrawals will reduce
the Minimum Annuitization Value, and may reduce the Minimum Annuitization Value
on a basis greater than dollar-for-dollar.
THIS PROSPECTUS SUPPLEMENT MUST BE ACCOMPANIED
BY THE PROSPECTUS FOR
THE ENDEAVOR PLATINUM VARIABLE ANNUITY DATED MAY 1, 1998
<PAGE>
Illustrated below are the Family Income Protector guaranteed minimum
monthly payment amounts per $100,000 of initial payment, for a male annuitant
and a female joint annuitant, both age 60 (at the date the rider is issued), on
rider anniversaries as indicated below, assuming no subsequent payments,
withdrawals or premium taxes and assuming there was no upgrade of the Minimum
Annuitization Value. PFL will, upon request, provide illustrations of the
Family Income Protector guaranteed minimum payment for an annuitant based on
other assumptions.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Rider Anniversary at Life Annuity with no Period Life Annuity with no Period Joint & Survivor Life
Election Date Certain (Male) Certain (Female) Annuity with no Period
Certain
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
10 $1135 $ 976 $ 854
- ------------------------------------------------------------------------------------------------------------
15 1833 1562 1332
- ------------------------------------------------------------------------------------------------------------
20 3049 2597 2145
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Rider Anniversary at Life Annuity with 10 Year Life Annuity with 10 Year Joint & Survivor Life
Election Date Period Certain (Male) Period Certain (Female) Annuity with 10 Year
Period Certain
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
10 $1067 $ 949 $ 852
- ------------------------------------------------------------------------------------------------------------
15 1634 1469 1318
- ------------------------------------------------------------------------------------------------------------
20 2479 2286 2078
- ------------------------------------------------------------------------------------------------------------
</TABLE>
Because the annuity payment options provided for in the Policy are based on
the Policy Value at the time you start receiving annuity payments, the amount of
those annuity payments may exceed the payments provided by the Family Income
Protector. Accordingly, you may elect to receive annuity payments from either
the Policy using the Policy Value or the Family Income Protector using the
Minimum Annuitization Value.
MIMIMUM ANNUITIZATION VALUE. On the rider date, the Minimum Annuitization
Value is the Policy Value. Thereafter, the Minimum Annuitization Value will be
the Policy Value on the date the rider is issued, plus any additional payments,
minus an adjustment for any withdrawals made after the date the rider is issued,
accumulated at the annual growth rate written on page one of the Family Income
Protector rider minus any premium taxes. The annual growth rate is currently 6%
per year; PFL may, at its discretion, change the rate in the future, but the
rate will never be less than 3% per year, and once the Family Income Protector
rider is added to your Policy, the annual growth rate will not vary during the
life of that Family Income Protector rider.
Withdrawals will affect the Minimum Annuitization Value as follows: Each
Policy Year, withdrawals up to the limit of the total free amount (the Minimum
Annuitization Value on the last Policy Anniversary multiplied by the annual
growth rate) reduce the Minimum Annuitization Value on a dollar-for-dollar
basis. Withdrawals over this free amount will reduce the Minimum Annuitization
Value on a pro rata basis by an amount equal to the Minimum Annuitization Value
immediately prior to the excess withdrawal multiplied by the percentage
reduction in the Policy Value resulting from the excess withdrawal. The free
amount will always be a relatively small fraction of the Minimum Annuitization
Value.
The Minimum Annuitization Value may only be used to annuitize using the
Family Income Protector payment options (discussed below) and may not be used
with any of the annuitization options shown in the Policy.
<PAGE>
The Minimum Annuitization Value is used solely for purposes of calculating
the Family Income Protector payment and does not establish or guarantee a Policy
Value or guarantee performance of any investment option.
MINIMUM ANNUITIZATION VALUE UPGRADE. Within 30 days after a Policy
Anniversary, you may elect to upgrade the Minimum Annuitization Value to the
Policy Value on that anniversary if the Policy Value is greater than the Minimum
Annuitization Value. The last date to elect to upgrade the Minimum
Annuitization Value is the Policy Anniversary immediately before your 85th
birthday. The laws of some states may require an earlier date. For your
convenience, the last date to upgrade will be set forth on page one of the
Family Income Protector rider.
Upon upgrading, the current Family Income Protector rider will terminate
and a new one will be issued with its own specified guaranteed benefits and
fees. The benefits and fees under the new rider may differ from your benefits
and fees prior to upgrading (the benefits and fees that may change include the
annual growth rate, the Family Income Protector rider fee, the fee waiver
threshold, the stabilized payment fee, and the waiting period before the Famiy
Income Protector can be exercised).
CONDITIONS OF EXERCISE OF THE FAMILY INCOME PROTECTOR. The Family Income
Protector may only be exercised within the 30 days immediately following the
tenth or later Policy Anniversary after the Family Income Protector is elected
or, in the case of an upgrade of the Minimum Annuitization Value, the tenth or
later Policy Anniversary following the upgrade; PFL may, at its discretion,
change the waiting period before the Famiy Income Protector can be exercised in
the future, but once the Family Income Protector rider is added to your Policy,
the waiting period will not vary during the life of that Family Income Protector
rider. For your convenience, the first date to exercise the Family Income
Protector will be set forth on page one of the Family Income Protector rider.
The Family Income Protector may not, however, be exercised after the Policy
Anniversary after your 94th birthday. The laws of some states may require an
earlier date. For your convenience, the last date to exercise the Family Income
Protector will be set forth on page one of the Family Income Protector rider.
If you annuitize your Policy at any time other than indicated above, the
Family Income Protector cannot be exercised and, accordingly, the Family Income
Protector will provide no benefits. For example, if you annuitized your Policy
twelve and one-half years after you purchased the Policy and Family Income
Protector rider, you would not be able to exercise the Family Income Protector
and use the Minimum Annuitization Value or receive guaranteed minimum stabilized
payments.
FAMILY INCOME PROTECTOR PAYMENT OPTIONS. The amount of the first payment
provided by the Family Income Protector will be determined by multiplying each
$1,000 of Minimum Annuitization Value to the applicable annuity factor shown on
Schedule I of the Family Income Protector rider. The applicable annuity factor
depends upon the Annuitant's (and Joint Annuitant's, if any) sex (or without
regard to gender if required by law), age, and the Family Income Protector
payment option selected and is based on a guaranteed interest rate of 3% and the
"1983 Table a" mortality table improved to the year 2000 with projection
Scale G. Subsequent payments will be calculated as described in the Family
Income Protector rider using a 5% assumed investment return. Subsequent
payments may fluctuate annually in accordance with the investment performance of
the annuity subaccounts. However, subsequent payments are guaranteed to never be
less than the initial payment.
The Minimum Annuitization Value and applicable annuity factor may be
applied to the following Family Income Protector payment options:
Life Income -- An election may be made for "No Period Certain" or "10 Years
Certain". In the event of the death of the Annuitant prior to the end of
the chosen period certain, the remaining period certain payments will be
continued to the beneficiary.
<PAGE>
Joint and Full Survivor -- An election may be made for "No Period Certain"
or "10 Years Certain". Payments will be made as long as either the
Annuitant or Joint Annuitant is living. In the event of the death of both
the Annuitant and Joint Annuitant prior to the end of the chosen period
certain, the remaining period certain payments will be continued to the
beneficiary.
The Family Income Protector cannot be used with any other payment options.
GUARANTEED MINIMUM STABILIZED PAYMENTS. Annuity payments under the Family
Income Protector are guaranteed to never be less than the initial payment. The
payments will also be "stabilized" or held constant during each Policy Year.
During the first Policy Year following annuitization using the Family
Income Protector, each stabilized payment will equal the initial payment. On
each Policy Anniversary thereafter, the stabilized payment will increase or
decrease depending on the performance of the subaccounts selected, and then be
held constant at that amount for that Policy Year. The stabilized payment on
each Policy Anniversary will equal the greater of the initial payment or the
payment supportable by the annuity units in the selected subaccounts. The
supportable payment is equal to the number of variable annuity units in the
selected subaccounts multiplied by the variable annuity unit values in those
subaccounts on the date the payment is made. The variable annuity unit values
used to calculate the supportable payment will assume a 5% assumed investment
return. If the supportable payment at any payment date during a Policy Year is
greater than the stabilized payment for that Policy Year, the excess will be
used to purchase additional annuity units. Conversely, if the supportable
payment at any payment date during a Policy Year is less than the stabilized
payment for that Policy Year, there will be a reduction in the number of annuity
units credited to the Policy to fund the deficiency. In the case of a
reduction, you will not participate as fully in the future investment
performance of the subaccounts you selected since fewer annuity units are
credited to your Policy. Purchases and reductions will be allocated to each
subaccount on a proportionate basis.
PFL bears the risk that it will need to make payments if all annuity units
have been used in an attempt to maintain the stabilized payment at the initial
payment level. In such an event, PFL will make all future payments equal to the
initial payment. Once all the annuity units have been used, the amount of your
payment will not increase or decrease and will not depend upon the performance
of any subaccounts. To compensate PFL for this risk, a stabilized payment fee
will be deducted (discussed below).
<PAGE>
ANNUITY POLICY FEE TABLE
<TABLE>
<CAPTION>
POLICY OWNER TRANSACTION EXPENSES | SEPARATE ACCOUNT ANNUAL EXPENSES
| (AS A PERCENTAGE OF ACCOUNT VALUE)
<S> <C> | <C> <C>
Sales Load On Purchase Payments.. 0 | Mortality and Expense Risk Fee/(3)/... 1.25%
Surrender Fees................... 0 | Administrative Charge ............... 0.15%
Annual Service Charge/(1)/....... $35 Per Policy | Distribution Financing Charge......... 0.25%
Transfer Fee/(1)/................ Currently No Fee |
Family Income Protector | TOTAL SEPARATE ACCOUNT
(optional)/(2)/ | ANNUAL EXPENSES..................... 1.65%
Rider Fee.................. 0.30% |
Stabilized Payment Fee..... 1.25% |
</TABLE>
- ---------------------
/(1)/ The Transfer Fee, if any is imposed, applies to each Policy, regardless of
how the Policy Value is allocated among the Mutual Fund Account, the
Target Account and the Fixed Account. The Service Charge is $35 per year,
but not greater than 2% of the Policy Value. The Service Charge applies to
the Fixed Account, the Mutual Fund Account, and the Target Account and is
assessed on a prorata basis relative to each Account's Policy Value as a
percentage of the Policy's total Policy Value. The Service Charge is
deducted on each Policy Anniversary and at the time of surrender, if
surrender occurs during a Policy Year. (See "CHARGES AND DEDUCTIONS--
Administrative Charges," p. 41.) There is no fee for the first 12
transfers per year. For additional transfers, PFL may charge a fee of $10
per transfer, but currently does not charge for any transfers.
