<PAGE> 1
- --------------------------------------------------------------------------------
The MONYEquity Master
- --------------------------------------------------------------------------------
Prospectus Portfolio
- --------------------------------------------------------------------------------
Flexible Premium
Variable Universal Life
Insurance Policy
Issued by
The Mutual Life Insurance Company of New York
MONY Series Fund, Inc.
Enterprise Accumulation Trust
May 1, 1998
- --------------------------------------------------------------------------------
<PAGE> 2
PROSPECTUS
DATED MAY 1, 1998
FLEXIBLE PREMIUM VARIABLE UNIVERSAL
LIFE INSURANCE POLICY
ISSUED BY
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
MONY VARIABLE ACCOUNT L
This prospectus describes a flexible premium variable universal life
insurance policy (individually, the "Policy," and collectively, the "Policies")
offered by The Mutual Life Insurance Company of New York (the "Company"). The
Policy, for so long as it remains in force, provides lifetime insurance
protection on the Insured named in the Policy through the Maturity Date. The
Policy is designed to provide maximum flexibility in connection with premium
payments and death benefits by permitting, subject to certain restrictions, the
frequency and amount of premium payments to vary and the death benefit payable
under the Policy to increase or decrease. A Policy may also be surrendered for
its Surrender Value.
The Company will pay the death proceeds when the Insured dies if the Policy
is still in force. The death proceeds will equal the death benefit, less any
Outstanding Debt reduced by any Unearned Loan Interest, and further reduced by
any charges due during the Grace Period. The Policy will remain in force as long
as the Cash Value less any Outstanding Debt remains positive. If at all times
during the first two Policy years, the sum of premiums paid less Partial
Surrenders taken (and their fees) is greater than or equal to the Minimum
Monthly Premium times the number of completed months this Policy has been in
force, the Policy and all Rider coverages will not lapse regardless of its Cash
Value less any Outstanding Debt.
The Policy permits the choice of two death benefit Options: under Option I,
the death benefit remains fixed at the Specified Amount chosen; under Option II,
the death benefit equals the Specified Amount plus Fund Value (under certain
circumstances the death benefit may be greater). Under Option II, the death
benefit will vary daily with the investment performance of the Subaccounts for
any Policy Owner who has allocated net premiums to the Variable Account. Under
either Option, for so long as the Policy remains in force, the death benefit
will never be less than the current Specified Amount.
The Policy also permits an owner of the Policy to obtain loans from the
Company in amounts up to 90% of the Cash Value of the Policy (less any
Outstanding Debt), and it permits an Owner to surrender a part of the Policy and
receive a part of the Surrender Value of the Policy.
Net premiums may be allocated at the Policy Owner's discretion to one or
more of the Subaccounts that comprise a separate account of the Company called
the MONY Variable Account L (the "Variable Account"), or to the Guaranteed
Interest Account of the Company. Any portion of a net premium allocated to one
or more of the Subaccounts is invested in the corresponding Portfolios of the
MONY Series Fund, Inc. (the "MONY Fund") or the Enterprise Accumulation Trust
(the "Accumulation Trust"). The available Portfolios of the MONY Fund currently
are: the Money Market Portfolio, the Government Securities Portfolio, the
Intermediate Term Bond Portfolio, and the Long Term Bond Portfolio. The
available Portfolios of the Accumulation Trust are: the Equity Portfolio, the
Small Cap Portfolio, the Managed Portfolio, the International Growth Portfolio,
and the High Yield Bond Portfolio. The Loan Account represents amounts set aside
as collateral for any Policy Debt.
To the extent that all or a portion of net premiums are allocated to the
Variable Account, the Fund Value under the Policy will vary based upon the
investment performance of the Subaccounts to which the Fund Value is allocated.
Net premiums allocated to the Guaranteed Interest Account are assets of the
General Account of the Company. The Fund Value in the Guaranteed Interest
Account will accrue interest at an interest rate that is guaranteed by the
Company. No minimum amount of Fund Value is guaranteed, except to the extent
premiums are allocated to the Guaranteed Interest Account.
A Policy may be returned during the Free Look Period (see "Right to Examine
a Policy -- Free Look Period," page 20), during which time net premium payments
allocated to the Variable Account will be invested in the Money Market
Subaccount.
It may not be advantageous to replace existing insurance with the Policy.
This prospectus generally describes only the portion of the Policy involving
the Variable Account. For a brief summary of the Guaranteed Interest Account,
see "The Guaranteed Interest Account," page 37.
In pursuing its investment objective, the High Yield Bond Subaccount
purchases shares of the High Yield Portfolio which may invest significantly in
lower rated bonds, commonly referred to as "Junk Bonds". Bonds of this type are
considered to be speculative with regard to the payment of interest and return
of principal. Investment in these types of securities have special risks and,
therefore, may not be suitable for all investors. Investors should carefully
assess the risks associated with allocating premium payments to this subaccount.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE COMMISSION,
OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THIS
PROSPECTUS IS ACCOMPANIED BY THE CURRENT PROSPECTUSES FOR THE MONY SERIES FUND,
INC. AND THE ENTERPRISE ACCUMULATION TRUST. THESE PROSPECTUSES SHOULD BE READ
CAREFULLY AND RETAINED FOR FUTURE REFERENCE.
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
1740 BROADWAY
NEW YORK, NEW YORK 10019
1-800-487-6669
1
<PAGE> 3
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
TABLE OF CONTENTS..................... 2
IMPORTANT TERMS....................... 4
SUMMARY OF THE POLICY................. 6
Purpose of the Policy................. 6
Policy Values......................... 6
The Death Benefit..................... 6
Premium Features...................... 7
Allocation Options.................... 7
Transfer of Fund Value................ 8
Policy Loans.......................... 8
Full Surrender........................ 8
Partial Surrender..................... 8
Preferred Partial Surrender........... 8
Free Look Period...................... 8
Grace Period and Lapse................ 9
Charges and Deductions................ 9
Deductions from Premiums.............. 9
Daily Deduction from the Variable
Account............................. 9
Deductions from Fund Value............ 9
Fund Charge........................... 10
Transaction and Other Charges......... 11
Tax Treatment of Increases in Fund
Value............................... 11
Tax Treatment of Death Benefit........ 11
The Guaranteed Interest Account....... 11
Contacting the Company................ 11
INFORMATION ABOUT THE COMPANY AND THE
VARIABLE ACCOUNT.................... 11
The Mutual Life Insurance Company of
New York............................ 11
Year 2000 Issue....................... 12
MONY Variable Account L............... 12
The Funds............................. 13
Purchase of Portfolio Shares by the
Variable Account.................... 14
The Money Market Portfolio............ 14
The Government Securities Portfolio... 14
The Intermediate Bond Portfolio....... 14
The Long Term Bond Portfolio.......... 15
The Equity Portfolio.................. 15
The Small Company Value Portfolio..... 15
The Managed Portfolio................. 15
The International Growth Portfolio.... 15
</TABLE>
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
The High Yield Bond Portfolio......... 15
THE POLICY............................ 15
Application for a Policy.............. 15
Temporary Insurance Coverage.......... 16
Initial Premium Payment............... 17
Policy Date........................... 17
Risk Classification................... 17
Right to Examine a Policy--Free Look
Period.............................. 17
Premiums.............................. 18
Premium Flexibility................... 18
Scheduled Premium Payments............ 18
Modified Endowment Contracts.......... 18
Unscheduled Premium Payments.......... 19
Premium Payments Affect the
Continuation of the Policy.......... 19
Allocation of Net Premiums............ 19
Death Benefits Under the Policy....... 20
Option I.............................. 20
Option II............................. 20
Examples of Options I and II.......... 20
Changes in Death Benefit Option....... 21
Changes in Specified Amount........... 22
Increases............................. 22
Decreases............................. 22
Other Optional Insurance Benefits..... 23
Waiver of Monthly Deductions Rider.... 23
Accidental Death Benefit Rider........ 23
Purchase Option Rider................. 23
Spouse's Term Rider................... 24
Children's Term Insurance Rider....... 24
Benefits at Maturity.................. 24
Policy Values......................... 24
Fund Value............................ 24
Cash Value............................ 24
Surrender Value....................... 24
Determination of Fund Value........... 25
Calculating Unit Values for Each
Subaccount.......................... 25
Transfer of Fund Value................ 26
Right to Exchange Policy.............. 26
Policy Loans.......................... 26
Full Surrender........................ 28
</TABLE>
2
<PAGE> 4
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Partial Surrender..................... 28
Preferred Partial Surrender........... 28
Grace Period and Lapse................ 29
Special Rule for First Two Policy
Years............................... 29
Reinstatement......................... 29
CHARGES AND DEDUCTIONS................ 30
Deductions from Premiums.............. 30
Sales Charge.......................... 30
Tax Charges........................... 30
Daily Deductions from the Variable
Account............................. 31
Mortality and Expense Risk Charge..... 31
Monthly Deductions from Fund Value.... 31
Cost of Insurance..................... 31
Administrative Charge................. 32
Other Optional Insurance Benefits
Charges............................. 32
Fund Charge........................... 32
Administrative Fund Charge............ 32
Sales Fund Charge..................... 33
Effect of Changes in Specified Amount
on the Fund Charge.................. 33
Transaction and Other Charges......... 34
Fees and Expenses of the Funds........ 34
Guarantee of Certain Charges.......... 35
OTHER INFORMATION..................... 35
Federal Income Tax Considerations..... 35
Definition of Life Insurance.......... 36
Diversification Requirements.......... 36
Tax Treatment of Policies............. 36
Conventional Life Insurance
Policies............................ 37
Modified Endowment Contracts.......... 37
Reasonableness Requirement for
Charges............................. 38
Pension and Profit-Sharing Plans...... 38
Other Employee Benefit Programs....... 38
Other................................. 39
Charge for Company Income Taxes....... 39
Voting of Fund Shares................. 39
Disregard of Voting Instructions...... 40
Report to Policy Owners............... 40
Substitution of Investment and Right
to Change Operations................ 40
</TABLE>
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Changes to Comply with Law............ 41
PERFORMANCE INFORMATION............... 41
THE GUARANTEED INTEREST ACCOUNT....... 42
General Description................... 42
Limitations on Amounts in the
Guaranteed Interest Account......... 42
Death Benefit......................... 43
Policy Charges........................ 43
Transfers............................. 43
Surrenders and Policy Loans........... 44
MORE ABOUT THE POLICY................. 44
Ownership............................. 44
Joint Owners.......................... 44
Beneficiary........................... 44
The Policy............................ 44
Notification and Claims Procedures.... 44
Payments.............................. 45
Payment Plan/Settlement Provisions.... 45
Payment in Case of Suicide............ 45
Assignment............................ 45
Errors on The Application............. 45
Incontestability...................... 46
Policy Illustrations.................. 46
Distribution of The Policy............ 46
MORE ABOUT THE COMPANY................ 47
Management............................ 47
State Regulation...................... 47
Telephone Transfer Privileges......... 48
Legal Proceedings..................... 48
Legal Matters......................... 48
Experts............................... 48
Registration Statement................ 48
Independent Accountants............... 49
Financial Statements.................. 49
Index to Financial Statements......... F-1
Appendix A............................ A-1
Appendix B............................ B-1
</TABLE>
3
<PAGE> 5
IMPORTANT TERMS
AGE -- The Insured's age as of his or her nearest birthday on the Policy
Date, increased by the number of complete Policy Years elapsed.
BENEFICIARY -- The person or persons named by the Policy Owner in the
application or by proper later designation to receive the death benefit proceeds
upon the death of the Insured.
CASH VALUE -- The Fund Value for the Policy less the Fund Charge.
COMPANY, THE -- The Mutual Life Insurance Company of New York.
FREE LOOK PERIOD -- The Period which follows the application for the Policy
and its issuance to the Policy Owner and which follows any application for an
increase in Specified Amount. During the Free Look Period which follows the
issuance of the Policy, the Policy Owner may cancel the Policy and receive a
refund. During a Free Look Period following any increase in Specified Amount,
the Policy Owner has a right, in effect, to cancel the increase in Specified
Amount and have the charges and deductions attributable to such increase added
to the Fund Value.
FUND CHARGE -- A contingent deferred charge. The Fund Charge consists of
two separately calculated elements: the Administrative Fund Charge and the sales
Fund Charge. The Fund Charge is determined for the initial Specified Amount of
the Policy and for each increase in Specified Amount.
FUNDS -- The MONY Series Fund, Inc. and the Enterprise Accumulation Trust.
FUND VALUE -- The Fund Value is the sum of the amounts under the Policy
held in each Subaccount of the Variable Account and the Guaranteed Interest
Account, as well as any amount set aside in the Company's Loan Account, and any
interest thereon, to secure Outstanding Debt.
GENERAL ACCOUNT -- All assets of the Company other than those allocated to
the Variable Account or to any other segregated separate account of the Company.
GUARANTEED INTEREST ACCOUNT -- An account that is part of Company's General
Account to which all or a portion of net premium payments may be allocated for
accumulation at a fixed rate of interest (which may not be less than 5.0%)
declared by Company.
HOME OFFICE -- The Company's administrative office at 1740 Broadway, New
York, New York, 10019. "Home Office" also includes the Company's Syracuse
Operations Center at 1 MONY Plaza, Syracuse, N.Y. 13202.
INSURED -- The person upon whose life the Policy is issued and whose death
is the contingency upon which the death benefit proceeds are payable.
LOAN ACCOUNT -- An account to which amounts are transferred from the
Subaccounts and the Guaranteed Interest Account as collateral for any
Outstanding Debt. The Loan Account is part of the Company's General Account, and
it accumulates interest at a guaranteed rate of 5.0%.
MATURITY DATE -- The Policy Anniversary on which the Insured is Age 95.
MINIMUM MONTHLY PREMIUM -- The amount determined by the Company which is
necessary to keep the Policy in force for the first two Policy Years.
MONTHLY ANNIVERSARY DAY -- The day each month on which the monthly
deduction is due against the Fund Value. The first Monthly Anniversary Day is
the Policy Date.
OUTSTANDING DEBT -- The unpaid loan balance including accrued loan interest
due and unpaid.
PARTIAL SURRENDER -- The surrender of a portion of the Policy. At least
$500 of Surrender Value must remain after a Partial Surrender, or a full
surrender of the Policy will be required.