/(2)/ The annual Family Income Protector Rider Fee is currently equal to 0.30%
of the Minimum Annuitization Value on the previous Policy Anniversary; PFL
may at its discretion change the rate in the future, but the rate will
never be greater than 0.50% per year. The Stabilized Payment Fee is only
charged if you annuitize under the Family Income Protector rider, and then
only after annuitization. This fee is reflected in the amount of the
variable payments. The Stabilized Payment Fee is currently 1.25%; PFL may
at its discretion change the rate in the future, but the rate will never
be greater than 2.25% per year. Once the Family Income Protector rider is
added to your Policy, neither the Rider Fee nor the Stabilized Payment Fee
that is in effect at that time will change during the life of that Family
Income Protector rider.
/(3)/ The Mortality and Expense Risk Fees shown (1.25%) are for the 5% Annually
Compounding Death Benefit and the Double Enhanced Death Benefit. The
corresponding fee for the Return of Premium Death Benefit is 1.10% for
each Subaccount. (See "DISTRIBUTIONS UNDER THE POLICY--Death Benefit,"
p. 38.)
The Portfolio Annual Expense section, and the footnotes thereto, of the May 1,
1998 prospectus and the June 1, 1998 prospectus supplement remain applicable.
<PAGE>
EXAMPLES
You would pay the following expenses on a $1,000 investment, assuming the
optional Family Income Protector, a hypothetical 5% annual return on assets, and
assuming the entire Policy Value is in the applicable Subaccount:
<TABLE>
<CAPTION>
<S> <C>
A = 5 % Annually Compounding Death Benefit B = Return of Premium Death Benefit
or the Double Enhanced Death Benefit
</TABLE>
<TABLE>
<CAPTION>
===================================================================================================================
IF THE POLICY IS ANNUITIZED AT
IF THE POLICY IS SURRENDERED THE END OF THE APPLICABLE TIME
AT THE END OF THE APPLICABLE PERIOD OR IF THE POLICY IS NOT
TIME PERIOD. SURRENDERED OR ANNUITIZED.
---------------------------------------------------------------
1 3 5 10 1 3 5 10
YEAR YEARS YEARS YEARS YEAR YEARS YEARS YEARS
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Endeavor Money Market Portfolio A 26 82 140 301 26 82 140 301
---------------------------------------------------------------------
B 25 77 132 286 25 77 132 286
- -------------------------------------------------------------------------------------------------------------------
Endeavor Asset Allocation Portfolio A 29 89 152 324 29 89 152 324
---------------------------------------------------------------------
B 27 84 144 310 27 84 144 310
- -------------------------------------------------------------------------------------------------------------------
T. Rowe Price International Stock Portfolio A 31 96 163 346 31 96 163 346
---------------------------------------------------------------------
B 30 91 156 332 30 91 156 332
- -------------------------------------------------------------------------------------------------------------------
Endeavor Value Equity Portfolio A 29 90 154 329 29 90 154 329
---------------------------------------------------------------------
B 28 86 147 315 28 86 147 315
- -------------------------------------------------------------------------------------------------------------------
Dreyfus Small Cap Value Portfolio A 30 91 155 331 30 91 155 331
---------------------------------------------------------------------
B 28 86 148 317 28 86 148 317
- -------------------------------------------------------------------------------------------------------------------
Dreyfus U.S. Government Securities Portfolio A 28 88 150 320 28 88 150 320
---------------------------------------------------------------------
B 27 83 142 306 27 83 142 306
- -------------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income Portfolio A 30 92 157 334 30 92 157 334
---------------------------------------------------------------------
B 28 87 149 319 28 87 149 319
- -------------------------------------------------------------------------------------------------------------------
T. Rowe Price Growth Stock Portfolio A 30 92 158 336 30 92 158 336
---------------------------------------------------------------------
B 29 88 150 321 29 88 150 321
- -------------------------------------------------------------------------------------------------------------------
Endeavor Opportunity Value Portfolio A 32 98 167 354 32 98 167 354
---------------------------------------------------------------------
B 30 94 160 340 30 94 160 340
- -------------------------------------------------------------------------------------------------------------------
Endeavor Enhanced Index Portfolio A 33 102 174 368 33 102 174 368
---------------------------------------------------------------------
B 32 98 167 354 32 98 167 354
- -------------------------------------------------------------------------------------------------------------------
Endeavor Select 50 Portfolio A 35 108 184 386 35 108 184 386
---------------------------------------------------------------------
B 34 104 177 372 34 104 177 372
- -------------------------------------------------------------------------------------------------------------------
Endeavor High Yield Portfolio A 33 102 174 368 33 102 174 368
---------------------------------------------------------------------
B 32 98 167 354 32 98 167 354
- -------------------------------------------------------------------------------------------------------------------
WRL Growth Portfolio A 29 90 153 327 29 90 153 327
---------------------------------------------------------------------
B 28 85 146 313 28 85 146 313
- -------------------------------------------------------------------------------------------------------------------
The Dow Target 10 Subaccount A 33 102 174 368 33 102 174 368
---------------------------------------------------------------------
B 32 98 167 354 32 98 167 354
- -------------------------------------------------------------------------------------------------------------------
The Dow Target 5 Subaccount A 33 102 174 368 33 102 174 368
---------------------------------------------------------------------
B 32 98 167 354 32 98 167 354
===================================================================================================================
</TABLE>
<PAGE>
The above table is intended to assist the Owner in understanding the costs
and expenses that will be borne, directly or indirectly. These include the 1997
expenses of the Underlying Funds, except amounts shown for the Endeavor Select
50 Portfolio, the Endeavor High Yield Portfolio, The Dow Target 10 and The Dow
Target 5 are estimates for 1998. (See "CHARGES AND DEDUCTIONS," p. 40, and the
Underlying Funds' prospectuses.) In addition to the expenses listed above,
premium taxes may be applicable.
THE EXAMPLES SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES, AND ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN. THE
ASSUMED 5% ANNUAL RETURN IS PURELY HYPOTHETICAL AND SHOULD NOT BE CONSIDERED A
REPRESENTATION OF PAST OR FUTURE PERFORMANCE. The figures and data for
underlying fund annual expenses have been provided by the underlying funds and
while PFL does not dispute these figures, PFL has not independently verified
their accuracy.
In these examples, the $35 Annual Service Charge is reflected as a charge of
0.0436% based on an estimated average Policy Value of $80,328. Normally, the $35
Service Charge would be waived if the Premium Payment(s) less partial
withdrawals, or the Policy Value is at least $50,000. However, it was included
in these examples for illustrative purposes.
FAMILY INCOME PROTECTOR RIDER FEE. The risk assumed by PFL associated with
the Family Income Protector prior to annuitization is that the annuity benefits
payable under the Family Income Protector are greater than the annuity benefits
that would have been payable had the Owner selected another annuity benefit
permitted by the Policy. To compensate PFL for this risk, PFL charges an annual
Family Income Protector rider fee. Prior to annuitization, the Family Income
Protector rider fee is deducted from the Policy Value on each Policy Anniversary
and upon the termination of the Family Income Protector. The amount of the
Family Income Protector rider fee is equal to the rider fee percentage
multiplied by the Minimum Annuitization Value on the previous Policy
Anniversary. The rider fee percentage currently is 0.30%; PFL may, at its
discretion, change this rider fee percentage in the future but it will never be
greater than 0.50%, and once the Family Income Protector rider is added to your
Policy, the rider fee percentage will not vary during the life of that Family
Income Protector rider. The Family Income Protector rider fee is deducted from
each investment option in proportion to the amount of Policy Value in each
subaccount.
The Family Income Protector rider fee for any given Policy Anniversary will
be waived if the Policy Value on that Policy Anniversary exceeds the fee waiver
threshold multiplied by the Minimum Annuitization Value. The fee waiver
threshold is currently one and one-half times the Minimum Annuitization Value;
PFL may, at its discretion, change the fee waiver threshold in the future, but
it will never be greater than two and one-half times the Minimum Annuitization
Value, and once the Family Income Protector rider is added to your Policy, the
fee waiver threshold will not vary during the life of that Family Income
Protector rider. The Family Income Protector rider fee will not be deducted
after annuitization.
STABILIZED PAYMENT FEE. Upon annuitization under the Family Income
Protector, a "stabilized payment" fee will be imposed to reflect PFL's
additional risk from the guaranteed minimum stabilized payments. PFL bears
substantial market risk in connection with the guaranteed minimum stabilized
payments since PFL guarantees that the annuity payments will never be less than
the initial payment regardless of the investment performance of the subaccounts
you select. This market risk is in addition to the mortality and expense risk
already borne by PFL. The stabilized payment fee is currently 1.25%; PFL may,
at its discretion, change this stabilized payment fee in the future but it will
never be greater than 2.25%, and once the Family Income Protector rider is added
to your Policy, the stabilized payment fee will not vary during the life of that
Family Income Protector rider. The stabilized payment fee is included in the
"Mortality and Expense Risk Fee and Administration Charge after the Election
Date" percentage set forth on page one of the Family Income Protector rider.
<PAGE>
TERMINATION. The Family Income Protector is irrevocable. You have the option
not to use the Family Income Protector but there will be no refund of any fees
paid for the Family Income Protector. The Family Income Protector will
terminate upon the earliest of annuitization using either the Minimum
Annuitization Value or Policy Value, upgrade of Minimum Annuitization Value to
Policy Value, termination of the Policy, or 30 days after the Policy Anniversary
after your 94th birthday (or earlier if the laws of your state require an
earlier date). However, after an upgrade, a new Family Income Protector rider
takes effect, and if annuity payments are begun using the Family Income
Protector, then the benefits of guaranteed minimum stabilized payments (and the
stabilized payment fee) remain in effect for the life of the Policy.
<PAGE>
This filing incorporates by reference the Prospectus and Statement of
Additional Information of the Post-Effective Amendment No. 9 filed on April 29,
1998
<PAGE>
PART C OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) Financial Statements
All required financial statements are included in Part B
of this Registration Statement.
(b) Exhibits: The following exhibits are filed herewith:
(1) (a) Resolution of the Board of Directors of PFL
Life Insurance Company authorizing
establishment of the Mutual Fund Account.
Note 1.
(b) Authorization Changing Name of the Mutual Fund
Account. Note 11.
(2) Not Applicable.
(3) (a) Principal Underwriting Agreement by and between
PFL Life Insurance Company, on its own behalf
and on the behalf of the Mutual Fund Account,
and AEGON USA Securities, Inc. Note 6.
(a)(1) Principal Underwriting Agreement by and between PFL
Life Insurance Company on its own behalf and on the
behalf of the Mutual Fund Account and AFSG
Securities Corporation. Note 13.
(a)(2) Termination of Principal Underwriting Agreement by
and between AEGON USA Securities, Inc., formerly
known as, MidAmerica Management Corporation, and
PFL Life Insurance Company on its own behalf and on
the behalf of PFL Endeavor Variable Annuity
Account. Note 15.
(b) Form of Broker/Dealer Supervision and Sales
Agreement by and between AFSG Securities
Corporation, and the Broker/Dealer. Note 13.
(4) (a) Form of Policy for the Endeavor Platinum
Variable Annuity. Note 7.
(b) Amended pages to Form of Policy for Endeavor
Platinum Variable Annuity. Note 8.
(c) Form of Policy Endorsement (Death Benefits).
Note 10.
(d) Form of Policy for the Endeavor Platinum
Variable Annuity. Note 12
(e) Form of Policy Endorsement (Nursing Care).
Note 12
(f) Form of Policy for the Endeavor Platinum Variable
Annuity. Note 13.
(g) Form of Policy Endorsement (New Separate Accounts
and Annuity Commencement Date). Note 13.
(h) Form of Policy Endorsement(GMIB). Note 15.
(5) (a) Form of Application for the Endeavor Platinum
Variable Annuity. Note 12.
(b) Form of Application for the Endeavor Platinum
Variable Annuity. Note 13.
(c) Form of Application for the Endeavor Platinum
Variable Annuity. Note 15.
(6) (a) Articles of Incorporation of PFL Life Insurance
Company. Note 2.
(b) ByLaws of PFL Life Insurance Company. Note 2.
(7) Not Applicable.
(8) (a) Participation Agreement by and between PFL Life
Insurance Company and Endeavor Series Trust.
<PAGE>
Note 3.
(b) Participation Agreement by and between PFL Life
Insurance Company and the WRL Growth
Portfolio of WRL Series Fund, Inc. Note 4.
(c) Administrative Services Agreement by and
between PFL Life Insurance Company and State
Street Bank and Trust Company (assigned to
Vantage Computer Systems, Inc.). Note 3.
(d) Amendment and Assignment of Administrative
Services Agreement. Note 4.
(e) Second Amendment to Administrative Services
Agreement. Note 5.
(f) Amendment to Participation Agreement by and
between PFL Life Insurance Company and
Endeavor Series Trust. Note 12.
(9) (a) Opinion and Consent of Counsel. Note 7.
(b) Consent of Counsel. Note 7.
(10) (a) Consent of Independent Auditors. Note 14.
(b) Opinion and Consent of Actuary. Note 15.
(11) Not Applicable.
(12) Not Applicable.
(13) Performance Data. Note 9.
(14) Powers of Attorney (P.S. Baird, W.L. Busler, D.C.
Kolsrud, R.J. Kontz). Note 7 (Craig D. Vermie) Note
11 (Brenda K. Clancy) Note 12 (Larry N. Norman)
Note 15.
Note 1. Filed with the initial filing of this Form N-4 Registration
Statement (File No. 33-56908, 811-06032) on January 8, 1993.
Note 2. Filed with the initial filing of Form N-4 Registration Statement
(File No. 33-33085 on January 23, 1990.
Note 3. Filed with Pre-Effective Amendment No. 1 to Form N-4
Registration Statement (File No. 33-33085) on April 9, 1990.
Note 4. Filed with Post-Effective Amendment No. 2 to Form N-4
Registration Statement (File No. 33-33085) on April 1, 1991.
Note 5. Filed with Post-Effective Amendment No. 3 to Form N-4
Registration Statement (File No. 33-33085) on May 1, 1992.
Note 6. Filed with Post-Effective Amendment No. 5 to Form
2
<PAGE>
N-4 Registration Statement (File No. 33-33085) on April 30, 1993.
Note 7. Filed with Post-Effective Amendment No. 8 to this Form N-4
Registration Statement (File No. 33-56908) on December 6, 1993.
Note 8. Filed with Post-Effective Amendment No. 10 to this Form N-4
Registration Statement (File No. 33-56908) on February 28, 1994.
Note 9. Filed with Post-Effective Amendment No. 12 to this Form N-4
Registration Statement (File No. 33-56908) on April 29, 1994.
Note 10. Filed with Post-Effective Amendment No. 5 to this Form N-4
Registration Statement (File No. 33-56908) on April 27, 1995.
Note 11. Filed with Post-Effective Amendment No. 6 to this Form N-4
Registration Statement (File No. 33-56908) on April 24, 1996.
Note 12. Filed with Post-Effective Amendment No. 7 to this Form N-4
Registration Statement (File No. 33-56908) on April 29, 1997.
Note 13. Filed with Post-Effective Amendment No. 8 to this Form N-4
Registration Statement (File No. 33-56908) on February 27, 1998.
Note 14. Filed with Post-Effective Amendment No. 9 to this Form N-4
Registration Statement (file No. 33-56908) on April 29, 1998.
Note 15. Filed Herewith.
3
<PAGE>
Item 25. Directors and Officers of the Depositor
<TABLE>
<CAPTION>
Name and Principal Positions and
Business Address Offices with Depositor
- ---------------- ----------------------
<S> <C>
William L. Busler Director, Chairman of
4333 Edgewood Road, N.E. the Board and President
Cedar Rapids, IA 52499
Patrick S. Baird Director, Senior Vice President
4333 Edgewood Road, N.E. and Chief Operating Officer
Cedar Rapids, IA 52499
Craig D. Vermie Director, Vice
4333 Edgewood Road, N.E. President, Secretary and
Cedar Rapids, IA 52499 General Counsel
Douglas C. Kolsrud Director, Senior Vice President,
4333 Edgewood Road, N.E. Chief Investment Officer, and
Cedar Rapids, IA 52499 Corporate Actuary
Robert J. Kontz Vice President and Corporate
4333 Edgewood Road, N.E. Controller
Cedar Rapids, IA 52499
Larry N. Norman Director and Executive Vice
4333 Edgewood Road, N.E. President
Cedar Rapids, IA 52499
Brenda K. Clancy Vice President, Treasurer,
4333 Edgewood Road, N.E. and Chief Financial Officer
Cedar Rapids, IA 52499
</TABLE>
Item 26. Persons Controlled by or Under Common Control with the
Depositor or Registrant
<TABLE>
<CAPTION>
Jurisdiction of Percent of Voting
Name Incorporation Securities Owned Business
- ---- ------------- ---------------- ---------
<S> <C> <C> <C>
AEGON N.V. Netherlands 53.63% of Vereniging Holding company
Corporation AEGON Netherlands
Membership Association
Groninger Financieringen B.V. Netherlands 100% of AEGON N.V. Holding company
Corporation Netherlands Corporation
AEGON Netherland N.V. Netherlands 100% of AEGON N.V. Holding company
Corporation Netherlands Corporation
AEGON Nevak Holding B.V. Netherlands 100% of AEGON N.V. Holding company
Corporation Netherlands Corporation
AEGON International N.V. Netherlands 100% of AEGON N.V. Holding company
Corporation Netherlands Corporation
Voting Trust Delaware Voting Trust
Trustees:
K.J. Storm
Donald J. Shepard
H.B. Van Wijk
Dennis Hersch
AEGON U.S. Holding Delaware 100% of Voting Trust Holding company
Corporation
Short Hills Management New Jersey 100% of AEGON U.S. Holding company
Company Holding Corporation
CORPA Reinsurance New York 100% of AEGON U.S. Holding company
Company Holding Corporation
AEGON Management Indiana 100% of AEGON U.S. Holding company
Company Holding Corporation
RCC North America Inc. Delaware 100% of AEGON U.S. Holding company
Holding Corporation
AEGON USA, Inc. Iowa 100% AEGON U.S. Holding company
Holding Corporation
AUSA Holding Company Maryland 100% AEGON USA, Inc. Holding company
Monumental General Insurance Maryland 100% AUSA Holding Co. Holding company
Group, Inc.
Trip Mate Insurance Agency, Inc. Kansas 100% Monumental General Sale/admin. of travel
Insurance Group, Inc. insurance
Monumental General Maryland 100% Monumental General Provides management srvcs.
Administrators, Inc. Insurance Group, Inc. to unaffiliated third party
administrator
Executive Management and Maryland 100% Monumental General Provides actuarial consulting
Consultant Services, Inc. Administrators, Inc. services
Monumental General Mass Maryland 100% Monumental General Marketing arm for sale of
Marketing, Inc. Insurance Group, Inc. mass marketed insurance
coverages
Diversified Investment Delaware 100% AUSA Holding Co. Registered investment advisor
Advisors, Inc.
Diversified Investors Securities Delaware 100% Diversified Investment Broker-Dealer
Corp. Advisors, Inc.
AEGON USA Securities, Inc. Iowa 100% AUSA Holding Co. Broker-Dealer
Supplemental Ins. Division, Inc. Tennessee 100% AUSA Holding Co. Insurance
Creditor Resources, Inc. Michigan 100% AUSA Holding Co. Credit insurance
CRC Creditor Resources Canada 100% Creditor Resources, Inc. Insurance agency
Canadian Dealer Network Inc.
AEGON USA Investment Iowa 100% AUSA Holding Co. Investment advisor
Management, Inc.
AEGON USA Realty Iowa 100% AUSA Holding Co. Provides real estate
Advisors, Inc. administrative and real
estate investment services
Quantra Corporation Delaware 100% AEGON USA Realty Real estate and financial
Advisors, Inc. software production and sales
Quantra Software Corporation Delaware 100% Quantra Corporation Manufacture and sell
mortgage loan and security
management software
Landauer Realty Advisors, Inc. Iowa 100% AEGON USA Realty Real estate counseling
Advisors, Inc.
Landauer Associates, Inc. Delaware 100% AEGON USA Realty Real estate counseling
Advisors, Inc.
Realty Information Systems, Inc. Iowa 100% AEGON USA Realty Information Systems for
Advisors, Inc. real estate investment
management
AEGON USA Realty Iowa 100% AEGON USA Real estate management
Management, Inc Realty Advisors, Inc.
USP Real Estate Investment Trust Iowa 21.89% First AUSA Life Ins. Co. Real estate investment trust
13.11% PFL Life Ins. Co.
4.86% Bankers United Life
Assurance Co.
Cedar Income Fund, Ltd. Iowa 16.73% PFL Life Ins. Co. Real estate investment trust
3.77% Bankers United Life
Assurance Company
3.38% Life Investors Co. of America
1.97% AEGON USA Realty Advisors, Inc.
.18% First AUSA Life Ins. Co.
RCC Properties Limited Iowa AEGON USA Realty Advisors, Limited Partnership
Partnership Inc. is General Partner and 5%
owner.
AUSA Financial Markets, Inc. Iowa 100% AUSA Holding Co. Marketing
Endeavor Investment Advisors California 49.9% AUSA Financial General Partnership
Markets, Inc.