POLICY DATE -- The date set forth on page 1 of the Policy that is used to
determine the Monthly Anniversary Day, Policy months, and Policy years. Policy
monthly, quarterly, semiannual and annual
4
<PAGE> 6
Anniversaries are measured from the Policy Date. Each Policy month starts on the
same date in each calendar month as that specified as the Policy Date. Where the
Policy Date is the 29th, 30th, or 31st of a month, and there is no such date in
a calendar month, the Policy month for such month will start on the last day of
that calendar month.
POLICY OWNER OR OWNER -- The person who owns the Policy. The Policy Owner
will be the Insured unless otherwise stated in the application. If the Policy
has been absolutely assigned, the assignee becomes the Policy Owner. A
collateral assignee is not the Owner.
PORTFOLIO(S) -- The separate investment portfolios of the Funds.
PREFERRED PARTIAL SURRENDER -- An amount, up to 10% of Cash Value, which
may be surrendered without the application of a Fund Charge or reduction in
specified amount.
RIDER -- The addendum to a Policy which adds an optional insurance benefit
to the Policy.
SCHEDULED PREMIUM PAYMENTS -- The premium amount specified on the
application as the amount the Policy Owner intends to pay at fixed intervals
over a specified period of time. Within specified limits, premiums in excess of
the Scheduled Premium Payments may be paid. Scheduled Premium Payments may be
changed at any time. Scheduled Premium Payments are not required to paid.
SPECIFIED AMOUNT -- The minimum death benefit for so long as the Policy
remains in force. The Specified Amount may be increased or decreased under
certain circumstances.
SUBACCOUNTS -- The subdivisions of the Variable Account. Each Subaccount
invests exclusively in the shares of a corresponding Portfolio of one of the
Funds.
SURRENDER VALUE -- The Cash Value less any Outstanding Debt reduced by any
Unearned Loan Interest.
TARGET PREMIUM -- The maximum amount of premiums paid against which the
Fund Charge may be applied.
TRANSACTION DATE -- The date the Company receives a premium or acceptable
written or telephone request at the Home Office. If the premium or request
reaches the Home Office on a day which is not a Valuation Date or after the
close of business on a Valuation Date (i.e., after 4:00 p.m. Eastern Time), the
Transaction Date will be the next Valuation Date.
UNEARNED LOAN INTEREST -- The amount of interest on Outstanding Debt which
has not yet been earned by the Company. Interest on new Policy loans or
Outstanding Debt is charged in advance on the date of the loan or the Policy
Anniversary, as appropriate.
UNIT -- The bookkeeping measure used to value the amounts allocated to the
Subaccounts of the Variable Account.
UNIT VALUE -- The value of the Units of each Subaccount of the Variable
Account. Unit Values are calculated for each Subaccount on each Valuation Date.
VALUATION DATE -- Each date on which the Variable Account is valued, which
currently includes each day that the New York Stock Exchange is open for trading
and on which there is sufficient trading in the securities of a Portfolio of the
Funds to affect materially the unit value of the corresponding Subaccount of the
Variable Account.
VALUATION PERIOD -- The period that starts at the close of a Valuation Date
and ends at the close of the next succeeding Valuation Date.
VARIABLE ACCOUNT -- The Company's Variable Account L, a separate investment
account established by the Company to receive and invest the net premiums paid
under the Policy.
5
<PAGE> 7
SUMMARY OF THE POLICY
This summary is intended to provide a brief overview of the more
significant aspects of the Policy. Further detail is provided in this prospectus
and in the Policy. Unless the context indicates otherwise, the discussion in
this summary and the remainder of the prospectus relates to the portion of the
Policy involving the Variable Account. The Guaranteed Interest Account is
briefly described under "The Guaranteed Interest Account," on page 42 and in the
Policy.
PURPOSE OF THE POLICY
The Policy offers a Policy Owner insurance protection on the life of the
Insured through the Maturity Date for so long as the Policy is in force. A
maturity benefit will be paid in lieu of a death benefit when the Policy reaches
the Maturity Date during the Insured's lifetime. Like traditional fixed life
insurance, the Policy provides for a death benefit equal to its Specified
Amount, accumulation of cash value, and surrender and loan privileges. Unlike
traditional fixed life insurance, the Policy offers a choice of investment
alternatives and an opportunity for the Policy's Fund Value and its death
benefit, to grow based on investment results. The Policy is a flexible premium
policy, so that, unlike many other insurance policies, a Policy Owner may choose
the amount and frequency of premium payments, within certain limits.
POLICY VALUES
A Policy Owner may allocate net premium payments among the various
Subaccounts that comprise the Variable Account and that invest in corresponding
Portfolios of the MONY Series Fund and the Accumulation Trust. A Policy Owner
may also allocate net premium payments to the Guaranteed Interest Account. The
Loan Account represents amounts set aside in the General Account of the Company
as collateral for Outstanding Debt.
The Fund Value of the Policy is the sum of amounts allocated to the
Subaccounts of the Variable Account, the Guaranteed Interest Account and the
Loan Account. The Cash Value of the Policy is the Fund Value less the Fund
Charge. The Surrender Value of the Policy is the Cash Value less any Outstanding
Debt reduced by any Unearned Loan Interest.
Depending on the investment experience of the selected Subaccounts, the
Fund Value may increase or decrease on any day. The death benefit may or may not
increase or decrease depending upon several factors, including the death benefit
option selected by the Policy Owner, although the death benefit will never
decrease below the Specified Amount provided the Policy is in force. There is no
guarantee that the Policy's Fund Value and death benefit will increase. The
Policy Owner bears the investment risk on that portion of the net premiums and
Fund Value allocated to the Variable Account.
The Policy will remain in force until the earliest of the Maturity Date,
the death of the Insured, or a full surrender of the Policy, unless, before any
of these events, the Policy lapses and a Grace Period expires without sufficient
additional premium payment or repayment of Outstanding Debt by the Policy Owner.
Generally, the Policy will remain in force only as long as the Cash Value
less any Outstanding Debt is sufficient to pay all the monthly deductions.
However, if the premiums paid meet the Minimum Monthly Premium requirement
during the first two Policy years, the Policy and all Rider coverages will
remain in force even if the Cash Value of the Policy less any Outstanding Debt
is not sufficient to pay the monthly deductions.
THE DEATH BENEFIT
The minimum Specified Amount for a Policy is $100,000. A Policy Owner may
elect one of two options to calculate the amount of death benefit payable under
the Policy, which may increase the death benefit. Under Option I, the death
benefit will be equal to the Specified Amount of the Policy plus the increase in
Fund Value since the last Monthly Anniversary Day, or, if greater, the Fund
Value (determined as of the date of the Insured's death) plus the Fund Value on
the last Monthly Anniversary Day multiplied by a death benefit percentage
required by the federal tax law definition of life insurance. Under Option II,
the death benefit will be equal to the Specified Amount of the Policy plus the
Fund Value (determined as of the date of
6
<PAGE> 8
the Insured's death) or, if greater, the Fund Value (determined as of the date
of the Insured's death) plus the Fund Value on the last Monthly Anniversary Day
multiplied by the death benefit percentage. Policy Owners seeking to have
favorable investment performance reflected in increasing Fund Value should
choose Option I; Policy Owners seeking to have favorable investment performance
reflected in increasing insurance coverage should choose Option II. A Policy
Owner may change the death benefit Option and increase or decrease the Specified
Amount, subject to certain conditions. See "Death Benefits Under the Policy,"
page 20.
PREMIUM FEATURES
The Company requires a Policy Owner to pay an initial premium equal to at
least the Minimum Monthly Premium that is defined by the Company. Thereafter,
subject to certain limitations, a Policy Owner may choose the amount and
frequency of premium payments. The Policy, therefore, provides the Policy Owner
with the flexibility to vary premium payments to reflect varying financial
conditions.
When applying for a Policy, a Policy Owner will determine a Scheduled
Premium Payment that provides for the payment of level premiums in regular
intervals over a specified period of time. Each Policy Owner will receive a
premium reminder notice for the Scheduled Premium Payment on either an annual,
semiannual, or quarterly basis, at the option of the Policy Owner; however, the
Policy Owner may not be required to pay Scheduled Premium Payments. Premiums may
be paid monthly under the MONYMatic plan where the Owner authorizes the Company
to withdraw Scheduled Premium Payments from the Owner's checking account each
month.
The amount, frequency, and period of time over which a Policy Owner pays
premiums may affect whether or not the Policy will be classified as a modified
endowment contract, which is a type of life insurance contract subject to
different tax treatment for certain pre-death distributions. For more
information on the tax treatment of life insurance contracts, including those
classified as modified endowment contracts. See "Federal Income Tax
Considerations," page 35.
Payment of the Scheduled Premiums will not guarantee that a Policy will
remain in force. See "Grace Period and Lapse," page 29. Unscheduled premium
payments may not be less than $250. The Company also may reject or limit any
premium payment that would result in an immediate increase in the net amount at
risk under the Policy, although such a premium may be accepted with satisfactory
evidence of insurability.
ALLOCATION OPTIONS
The Subaccounts invest in portfolios of two mutual funds which offer the
Policy Owner the opportunity to direct the Company to invest in diversified
portfolios of stocks, bonds, money market instruments, or a combination of these
securities. Each of the Subaccounts invests exclusively in shares of a
designated portfolio (a "Portfolio") of the MONY Series Fund, Inc. (the "MONY
Series Fund") or the Enterprise Accumulation Trust (the "Accumulation Trust")
(collectively the "Funds"). The available Portfolios of the Funds, each of which
has a different investment objective, are the Money Market Portfolio, the
Government Securities Portfolio, the Intermediate Term Bond Portfolio, the Long
Term Bond Portfolio, the Equity Portfolio, the Small Cap Portfolio, the Managed
Portfolio, the International Growth Portfolio, and the High Yield Bond
Portfolio. See "The Funds," page 13.
MONY Life Insurance Company of America, a wholly-owned subsidiary of the
Company is the investment manager of the MONY Series Fund. Enterprise Capital
Management, Inc., a subsidiary of the Company, is the investment manager of the
Accumulation Trust. OpCap Advisors, formerly known as Quest for Value Advisors,
a subsidiary of Oppenheimer Capital, is the sub-investment adviser, of the
Equity and Managed Portfolios; Gabelli Asset Management, Inc. (formerly GAMCO
Investors, Inc.) is the sub-investment adviser of the Small Company Value
Portfolio (formerly known as Small Cap Portfolio); Brinson Partners, Inc. is the
sub-investment adviser of the International Growth Portfolio; and Caywood-Scholl
Capital Corporation is the subinvestment adviser of the High Yield Bond
Portfolio.
The Policy Owner may choose to allocate net premium payments to any or all
of the available Subaccounts constituting the Variable Account, and to the
Guaranteed Interest Account.
7
<PAGE> 9
TRANSFER OF FUND VALUE
The Policy Owner may transfer Fund Value among the Subaccounts, and,
subject to certain other limitations, between the Subaccounts and the Guaranteed
Interest Account. Transfers may be made by telephone if an authorization for
telephone transfer form has been properly completed and signed and filed at the
Company's Syracuse Operations Center. See "Transfer of Fund Value," page 26.
POLICY LOANS
The Policy Owner may borrow from the Company an amount up to 90% of the
Policy's Cash Value less any existing Outstanding Debt. The minimum loan is
$250. The Policy will be the only security required for a loan. See "Policy
Loans," page 26.
The amount of any Outstanding Debt reduced by any Unearned Loan Interest is
subtracted from the death benefit or from the Cash Value upon surrender. See
"Full Surrender," page 28. Outstanding Debt may also impact the continuation of
the Policy. See "Grace Period and Lapse," page 29.
FULL SURRENDER
The Owner can surrender the Policy during the life of the Insured and
receive its Surrender Value, which is equal to the Fund Value less the Fund
Charge and less any Outstanding Debt reduced by any Unearned Loan Interest.
PARTIAL SURRENDER
Partial Surrenders are available under the Policy after the second Policy
anniversary so long as the Surrender Value remaining after giving effect to the
requested surrender and any fees which may be assessed as a result of the
Partial Surrender exceeds any minimum requirements. If a Partial Surrender is
for an amount which exceeds the amount available, it will be rejected and the
request will be returned to the Policy Owner. A Partial Surrender may decrease
the Specified Amount of a Policy if the Owner has elected death benefit Option
I, and it will decrease the death benefit if the death benefit is greater than
the Specified Amount under either Option I or II. See "Partial Surrender," at
page 28.
Among other restrictions, Partial Surrenders must be for at least $500, and
the Policy's Surrender Value after the surrender must be at least $500. A
Partial Surrender Fee of $25 or 2% of the amount surrendered, whichever is less,
will be assessed against the remaining Fund Value. In addition, a portion of the
Fund Charge may be assessed upon a Partial Surrender.
PREFERRED PARTIAL SURRENDER
A Policy Owner may obtain during any Policy year after the second Policy
anniversary amounts, up to 10% of Cash Value (on the date the first Partial
Surrender request is received), without the application of a Fund Charge or
reduction in specified amount. The Partial Surrender Fee, however, will be
charged. This amount is referred to as the Preferred Partial Surrender Amount.
See "Preferred Partial Surrender", page 28.
FREE LOOK PERIOD
A Policy Owner may obtain a full refund of the premium paid if the Policy
is returned within 10 days (or longer in certain states) after the Owner
receives it, within 10 days after the Company mails or delivers the notice of
the right of withdrawal, or 45 days after the application for the Policy is
completed, whichever is later. During the Free Look Period, net premiums will be
allocated to the Money Market Subaccount, which invests in the Money Market
Portfolio of the MONY Series Fund. During a Free Look Period following any
increase in Specified Amount, the Policy Owner has a right, in effect, to cancel
the increase in Specified Amount and have the charges and deductions
attributable to such increase added to the Fund Value. See "Right to Examine a
Policy -- Free Look Period", page 17.
8
<PAGE> 10
GRACE PERIOD AND LAPSE
Payment of Scheduled Premium Payments will not guarantee that a Policy will
remain in force. Instead, the duration of the Policy depends upon the Policy's
Cash Value less any Outstanding Debt. However, during the first two Policy
years, if on each Monthly Anniversary Day the sum of premiums paid, less the sum
of Partial Surrenders (and any fees relating thereto) and any Outstanding Debt
is greater than or equal to the Minimum Monthly Premium times the number of
completed Policy months, the Policy is guaranteed not to lapse, regardless of
the Policy's Cash Value less Outstanding Debt. Even if Scheduled Premium
Payments are made, the Policy will lapse any time the Cash Value less
Outstanding Debt is insufficient to pay the current monthly deduction and a
Grace Period expires without sufficient payment.