Universal Benefits Corporation Iowa 100% AUSA Holding Co. Third party administrator
Investors Warranty of Iowa 100% AUSA Holding Co. Provider of automobile
America, Inc. extended maintenance
contracts
Massachusetts Fidelity Trust Co. Iowa 100% AUSA Holding Co. Trust company
Money Services, Inc. Delaware 100% AUSA Holding Co. Provides financial counseling
for employees and agents of
affiliated companies
Zahorik Company, Inc. California 100% AUSA Holding Co. Broker-Dealer
ZCI, Inc. Alabama 100% Zahorik Company, Inc. Insurance agency
AEGON Asset Management Delaware 100% AUSA Holding Co. Registered investment advisor
Services, Inc.
Intersecurities, Inc. Delaware 100% AUSA Holding Co. Broker-Dealer
ISI Insurance Agency, Inc. California 100% Intersecurities, Inc. Insurance agency
ISI Insurance Agency Ohio 100% ISI Insurance Agency, Inc. Insurance agency
of Ohio, Inc.
ISI Insurance Agency Texas 100% ISI Insurance Agency, Inc. Insurance agency
of Texas, Inc.
ISI Insurance Agency Massachusetts 100% ISI Insurance Agency Inc. Insurance Agency
of Massachusetts, Inc.
Associated Mariner Financial Michigan 100% Intersecurities, Inc. Holding co./management
Group, Inc. services
Mariner Financial Services, Inc. Michigan 100% Associated Mariner Broker/Dealer
Financial Group, Inc.
Mariner Planning Corporation Michigan 100% Mariner Financial Financial planning
Services, Inc.
Associated Mariner Agency, Inc. Michigan 100% Associated Mariner Insurance agency
Financial Group, Inc.
Associated Mariner Agency Hawaii 100% Associated Mariner Insurance agency
of Hawaii, Inc. Agency, Inc.
Associated Mariner Ins. Agency Massachusetts 100% Associated Mariner Insurance agency
of Massachusetts, Inc. Agency, Inc.
Associated Mariner Agency Ohio 100% Associated Mariner Insurance agency
Ohio, Inc. Agency, Inc.
Associated Mariner Agency Texas 100% Associated Mariner Insurance agency
Texas, Inc. Agency, Inc.
Associated Mariner Agency New Mexico 100% Associated Mariner Insurance agency
New Mexico, Inc. Agency, Inc.
Mariner Mortgage Corp. Michigan 100% Associated Mariner Mortgage origination
Financial Group, Inc.
Idex Investor Services, Inc. Florida 100% AUSA Holding Co. Shareholder services
Idex Management, Inc. Delaware 50% AUSA Holding Co. Investment advisor
50% Janus Capital Corp.
IDEX II Series Fund Massachusetts Various Mutual fund
First AUSA Life Insurance Maryland 100% AEGON USA, Inc. Insurance holding company
Company
AUSA Life Insurance New York 100% First AUSA Life Insurance
Company, Inc. Insurance Company
Life Investors Insurance Iowa 100% First AUSA Life Ins. Co. Insurance
Company of America
Bankers United Life Iowa 100% Life Investors Ins. Insurance
Assurance Company Company of America
Life Investors Agency Iowa 100% Life Investors Ins. Marketing
Group, Inc. Company of America
PFL Life Insurance Company Iowa 100% First AUSA Life Ins. Co. Insurance
AEGON Financial Services Minnesota 100% PFL Life Insurance Co. Marketing
Group, Inc.
AEGON Assignment Corporation Kentucky 100% AEGON Financial Administrator of structured
Services Group, Inc. settlements
Southwest Equity Life Ins. Co. Arizona 100% of Common Voting Stock Insurance
First AUSA Life Ins. Co.
Iowa Fidelity Life Insurance Co. Arizona 100% of Common Voting Stock Insurance
First AUSA Life Ins. Co.
Western Reserve Life Assurance Ohio 100% First AUSA Life Ins. Co. Insurance
Co. of Ohio
WRL Series Fund, Inc. Maryland Various Mutual fund
WRL Investment Services, Inc. Florida 100% Western Reserve Life Provides administration for
Assurance Co. of Ohio affiliated mutual fund
WRL Investment Florida 100% Western Reserve Life Registered investment advisor
Management, Inc. Assurance Co. of Ohio
Monumental Life Insurance Co. Maryland 100% First AUSA Life Ins. Co. Insurance
AEGON Special Markets Maryland 100% Monumental Life Ins. Co. Marketing
Group, Inc.
Monumental General Casualty Co. Maryland 100% First AUSA Life Ins. Co. Insurance
United Financial Services, Inc. Maryland 100% First AUSA Life Ins. Co. General agency
Bankers Financial Life Ins. Co. Arizona 100% First AUSA Life Ins. Co. Insurance
The Whitestone Corporation Maryland 100% First AUSA Life Ins. Co. Insurance agency
Cadet Holding Corp. Iowa 100% First AUSA Life Holding company
Insurance Company
Commonwealth General Delaware 100% AEGON USA Holding company
Corporation ("CGC")
PB Series Trust Massachusetts N/A Mutual fund
Monumental Agency Group, Inc. Kentucky 100% CGC Provider of srvcs. to ins. cos.
Benefit Plans, Inc. Delaware 100% CGC TPA for Peoples Security Life
Insurance Company
Durco Agency, Inc. Virginia 100% Benefit Plans, Inc. General agent
Commonwealth General. Kentucky 100% CGC Administrator of structured
Assignment Corporation settlements
Providian Financial Services, Inc. Pennsylvania 100% CGC Financial services
AFSG Securities Corporation Pennsylvania 100% CGC Broker-Dealer
PB Investment Advisors, Inc. Delaware 100% CGC Registered investment advisor
Diversified Financial Products Inc. Delaware 100% CGC Provider of investment,
marketing and admin.
services to ins. cos.
AEGON USA Real Estate Delaware 100% Diversified Financial Real estate and mortgage
Services, Inc. Products Inc. holding company
Capital Real Estate Delaware 100% CGC Furniture and equipment lessor
Development Corporation
Capital General Development Delaware 100% CGC Holding company
Corporation
Commonwealth Life Kentucky 100% Capital General Insurance company
Insurance Company Development Corporation
Agency Holding I, Inc. Delaware 100%Commonwealth Life Investment subsidiary
Insurance Company
Agency Investments I, Inc. Delaware 100% Agency Holding I, Inc. Investment subsidiary
Peoples Security Life North Carolina 100% Capital General Insurance company
Insurance Company Development Corporation
Ammest Realty Corporation Texas 100% Peoples Security Life Special purpose subsidiary
Insurance Company
Agency Holding II, Inc. Delaware 100% Peoples Security Life Investment subsidiary
Insurance Company
Agency Investments II, Inc. Delaware 100% Agency Holding II, Inc. Investment subsidiary
Agency Holding III, Inc. Delaware 100% Peoples Security Life Investment subsidiary
Insurance Company
Agency Investments III, Inc. Delaware 100% Agency Holding III, Inc. Investment subsidiary
JMH Operating Company, Inc. Mississippi 100% Peoples Security Life Real estate holdings
Insurance Company
Capital Security Life Ins. Co. North Carolina 100% Capital General Insurance company
Development Corporation
Independence Automobile Florida 100% Capital Security Automobile Club
Association, Inc. Life Insurance Company
Independence Automobile Georgia 100% Capital Security Automobile Club
Club, Inc. Life Insurance Company
Capital 200 Block Corporation Delaware 100% CGC Real estate holdings
Capital Broadway Corporation Kentucky 100% CGC Real estate holdings
Southlife, Inc. Tennessee 100% CGC Investment subsidiary
Ampac Insurance Agency, Inc. Pennsylvania 100% CGC Provider of management
(EIN 23-1720755) support services
National Home Life Corporation Pennsylvania 100% Ampac Insurance Special-purpose subsidiary
Agency, Inc.
Compass Rose Development Pennsylvania 100% Ampac Insurance Special-purpose subsidiary
Corporation Agency, Inc.
Association Consultants, Inc. Illinois 100% Ampac Insurance TPA license-holder
Agency, Inc.
Valley Forge Associates, Inc. Pennsylvania 100% Ampac Insurance Furniture & equipment lessor
Agency, Inc.
Veterans Benefits Plans, Inc. Pennsylvania 100% Ampac Insurance Administrator of group
Agency, Inc. insurance programs
Veterans Insurance Services, Inc. Delaware 100% Ampac Insurance Special-purpose subsidiary
Agency, Inc.
Financial Planning Services, Inc. Dist. Columbia 100% Ampac Insurance Special-purpose subsidiary
Agency, Inc.
Providian Auto and Home Missouri 100% CGC Insurance company
Insurance Company
Academy Insurance Group, Inc. Delaware 100% CGC Holding company
Academy Life Insurance Co. Missouri 100% Academy Insurance Insurance company
Group, Inc.
Pension Life Insurance New Jersey 100% Academy Insurance Insurance company
Company of America Group, Inc.
Academy Services, Inc. Delaware 100% Academy Insurance Special-purpose subsidiary
Group, Inc.
Ammest Development Corp. Inc. Kansas 100% Academy Insurance Special-purpose subsidiary
Group, Inc.
Ammest Insurance Agency, Inc. California 100% Academy Insurance General agent
Group, Inc.
Ammest Massachusetts Massachusetts 100% Academy Insurance Special-purpose subsidiary
Insurance Agency, Inc. Group, Inc.
Ammest Realty, Inc. Pennsylvania 100% Academy Insurance Special-purpose subsidiary
Group, Inc.
Ampac, Inc. Texas 100% Academy Insurance Managing general agent
Group, Inc.
Ampac Insurance Agency, Inc. Pennsylvania 100% Academy Insurance Special-purpose subsidiary
(EIN 23-2364438) Group, Inc.
Data/Mark Services, Inc. Delaware 100% Academy Insurance Provider of mgmt. services
Group, Inc.
Force Financial Group, Inc. Delaware 100% Academy Insurance Special-purpose subsidiary
Group, Inc.
Force Financial Services, Inc. Massachusetts 100% Force Fin. Group, Inc. Special-purpose subsidiary
Military Associates, Inc. Pennsylvania 100% Academy Insurance Special-purpose subsidiary
Group, Inc.
NCOA Motor Club, Inc. Georgia 100% Academy Insurance Automobile club
Group, Inc.
NCOAA Management Company Texas 100% Academy Insurance Special-purpose subsidiary
Group, Inc.
Unicom Administrative Pennsylvania 100% Academy Insurance Provider of admin. services
Services, Inc. Group, Inc.
Unicom Administrative Germany 100% Unicom Administrative Provider of admin. services
Services, GmbH Services, Inc.
Providian Property and Casualty Kentucky 100% Providian Auto and Insurance company
Insurance Company Home Insurance Company
Providian Fire Insurance Co. Kentucky 100% Providian Property Insurance company
and Casualty Insurance Co.