CHARGES AND DEDUCTIONS
DEDUCTIONS FROM PREMIUMS
Certain charges are deducted from each premium payment under a Policy prior
to applying the net premium to the Fund Value. These charges consist of the
following items:
SALES CHARGE -- A sales charge equal to 4% of each premium paid during the
first ten Policy Years, 2% of each premium paid in Policy Years 11 through 20,
and none thereafter.
TAX CHARGE -- A state premium tax charge for policyholders resident in New
York, currently equal to 0.8% of each premium, and a charge related to the
federal tax treatment of deferred acquisition costs currently equal to 1.25% of
each premium will be deducted to compensate the Company for these taxes. The
Company does not expect to make a profit from this charge. (See "Tax Charges",
page 30.)
DAILY DEDUCTION FROM THE VARIABLE ACCOUNT
A charge is deducted from the Variable Account each day for the Mortality
and Expense Risk Charge as described below.
MORTALITY AND EXPENSE RISK CHARGE -- A charge is deducted daily from each
Subaccount of the Variable Account for mortality and expense risks assumed by
the Company. For the first 10 Policy years, this charge is equal to .002055% of
the amount in the Subaccounts, which is equivalent to an annual rate of .75% of
Subaccount value. Each month the Policy remains in force after the tenth Policy
Anniversary, the Fund Value allocated to the Subaccounts will be credited with
an amount which will effectively reduce the Mortality and Expense Risk Charge.
This amount will be determined by multiplying the Fund Value in all Subaccounts
by .04167% which is equivalent to 0.5% on an annualized basis. This amount is
guaranteed and will be allocated among the Subaccounts proportionately on each
Monthly Anniversary Day following the tenth Policy Anniversary.
DEDUCTIONS FROM FUND VALUE
A charge called the Monthly Deduction is deducted from the Fund Value on
each Monthly Anniversary Day. The monthly deduction consists of the following
items:
COST OF INSURANCE -- This monthly charge compensates the Company for
providing life insurance coverage for the Insured. The amount of the charge is
equal to a current cost of insurance rate multiplied by the net amount at risk
under the Policy at the beginning of each Policy Month.
9
<PAGE> 11
ADMINISTRATIVE CHARGE -- An administrative charge is deducted each month
based on the Specified Amount of the Policy. The administrative charge decreases
after the first Policy year:
<TABLE>
<CAPTION>
EACH EACH
OF FIRST POLICY
12 POLICY MONTH
MONTHS THEREAFTER
--------- ----------
<S> <C> <C>
Specified Amount:
Less than $250,000.............................. $31.50* $6.50
$250,000 to $499,999............................ 28.50* 3.50
$500,000 or more................................ 25.00* None
</TABLE>
- ---------------
* Reduced by $5.00 for issue ages 0 through 17.
OPTIONAL INSURANCE BENEFITS CHARGES -- The monthly deduction will include
charges for any other optional insurance benefits added to the Policy by Rider.
FUND CHARGE
The Company will assess a Fund Charge against Fund Value upon surrender of
a Policy or reduction in the Specified Amount within fourteen years of the
Policy Date or of a subsequent increase in Specified Amount. The Fund Charge
consists of two charges: an Administrative Fund Charge and a Sales Fund Charge.
ADMINISTRATIVE FUND CHARGE -- The Administrative Fund Charge is equal to an
amount per thousand of Specified Amount as follows:
<TABLE>
<CAPTION>
ADMINISTRATIVE
ISSUE AGE FUND CHARGE
--------- --------------
<S> <C>
0-25............................................ $2.50
26.............................................. 3.00
27.............................................. 3.50
28.............................................. 4.00
29.............................................. 4.50
30 or higher.................................... 5.00
</TABLE>
The amount of the charge remains level for five years. After the fifth year, the
charge decreases by 10% per year until it reaches zero at the end of the 14th
year. See "Fund Charge -- Administrative Fund Charge", page 32.
SALES FUND CHARGE -- The Sales Fund Charge is equal to a percentage of the
premiums paid in the first five years, up to a maximum amount of premiums called
the Target Premium. The percentage of premiums varies by Age as follows:
<TABLE>
<CAPTION>
NON-QUALIFIED QUALIFIED
- --------------------------------- --------------------------------
ISSUE AGE PERCENTAGE ISSUE AGE PERCENTAGE
--------- ---------- --------- ----------
<S> <C> <C> <C>
0-17................. 50% 18-35............. 75%
18-38................ 75 36-37............. 70
39-45................ 70 38-45............. 65
46-67................ 65 46-68............. 60
68................... 60 69 ............. 55
69................... 55 70 ............. 50
70-80................ 50
</TABLE>
The Sales Fund Charge can increase as premiums are paid during the five
year period. Starting on the fifth anniversary, the charge decreases from its
maximum by 10% per year until it reaches zero at the end of the 14th year. The
Sales Fund Charge during the first two years that the Policy is in force is
limited. See "Fund Charge -- Sales Fund Charge", page 33.
10
<PAGE> 12
Administrative Fund Charges and Sales Fund Charges are determined in a
similar manner for increases in Specified Amount. Decreases in Specified Amount
may result in immediate deduction of a portion of the sales Fund Charge and
administrative Fund Charge from the Fund Value.
TRANSACTION AND OTHER CHARGES
A Partial Surrender Fee of the lesser of 2% of the amount surrendered and
$25 will be assessed against the remaining Fund Value for any Partial Surrender
or Preferred Partial Surrender. In addition, the Company reserves the right to
charge a fee of $25 on transfers which exceed twelve in any Policy year.
The operating expenses of the Variable Account are paid by the Company and
certain charges, deductions, and fees are made or imposed to compensate the
Company for these expenses and for the risk that the charges, deductions, and
fees may not be sufficient to compensate the Company. Investment advisory fees
and operating expenses of the Fund are paid by the Fund. For a description of
these charges, see "Charges and Deductions," page 30.
TAX TREATMENT OF INCREASES IN FUND VALUE
The Fund Value under the Policy is currently subject to the same federal
income tax treatment as the cash value under fixed life insurance. Therefore,
generally the Policy Owner will not be deemed to be in constructive receipt of
the Fund Value unless and until the Policy Owner is deemed to be in receipt of a
distribution from the Policy. For information on the tax treatment of the Policy
and on the tax treatment of a Full Surrender, a Partial Surrender, a Preferred
Partial Surrender, or a Policy loan, see "Federal Income Tax Considerations,"
page 35.
TAX TREATMENT OF DEATH BENEFIT
The death benefit under the Policy is currently subject to federal income
tax treatment consistent with that of fixed life insurance. Therefore, generally
the death benefit will be fully excludable from the gross income of the
Beneficiary under the Internal Revenue Code. See "Federal Income Tax
Considerations," page 35.
THE GUARANTEED INTEREST ACCOUNT
The Policy Owner may allocate all or a portion of net premium payments and
transfer Fund Value to the Guaranteed Interest Account, within specified limits.
Amounts allocated to the Guaranteed Interest Account are held in the Company's
General Account. The Company guarantees that the Fund Value allocated to the
Guaranteed Interest Account will be credited interest daily at a rate equivalent
to an effective annual rate of 5%. In addition, the Company may in its sole
discretion pay interest in excess of the guaranteed amount. After the tenth
Policy anniversary, the annual interest rates that apply to the Fund Value in
the Guaranteed Interest Account will be .5% higher than the rates applicable to
policies of the same type which have not yet reached their tenth policy
anniversary. This increase is guaranteed and will be credited only when interest
in excess of the 5% guaranteed rate is being applied to policies of the same
type which have not yet reached their tenth policy anniversary. See "The
Guaranteed Interest Account," page 42.
CONTACTING THE COMPANY
All written requests, notices, and forms required by the Policies, and any
questions or inquiries should be directed to the Company's Operations Center at
1 MONY Plaza, Syracuse, New York 13202.
INFORMATION ABOUT THE COMPANY AND THE VARIABLE ACCOUNT
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
The Mutual Life Insurance Company of New York ("Company") is a mutual life
insurance company organized under the laws of the state of New York in 1842. The
principal office of the Company is located at
11
<PAGE> 13
1740 Broadway, New York, New York 10019. It is admitted to do business in all
states, as well as the District of Columbia, and Puerto Rico. As of the end of
1997, the Company had over $72.7 billion of life insurance in force and
consolidated assets of approximately $22.0 billion.
In September 1997, the Company announced that it had begun the process of
demutualization. If completed, it is not expected that demutualization will have
any material effect on MONY Variable Account L or the Policies.
At May 1, 1998, the rating assigned to the Company by A. M. Best Company,
Inc., an independent insurance company rating organization, was A- (Excellent)
based upon an analysis of financial condition and operating performance through
the end of 1996. The A. M. Best rating of the Company should be considered only
as bearing on the ability of the Company to meet its obligations under the
Policies.
MONY Securities Corp., a wholly owned subsidiary of the Company, is the
principal underwriter for the Policies.
Year 2000 Issue
The Year 2000 issue is the result of widespread use of computer programs
which use two digits (rather than four) to define the applicable year. Such
programming was a common industry practice designed to avoid the significant
costs associated with additional mainframe computer capacity which would have
been necessary to accommodate a four digit year field. As a result, any of the
Company's computer systems that have time-sensitive software may recognize a
date using "00" as the year 1900 rather than the year 2000. This could result in
a major system failure or in miscalculations.
The Company has conducted a comprehensive review of its computer systems to
identify the systems that could be affected by the "Year 2000" issue and has
developed and implemented a plan to resolve the issue. The Company currently
believes that, with modifications to existing software and converting to new
software, the Year 2000 problem will not pose significant operational problems
for the Company's computer systems. However, if such modifications and
conversions are not completed on a timely basis, the Year 2000 problem may have
a material impact on the operations of the Company. Further, even if the Company
completes such modifications and conversions, there can be no assurance that the
failure by vendors or other third parties to solve the Year 2000 problem will
not have a material impact on the operations of the Company.
MONY Series Fund and the Accumulation Trust have reviewed with their
respective investment advisers and other suppliers of services the status of
their Year 2000 issue. MONY Series Fund and the Accumulation Trust prospectuses,
which are included in the Prospectus Portfolio, contain the results of those
status reviews. See MONY Series Fund prospectus at page 20; Accumulation Trust
prospectus at page 20.
MONY VARIABLE ACCOUNT L
The MONY Variable Account L (the "Variable Account") is a separate
investment account of the Company and at present is used only to support
flexible premium variable life insurance policies. The assets in the Variable
Account are kept separate from the General Account assets and other separate
accounts of the Company.
The Company owns the assets in the Variable Account and is required to
maintain sufficient assets in the Variable Account with a total market value
equal to the Policy liabilities funded by the Variable Account. The Variable
Account is divided into subdivisions called Subaccounts. The income, gains, or
losses, realized or unrealized, of the Variable Account are credited to or
charged against the assets held in the Variable Account without regard to the
other income, gains, or losses of the Company. Assets in the Variable Account
attributable to the reserves and other liabilities under the Policies are not
chargeable with liabilities arising from any other business that the Company
conducts. However, the Company may transfer to its General Account any assets
which exceed anticipated obligations of the Variable Account. All obligations
arising under the Policy are general corporate obligations of the Company. The
Company may accumulate in the Variable Account proceeds from various Policy
charges and investment results applicable to those assets.
12
<PAGE> 14
The Variable Account was established on November 28, 1990 under New York
law under the authority of the Board of Trustees of the Company. The Variable
Account is registered as a unit investment trust with the Securities and
Exchange Commission ("SEC"). Such registration does not involve any supervision
by the SEC of the administration or investment practices or policies of the
Account.
There are currently nine Subaccounts within the Variable Account available
to the Policyholder. Each Subaccount invests exclusively in shares of a
designated Portfolio of the Funds. For example, the Long Term Bond Subaccount
invests solely in shares of the MONY Series Fund, Inc. Long Term Bond Portfolio.
These Portfolios are available to serve only as the underlying investment for
variable annuity and variable life insurance contracts issued through separate
accounts of the Company as well as other life insurance companies, and may be
available to certain pension accounts. They are not available directly to
individual investors. The Company may in the future establish additional
Subaccounts within the Variable Account, which may invest in other Portfolios of
the Funds or in other securities. Not all Subaccounts are available to the
Policy Owner.
THE FUNDS
Each Subaccount of the Variable Account currently invests only in shares of
a corresponding Portfolio of the MONY Series Fund, Inc. (the "MONY Series Fund")
or the Enterprise Accumulation Trust (the "Accumulation Trust") (the MONY Series
Fund and the Accumulation Trust are collectively called the "Funds"). The Funds
are diversified, open end management investment companies of the series type.
The Funds are registered with the SEC under the Investment Company Act of 1940.
Such registration does not involve supervision by the SEC of the investments or
investment policy of the Funds.
Of the seven separate Portfolios of the MONY Series Fund, currently only
four portfolios ("Portfolios"), each of which pursues different investment
objectives and policies, are available for purchase by corresponding Subaccounts
of the Variable Account available to the Policy Owner. MONY America acts as the
investment manager of the MONY Series Fund. MONY America is a registered
investment adviser under the Investment Advisers Act of 1940. As investment
adviser to the MONY Series Fund, MONY America receives a daily investment
advisory fee equivalent to an annual rate of 0.50 percent of the first $400
million, 0.35 percent of the next $400 million, and 0.30 percent of net assets
in excess of $800 million of the aggregate average daily net assets of the
Intermediate Term Bond, Long Term Bond, and Government Securities Portfolios of
the MONY Series Fund, and 0.40 percent of the first $400 million, 0.35 percent
of the next $400 million, and 0.30 percent of net assets in excess of $800
million of the aggregate average daily net assets of the Money Market Portfolio
of the MONY Series Fund, as described in the accompanying current prospectus for
the MONY Series Fund. MONY America, as investment adviser, has agreed to bear
all expenses associated with organizing the Fund, the initial registration of
its securities, and the compensation of the Fund's directors, officers and
employees who are interested persons of MONY America. All other expenses,
including the calculation of the net asset values of the Portfolios, will be
borne by the Fund itself, subject to certain limitations imposed by state law.
MONY America has entered into a Services Agreement with the Company for the
provision of personnel, equipment, facilities and other services, in order to
carry out its duties as investment adviser to the Fund. Of the five separate
Portfolios of the Accumulation Trust, currently all five separate Portfolios,
each of which pursues different investment objectives and policies, are
available for purchase by corresponding Subaccounts of the Variable Account.