Capital Liberty, L.P. Delaware 79.2% Commonwealth Life Holding Company
Insurance Company
19.8% Peoples Security Life
Insurance Company
1% CGC
Commonwealth General LLC Turks & 100% CGC Special-purpose subsidiary
Caicos Islands
Providian Life and Health Missouri 3.7% CGC Insurance company
Insurance Company 15.3% Peoples Security Life
Insurance Company
20% Capital Liberty, L.P.
61% Commonwealth Life
Insurance Company
Veterans Life Insurance Co. Illinois 100% Providian Life and Insurance company
Health Insurance Company
Peoples Benefit Services, Inc. Pennsylvania 100% Veterans Life Ins. Co. Special-purpose subsidiary
First Providian Life and New York 100% Veterans Life Ins. Co. Insurance Company
Health Insurance Company
</TABLE>
<PAGE>
Item 27. Number of Policyowners
As of December 31, 1997, there were 2,592 Owners of the Policies.
Item 28. Indemnification
The Iowa Code (Sections 490.850 et. seq.) provides for permissive
indemnification in certain situations, mandatory indemnification in other
situations, and prohibits indemnification in certain situations. The Code
also specifies procedures for determining when indemnification payments can
be made.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons
of the Depositor pursuant to the foregoing provisions, or otherwise, the
Depositor has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the
payment by the Depositor of expenses incurred or paid by a director,
officer or controlling person in connection with the securities being
registered), the Depositor will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it
is against public policy as expressed in the Act and will be governed by
the final adjudication of such issue.
Item 29. Principal Underwriter
AFSG Securitite Corporation
4333 Edgewood Road, N.E.
Cedar Rapids, IA 52499-0001
The directors and officers of AFSG Securities Corporation are as follows:/5/
Larry N. Norman Sarah J. Strange
Director and President Director and Vice President
Harvey E. Willis Brenda K. Clancy
Vice President and Secretary Vice President
Lisa Wachendorf Michael G. Ayers
Compliance Officer Treasurer/Controller
Debra C. Cubero Colleen S. Lyons
Vice President Assistant Secretary
Gregory J. Garvin John F. Reesor
Vice President Assistant Secretary
Michael F. Lane
Vice President
Anne Spaes
Vice President
- ---------------------
/5/ The principal business address of each person listed is AFSG Securities
Corporation, 4333 Edgewood Road N.E., Cedar Rapids, IA 52499-0001.
5
<PAGE>
Commissions and Other Compensation Received by Principal Underwriter.
- --------------------------------------------------------------------
AEGON USA Securities, Inc. the former broker-dealer and/or the broker-dealers
received $3,281,871.27 from the Registrant during the last fiscal year for its
services in distributing the Policies. No other commission or compensation was
received by the principal underwriter, directly or indirectly, from the
Registrant for distributing the Policies during the fiscal year.
Prior to May 1, 1998, AEGON USA Securities, Inc. served as the principal
underwriter for the PFL Endeavor VA Separate Account, the PFL Retirement Builder
Variable Annuity Account, the PFL Life Variable Annuity Account A, the PFL
Wright Variable Annuity Account and the AUSA Endeavor Variable Annuity Account.
These accounts are separate accounts of PFL Life Insurance Company or AUSA Life
Insurance Company, Inc., life insurance company affiliates of AEGON USA
Securities, Inc.. As of May 1, 1998, AFSG Securities Corporation will serve as
the principal underwriter for the above named Accounts. AFSG Securities
Corporation also serves as principal underwriter for the Separate Account I,
Separate Account II, and Separate Account V of Providian Life and Health
Insurance Company, and for Separate Account C of First Providian Life and Health
Insurance Company.
Item 30. Location of Accounts and Records
The records required to be maintained by Section 31(a) of the Investment
Company Act of 1940 and Rules 31a-1 to 31a-3 promulgated thereunder, are
maintained by PFL Life Insurance Company at 4333 Edgewood Road, N.E.,
Cedar Rapids, Iowa 52499.
Item 31. Management Services.
All management policies are discussed in Part A or Part B.
Item 32. Undertakings
(a) Registrant undertakes that it will file a post-effective amendment
to this registration statement as frequently as necessary to ensure that
the audited financial statements in the registration statement are never
more than 16 months old for so long as Premiums under the Policy may be
accepted.
(b) Registrant undertakes that it will include either (i) a postcard
or similar written communication affixed to or included in the Prospectus
that the applicant can remove to send for a Statement of Additional
Information or (ii) a space in the Policy application that an applicant
can check to request a Statement of Additional Information.
(c) Registrant undertakes to deliver any Statement of Additional
Information and any financial statements required to be made available
under this Form promptly upon written or oral request to PFL at the address
or phone number listed in the Prospectus.
(d) PFL Life Insurance Company hereby represents that the fees and charges
deducted under the policies, in the Aggregate, are reasonable in relation to the
services rendered, the expenses expected to be incurred, and the risks assumed
by PFL Life Insurance Company.
Section 403(b) Representations
- ------------------------------
PFL represents that it is relying on a no-action letter dated November 28,
1988, to the American Council of Life Insurance (Ref. No. IP-6-88),
regarding Sections 22(e), 27(c)(1), and 27(d) of the Investment Company Act
of 1940, in connection with redeemability restrictions on Section 403(b)
Policies, and that paragraphs numbered (1) through (4) of that letter will
be complied with.
Statement Pursuant to Rule 6c-7: Texas Optional Retirement Program
- -------------------------------------------------------------------
PFL and the Mutual Fund Account rely on 17 C.F.R. Sec. 270.6c-7, and
represent that the provisions of that Rule have been or will be complied
with.
6
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act of
1940, the Registrant has caused this Registration Statement to be signed on its
behalf, in the City of Cedar Rapids and State of Iowa, on this 26th day of
August, 1998.
PFL ENDEAVOR VA SEPARATE
ACCOUNT
PFL LIFE INSURANCE COMPANY
Depositor
--------------------------------- *
William L. Busler
President
As required by the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the duties indicated.
<TABLE>
<CAPTION>
Signatures Title Date
- ---------- ----- ----
<S> <C> <C>
,1998
- ----------------------- * Director ----------
Patrick S. Baird
/s/ Craig D. Vermie Director August 26 ,1998
- ----------------------- ----------
Craig D. Vermie
,1998
- ----------------------- * Director ----------
William L. Busler (Principal Executive Officer)
,1998
- ----------------------- * Director ----------
Larry N. Norman
,1998
- ----------------------- * Director ----------
Douglas C. Kolsrud
,1998
- ----------------------- * Vice President and ----------
Robert J. Kontz Corporate Controller
/s/ Brenda K. Clancy Treasurer August 26 ,1998
- --------------------------- ----------
Brenda K. Clancy
</TABLE>
By Brenda K. Clancy and Craig D. Vermie, attorneys in fact.
<PAGE>
REGISTRATION NO.
33-56908
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________
EXHIBITS
TO
FORM N-4
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
FOR
PFL ENDEAVOR VA SEPARATE ACCOUNT
_______________
<PAGE>
EXHIBIT INDEX
-------------
<TABLE>
<CAPTION>
EXHIBIT NO. Description of Exhibit Page No.*
- -------------- --------------------------------------------------------- ---------------
<S> <C> <C>
(3)(a)(2) Termination of Principal Underwriting Agreement by and
between AEGON USA Securities, Inc., formerly known as,
MidAmerica Management Corporation, and PFL Life
Insurance Company on its own behalf and on the behalf of
PFL Endeavor Variable Annuity Account.
(4)(h) Form of Policy Endorsement (GMIB).
(5)(c) Form of Application for the Endeavor Platinum Variable
Annuity.
(10)(b) Opinion and Consent of Actuary.
(14) Powers of Attorney
</TABLE>
- --------------------
* Page numbers included only in manually executed original.
<PAGE>
EXHIBIT (3)(a)(2)
-----------------
TERMINATION OF PRINCIPAL UNDERWRITING AGREEMENT BY AND
BETWEEN AEGON USA SECURITIES, INC., FORMERLY KNOWN AS
MIDAMERICA MANAGEMENT CORPORATION, AND PFL LIFE
INSURANCE COMPANY ON ITS OWN BEHALF AND ON THE BEHALF OF
PFL ENDEAVOR VARIABLE ANNUITY ACCOUNT.
<PAGE>
TERMINATION OF
PRINCIPAL UNDERWRITING AGREEMENT
BY AND BETWEEN
AEGON USA SECURITIES, INC.,
FORMERLY KNOWN AS,
MIDAMERICA MANAGEMENT CORPORATION,
AND PFL LIFE INSURANCE COMPANY
ON ITS OWN BEHALF AND ON THE BEHALF OF
PFL ENDEAVOR VARIABLE ANNUITY ACCOUNT.
WHEREAS, All underwriting and primary distribution activities for variable
annuity or variable life insurance products for the insurance company and the
separate accounts have been assigned effective as of the close of business April
30, 1998, to AFSG Securities Corporation.
THEREFORE, The undersigned parties to the Principal Underwriting Agreement dated
January 18, 1990, hereby mutually agree to terminate such Agreement as of the
close of business April 30, 1998.
WITNESSETH:
/s/ William L. Busler April 29, 1998
- -------------------------- --------------
PFL Life Insurance Company Date Signed
/s/ Lorri E. Mehaffey April 29, 1998
- -------------------------- --------------
AEGON USA Securities, Inc. Date Signed
<PAGE>
EXHIBIT (4)(H)
--------------
FORM OF POLICY ENDORSEMENT (GMIB)
<PAGE>
[PFL LOGO APPEARS HERE] PFL LIFE INSURANCE COMPANY
A STOCK COMPANY
HOME OFFICE LOCATED AT: 4333 EDGEWOOD ROAD N.E.,
CEDAR RAPIDS, IOWA 52499
(HEREAFTER CALLED THE COMPANY, WE, OUR OR US.)
(319) 398-8511
GUARANTEED MINIMUM INCOME BENEFIT RIDER
This rider provides your variable annuity with a Minimum Annuitization Value
which can only be used with the Annuity Factors shown in Schedule I of this
rider. This Minimum Annuitization Value is guaranteed by Us, regardless of the
performance of the variable annuity's investments.
This rider is attached to and made part of your variable annuity policy as of
the Rider Date. This rider may only be terminated as provided herein. This rider
is subject to all of the provisions in the policy that do not conflict with the
provisions of this rider. The Rider Payment Options provide for variable
annuity payments. Subsequent payments may fluctuate with the investment
performance of Your annuity Subaccounts, but will never be less than the initial
payment.