Enterprise Capital Management, Inc., a wholly owned subsidiary of the Company,
acts as the investment manager of the Accumulation Trust. OpCap Advisors,
formerly known as Quest for Value Advisors, a subsidiary of Oppenheimer Capital,
acts as the sub-investment adviser to the Equity and Managed Portfolios of the
Accumulation Trust. Gabelli Asset Management, Inc. (formerly GAMCO Investors,
Inc.) acts as the sub-investment adviser to the Small Company Value Portfolio.
Brinson Partners, Inc. acts as the sub-investment adviser to the International
Growth Portfolio. Caywood-Scholl Capital Corporation acts as sub-investment
adviser to the High Yield Bond Portfolio.
The investment objectives of each Portfolio are fundamental and may not be
changed without the approval of the holders of a majority of the outstanding
shares of the Portfolio affected (which, for each of the Funds, means the lesser
of (1) 67 percent of the Portfolio shares represented at a meeting at which more
than
13
<PAGE> 15
50 percent of the outstanding Portfolio shares are represented or (2) more than
50 percent of the outstanding Portfolio shares).
PURCHASE OF PORTFOLIO SHARES BY THE VARIABLE ACCOUNT
The shares of each Portfolio are purchased by the Company for the
corresponding Subaccount at net asset value, i.e., without sales load. All
dividends and capital gains distributions received from a Portfolio are
automatically reinvested in such Portfolio at net asset value, unless the
Company, on behalf of the Variable Account, elects otherwise. Fund shares will
be redeemed by the Company at their net asset value to the extent necessary to
make payments under the Policies.
Shares of the Funds are offered only for purchase by separate accounts of
insurance companies, which may or may not be affiliated with the Company, or
with each other. This is called "shared funding." They may also sell shares to
separate accounts to serve as an investment medium for variable life insurance
policies and for variable annuity contracts. Thus, the Funds serve as an
investment medium for both variable life insurance policies and variable annuity
contracts. This is called "mixed funding." The Company currently does not
foresee any disadvantages to Policy Owners arising from either mixed or shared
funding; however, due to differences in tax treatment or other considerations,
it is theoretically possible that the interests of owners of various contracts
for which the Funds serve as an investment medium might at some time be in
conflict. However, the Company's Board of Trustees, the MONY Series Fund's Board
of Directors, the Accumulation Trust's Board of Trustees, and any other
insurance companies that participate in the Funds are required to monitor events
in order to identify any material conflicts that arise from the use of the Funds
for mixed and/or shared funding. The Funds' Boards are required to determine
what action, if any, should be taken in the event of such a conflict. If such a
conflict were to occur, the Company might be required to withdraw the investment
of one or more of its separate accounts from the Funds. This might force the
Funds to sell securities at disadvantageous prices.
A summary of the investment objectives of each of the Portfolios of the
Funds is described below. There can be no assurance that any Portfolio will
achieve its objective. More detailed information is contained in the
accompanying prospectus of each Fund, including information on the risks
associated with the investment and investment techniques of each of the
Portfolios.
THE FUNDS' PROSPECTUSES ACCOMPANY THIS PROSPECTUS AND SHOULD BE
READ CAREFULLY BEFORE INVESTING.
THE MONEY MARKET PORTFOLIO
The investment objective of the Money Market Portfolio is to seek maximum
current income consistent with preservation of capital and maintenance of
liquidity. The Money Market Portfolio attempts to achieve this objective by
investing in money market instruments. MONY Series Fund offers this Portfolio.
THE GOVERNMENT SECURITIES PORTFOLIO
The investment objective of the Government Securities Portfolio is the
maximum current income over the intermediate term consistent with the
preservation of capital, through investment in highly-rated debt securities,
U.S. Government obligations, and money market instruments, with a dollar
weighted average life of up to ten years at the time of purchase. MONY Series
Fund offers this Portfolio.
THE INTERMEDIATE BOND PORTFOLIO
The investment objective of the Intermediate Bond Portfolio is to maximize
income over the intermediate term consistent with the preservation of capital.
The Portfolio seeks to achieve this objective by investing in highly rated debt
securities, U.S. Government obligations, and money market instruments, together
having a dollar-weighted average life of between 4 and 8 years. MONY Series Fund
offers this Portfolio.
14
<PAGE> 16
THE LONG TERM BOND PORTFOLIO
The investment objective of the Long Term Bond Portfolio is to maximize
income over the longer term consistent with preservation of capital. The
Portfolio seeks to achieve its objective by investing in highly-rated debt
securities, U.S. Government obligations, and money market instruments, together
having a dollar-weighted average life of more than 8 years. MONY Series Fund
offers this Portfolio.
THE EQUITY PORTFOLIO
The investment objective of the Equity Portfolio is long-term capital
appreciation. The Portfolio seeks to achieve this investment objective by
investing in a diversified portfolio of primarily equity securities selected on
the basis of a value-oriented approach to investing. The Accumulation Trust
offers this Portfolio.
THE SMALL COMPANY VALUE PORTFOLIO
The Small Company Value Portfolio seeks capital appreciation. The Portfolio
pursues its investment objective by investing in a diversified portfolio of
primarily equity securities of companies with market capitalization of under $1
billion. Prior to May 1, 1998, the Small Company Value Portfolio was known as
the Small Cap Portfolio. No change in its operation will result from its being
renamed. The Accumulation Trust offers this Portfolio.
THE MANAGED PORTFOLIO
The investment objective of the Managed Portfolio is to provide growth of
capital over time. The Portfolio seeks to achieve this investment objective by
investing in a portfolio consisting of common stocks, bonds and cash
equivalents, the percentage of which will vary over time based on the investment
manager's assessment of the relative investment values. The Accumulation Trust
offers this Portfolio.
THE INTERNATIONAL GROWTH PORTFOLIO
The investment objective of the International Growth Portfolio is to
provide capital appreciation, primarily through a diversified portfolio of
non-United States equity securities. The Accumulation Trust offers this
portfolio.
THE HIGH YIELD BOND PORTFOLIO
The investment objective of the High Yield Bond Portfolio is to provide
maximum current income, primarily from debt securities that are rated Ba or
lower by Moody's Investors Service, Inc. or BB or lower by Standard & Poor's
Corporation. The Accumulation Trust offers this portfolio.
THE POLICY
The variable life insurance benefits of the Policies are funded through the
Policy Owner's Fund Value in the Variable Account and the Guaranteed Interest
Account. The information included below describes the benefits, features,
charges, and other major provisions of the Policies.
APPLICATION FOR A POLICY
The Policy is designed to meet the needs of individuals and for
corporations who wish to provide coverage and benefits for key employees.
Individuals wishing to purchase the Policy must complete an application and
personally deliver it to a licensed agent of the Company, who is also a
registered representative of MONY Securities Corp. ("MSC"). The licensed agent
will then submit the completed application to the Company. The Policy may also
be sold through other broker-dealers authorized by MSC and applicable law to do
so. A Policy can be issued on the life of an Insured for Ages up to and
including Age 80 with evidence of insurability satisfactory to the Company. The
Insured's Age is calculated as of the Insured's birthday nearest the Policy
15
<PAGE> 17
Date. Acceptance is subject to the Company's underwriting rules, and the Company
reserves the right to request additional information and to reject an
application.
The minimum Specified Amount which may be applied for is $100,000. However,
the Company also reserves the right to revise its rules from time to time to
specify a different minimum Specified Amount at issue for subsequent issued
Policies.
Each Policy is issued with a Policy Date, which is the date used to
determine the Monthly Anniversary Day, Policy Months, Policy Years, and Policy
monthly, quarterly, semiannual and annual Anniversaries. The Policy Date will be
stated on Page 1 of the Policy. The Policy Date will normally be the later of
the date that delivery of the Policy is authorized by the Company (the "Policy
Release Date") or the Policy Date requested in the application. Except as
provided under the temporary insurance procedures defined below, no premiums may
be paid with the application.
TEMPORARY INSURANCE COVERAGE
If an applicant desires interim insurance coverage prior to the Policy
Release Date, a Temporary Insurance Agreement is available. At the time an
application is accepted by a licensed agent of the Company, the applicant must
satisfactorily complete and sign the Temporary Insurance Agreement Form and
submit payment for at least one Minimum Monthly Premium for the Policy as
applied for. Coverage commences under the Temporary Insurance Agreement on the
date the Temporary Insurance Agreement Form is signed and the required premium
amount has been paid, or if later, the requested Policy Date. See "Premium
Flexibility," page 18.
Once the coverage under the Temporary Insurance Agreement commences, it
generally will run until the Policy Release Date, but in no event for more than
90 days from the date the Temporary Insurance Agreement Form is signed. In
addition, this temporary insurance coverage will also cease on the earliest of
(a) the 45th day after the Temporary Insurance Agreement Form is signed if the
last of the medical exams and tests initially required under the Company's
published underwriting rules has not been completed by the applicant, (b) 5 days
after the Company sends notice to the applicant that it declines to issue any
Policy, (c) the date the applicant informs the Company that the Policy will be
refused, (d) the Policy Release Date, if the Policy is issued as applied for, or
(e) where the Policy is issued other than as applied for, the earlier of the
15th day after the Policy Release Date or the date the Policy takes effect. If
death occurs during the period of temporary coverage, the death benefit will be
(i) the lesser of $500,000 or the insurance coverage applied for on the life of
the proposed Insured (including any optional Riders), less (ii) the Deductions
from Premium and the Monthly Deduction due prior to the date of death.
During the period before the Policy Release Date, premiums paid with the
application pursuant to the Temporary Insurance Agreement will be held in the
Company's General Account. Except as provided below, interest will be credited
on the premium (less any Deductions from Premiums) held in the Company's General
Account. The interest rate will be set by the Company, but will not be less than
5 percent per year. If the Policy is issued and accepted, these amounts will be
applied to the Policy. These premiums will be returned (without interest) to the
applicant within 5 days after:
(1) the date the applicant informs the Company at or before the Policy
Release Date (or where the Policy is authorized for delivery other than as
applied for, on or before the 15th day after the Policy Release Date) that
the Policy will be refused; or
(2) the date which is 30 days after the application is signed, if any
medical exams or tests required by the Company have not yet been completed.
Premiums will be returned with interest to the applicant within 5 days after the
date the Company sends notice to the applicant declining to issue any Policy on
the Insured.
16
<PAGE> 18
INITIAL PREMIUM PAYMENT
If the application is approved and the Policy is subsequently issued, the
balance due (if any) of the first Scheduled Premium Payment, as specified in the
Policy, is payable upon delivery of the Policy. The Policy will take effect on
the date the Policy is accepted by the applicant and the initial Scheduled
Premium Payment has been paid, or the Policy Date requested in the application,
if later. If a specific Policy Date has not been requested or if the Policy Date
requested is prior to the Policy Release Date, upon receipt of the balance due
(if any), the amount attributable to the Policy (including any premiums held in
the General Account under the Temporary Insurance Agreement plus any interest
credited in the General Account, less Deductions from Premiums) will be
transferred to the Money Market Subaccount of the Variable Account on the Policy
Release Date pending expiration of the applicable Free Look Period. After such
transfer, the Monthly Deduction due prior to or on the Policy Release Date will
be made. Upon expiration of the Free Look Period, amounts to be allocated to the
Subaccounts of the Variable Account will be allocated to those Subaccounts and
amounts to be allocated to the Guaranteed Interest Account will be allocated to
that Account. (See "Right to Examine A Policy -- Free Look Period," below)
POLICY DATE
If a specific Policy Date has been requested which is later than the Policy
Release Date, the amount attributable to the Policy will be initially held in
the General Account until the Policy Date. On the Policy Date, the amount
attributable to the Policy less any Deductions from Premiums for the period
commencing with the Policy Date will be transferred to the Money Market
Subaccount of the Variable Account pending expiration of the applicable Free
Look Period. Upon the expiration of the applicable Free Look Period, amounts
allocated to the Subaccounts of the Variable Account will be allocated to those
Subaccounts and amounts allocated to the Guaranteed Interest Account will be
allocated to that Account. See "Right to Examine A Policy -- Free Look Period,"
below.
Subject to the Company's approval, a Policy may be backdated, but the
Policy Date may not be more than six months (a shorter period is required in
certain states) prior to the date of the application. Backdating can be
advantageous if the Insured's lower issue Age results in lower cost of insurance
rates. If the Policy is backdated, the initial Scheduled Premium Payment will
include sufficient premium to cover additional charges incurred for the
backdating period, since monthly deductions are made for the period the Policy
Date is backdated.
RISK CLASSIFICATION
Insureds are assigned to underwriting (risk) classes which are used in
calculating the cost of insurance and certain Rider charges. In assigning
Insureds to underwriting classes, the Company will normally use the medical or
paramedical underwriting method, which may require a medical examination of a
proposed Insured, although other forms of underwriting may be used when deemed
appropriate by the Company.
RIGHT TO EXAMINE A POLICY -- FREE LOOK PERIOD
The Free Look Period follows the application for the Policy and its
issuance to the Policy Owner, and it also follows any application for an
increase in Specified Amount and the issuance of an endorsement increasing the
Specified Amount. The period runs to the latest of the date which is (a) 45 days
after Part I of the application is signed, (b) 10 days (or longer in certain
states) after the Policy Owner receives the Policy, or the endorsement of an
increase in Specified Amount, as the case may be, or (c) 10 days after the
Company mails or personally delivers a notice of withdrawal right to the Policy
Owner. During the Free Look Period which follows the issuance of the Policy, the
Policy Owner may cancel the Policy and receive a refund of the full amount of
the premium paid. During a Free Look Period following any increase in Specified
Amount, the Policy Owner has a right, in effect, to cancel the increase in
Specified Amount and have the charges and deductions attributable to such
increase added to the Fund Value. During the Free Look Period, net premiums will
be allocated to the Money Market Subaccount, which invests in the Money Market
Portfolio of the MONY Series Fund. See "Allocation of Net Premiums," page 19.
17
<PAGE> 19
PREMIUMS
The Policy is a flexible premium policy, and it provides considerable
flexibility, subject to the limitations described below, to pay premiums at the
Policy Owner's discretion.
PREMIUM FLEXIBILITY
The Company requires a Policy Owner to pay an amount equal to at least the
Minimum Monthly Premium to place the Policy in force. If the premiums are to be
paid less often than monthly, the premium required to place the Policy in force
is equal to the Minimum Monthly Premium multiplied by 12 divided by the
frequency of Scheduled Premium Payments. This Minimum Monthly Premium will be
based upon the Policy's Specified Amount and the Age, smoking status, gender
(unless unisex cost of insurance rates apply, see "Cost of Insurance," page 28),
and underwriting class of the Insured, and any Riders added to the Policy. The
Minimum Monthly Premium will be shown in the Policy. Thereafter, subject to the
limitations described below, a Policy Owner may choose the amount and frequency
of premium payments. The Policy, therefore, provides the Policy Owner with the
flexibility to vary premium payments to reflect varying financial conditions.
If on each Monthly Anniversary Day during the first two Policy years, the
sum of all premiums paid, less any Outstanding Debt and less any Partial
Surrenders (and their fees), is greater than or equal to the Minimum Monthly
Premium times the number of completed Policy months, the Policy is guaranteed
not to lapse, regardless of the Policy's Cash Value less Outstanding Debt. See
"Grace Period and Lapse," page 29.
SCHEDULED PREMIUM PAYMENTS
When applying for a Policy, a Policy Owner will determine a Scheduled
Premium Payment that provides for the payment of level premiums at fixed
intervals over a specified period of time. Each Policy Owner will receive a
premium reminder notice for the Scheduled Premium Payment amount on either an
annual, semiannual, or quarterly basis, at the option of the Policy Owner. The
minimum Scheduled Premium Payment is equal to the Minimum Monthly Premium
multiplied by 12 divided by the Scheduled Premium Payment frequency. Although
reminder notices will be sent, the Policy Owner is not required to pay Scheduled
Premium Payments.
Premiums, other than the first, may also be paid monthly under the
MONYMatic plan where the Policy Owner authorizes the Company to withdraw
premiums from the Owner's checking account each month. Based on the Policy Date,
up to two Minimum Monthly Premiums must be paid in cash before the MONYMatic
plan will be accepted by the Company. Under the MONYMatic plan, the day on which
premiums are withdrawn will be the 15th of the month. Payment of the Scheduled
Premium Payments will not guarantee that a Policy will remain in force. Instead,
unless one of the Guaranteed Death Benefit Riders has been elected and all
requirements have been met, the duration of the Policy depends upon the Policy's
Cash Value, less any Outstanding Debt. In addition during the first two Policy
Years, if on each Monthly Anniversary Day the sum of premiums paid, less the sum
of Partial Surrenders (and any fees relating thereto) and any Outstanding Debt
is greater than or equal to the Minimum Monthly Premium times the number of
completed Policy Months, the Policy is guaranteed not to lapse, regardless of
the Policy's Cash Value less Outstanding Debt. Even if the Scheduled Premium
Payments are made, if either of these two provisions do not apply, the Policy
will lapse any time the Cash Value less Outstanding Debt is insufficient to pay
the current monthly deduction and a Grace Period expires without sufficient
payment.
MODIFIED ENDOWMENT CONTRACTS
The amount, frequency and period of time over which a Policy Owner pays
premiums may affect whether the Policy will be classified as a modified
endowment contract, which is a type of life insurance contract subject to
different tax treatment for certain pre-death distributions than conventional
life insurance contracts. See "Federal Income Tax Considerations -- Modified
Endowment Contracts," page 37.
18
<PAGE> 20
UNSCHEDULED PREMIUM PAYMENTS
Generally, the Policy Owner can make unscheduled premium payments at any
time and in any amount as long as each payment is at least $250.00. The Company
may reject or limit any premium payment (Scheduled or unscheduled) that would
result in an immediate increase in the death benefit payable, although such a
premium may be accepted with satisfactory evidence of insurability. A premium
payment would result in an immediate increase if the death benefit under a
Policy is, or upon acceptance of the premium would be, equal to a Policy Owner's
Fund Value multiplied by a death benefit percentage as a result of the federal
income tax law definition of life insurance. See "Death Benefits under the
Policy," page 20 and "Federal Income Tax Considerations -- Definition of Life
Insurance," page 36. If satisfactory evidence of insurability is not received,
the payment, or a portion thereof may be returned. In addition, all or a portion
of a premium payment will be rejected and returned to the Policy Owner if it
would exceed the maximum premium limitations prescribed by the federal income
tax law definition of life insurance.
Unscheduled premium payments will be treated as premium payments, and not
as a repayment of Outstanding Debt, unless a Policy Owner requests otherwise. If
the Policy Owner does request that the payment be treated as a repayment of
Outstanding Debt, any portion of a payment that exceeds the amount of
Outstanding Debt will be applied to the Fund Value. Applicable taxes and sales
charges are not deducted from payments used as a repayment of Outstanding Debt,
but are deducted from any payment which constitutes a premium payment.
PREMIUM PAYMENTS AFFECT THE CONTINUATION OF THE POLICY
If premium payments are stopped, temporarily or permanently, the Policy
will continue in effect until the Cash Value less any Outstanding Debt can no
longer cover the Monthly Deductions from the Fund Value for the Policy and any
optional insurance benefits added by Rider. At that point, the Policy will
lapse. See "Grace Period and Lapse," page 29. If the Minimum Monthly Premium
requirements are satisfied during the first two Policy years, the Policy is
guaranteed not to lapse, regardless of the Policy's Cash Value less Outstanding
Debt during this two year period. See "Premiums -- Premium Flexibility," page
18.
Certain charges will be deducted from each premium payment. See "Charges
and Deductions," page 30. The remainder of the premium, referred to as the "net
premium", will be allocated as described below under "Allocation of Net
Premiums."
ALLOCATION OF NET PREMIUMS
In the application for the Policy, the Policy Owner selects the Subaccounts
of the Variable Account or the Guaranteed Interest Account to which net premium
payments will be allocated. During the Free Look Period, net premiums will be
allocated to the Money Market Subaccount, which invests in the Money Market
Portfolio of the MONY Series Fund. The Fund Value will be automatically
allocated according to the Policy Owner's instructions contained in the
application at the end of the Free Look Period. Net premiums received after the
Free Look Period will be allocated upon receipt among the Subaccounts of the
Variable Account and the Guaranteed Interest Account according to the Policy
Owner's most recent instructions. If instructions for allocation of premiums are
not included in the application or are incomplete, all allocations will be made
to the Money Market Subaccount until a subsequent notification of allocation
percentages is received.
Net premiums may be allocated in whole percentages to any number of
Subaccounts and to the Guaranteed Interest Account, provided that no allocation
may be for less than 10% of a net premium. Allocation percentages must sum to
100%. Available allocation alternatives include the nine Subaccounts and the
Guaranteed Interest Account.
A Policy Owner may change the allocation of net premiums at any time by
submitting a proper written request to the Company's Home Office. In addition,
changes in net premium allocation instructions may be made by telephone if an
authorization for telephone transfer form has been properly completed, signed
and filed at the Company's Syracuse Operations Center. The Company reserves the
right to discontinue telephone
19
<PAGE> 21
net premium allocation instructions. See "Telephone Transfer Privileges", page
48. The revised allocation percentages will be applied within seven days from
receipt of notification.
Unscheduled premium payments may be allocated either by percentage or by
dollar amount. If the allocation is expressed in dollar amounts, the 10% limit
on allocation percentages does not apply.
DEATH BENEFITS UNDER THE POLICY
When the Policy is issued, the Company will determine the initial amount of
insurance based on the instructions provided in the application. That amount
will be shown on the specifications page of the Policy and is called the
"Specified Amount." The minimum Specified Amount is $100,000.
For so long as the Policy remains in force, the Company will, upon proof of
the death of an Insured, pay death benefit proceeds to a named Beneficiary.
Death benefit proceeds will consist of the death benefit under the Policy, plus
any insurance proceeds provided by Rider, less any Outstanding Debt reduced by
any Unearned Loan Interest (and, if in the Grace Period, further reduced by any
overdue charges).
Each Policy Owner may select one of two death benefit Options: Option I or
Option II. Generally the applicant designates the death benefit Option in the
application. If no Option is designated, Option I will be assumed by the Company
to have been selected. Subject to certain restrictions, the Policy Owner can
change the death benefit Option selected. So long as the Policy remains in
force, the death benefit under either Option will never be less than the
Specified Amount of the Policy.
OPTION I
Under Option I, the death benefit will be equal to the Specified Amount of
the Policy plus the increase in Fund Value since the last Monthly Anniversary
Day or, if greater, the Fund Value on the date of death plus the Fund Value
(determined as of the end of the Monthly Anniversary Day concurrent with or
prior to the date of death) multiplied by a Death Benefit Percentage. The death
benefit percentages vary according to the Age of the Insured and will be at
least equal to the percentage defined in the Internal Revenue Code, which
addresses the definition of a life insurance policy for tax purposes. See
"Federal Income Tax Considerations -- Definition of Life Insurance," page 36.
The Death Benefit Percentage is 150% for an Insured at Age 40 or under, and it
declines for older Insureds. A table showing the Death Benefit Percentages is in
Appendix A to this prospectus and in the Policy. Policy Owners who are seeking
to have favorable investment performance reflected in increasing Fund Value, and
not in increasing insurance coverage, should choose Option I.
OPTION II
Under Option II, the death benefit will be equal to the Specified Amount of
the Policy plus the Fund Value on the date of death or, if greater, the Fund
Value on the date of death plus the Fund Value (determined as of the end of the
Monthly Anniversary Day concurrent with or prior to the date of death)
multiplied by a Death Benefit Percentage. The Death Benefit Percentage is the
same as that used in connection with Option I and is stated in Appendix A. The
death benefit under Option II will always vary as Fund Value varies. Therefore,
Policy Owners who seek to have favorable investment performance reflected in
increased insurance coverage should choose Option II.
EXAMPLES OF OPTIONS I AND II
The following examples demonstrate the determination of death benefits
under Options I and II. The examples show three Policies -- Policies 1, 2, and
3 -- with the same Specified Amount, but Fund Values that vary as shown, and
which assume an Insured is Age 40 at the time of death and that there is no
Outstanding Debt. The date of death is also assumed to be on a Monthly
Anniversary Day.
20
<PAGE> 22
<TABLE>
<CAPTION>
POLICY 1 POLICY 2 POLICY 3
-------- -------- --------
<S> <C> <C> <C>
Specified Amount................................... $100,000 $100,000 $100,000
Fund Value on Date of Death........................ $ 35,000 $ 60,000 $ 85,000
Death Benefit Percentage........................... 150% 150% 150%
Death Benefit under Option I....................... $100,000 $150,000 $212,500
Death Benefit under Option II...................... $135,000 $160,000 $212,500
</TABLE>
Under Option I, the death benefit for Policy 1 is equal to $100,000 since
the death benefit is the greater of the Specified Amount ($100,000) or the Fund
Value plus the Fund Value multiplied by the Death Benefit Percentage ($35,000
plus $35,000x150%=$87,500). In contrast, for both Policies 2 and 3 under Option
I, the Fund Value plus Fund Value multiplied by the Death Benefit Percentage
($60,000 plus $60,000x150%=$150,000 for Policy 2; $85,000 plus
$85,000x150%=$212,500 for Policy 3) is greater than the Specified Amount
($100,000), so the death benefit is equal to the higher value. Under Option II,
the death benefit for Policy 1 is equal to $135,000 since the death benefit is
the greater of Specified Amount plus Fund Value ($100,000+$35,000=$135,000) or
the Fund Value plus Fund Value multiplied by the Death Benefit Percentage
($35,000 plus $35,000x150%=$87,500). Similarly, in Policy 2, Specified Amount
plus Fund Value ($100,000+$60,000=$160,000) is greater than Fund Value plus Fund
Value multiplied by the Death Benefit Percentage ($60,000 plus
$60,000x150%=$150,000). In contrast, in Policy 3, the Fund Value plus Fund Value
multiplied by the Death Benefit Percentage ($85,000 plus $85,000x150%=$212,500)
is greater than the Specified Amount plus Fund Value
($100,000+$85,000=$185,000), so the death benefit is equal to the higher value.
Death benefit proceeds may be paid to a Beneficiary in a lump sum or under
a payment plan offered under the Policy. The Policy should be consulted for
details.
CHANGES IN DEATH BENEFIT OPTION
A Policy Owner may request that the death benefit under the Policy be
changed from Option I to Option II, or from Option II to Option I. Changes in
the death benefit Option may be made on any Monthly Anniversary Day and should
be made in writing to the Company's Home Office. A change from Option II to
Option I may be made without evidence of insurability; a change from Option I to
Option II will require evidence of insurability satisfactory to the Company. The
effective date of any such change requested between Monthly anniversaries will
be the next Monthly Anniversary Day after the change is accepted.
A change in the death benefit from Option I to Option II is accomplished by
reducing the Specified Amount of the Policy by the amount of the Policy's Fund
Value at the date of the change. This maintains the death benefit payable under
Option II at the amount that would have been payable under Option I immediately
prior to the change. Although there is no immediate change in the total death
benefit, the change to Option II will affect the determination of the death
benefit from that point on since the Fund Value will then be added to the new
Specified Amount, and the death benefit will then vary with Fund Value. This
change will not be permitted if it would result in a new Specified Amount of
less than $100,000.
A change in the death benefit from Option II to Option I will result in a
decrease in the death benefit payable under the policy. The Specified Amount of
the Policy remains the same before and after the change; however, the death
benefit is reduced to an amount equal to the Specified Amount. From that point
on, the death benefit will equal the Specified Amount (or, if higher, the Fund
Value times the applicable Death Benefit Percentage, as required by the federal
tax law definition of life insurance). The change in Option will generally
reduce the death benefit payable in the future.
A change in death benefit Option may affect the monthly cost of insurance
charge since this charge varies with the net amount at risk, which generally is
the amount by which the death benefit exceeds Fund Value. See "Cost of
Insurance," page 31. Assuming that the Policy's death benefit is not based on
the Death Benefit Percentage under either Option I or II, changing from Option
II to Option I will generally decrease the net amount at risk, and therefore
decrease the cost of insurance charges. Changing from Option I to Option II will
21
<PAGE> 23
generally result in a net amount at risk that remains level. Such a change,
however, will result in an increase in the cost of insurance charges over time,
since the cost of insurance rates increase with the Insured's Age.