<TABLE>
<CAPTION>
Policy Number: 123456
Rider Date: 07-15-1998 Last Date to Upgrade: 07-15-2037
<S> <C> <C>
Annual Growth Rate: 3.00% Guaranteed Minimum Income Benefit:
Rider Fee Percentage: 0.50% First Date to Elect Benefit: 07-15-2008
Rider Fee Waiver Threshold: 250% Last Date to Elect Benefit: 12-31-2047
</TABLE>
Mortality and Expense Risk Fee and Administrative Charge after the Election
Date: 3.50%
<TABLE>
<CAPTION>
Rider Date Age Minimum Annuitization Value* Guaranteed Minimum Monthly
Payment**
- -------------------- -------- ------------------------------------- ----------------------------------
<S> <C> <C> <C>
7/15/1998 35 $100,000.00 N/A
Election Date
7/15/2008 45 $134,391.64 $479.78
7/15/2009 46 $138,423.39 $501.09
7/15/2010 47 $142,576.09 $523.25
7/15/2011 48 $146,853.37 $547.76
7/15/2012 49 $151,258.97 $571.76
7/15/2013 50 $155,796.74 $598.26
7/15/2014 51 $160,470.64 $625.84
7/15/2015 52 $165,284.76 $656.18
7/15/2016 53 $170,243.31 $687.78
7/15/2017 54 $175,350.61 $720.69
</TABLE>
*Assumes no further payments, no premium tax, and no withdrawals. This amount
may only be used for annuitization with the Rider Payment Options provided in
this rider.
**Assumes the Minimum Annuitization Value shown is applied to a life with 10
year certain Rider Payment Option with monthly payments.
1
<PAGE>
DEFINITIONS
The following defintiona used in this Rider are for reference only.
ANNUITANT:
The Annuitant is designated on the Policy Specifications Page. The variable
annuity payments are paid to the Annuitant (or surviving Joint Annuitant).
ANNUITY FACTOR:
A factor for the applicable Annuitant age, sex and Rider Payment Option shown in
Schedule I or Schedule II of this rider. For the Rider Payment Option chosen,
the Annuity Factor from Schedule I and the Minimum Annuitization Value will be
used to determine the applicable annuity payments. For Annuitants age 85 or
older at the time of annuitization, the age 85 Annuity Factor will be used for
Schedule I. Factors not shown are available from Us upon request. Schedule I
and Schedule II are based on the "1983 Table a" mortality table, improved to the
year 2000 with projection scale G.
ELECTION DATE:
A date that You elect to begin Guaranteed Minimum Income Benefit payments. The
Election Date must be within 30 days following a Policy Anniversary. The first
and last dates to elect a Rider Payment Option are shown on page one of this
rider.
MINIMUM ANNUITIZATION VALUE:
The amount we will use to determine the Guaranteed Minimum Income Benefit
payments.
RIDER DATE:
The date that this rider is added to the policy. This date may only be the issue
date of the policy or a policy anniversary date. This is also the Policy
Anniversary that You most recently elected to upgrade the Minimum Annuitization
Value, if applicable.
SUPPORTABLE PAYMENT:
The Supportable Payment is equal to the number of variable annuity units in the
selected Subaccounts multiplied by the variable annuity unit values in those
Subaccounts on the date the payment is made.
GUARANTEED MINIMUM INCOME BENEFIT
On the Election Date, you may use the Minimum Annuitization Value and the
applicable Annuity Factor to provide variable payments to the Annuitant. The
first variable payment is determined by multiplying each $1,000 of Minimum
Annuitization Value by the Annuity Factor on Schedule I. Each subsequent
payment will be calculated as described in the policy, using a 5% Assumed
Investment Return.
For subsequent payments, an annual Mortality and Expense Risk Fee and
Administrative Charge will be charged. This fee may be different than the
Mortality and Expense Risk Fee and Administrative Charge in effect prior to the
Election Date. It may also be different than the Mortality and Expense Risk Fee
and Administrative Charge for the settlement options shown in the policy.
The subsequent payments may fluctuate in accordance with the investment
performance of your annuity Subaccounts. However, such payments will never be
less than the initial payment.
MINIMUM ANNUITIZATION VALUE
The Minimum Annuitization Value is used to determine your Guaranteed Minimum
Income Benefit payments.
On the Rider Date, the Minimum Annuitization Value is the value of your policy.
Thereafter, based upon the effective Annual Growth Rate (shown on page one of
this rider), it will be the value of your policy on the Rider Date, plus any
additional payments made after the Rider Date, minus policy withdrawals
(adjusted as described below), minus any premium taxes.
WITHDRAWALS:
In any policy year, the Minimum Annuitization Value will only be reduced by the
actual amount of a policy withdrawal as long as the withdrawal does not exceed a
maximum annual free amount. Withdrawals in excess of the maximum annual free
amount will reduce the Minimum Annuitization Value by an amount equal to (A)
divided by (B) multiplied by (C) where:
(A) is the amount of the excess withdrawal;
(B) is the value of your policy after the current policy year maximum
annual free amount has been withdrawn, but prior to the withdrawal of the
excess portion; and
(C) is the Minimum Annuitization Value after the current policy year
maximum annual free amount has been withdrawn, but prior to withdrawal of
the excess portion.
For each policy year, the maximum annual free amount is equal to the Minimum
Annuitization Value, as of the beginning of the policy year, multiplied by the
effective Annual Growth Rate as shown on page one of this rider. Withdrawals
during a policy year will reduce the available maximum annual free amount by the
amount of the withdrawal.
RIDER FEE
We will deduct a fee from the value of the policy on each Policy Anniversary and
on the termination date of this rider. The Rider Fee is the Minimum
Annuitization Value at the time the fee is deducted, multiplied by the Rider Fee
Percentage shown on the first page of this rider. The fee will be deducted from
each Subaccount in proportion to the amount of value of the policy in each
account. This fee will not be deducted after the Election Date.
2
<PAGE>
WAIVER OF RIDER FEE
If the value of the policy, on a particular Policy Anniversary, exceeds an
amount equal to the Rider Fee Waiver Threshold (shown on page one of this rider)
multiplied by the Minimum Annuitization Value, the Rider Fee will be waived for
that Policy Anniversary.
MINIMUM ANNUITIZATION VALUE UPGRADE
The owner may elect, in writing, to upgrade the Minimum Annuitization Value to
the value of the policy on a Policy Anniversary. This may be done within 30 days
immediately following any Policy Anniversary, and prior to the Last Date to
Upgrade shown on page one of this rider.
If an upgrade is elected, this rider will terminate and a new rider will be
issued with a new Rider Date, Election Date and its own guaranteed benefits. The
new annual Rider Fee Percentage may be different than this rider's, but it will
never be greater than 0.50%.
RIDER PAYMENT OPTIONS
The Minimum Annuitization Value and applicable Annuity Factors from Schedule I
may be applied to the following payment options:
LIFE INCOME An election may be made for "No Period Certain" or "10 Years
Certain". In the event of the death of the person receiving payments prior
to the end of the chosen period certain, the remaining period certain
payments will be continued to the beneficiary.
JOINT AND FULL SURVIVOR An election may be made for "No Period Certain" or
"10 Years Certain". Payments will be made as long as either the Annuitant
or Joint Annuitant is living. In the event of the death of both the
Annuitant and the Joint Annuitant prior to the end of the chosen period
certain, the remaining period certain payments will be continued to the
beneficiary.
GUARANTEED MINIMUM PAYMENT
On the Election Date, the owner will receive guaranteed minimum payments. The
annual Mortality and Expense Risk Fee and Administration Charge for these
payments is shown on page one of this rider.
The first payment is based on the Annuity Factors in Schedule I. We guarantee
that each subsequent payment will be equal to or greater than Your initial
payment.
During the first policy year following annuitization, each payment will be
stabilized to equal the initial payment. On each policy anniversary following
annuitization, the stabilized payment will be increased or decreased (but never
below the initial payment) and held level for that Policy Year. One each Policy
Anniversary following annuitization, the stabilized payment will equal the
greater of the initial payment or the Supportable payment at that time.
If the Supportable Payment (at any payment date) is greater than the stabilized
payment for that year, the excess will be used to purchase additional annuity
units as described below. If the Supportable Payment (at any payment date) is
less than the stabilized payment for that year, annuity units will be redeemed
as described below to fund the deficiency.
PURCHASE/REDEMPTION OF ANNUITY UNITS:
The number of annuity units purchased or redeemed is equal to the annuity
income purchased or redeemed, respectively, divided by the annuity unit
value for each respective Subaccount. Purchases and redemptions of annuity
income will be allocated to each Subaccount on a proportionate basis. The
amount of annuity income purchased or redeemed is the difference between
the Supportable Payment and the stabilized payment, times the attained age
nearest birthday annuity factors shown in Schedule II, divided by $1000.
The Company bears the risk that it will need to make payments if all annuity
units have been redeemed in an attempt to maintain the stabilized payment at the
initial payment level. In such an event, the Company will make all future
payments equal to the initial payment.
ASSIGNMENT
Payments made under this rider may not be pledged or assigned. Payments will
only be made to the Annuitant or Joint Annuitant named in the policy.
TERMINATION
This rider will be terminated upon the earliest of:
a. the Election Date;
b. 30 days after the Last Date to Elect Benefit shown on the first page of this
rider;
c. the date the policy terminates;
d. the date you elect to apply the value of the policy to annuitize this
policy; and
e. the date you elect to upgrade your Minimum Annuitization Value.
This rider cannot be terminated prior to the earliest of the above dates.
Signed for us at our home office.
/s/Craig D. Vermie /s/William L. Busler
Secretary President
3
<PAGE>
SCHEDULE 1 - ANNUITY FACTORS
The amounts shown in these tables are the Annuity Factors for each $1,000 of the
minimum annuitization value and assume a 3% Assumed Investment Return.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Monthly Annuity Monthly Annuity Factor
Factor For Life With For Life With
No Period Certain 10 Years Certain
- -------------------------------------------------------------------------------
Age * Male Female Unisex Male Female Unisex
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
50 $3.87 $3.55 $3.71 $3.84 $3.54 $3.70
51 3.93 3.60 3.77 3.90 3.59 3.75
52 4.00 3.65 3.83 3.97 3.64 3.81
53 4.07 3.71 3.90 4.04 3.70 3.87
54 4.15 3.77 3.97 4.11 3.75 3.94
55 4.23 3.83 4.04 4.19 3.82 4.01
56 4.32 3.90 4.11 4.27 3.88 4.08
57 4.41 3.97 4.19 4.35 3.95 4.15
58 4.50 4.05 4.28 4.44 4.02 4.24
59 4.61 4.13 4.37 4.53 4.10 4.32
60 4.72 4.21 4.47 4.63 4.18 4.41
61 4.84 4.30 4.57 4.74 4.26 4.51
62 4.96 4.40 4.68 4.85 4.35 4.61
63 5.10 4.50 4.80 4.97 4.45 4.71
64 5.24 4.61 4.93 5.09 4.55 4.83
65 5.40 4.73 5.06 5.22 4.66 4.95
66 5.56 4.85 5.21 5.36 4.77 5.07
67 5.74 4.99 5.36 5.50 4.89 5.20
68 5.93 5.13 5.53 5.65 5.02 5.34
69 6.13 5.29 5.71 5.80 5.15 5.49
70 6.34 5.45 5.90 5.96 5.30 5.64
- -------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
MONTHLY ANNUITY FACTOR FOR JOINT AND FULL SURVIVOR
- -----------------------------------------------------------------------------------------------------------------------
Age of Age of Female Annuitant *
--------------------------------------------------------------------------------------------------
Male 15 Years 12 Years 9 Years 6 Years 3 Years 3 Years
Less Than Less Than Less Than Less Than Less Than Same As More Than
Annuitant * Male Male Male Male Male Male Male
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
50 $2.99 $3.05 $3.11 $3.18 $3.25 $3.32 $3.39
55 3.11 3.19 3.27 3.35 3.44 3.53 3.63
60 3.27 3.37 3.47 3.58 3.70 3.82 3.95
65 3.47 3.60 3.74 3.89 4.05 4.22 4.39
70 3.74 3.91 4.10 4.31 4.53 4.77 5.02
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
MONTHLY ANNUITY FACTOR FOR JOINT AND FULL SURVIVOR WITH 10 YEAR PERIOD CERTAIN
- -----------------------------------------------------------------------------------------------------------------------
Age of Age of Female Annuitant *
--------------------------------------------------------------------------------------------------
Male 15 Years 12 Years 9 Years 6 Years 3 Years 3 Years
Less Than Less Than Less Than Less Than Less Than Same As More Than
Annuitant * Male Male Male Male Male Male Male
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
50 $2.99 $3.05 $3.11 $3.18 $3.24 $3.31 $3.38
55 3.11 3.19 3.27 3.35 3.44 3.53 3.63
60 3.27 3.37 3.47 3.58 3.70 3.82 3.95
65 3.47 3.60 3.74 3.89 4.05 4.22 4.39
70 3.74 3.91 4.10 4.30 4.52 4.76 4.99
- -----------------------------------------------------------------------------------------------------------------------
* Age nearest birthday
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
The annual, semi-annual or quarterly Annuity Factor shall be the monthly Annuity
Factor shown multiplied by 11.70, 5.73 or 2.99 respectively.
- --------------------------------------------------------------------------------
Annuity Factors not shown in the above tables will be calculated on the same
basis as those shown and may be obtained from the Company.
4
<PAGE>
SCHEDULE II - ANNUITY FACTORS
The amounts shown in these tables are the Annuity Factors for each $1,000 of the
Minimum Value and assumed a 5.0% Assumed Investment Return.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Monthly Annuity Monthly Annuity Factor
Factor For Life With For Life With
No Period Certain 10 Years Certain
- -------------------------------------------------------------------------------
Age * Male Female Unisex Male Female Unisex
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
50 $5.14 $4.83 $4.99 $5.09 $4.80 $4.95
51 5.20 4.87 5.04 5.15 4.85 5.00
52 5.27 4.92 5.10 5.21 4.89 5.05
53 5.34 4.98 5.16 5.27 4.94 5.11
54 5.41 5.03 5.22 5.34 4.99 5.17
55 5.49 5.09 5.29 5.41 5.05 5.23
56 5.57 5.15 5.36 5.48 5.11 5.30
57 5.66 5.22 5.44 5.56 5.17 5.37
58 5.75 5.29 5.52 5.65 5.24 5.45
59 5.85 5.37 5.61 5.74 5.31 5.53
60 5.96 5.45 5.71 5.83 5.38 5.61
61 6.08 5.53 5.81 5.93 5.46 5.70
62 6.20 5.63 5.92 6.04 5.55 5.80
63 6.34 5.73 6.04 6.15 5.64 5.90
64 6.48 5.83 6.16 6.27 5.75 6.01
65 6.64 5.95 6.30 6.39 5.84 6.12
66 6.81 6.07 6.44 6.52 5.94 6.24
67 6.99 6.21 6.60 6.66 6.06 6.37
68 7.18 6.35 6.77 6.80 6.18 6.50
69 7.39 6.51 6.95 6.94 6.31 6.64
70 7.61 6.68 7.14 7.09 6.45 6.78
- -------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
MONTHLY ANNUITY FACTOR FOR JOINT AND FULL SURVIVOR
- -----------------------------------------------------------------------------------------------------------------------
Age of Age of Female Annuitant *
--------------------------------------------------------------------------------------------------
Male 15 Years 12 Years 9 Years 6 Years 3 Years 3 Years
Less Than Less Than Less Than Less Than Less Than Same As More Than
Annuitant * Male Male Male Male Male Male Male
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
50 $4.34 $4.38 $4.43 $4.48 $4.53 $4.59 $4.65
55 4.43 4.49 4.55 4.62 4.70 4.77 4.85
60 4.56 4.64 4.73 4.82 4.92 5.03 5.15
65 4.74 4.84 4.96 5.10 5.24 5.40 5.56
70 4.98 5.13 5.30 5.49 5.70 5.93 6.17
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
MONTHLY ANNUITY FACTOR FOR JOINT AND FULL SURVIVOR WITH 10 YEAR PERIOD CERTAIN
- -----------------------------------------------------------------------------------------------------------------------
Age of Age of Female Annuitant *
--------------------------------------------------------------------------------------------------
Male 15 Years 12 Years 9 Years 6 Years 3 Years 3 Years
Less Than Less Than Less Than Less Than Less Than Same As More Than
Annuitant * Male Male Male Male Male Male Male
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
50 $4.34 $4.38 $4.43 $4.48 $4.53 $4.59 $4.65
55 4.43 4.49 4.55 4.62 4.70 4.77 4.85
60 4.56 4.64 4.72 4.82 4.92 5.03 5.14
65 4.73 4.84 4.96 5.09 5.24 5.39 5.55
70 4.97 5.12 5.29 5.48 5.69 5.91 6.14
- -----------------------------------------------------------------------------------------------------------------------
* Age nearest birthday
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
The annual, semi-annual or quarterly Annuity Factor shall be the monthly Annuity
Factor shown multiplied by 11.80, 5.95 or 2.99 respectively.
- --------------------------------------------------------------------------------
Annuity Factors not shown in the above tables will be calculated on the same
basis as those shown and may be obtained from the Company.
5
<PAGE>
EXHIBIT (5)(C)
--------------
FORM OF APPLICATION
FOR THE ENDEAVOR PLATINUM VARIABLE ANNUITY
<PAGE>
[PFL LOGO APPEARS HERE] PFL Life Insurance Company
4333 EDGEWOOD ROAD NE
CEDAR RAPIDS, IOWA 52499
APPLICATION FOR VARIABLE ANNUITY POLICY
<TABLE>
<CAPTION>
1. DESIGNATED ANNUITANT
NAME:
<S> <C> <C>
ADDRESS:
CITY, STATE:
ZIP: TELEPHONE: ( ) -
DATE OF BIRTH: AGE: SEX: [ ] FEMALE [ ]MALE
SS#: CITIZENSHIP: [ ]U.S. [ ]OTHER
</TABLE>
2. POLICY OWNER (IF OTHER THAN ABOVE)
In the event the owner is a trust, please provide verification of
trustees.
<TABLE>
<CAPTION>
NAME:
<S> <C> <C>
ADDRESS:
CITY, STATE:
ZIP: TELEPHONE: ( ) -
DATE OF BIRTH: AGE: SEX: [ ]FEMALE [ ]MALE
SS#: CITIZENSHIP: [ ]U.S. [ ]OTHER
</TABLE>
<TABLE>
<S> <C> <C>
3. [ ] JOINT POLICY OWNER [ ]SUCCESSOR POLICY OWNER
In the event the owner is a
trust, please provide
verification of trustees.
<CAPTION>
NAME:
<S> <C> <C>
ADDRESS:
CITY, STATE:
ZIP: TELEPHONE: ( ) -
DATE OF BIRTH: AGE: SEX: [ ]FEMALE [ ]MALE
SS#: CITIZENSHIP: [ ]U.S. [ ]OTHER
</TABLE>
4. BENEFICIARY DESIGNATION (INCLUDE RELATIONSHIP TO ANNUITANT)
PRIMARY: _________________________ / __________________
Relationship
PRIMARY: _________________________ / __________________
Relationship
CONTINGENT: ______________________ / __________________
Relationship
CONTINGENT: ______________________ / __________________
Relationship
5. TYPE OF ANNUITY
<TABLE>
<S> <C> <C>
[ ] NON-QUALIFIED [ ] IRA (Also complete Box 6)
[ ] HR - 10 [ ] 403 (b) [ ] SEP (Also complete Box 6)
[ ] OTHER _______________ [ ] ROTH IRA (Also complete Box 6)
[ ] ROTH CONVERSION IRA (Also complete Box 6)
</TABLE>
<TABLE>
<CAPTION>
6. IRA/SEP/ROTH IRA INFORMATION
$ __________ CONTRIBUTION FOR TAX YEAR _______________
$ __________ TRUSTEE TO TRUSTEE TRANSFER
$ __________ ROLLOVER FROM: (Check one)
<S> <C> <C> <C> <C>
[ ] 403(b) [ ] Pension [ ] HR - 10 [ ] IRA [ ] Other:
FOR ROTH IRA ROLLOVERS
___ / ___ / ___ Date first Established or date of Conversion
$ ___________ Portion Previously Taxed in Conversion or
Original Contribution
</TABLE>
7. WILL THIS ANNUITY REPLACE ANY EXISTING ANNUITY OR
LIFE INSURANCE?
[ ]NO [ ] YES - Please state Policy No. and Company
Name: ________________________________________________
8. FAMILY INCOME PROTECTOR RIDER
[ ] I wish to select the Family Income Protector.
9. MINIMUM DEATH BENEFIT OPTION (SELECT ONLY ONE)
This selection cannot be changed after the policy has been issued. If no
option has been specified, the policy will be issued with the Return of Premium
Death Benefit (Option C below).
[ ] Option A: 5% Annually Compounding Death Benefit: (Only available if
owner(s) and the annuitant are under age 75 at time of purchase.)
Annual Mortality and Expense (M&E) Risk Fee and Admin. Charge 1.40%
[ ] Option B: Double Enhanced Death Benefit: (Only available if owner(s)
and the annuitant are under age 81 at time of purchase.) Annual M & E
Risk Fee and Admin. Charge 1.40%
[ ] Option C: Return of Premium Death Benefit:
Annual M & E Risk Fee and Admin. Charge 1.25%
10. PURCHASE PAYMENT (MAKE CHECK PAYABLE TO PFL LIFE INSURANCE COMPANY)
INITIAL PREMIUM AMOUNT $ _____________________________
11. ALLOCATION OF PREMIUM PAYMENTS (WHOLE PERCENTAGES ONLY)
<TABLE>
<S> <C>
DREYFUS SMALL CAP VALUE PORTFOLIO __________.0%
DREYFUS U.S. GOVERNMENT SECURITIES PORTFOLIO
__________.0%
ADVISED BY THE DREYFUS CORPORATION
THE DOW(SM) TARGET 10 SUBACCOUNT __________.0%
THE DOW(SM) TARGET 5 SUBACCOUNT __________.0%
Advised by First Trust Advisors L.P.