CHANGES IN SPECIFIED AMOUNT
A Policy Owner may request an increase or decrease in the Specified Amount
under a Policy subject to approval from the Company. A change in Specified
Amount may be made at any time after the second Policy anniversary. Increases in
Specified Amount are not permitted on or after the policy anniversary nearest
the Insured's 81st birthday. Increasing the Specified Amount will generally
increase the death benefit payable under the Policy, and decreasing the
Specified Amount will generally decrease the death benefit payable. The amount
of change in the death benefit will depend, among other things, upon the death
benefit Option chosen by the Policy Owner and whether the death benefit under
the Policy is being calculated using the Death Benefit Percentage at the time of
the change. Changing the Specified Amount could affect the subsequent level of
the death benefit while the Policy is in force and the subsequent level of
Policy values. For example, an increase in Specified Amount may increase the net
amount at risk under a Policy, which will increase a Policy Owner's cost of
insurance charges over time. Conversely, a decrease in Specified Amount may
decrease the net amount at risk, which will decrease a Policy Owner's cost of
insurance charges over time.
Any request for an increase or decrease in Specified Amount must be made by
written application to the Company's Home Office. It will become effective on
the Monthly Anniversary Day on or next following the Company's acceptance of the
request. If the Policy Owner is not the Insured, the Company may also require
the consent of the Insured before accepting a request.
INCREASES
Additional evidence of insurability satisfactory to the Company will be
required for an increase in Specified Amount. An increase will not be given for
increments of Specified Amount less than $10,000.
A requested increase in the Specified Amount will create a new "coverage
segment" for which cost of insurance and other charges will be computed
separately. See "Charges and Deductions," page 30. In addition, the Fund Charge
associated with the Policy will increase. The Fund Charge for the increase is
calculated in a similar manner as for the original Specified Amount. The Target
Premiums, and the required premiums under the Guaranteed Death Benefit Rider, if
applicable, will also be adjusted prospectively to reflect the increase in
Specified Amount. If the Specified Amount is increased at the same time that a
premium payment is received, the increase will be processed before the premium
payment is processed.
If an increase creates a new coverage segment of Specified Amount, premiums
paid after the increase will be allocated to the original and the new coverage
segments in the same proportion that the guideline annual premiums defined by
the federal securities laws for each segment bear to the sum of the guideline
annual premiums for all segments. Fund Value will also be allocated to each
coverage segment.
You will have the right to cancel an increase in the Specified Amount
within the later of (i) 45 days after Part I of the application for the increase
is signed, (ii) ten days (or longer in certain states) after receipt of the
Policy endorsement applicable to the increase, or, (iii) ten days after mailing
or personal delivery of a notice as to the availability of the Free Look
provision. If the increase is canceled, any charges attributable to the increase
will be reversed and then added to your Fund Value, without sales or other
loads. The Policy Fund Charge will also be adjusted to the amount which would
have existed had the increase never taken place.
DECREASES
Any decrease in Specified Amount (whether specifically requested by the
Policy Owner or as a result of a Partial Surrender or a death benefit Option
change) will first be applied to reduce the coverage segments of Specified
Amount associated with the most recent increases, then the next most recent
increases successively, and finally to the original Specified Amount. A decrease
will not be permitted if the Specified Amount would fall below $100,000. A
decrease will not be given if less than $10,000.
22
<PAGE> 24
If the reduction decreases the Specified Amount during the Fund Charge
period, the Fund Charge on the remaining Specified Amount will be reduced;
however, an amount equal to the reduction in the Fund Charge will be deducted
from the Fund Value. See "Fund Charge," page 32. Target Premiums, and the
required premiums under the Guaranteed Death Benefit Rider, if applicable, will
also be adjusted for the decrease in Specified Amount. If the Specified Amount
is decreased at the same time that a premium payment is received, the decrease
will be processed before the premium payment is processed. Rider coverages may
also be affected by a decrease in Specified Amount.
The Company reserves the right to disallow a requested decrease, and will
not permit a requested decrease, among other reasons, (i) if compliance with the
guideline premium limitations under federal tax law resulting from the requested
decrease would result in immediate termination of the Policy, or (ii) if, to
effect the requested decrease, payments to the Policy Owner would have to be
made from Fund Value for compliance with the guideline premium limitations, and
the amount of such payments would exceed the Surrender Value under the Policy.
If we do not approve a change you have requested, we will send you a written
notice of our decision about making the change. See "Federal Income Tax
Considerations -- Definition of Life Insurance," page 36.
OTHER OPTIONAL INSURANCE BENEFITS
Subject to certain requirements, a Policy Owner may elect to add one or
more of the optional insurance benefits described below to the Policy at the
time of application for a Policy. These other optional insurance benefits are
added to the Policy by Rider. A charge will be deducted monthly from the Fund
Value for each optional insurance benefit added to the Policy. See "Charges and
Deductions," page 30. The amounts of these benefits are fully guaranteed at
issue, and they can be canceled by the Policy Owner at any time. Certain
restrictions may apply and are described in the applicable Rider. In addition,
adding or canceling these benefits may have an effect on the Policy's status as
a modified endowment contract. See "Federal Income Tax
Considerations -- Modified Endowment Contracts," page 37. An insurance agent
authorized to sell the Policy can describe these extra benefits further. Samples
of the provisions are available from the Company upon written request.
From time to time we may make available Riders other than those listed
below. Contact an insurance agent authorized to sell the Policy for a complete
list of the Riders available.
WAIVER OF MONTHLY DEDUCTIONS RIDER
This Rider provides that during a covered disability of the Insured, while
the Policy remains in force, the monthly administrative charges, cost of
insurance charges and Rider charges will be waived and therefore not deducted
from the Fund Value.
ACCIDENTAL DEATH BENEFIT RIDER
This Rider will pay the benefit amount selected if the Insured dies as a
result of an accident after the Insured's Age 5 and prior to Age 70. A benefit
equal to twice the Rider amount is payable if accidental death occurs as the
result of riding as a passenger in a public conveyance then being operated
commercially to transport passengers for hire. The maximum amount of coverage is
the initial specified amount but not more than the greater of $100,000 total
coverage of all such insurance in the Company or in any insurance company
affiliate of the Company nor more than $200,000 of all such coverages,
regardless of insurance companies issuing such coverages.
PURCHASE OPTION RIDER
This Rider provides the option to purchase up to $50,000, but not less than
$25,000, of additional coverage without providing additional evidence that the
Insured remains insurable. Increases under this Rider may be added on the Policy
anniversary when the Insured's Age is 25, 28, 31, 34, 37 and 40. In addition,
the future right to purchase new insurance on the next option date may be
advanced and exercised immediately upon marriage of the Insured, or the birth of
a child of the Insured, or upon the legal adoption of a child by the
23
<PAGE> 25
Insured. A period of term insurance is automatically provided starting on the
date of the specified event. The interim term insurance, and the option to
accelerate the purchase of the coverage expires 60 days after the specified
event.
SPOUSE'S TERM RIDER
This Rider provides for term insurance benefits on the life of the
Insured's spouse, to the spouse's Age 70. The minimum amount of coverage is
$25,000 and the maximum amount of coverage equals the Specified Amount of the
Policy. The Rider coverage may be converted without evidence of insurability to
any level premium, level face amount permanent plan of insurance offered by the
Company at any time prior to the Spouse's Age 65 or 5 years from the issue of
the Rider, if later.
CHILDREN'S TERM INSURANCE RIDER
This Rider provides term insurance coverage on the lives of the children of
the Insured under age 18 which continues to the Policy anniversary nearest the
Insured's Age 65 or the child's 22nd birthday, if earlier. It provides coverage
for children upon birth or legal adoption without presenting evidence of
insurability. Coverage is limited to the lesser of the initial Specified Amount
or $10,000. Upon the expiration of the Rider coverage it may be converted to any
level premium, level face amount permanent plan of insurance then offered by the
Company.
BENEFITS AT MATURITY
If the Insured is living on the Maturity Date, the Company will pay to the
Policy Owner, as an endowment benefit, the Surrender Value of the Policy.
Payment ordinarily will be made within seven days of the Policy Anniversary,
although payments may be postponed in certain circumstances. See "Payments,"
page 45.
POLICY VALUES
FUND VALUE
The Fund Value is the sum of the amounts under the Policy held in each
Subaccount of the Variable Account and any Guaranteed Interest Account, as well
as the amount set aside in the Company's Loan Account, and any interest thereon,
to secure Outstanding Debt.
On each Valuation Date, the portion of the Fund Value allocated to any
particular Subaccount will be adjusted to reflect the investment experience of
that Subaccount. On each Monthly Anniversary Day, the portion of the Fund Value
allocated to a particular Subaccount also will be adjusted to reflect the
assessment of the monthly deduction. See "Determination of Fund Value," page 25.
No minimum amount of Fund Value is guaranteed. A Policy Owner bears the risk for
the investment experience of Fund Value allocated to the Subaccounts.
CASH VALUE
The Cash Value of the Policy equals the Fund Value less the Fund Charge.
Thus, the Fund Value will exceed the Policy's Cash Value by the amount of the
Fund Charge. Once the Fund Charge has expired, the Fund Value will equal the
Cash Value.
SURRENDER VALUE
The Surrender Value of the Policy equals the Cash Value less any
Outstanding Debt reduced by any Unearned Loan Interest. The Owner can surrender
a Policy at any time while the Insured is living and receive its Surrender
Value. See "Surrender," page 28.
24
<PAGE> 26
DETERMINATION OF FUND VALUE
Although the death benefit under a Policy can never be less than the
Policy's Specified Amount, the Fund Value will vary depending upon several
factors, including the investment performance of the Subaccounts to which Fund
Value has been allocated, payment of premiums, the amount of any Outstanding
Debt, Partial Surrenders, Preferred Partial Surrenders, and the charges assessed
in connection with the Policy. There is no guaranteed minimum Fund Value and the
Policy Owner bears the entire investment risk relating to the investment
performance of Fund Value allocated to the Subaccounts.
The amounts allocated to the Subaccounts will be invested in shares of the
corresponding Portfolios of the Funds. The value of the Subaccounts will reflect
the investment experience of the corresponding Portfolio. The investment
experience reflects the investment income, realized and unrealized capital gains
and losses and expenses of the Portfolio and any dividends or distributions
declared by a Portfolio. Any dividends or distributions from any Portfolio of
the Funds will be automatically reinvested in shares of the same Portfolio,
unless the Company, on behalf of the Variable Account, elects otherwise. The
Subaccount value will also reflect the mortality and expense risk charges the
Company makes each day to the Variable Account.
Amounts allocated to the Subaccounts are measured in terms of Units, which
are a measure of value used for bookkeeping purposes. The value of amounts
invested in each Subaccount is represented by the value of the Units credited to
the Policy for that Subaccount. On any given day, the amount in a Subaccount of
the Variable Account is equal to the Unit value times the number of Units
credited to the Policy in that Subaccount. The Units of each Subaccount will
have different Unit values.
Units of a Subaccount are purchased (credited) whenever premiums or
transfer amounts (including transfers from the Loan Account) are allocated to
that Subaccount. Units are redeemed (debited) to make Partial Surrenders,
Preferred Partial Surrenders, to transfer amounts from a Subaccount (including
transfers to the Loan Account), and to pay the death benefit when the Insured
dies. Units are also redeemed to pay the monthly deductions from the Policy's
Fund Value, for Policy transaction charges, and to pay Fund Charges, if any. The
number of Units purchased or redeemed in connection with any such transaction is
determined by dividing the dollar amount of such transaction by the Unit Value
of the affected Subaccount, calculated after the close of business that day. The
number of Units changes only as a result of Policy transactions or charges; the
number of Units credited will not change because of subsequent changes in Unit
Value.
Transactions are processed as of the Transaction Date. The Transaction Date
is the date a premium or an acceptable written or telephone request is received
at the Home Office. If the premium or request reaches the Home Office on a day
which is not a Valuation Date, or after the close of business on a Valuation
Date (that is, after 4:00 p.m. Eastern Time), the Transaction Date will be the
next succeeding Valuation Date. All Policy transactions are performed as of a
Valuation Date. If a Transaction Date or Monthly Anniversary Day occurs on a day
other than a Valuation Date (e.g., on a Saturday), the calculation will take
place on the next Valuation date (e.g., on the following Monday).
CALCULATING UNIT VALUES FOR EACH SUBACCOUNT
The Unit Value of a Subaccount on any Valuation Date is calculated by the
Company on every Valuation Date as follows:
1. Calculate the value of the shares of the Portfolio belonging to the
Subaccount as of the close of business that Valuation Date (before giving
effect to any Policy transactions for that day, such as premium payments or
surrenders). For this purpose, the Net Asset Value per share reported to
the Company by the managers of the Portfolio is used.
2. Add the value of any dividends or capital gains distributions
declared and reinvested by the Portfolio during the Valuation Period.
Subtract from this amount a charge for taxes, if any.
3. Subtract a charge for the mortality and expense risk assumed by the
Company under the Policy. See "Daily Deductions From the Variable
Account -- Mortality and Expense Risk Charge", page 31. If
25
<PAGE> 27
the previous day was not a Valuation Date, then the charge is adjusted for
the additional days between valuations.
4. Divide the resulting amount by the number of Units held in the
Subaccount on the Valuation Date before the purchase or redemption of any
Units on that Date.
The Unit Value of each Subaccount on its first Valuation Date was set at $10.00.
TRANSFER OF FUND VALUE
Fund Value may be transferred after the Free Look Period among the
Subaccounts by the Policy Owner upon proper written request to the Company's
Home Office. Transfers may be made by telephone if an authorization for
telephone transfer form has been properly completed and signed and filed at the
Company's Syracuse Operations Center. See "Telephone Transfer Privileges," page
48. Currently, there are no limitations on the number of transfers between
Subaccounts, no minimum amount required for a transfer, nor any minimum amount
required to remain in a given Subaccount after a transfer. Further, no transfer
may be made if a Policy is in the Grace Period and a payment required to avoid
lapse is not paid. See "Grace Period and Lapse," page 29. No charges are
currently imposed upon such transfers. The Company reserves the right, however,
at a future date to assess a $25 transfer charge on Policy transfers in excess
of twelve in any Policy year and to discontinue telephone transfers.
Fund Value may also be transferred after the Free Look Period and within
specified limits from the Subaccounts to the Guaranteed Interest Account;
however, such a transfer will only be permitted in the Policy month following a
Policy Anniversary. Transfers from the Guaranteed Interest Account to the
Subaccounts are also restricted as described in "The Guaranteed Interest
Account," page 42.
RIGHT TO EXCHANGE POLICY
During the first 24 months following the Policy Date or an increase in the
Specified Amount, the Policy Owner may exercise the right to exchange the Policy
from one in which the investment experience is not guaranteed into a guaranteed
Policy. This is accomplished by the transfer of the entire amount in the
Subaccounts of the Variable Account to the Guaranteed Interest Account, and the
allocation of all future premium payments to the Guaranteed Interest Account.