ENDEAVOR ENHANCED INDEX PORTFOLIO
__________.0%
ADVISED BY JP MORGAN INVESTMENT MANAGEMENT, INC.
ENDEAVOR HIGH YIELD PORTFOLIO __________.0%
ADVISED BY MFS INVESTMENT MANAGEMENT
ENDEAVOR SELECT 50 PORTFOLIO __________.0%
ADVISED BY MONTGOMERY ASSET MANAGEMENT LLC
ENDEAVOR ASSET ALLOCATION
PORTFOLIO __________.0%
ENDEAVOR MONEY MARKET PORTFOLIO __________.0%
ADVISED BY MORGAN STANLEY ASSET MANAGEMENT, INC.
ENDEAVOR OPPORTUNITY VALUE
PORTFOLIO __________.0%
ENDEAVOR VALUE EQUITY PORTFOLIO __________.0%
ADVISED BY OPCAP ADVISORS
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO __________.0%
ADVISED BY ROWE PRICE-FLEMING INTERNATIONAL, INC.
T. ROWE PRICE EQUITY INCOME PORTFOLIO __________.0%
T, ROWE PRICE GROWTH STOCK PORTFOLIO __________.0%
Advised by T. Rowe Price Associates, Inc.
WRL GROWTH PORTFOLIO __________.0%
Advised by Janus Capital Corporation
PFL LIFE INSURANCE COMPANY - FIXED ACCOUNT OPTIONS
Dollar Cost Averaging (DCA) Fixed Account: __________.0%
(You must complete Box 12 to initiate DCA via the telephone).
Guaranteed Periods (with Excess Interest Adjustment):
1 YEAR __________ .0% 3 YEARS ___________ .0%
5 YEARS __________ .0% 7 YEARS ___________ .0%
</TABLE>
Additional: ___________________________________________.0%
____________________________________________________.0%
____________________________________________________.0%
____________________________________________________.0%
INVESTMENT ALLOCATIONS MUST TOTAL 100%
YOUR SIGNATURE IS REQUIRED ON THE BACK PAGE
VA-APP R798 (CONTINUED ON THE BACK PAGE)
<PAGE>
APPLICATION FOR VARIABLE ANNUITY POLICY
12. TELEPHONE TRANSFER/REALLOCATION AUTHORIZATION
BY CHECKING ONE OF THE FOLLOWING BOXES, I AUTHORIZE THE COMPANY TO ACCEPT
TELEPHONE TRANSFERS/REALLOCATION INSTRUCTIONS FROM:
ONLY MYSELF [ ]
[ ] MYSELF & MY ACCOUNT EXECUTIVE Acct. Exec. Name: ______________________
To change the allocation of any purchase payments and/or to transfer funds among
my investment choices based on my telephone instructions and/or the telephone
instructions of my account executive (if indicated above), I agree to the
established conditions and requirements stated in the prospectus.
I am aware that telephone instructions will be recorded to protect me and the
company and will be put into effect when proper identification is provided.
13. If the annuitant is not the owner, You, the owner, may elect the following
regarding payment of the death benefit. IF THIS ELECTION IS NOT MADE, THE OWNER
WILL BECOME THE ANNUITANT AND THE DEATH BENEFIT WILL NOT BE PAYABLE UNTIL THE
DEATH OF THE OWNER.
[ ] At the Annuitant's death, I wish to have the death benefit paid to the named
beneficiary. (Policy Owner Initials required for this option)
______________________________
Policy Owner(s) Initials
To the best of my knowledge and belief, my answers to the questions on this
application are correct and true, and I agree that this application shall be a
part of any annuity policy issued to me. I also understand that the Company
reserves the right to reject any application or purchase payment. If this
application is declined, there shall be not liability on the part of the Company
and any purchase payments submitted shall be returned.
I UNDERSTAND THAT ANNUITY PAYMENTS AND TERMINATION VALUES, WHEN BASED ON
INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT OF THE COMPANY, ARE VARIABLE AND ARE
NOT GUARANTEED AS TO A FIXED DOLLAR AMOUNT.
Receipt of a current prospectus of the PFL Endeavor Variable Annuity Account,
Endeavor Series Trust , and WRL Series Fund, Inc. is hereby acknowledged.
[ ] Please check if you wish to receive the Statement of Additional Information.
I HAVE REVIEWED MY EXISTING ANNUITY COVERAGE AND FIND THIS POLICY IS SUITABLE
FOR MY NEEDS.
Unless we have been notified of a community or partial property interest in this
policy, we will rely on our good faith belief that no such interest exists and
will assme no repsonsibility for inquiry.
WHEN FUNDS ARE ALLOCATED TO THE GUARANTEED PERIODS OF THE FIXED ACCOUNT, CASH
VALUES UNDER THE POLICY MAY INCREASE OR DECREASE IN ACCORDANCE WITH THE EXCESS
INTEREST ADJUSTMENT PRIOR TO THE END OF ANY GUARANTEED PERIOD.
ADDITIONAL FORMS ARE REQUIRED FOR SYSTEMATIC PAYOUT OPTION.
14. BE SURE TO COMPLETE THIS SECTION
<TABLE>
<CAPTION>
Signed at ________________________________________ this ________ day of ____________________, 19_______
(City, State)
<S> <C> <C>
____________________________ _____________________________ _____________________________
Annuitant Signature Owner Signature (if different from Joint Owner (successor owner signature)
Annuitant)
</TABLE>
15A. SELLING AGENT USE ONLY - NOT TO BE FILLED IN BY APPLICANT
I HAVE REVIEWED THE APPLICANT'S EXISTING ANNUITY COVERAGE AND FIND THIS POLICY
IS SUITABLE FOR HIS/HER NEEDS.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
__________________________ (____)____-_______ _______________________________ ____/_____/______
Agent Name (Please Print) Agent Telephone Licensed Agent Signature Date
_______________________________________________________________ _______________________________
Agent Address Broker/Dealer Client Account No.
_________________________________________ ___________________ _______________________________
Agent Firm PFL Life Agent No. (If Applicable) Florida Agent
License I.D. No.
</TABLE>
15b. [ ] Option A [ ] Option B [ ] Option C [ ] Option D
Your firm may limit the above options. If no option is selected, the
default option preselected by your firm WILL BE APPLIED TO THIS POLICY AND
MAY NOT BE CHANGED.
15c. DO YOU HAVE REASON TO BELIEVE THE POLICY APPLIED FOR IS TO REPLACE ANY
EXISTING ANNUITY OR INSURANCE OWNED BY APPLICANT?
[ ] No [ ] Yes, Company Name ____________________________________________
Please make check payable to PFL LIFE INSURANCE COMPANY (Use following address
for mail, Fed. Express, etc.)
SEND CHECK WITH APPLICATION TO PFL Life Insurance Company, Attn: Annuity
Department, 4333 Edgewood Road N.E., Cedar Rapids, Iowa 52499-0001
VA-APP R798 B
PLEASE FILL OUT THE FRONT PAGE
<PAGE>
EXHIBIT (10)(B)
---------------
OPINION AND CONSENT OF ACTUARY
<PAGE>
September 15, 1998
PFL Life Insurance Company
4333 Edgewood Road NE
Cedar Rapids, Iowa 52499-0001
RE: PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
REGISTRATION ON FORM N-4 SEC FILE NO. 33-56908
Dear Sir/Madam:
With regard to the above registration statement, I have examined such documents
and made such inquiries as I have deemed necessary and appropriate, and on the
basis of such examination, have the following opinions:
Fees and charges deducted under the Endeavor Platinum Variable Annuity policies
are those deemed necessary to appropriately reflect:
(1) the expenses incurred in the acquisition and distribution of the Policies,
(2) the expenses associated with the development and servicing of the
policies,
(3) the assumption of certain risks arising from the operation and management
of the Policies and/or riders to the Policy and that provides for a
reasonable margin of profit.
Fees and charges assessed against the policy values in the Variable Account
include:
(i) Service Charge and Administrative Charge
(ii) Mortality and Expense Risk Fee (M&E)
(iii) Distribution Financing Charge
(iv) Taxes (including Premium and other Taxes if applicable)
(v) A fee for the Guaranteed Minimum Income Benefit Rider, if purchased as a
rider to the Policy
The magnitude of each of the individual charges listed above in (i) through (v)
is established in the pricing of the Endeavor Platinum Variable Annuity, to
achieve a reasonable Return on Investment (ROI), which is within the range of
industry practice with respect to comparable
<PAGE>
PFL Life Insurance Company
September 15, 1998
Page 2
variable annuity products. To maintain a reasonable ROI, certain fees and
charges may be increased in order to support increased expense levels, enhanced
death benefit options, and income benefits.
In the process of determining the reasonable ROI, each individual charge is also
established within the reasonable range of industry practice. For example, in
conjunction with the pricing process the company has analyzed publicly available
information pertaining to similar industry products, taking into consideration
such factors as current charge levels, the existence of charge level guarantees,
guaranteed death benefits, and guaranteed annuity rates. The methodology and
results of the comparative surveys included in this analysis are maintained at
the company's administrative offices.
Except by coincidence, it is not expected that actual charges assessed in a
given year would exactly offset actual expenses incurred. Acquisition expenses
(as well as major product and/or systems development expenses) are incurred "up
front" and recovered, with a reasonable profit margin, through future years'
charges. In addition, the company cannot increase certain charges under the
Policies in the pricing process.
Therefore, in my opinion, the fees and charges deducted under the Policies, in
the aggregate, are reasonable in relation to the services rendered, the expenses
expected to be incurred, and the risks assumed by the company.
I hereby consent to the use of this opinion, which is included as an Exhibit to
the Registration Statement.
/s/ Calvin R. Birkey
- ---------------------------
Calvin R. Birkey, FSA, MAAA
Managing Actuary
PFL Life Insurance Company
<PAGE>
EXHIBIT (14)
------------
POWERS OF ATTORNEY
<PAGE>
POWER OF ATTORNEY
WITH RESPECT TO
PFL ENDEAVOR PLATINUM VARIABLE ANNUITY
Know all men by these presents that LARRY N. NORMAN, whose signature appears
below, constitutes and appoints Brenda K. Clancy and Craig D. Vermie, and each
of them, his attorneys-in-fact, each with the power of substitution, for him in
any and all capacities, to sign any registration statements and amendments
thereto for the PFL Endeavor Platinum Variable Annuity, and to file the same,
with exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, hereby ratifying and confirming all that
each of said attorneys-in-fact, or their substitutes, may do or cause to be done
by virtue hereof.
/s/ Larry N. Norman
--------------------
Larry N. Norman
Executive Vice President
PFL Life Insurance Company
August 26, 1998
- ---------------
Date