This will, in effect, serve as an exchange of the Policy for the equivalent of a
flexible premium universal life insurance policy. No charge will be imposed on
the transfer in exercising this exchange privilege. See "The Guaranteed Interest
Account," page 42.
POLICY LOANS
The Policy Owner may borrow money from the Company at any time using the
Policy as the only security for the loan by submitting a proper written request
to the Company's Home Office. A loan may be taken any time a Policy has a
positive Cash Value. The minimum loan that can be taken is $250. The maximum
amount that can be borrowed at any time is 90% of the Cash Value of the Policy
less any Outstanding Debt. (If the loan is requested on a Monthly Anniversary
Day, the maximum loan amount is further reduced by the monthly deduction due on
that day.) The Outstanding Debt is the cumulative amount of outstanding loans
and loan interest payable to the Company at any time.
Loan interest is payable in advance at an annual rate of 5.4%. Since
interest is payable in advance, a Policy loan will generate Outstanding Debt
which exceeds the loan amount. For example, a $10,000 loan taken on the first
day of the Policy year will generate Outstanding Debt of $10,575. Interest on
the full amount of any Outstanding Debt is due for each subsequent Policy year
on the Policy Anniversary, until the Outstanding Debt is repaid. If interest is
not paid when due, it will be added to the amount of the Outstanding Debt.
The Owner may repay all or part of the Outstanding Debt at any time while
the Policy is in force. Only payments indicated as loan or interest payments
will be treated as such. Loan repayments reduce the Outstanding Debt by the
amount of the payment plus a factor reflecting the interest previously paid in
advance for that Policy year on the Outstanding Debt. For example, a loan
repayment of $10,000 on the first day of the
26
<PAGE> 28
Policy year will reduce the Outstanding Debt by $10,575. The difference between
the loan repayment and the reduction in the Outstanding Debt is referred to as
Unearned Loan Interest. If a loan repayment is made which exceeds the
Outstanding Debt, the excess will be applied as a Scheduled Premium Payment.
When a Policy Owner takes a loan, an amount equal to the loan is
transferred out of the Policy Owner's Fund Value in the Subaccounts and the
Guaranteed Interest Account into the Loan Account to secure the loan. The Policy
Owner may, within certain limits, specify the amount or the percentage of the
loan amount to be deducted from the Subaccounts. The maximum portion of the loan
which may be allocated to the Guaranteed Interest Account is equal to the
Guaranteed Interest Account's prorated portion of the loan based on the Fund
Values on the date of the loan. If the Policy Owner does not specify the source
of the transfer, or if the transfer instructions are incorrect, loan amounts
will be deducted from the Subaccounts and the Guaranteed Interest Account in the
proportion that each bears to the Fund Value less Outstanding Debt. Each Policy
Anniversary, an amount equal to the loan interest due and unpaid for the Policy
Year will be transferred to the Loan Account from the Subaccounts and Guaranteed
Interest Account on the basis specified by the Policy Owner, or, if not
specified, on a proportional basis.
The Loan Account is a part of the Company's General Account. Amounts held
in the Loan Account are credited monthly with a fixed rate of interest equal to
an annualized rate of 5.0%. After the tenth Policy anniversary, the annual
interest rates that are applicable to the Loan Account will be .5% higher than
the rates applicable to policies of the same type which have not yet reached
their tenth policy anniversary. This increase is based on a reduction in the
Company's hold back margin for profit and expenses. This increase is guaranteed
and will be credited only when interest in excess of the 5% guaranteed rate is
being applied to amounts allocated to the Guaranteed Interest Account for
policies of the same type which have not yet reached their tenth policy
anniversary.
Loan repayments release funds from the Loan Account. Unless otherwise
requested by a Policy Owner, amounts released from the Loan Account as a result
of a loan repayment will be transferred into the Subaccounts and Guaranteed
Interest Account in accordance with the most recent allocation instructions for
Scheduled Premium Payments, subject to the limitation of maintaining no more
than $250,000 in the Guaranteed Interest Account. In addition, any interest
earned on the amount held in the Loan Account will be transferred to each of the
Subaccounts and Guaranteed Interest Account on the same basis.
While the amount to secure the Outstanding Debt is held in the Loan
Account, the Policy Owner forgoes the investment experience of the Subaccounts
and the current interest rate of the Guaranteed Interest Account on that amount.
Thus Outstanding Debt, whether or not repaid, will have a permanent effect on
the Policy's values and may have an effect on the amount and duration of the
death benefit. If not repaid, the Outstanding Debt reduced by any Unearned Loan
Interest will be deducted from the amount of death benefit paid upon the death
of the Insured, or the Surrender Value paid upon surrender or maturity.
Outstanding Debt may affect the length of time the Policy remains in force.
After the second Policy Anniversary, the Policy will lapse when Cash Value minus
Outstanding Debt is insufficient to cover the monthly deduction against the
Policy's Fund Value on any Monthly Anniversary Day and the minimum payment
required is not made during the Grace Period. Moreover, the Policy may enter the
Grace Period more quickly when Outstanding Debt exists, because the Outstanding
Debt is not available to cover the monthly deduction. Additional payments or
repayment of a portion of Outstanding Debt may be required to keep the Policy or
Rider in force. See "Grace Period and Lapse," page 29.
A loan will not be treated as a distribution from the Policy and will not
result in taxable income to the Policy Owner unless the Policy is a modified
endowment contract, in which case a loan will be treated as a distribution that
may give rise to taxable income. For more information on the tax treatment of
loans, see "Federal Income Tax Considerations," page 35.
27
<PAGE> 29
FULL SURRENDER
A Policy Owner may fully surrender a Policy at any time during the life of
the Insured. The amount received in the event of a full surrender is the
Policy's Surrender Value, which is equal to its Fund Value less any applicable
Fund Charge and less any Outstanding Debt reduced by any Unearned Loan Interest.
A Policy Owner may surrender a Policy by sending a written request together
with the Policy to the Company's Home Office. The proceeds will be determined as
of the end of the Valuation Period during which the request for a surrender is
received. A Policy Owner may elect to have the proceeds paid in cash or applied
under a payment plan offered under the Policy. See "Payment Plan," page 45. For
information on the tax effects of a surrender of a Policy, see "Federal Income
Tax Considerations," page 35.
PARTIAL SURRENDER
A Partial Surrender allows the Policy Owner to obtain a portion of the
Surrender Value of the Policy without having to surrender the Policy in full. A
Partial Surrender may be made after the second Policy anniversary. There is
currently no limit on the number of Partial Surrenders allowed in a Policy year,
but the Company reserves the right to limit the number of Partial Surrenders to
12 per year.
A Partial Surrender must be for at least $500 (plus the applicable fee),
and the Policy's Surrender Value after the Partial Surrender must be at least
$500.
The Policy Owner may make a Partial Surrender by submitting a proper
written request to the Company's Home Office. As of the effective date of any
Partial Surrender, the Policy Owner's Fund Value, Cash Value, and Surrender
Value will be reduced by the amount surrendered (plus the applicable fee). The
amount of the Partial Surrender (plus the applicable fee) will be allocated
proportionately to the Policy Owner's Fund Value in the Subaccounts and the
Guaranteed Interest Account unless otherwise requested by the Policy Owner. If
the Insured dies after the request for a Partial Surrender is sent to the
Company and prior to the Partial Surrender being effected, the amount of the
Partial Surrender will be deducted from the death benefit proceeds, which will
be determined without taking into account the amount surrendered.
When a Partial Surrender is made on a Policy on which the Owner has
selected death benefit Option I, the Specified Amount under the Policy is
decreased by the lesser of (i) the amount of the Partial Surrender or (ii) if
the death benefit prior to the Partial Surrender is greater than the Specified
Amount, the amount, if any, by which the Specified Amount exceeds the difference
between the death benefit and the amount of the Partial Surrender. A Partial
Surrender will not change the Specified Amount of a Policy on which the Owner
has selected death benefit Option II. However, assuming that the death benefit
is not equal to Fund Value plus Fund Value times a death benefit percentage, the
Partial Surrender will reduce the death benefit by the amount of the Partial
Surrender. To the extent the death benefit is based upon the Fund Value plus
Fund Value times the death benefit percentage applicable to the Insured, a
Partial Surrender may cause the death benefit to decrease by an amount greater
than the amount of the Partial Surrender. See "Death Benefits under the Policy,"
page 20.
A fee for each Partial Surrender will be assessed. See "Charges and
Deductions -- Transaction and Other Charges", page 34. In addition, a portion of
the Fund Charge may be assessed if the Specified Amount is reduced as a result
of the Partial Surrender. See "Charges and Deductions -- Fund Charge," page 32.
For information on the tax treatment of Partial Surrenders, see "Federal
Income Tax Considerations," page 35.
PREFERRED PARTIAL SURRENDER
A Fund Charge which otherwise would have been imposed, will not be imposed
to the extent required to permit the Policy Owner to receive amounts up to 10%
of the Cash Value of the Policy each year (on the date the first request for a
Partial Surrender is received in a Policy Year). The Partial Surrender Fee will,
however, be charged. The Company reserves the right to limit the number of
partial surrenders available under the Preferred Partial Surrender to not more
than 12 per policy year.
28
<PAGE> 30
GRACE PERIOD AND LAPSE
In general, the Policy and all Riders attached to it will continue in force
as long as the Cash Value less Outstanding Debt of the Policy is sufficient to
pay all the deductions that are taken from Fund Value each month. The Policy
will lapse only when the Cash Value less Outstanding Debt is insufficient to
cover the current monthly deduction against the Policy's Fund Value on any
Monthly Anniversary Day, and a 61-day Grace Period expires without the Policy
Owner making a sufficient payment.
SPECIAL RULE FOR FIRST TWO POLICY YEARS
During the first two Policy years, if on each Monthly Anniversary Day the
sum of premiums paid, less the sum of Partial Surrenders (and its fees) and any
Outstanding Debt is greater than or equal to the Minimum Monthly Premiums times
the number of completed Policy months, the Policy and all attached Riders are
guaranteed not to lapse, regardless of the amount of Cash Value less Outstanding
Debt.
If the insufficiency occurs at any time after the second Policy
anniversary, or if the Minimum Monthly Premium test has not been met during the
first two Policy years, the Policy may be at risk of lapse, as explained below.
If an insufficiency occurs the Owner must pay during the Grace Period the
amount required under the Policy to avoid Lapse. In addition, payment of any
loan interest accrued for the Policy year but unpaid as of the Monthly
Anniversary Day when insufficiency occurs may be required prior to the end of
the Grace Period.
The Company will not accept any payment if it would cause the Policy
Owner's total premium payments to exceed the maximum permissible premium for the
Policy's Specified Amount under the Internal Revenue Code. This may occur when
the Policy Owner has Outstanding Debt, in which case the Policy Owner could
repay a sufficient portion of the Outstanding Debt to avoid termination. In this
instance, the Policy Owner may wish to repay an additional portion of the
Outstanding Debt to avoid recurrence of the potential lapse. If premium payments
have not exceeded the maximum permissible premiums for the Policy's Specified
Amount, the Policy Owner may also wish to make larger or more frequent premium
payments to avoid recurrence of the potential lapse.
If the Cash Value of the Policy less Outstanding Debt is insufficient to
cover the entire monthly deduction on a Monthly Anniversary Day, the Company
will deduct the amount that is available. The Company will notify the Policy
Owner (and any assignee of record) of the payment required to keep the Policy in
force. The Policy Owner will then have a Grace Period of 61 days, measured from
the date the notice is sent, to make the required payment. During the first two
Policy years, the payment required is the amount of Minimum Monthly Premium not
paid plus not less than two succeeding Minimum Monthly Premiums (or the number
of Minimum Monthly Premiums remaining until the next Scheduled Premium due
date). After the Second Policy anniversary, the payment required is the amount
of the Monthly Deduction not paid plus not less than two succeeding Monthly
Deductions (or the number of Monthly Deductions remaining until the next
Scheduled Premium due date), grossed up by the amount of the Deductions from
Premiums (see "Charges and Deductions -- Deductions from Premiums", page 30).
The Policy will remain in force through the Grace Period. Failure to make the
required payment within the Grace Period will result in termination of coverage
under the Policy, and the Policy will lapse. If the required payment is made
during the Grace Period, any premium paid will be allocated among the
Subaccounts of the Variable Account and the Guaranteed Interest Account in
accordance with the Policy Owner's current Scheduled Premium Payment allocation
instructions. Any monthly deduction due will be charged to the Subaccounts and
the Guaranteed Interest Account on a proportionate basis. If the Insured dies
during the Grace Period, the death benefit proceeds will equal the amount of the
death benefit immediately prior to the commencement of the Grace Period, reduced
by any unpaid monthly deductions and any Outstanding Debt reduced by any
Unearned Loan Interest.
REINSTATEMENT
The Company will reinstate a lapsed Policy (but not a Policy which has been
surrendered for its Surrender Value) at any time within five years after the
Monthly Anniversary Day immediately before the
29
<PAGE> 31
start of the Grace Period but before the Maturity Date, provided the Company
receives the following: (i) a written application from the Policy Owner; (ii)
evidence of insurability satisfactory to the Company; (iii) payment of all
monthly deductions that were due and unpaid during the Grace Period; (iv)
payment of an amount at least sufficient to keep the Policy in force for three
months after the date of reinstatement; and (v) payment of due and unpaid
interest on Outstanding Debt to the next succeeding Policy Anniversary Day.
When the Policy is reinstated, the Fund Value will be equal to the Fund
Value on the date of the lapse, subject to the following: (i) the Fund Charge
will be equal to the Fund Charge that would have existed had the Policy been in
force since the original Policy Date; (ii) the Fund Value will be reduced by the
decrease, if any, in the Fund Charge during the period which the Policy was not
in force; (iii) any Outstanding Debt on the date of lapse will also be
reinstated; and, (iv) no interest on amounts held in the Company's Loan Account
to secure Outstanding Debt will be paid or credited between lapse and
reinstatement. Reinstatement will be effective as of the Monthly Anniversary Day
on or preceding the date of approval by the Company, and Fund Value minus, if
applicable, Outstanding Debt will be allocated among the Subaccounts and the
Guaranteed Interest Account in accordance with the Policy Owner's most recent
Scheduled Premium Payment allocation instructions.
CHARGES AND DEDUCTIONS
DEDUCTIONS FROM PREMIUMS
Certain charges are deducted from each premium payment under a Policy prior
to allocation of the net premium to the Policy Owner's Fund Value. These charges
consists of the following items:
SALES CHARGE
The sales charge is equal to 4% of each premium paid during the first ten
Policy Years, 2% of each premium paid during Policy years 11 through 20, and
none thereafter.
The sales charge is deducted to compensate the Company for the cost of
distributing the Policies. The amount derived by the Company from the sales
charge is not expected to be sufficient to cover the sales and distribution
expenses in connection with the Policies. If surrendered within 15 years after
issuance, or within 15 years following an increase in the Specified Amount, the
Policy will also be subject to a Fund Charge, which is described on page 29. To
the extent that sales and distribution expenses exceed sales charges and any
amounts derived from the sales Fund Charge, such expenses may be recovered from
other charges, including amounts derived indirectly from the charge for
mortality and expense risks and from mortality gains.
TAX CHARGES
All states levy taxes on life insurance premium payments. The amount of
these taxes vary from state to state, and may vary from jurisdiction to
jurisdiction within a state. For policyholders resident in New York, the Company
currently deducts an amount equal to 0.8% of each premium to pay applicable
premium taxes. Currently, these taxes range from 0% to 4%. The 0.8% deduction is
the actual premium tax imposed by the State of New York. The Company does not
expect to make a profit from this charge.
A charge currently equal to 1.25% of each premium payment is deducted from
each premium to cover the estimated cost for the Federal income tax treatment of
deferred acquisition costs determined solely by the amount of life insurance
premiums received. The Company believes this charge for deferred acquisitions
costs is reasonable in relation to the Company's increased federal tax burden
under IRC Section 848 resulting from the receipt of premium payments. No charge
will be deducted where premiums received from a Policy Owner are not subject to
this tax.
The Company reserves the right to increase or decrease charge for taxes due
to any change in tax law or due to any change in the cost to the Company.
30
<PAGE> 32
DAILY DEDUCTIONS FROM THE VARIABLE ACCOUNT
MORTALITY AND EXPENSE RISK CHARGE
Each day a charge is deducted for mortality and expense risks assumed by
the Company. During the first 10 Policy years, this charge is equal to .002055%
per day of the amount in the Subaccounts of the Variable Account, which is
equivalent to an annual rate of .75% of the portion of the Policy Fund Value
allocated to the Variable Account. Each month the Policy remains in force after
the tenth Policy Anniversary, the Fund Value allocated to the Subaccounts will
be credited with an amount which will effectively reduce the Mortality and
Expense Risk Charge. This amount will be determined by multiplying the Fund
Value in all Subaccounts by 0.04167% which is equivalent to 0.5% on an
annualized basis. This amount is guaranteed and will be allocated among the
Subaccounts proportionately on each Monthly Anniversary Day following the tenth
Policy anniversary.
The mortality and expense risk charge is assessed to compensate the Company
for assuming mortality and expense risks under the Policies. The mortality risk
assumed is that Insureds, as a group, may live for a shorter period of time than
estimated and, therefore, the cost of insurance charges specified in the Policy
will be insufficient to meet the Company's actual claims. The expense risk the
Company assumes is that other expenses incurred in issuing and administering the
Policies and operating the Variable Account will be greater than the amount
estimated when setting the charges for these expenses. The Company will realize
a profit from this fee to the extent it is not needed to provide benefits and
pay expenses under the Policies. The Company may use this profit for other
purposes, including any distribution expenses not covered by the sales charge or
Sales Fund Charge.
This charge is not assessed against the amount of the Policy Fund Value
which is allocated to the Guaranteed Interest Account, nor to amounts in the
Loan Account.
MONTHLY DEDUCTIONS FROM FUND VALUE
A charge called the monthly deduction is deducted from a Policy's Fund
Value in the Subaccounts and Guaranteed Interest Account beginning on the Policy
Date and on each Monthly Anniversary Day thereafter. The monthly deduction
consists of the following items:
COST OF INSURANCE
This monthly charge compensates the Company for the anticipated cost of
paying death benefits in excess of Fund Value to Beneficiaries of Insureds who
die. The amount of the charge is equal to a current cost of insurance rate
multiplied by the net amount at risk under a Policy at the beginning of the
Policy Month. The net amount at risk for these purposes is equal to the amount
of death benefit payable at the beginning of the Policy Month less the Fund
Value at the beginning of the Policy Month.
The Policy contains guaranteed cost of insurance rates that may not be
increased. The guaranteed rates are based on the 1980 Commissioners Standard
Ordinary Smoker and Nonsmoker Mortality Tables (for issue ages under 18, no
smoker/nonsmoker adjustment is made and where unisex cost of insurance rates
apply, the 1980 Commissioners Ordinary Mortality Table B). These rates are based
on the Age and underwriting class of the Insured. They are also based on the
gender of the Insured, except that unisex rates are used where appropriate under
applicable law, including in Policies purchased by employers and employee
organizations in connection with employment related insurance or benefit
programs. As of the date of this prospectus, the Company charges "current rates"
that are lower (i.e., less expensive) than the guaranteed rates, and the Company
may also change current rates in the future. Like the guaranteed rates, the
current rates also vary with the age, gender, smoking status, and underwriting
class of the Insured. In addition, they also vary with the policy duration. The
cost of insurance rate generally increases with the Age of the Insured.
If there have been increases in the Specified Amount, then for purposes of
calculating the cost of insurance charge, the Fund Value will first be applied
to the initial Specified Amount. If the Fund Value exceeds the initial Specified
Amount, the excess will then be applied to any increase in Specified Amount in
the order of the increases. If the death benefit equals the Fund Value
multiplied by the applicable death
31
<PAGE> 33
benefit percentage, any increase in Fund Value will cause an automatic increase
in the death benefit. The underwriting class and duration for such increase will
be the same as that used for the most recent increase in Specified Amount (that
has not been eliminated through a subsequent decrease in Specified Amount).
ADMINISTRATIVE CHARGE
An administrative charge is deducted monthly from the Fund Value. The
amount of this charge varies by Issue Age of the Insured, Policy duration and
with the size of a Policy's Specified Amount.
<TABLE>
<CAPTION>
EACH
FIRST 12 POLICY MONTH
POLICY MONTHS THEREAFTER
------------- ------------
<S> <C> <C>
Specified Amount:
Less than $250,000................................ $31.50* $6.50
$250,000 to $499,999.............................. 28.50* 3.50
$500,000 or more.................................. 25.00* None
</TABLE>
* Reduced by $5.00 for issue ages 0 through 17.
For purposes of this charge, if an increase or decrease in Specified Amount
causes a Policy to change bands, the monthly administrative charges on the
Monthly Anniversary Day of the change will be adjusted to reflect the new
Specified Amount. The administrative charge is assessed to reimburse the Company
for the expenses associated with administration and maintenance of the Policies.
The administrative charge is guaranteed never to exceed these amounts. The
Company does not expect to profit from this charge.
OTHER OPTIONAL INSURANCE BENEFITS CHARGES
The monthly deduction will include charges for any other optional insurance
benefits added to the Policy by Rider. See "Other Optional Insurance Benefits,"
page 23.
FUND CHARGE
There will be a difference between the Fund Value of the Policy and its
Cash Value for at least the first fourteen Policy years. This difference is the
Fund Charge, a contingent deferred load. It is a contingent load because it is
assessed only if the Policy is surrendered, if the Policy lapses, or if the
Specified Amount of the Policy is decreased. It is a deferred load because it is
not deducted from the premiums paid. The Fund Charge consists of two charges: an
Administrative Fund Charge and a Sales Fund Charge. The Company will assess the
Fund Charge against the Fund Value upon surrender, lapse or reduction in
Specified Amount within fourteen years after its issuance, or within fourteen
years following an increase in Specified Amount.
ADMINISTRATIVE FUND CHARGE
The Administrative Fund Charge is equal to an amount per thousand dollars
of Specified Amount as follows:
<TABLE>
<CAPTION>
ADMINISTRATIVE
ISSUE AGE FUND CHARGE
--------- --------------
<S> <C>
0-25............................................ $2.50
26.............................................. 3.00
27.............................................. 3.50
28.............................................. 4.00
29.............................................. 4.50
30 or higher.................................... 5.00
</TABLE>
The amount of the charge remains level for five Policy years. After the fifth
Policy Anniversary, the charge decreases by 10% per year until it reaches zero
at the end of the 14th Policy year. An additional Administrative Fund Charge is
created each time a new coverage segment of Specified Amount is added. The
32
<PAGE> 34
Administrative Fund Charge related to the increased Specified Amount decreases
over the 14 years following the date of the increase on a scale identical to
that of the original Administrative Fund Charge.
For example, if a Policy issued at Age 40 with an initial Specified Amount
of $100,000 is surrendered in the third Policy Year, the Administrative Fund
Charge would be $500 ($100 times $5.00). If that Policy is increased in the
fourth Policy year to $150,000 and is subsequently surrendered in the seventh
policy year, the total Administrative Fund Charge would be $650 ($100 times
$5.00 times 80%, plus $50 times $5.00.)
The Administrative Fund Charge is designed to cover the administrative
expenses associated with underwriting and issuing a Policy, including the costs
of processing applications, conducting medical examinations, determining
insurability and the Insured's underwriting class, and establishing policy
records. The Company does not expect to profit from the Administrative Fund
Charge.
SALES FUND CHARGE
To determine the Sales Fund Charge, a "Target Premium" is used. The Target
Premium is not based on the Minimum Annual Premiums or the Scheduled Premium
Payments. The maximum Sales Fund Charge for the initial Specified Amount of the
Policy will be equal to the following percentage of premiums paid up to one
Target Premium. The maximum Sales Fund Charge will not vary based on the amount
of premiums paid or the timing of the premium payments. The actual Sales Fund
Charge for a Policy is a percentage of the premiums paid on the Policy during
the first five Policy years, up to the maximum. This percentage varies by the
Age of the Insured on the Policy Date as follows:
<TABLE>
<CAPTION>
NON-QUALIFIED QUALIFIED
- --------------------------------------------- ---------------------------------------------
PERCENTAGE OF PERCENTAGE OF
AGE PREMIUMS PAID AGE PREMIUM PAID
- ------------------------------ ------------- ------------------------------ -------------
<S> <C> <C> <C>
0-17.......................... 50% 18-35......................... 75%
18-38......................... 75 36-37......................... 70
39-45......................... 70 38-45......................... 65
46-67......................... 65 46-68......................... 60
68............................ 60 69............................ 55
69............................ 55 70............................ 50
70-80......................... 50
</TABLE>
Therefore, the Sales Fund Charge can increase as premiums are paid during the
five year period. Starting on the fifth Policy anniversary, the charge decreases
from its maximum by 10% per year until it reaches zero at the end of the 14th
year.
During the first two Policy years, the Sales Fund Charge will be further
limited.
As an example of the Sales Fund Charge calculation, if a Male Insured Age
25 purchases a Policy with a Specified Amount of $100,000, the Target Premium,
based upon the assumptions described above, would be $580.00 (Preferred,
nonsmoker, Death Benefit Option I). The maximum Sales Fund Charge during the
first five Policy Years would be 75% of this amount, or $435.00.
The purpose of the Sales Fund Charge is to reimburse the Company for some
of the expenses of distributing the Policies.
EFFECT OF CHANGES IN SPECIFIED AMOUNT ON THE FUND CHARGE
The Fund Charge will increase when a new coverage segment of Specified
Amount is created due to a requested increase in coverage. The Fund Charge
related to the increase will be calculated in the same manner as the Fund Charge
for the original Specified Amount, and will be reduced over the 15 year period
following the increase. For purposes of calculating the sales Fund Charge,
premiums paid after the increase will be allocated to Specified Amount segments
in the same proportion that the guideline annual premium as defined by the
federal securities laws for each segment bear to the sum of the guideline annual
premiums for all
33
<PAGE> 35
coverage segments. The new Fund Charge for the Policy will equal the remaining
portion of the Fund Charge for the original Specified Amount, plus the Fund
Charge related to the increase.
A portion of the Fund Charge will be deducted from the Fund Value whenever
the Specified Amount of the Policy is reduced. This may result from a requested
decrease, a change of death benefit option from Option II to Option I, or a
Partial Surrender. The Fund Charge, as well as the transaction charge assessed
for the Partial Surrender, if applicable, will be deducted from the Subaccounts
and the Guaranteed Interest Account on the same basis that the Partial Surrender
is allocated. For purposes of this calculation, if any Subaccount or the
Guaranteed Interest Account is insufficient to provide for its share of the
deduction, the entire deduction will be pro-rated among the Subaccounts from
which the Partial Surrender is deducted in relation to their Fund Values. The
remaining Fund Charge which applies to the Policy will be reduced
proportionately for the amount of the Fund Charge which was assessed against the
Fund Value.
TRANSACTION AND OTHER CHARGES
A Partial Surrender fee will be deducted from the Fund Value for each
Partial Surrender Transaction. The fee will equal the lesser of $25 and 2% of
the Partial Surrender amount. This charge is guaranteed not to exceed these
amounts.
The Company currently does not charge for transfers of Fund Value between
the Subaccounts. The Company does, however, reserve the right to assess a $25
charge on transfers which exceed twelve in any Policy year.
The Company may charge the Subaccounts for federal income taxes incurred by
the Company that are attributable to the Variable Account and its Subaccounts.
No such charge is currently assessed. See "Charge for Company Income Taxes,"
page 39.
The Company will bear the direct operating expenses of the Variable
Account.
FEES AND EXPENSES OF THE FUNDS
The Subaccounts purchase shares of the corresponding Portfolio of the
underlying Funds. The Funds and each of their Portfolios incur certain charges
including the investment advisory fee and certain operating expenses. These fees
and expenses vary by Portfolio and are set forth below. The Funds are governed
by their Boards. The Funds' expenses are not fixed or specified under the terms
of the Policy. The advisory fees and other expenses are summarized at page 13 of
this Prospectus and are more fully described in the prospectuses of the Funds.
Information contained in the following table was provided by the respective
Funds.
PRO FORMA ANNUAL EXPENSES FOR THE YEAR ENDED
DECEMBER 31, 1997
<TABLE>
<CAPTION>
EXPENSES
MANAGEMENT (AFTER TOTAL
FUND/PORTFOLIO FEES REIMBURSEMENT) EXPENSES
-------------- ---------- -------------- --------
<S> <C> <C> <C>
MONY Series Fund, Inc.
Intermediate Term Bond Portfolio............. .50%(1) .16%(2) .66%
Long Term Bond Portfolio..................... .50(1) .12(2) .62
Government Securities Portfolio.............. .50(1) .25(2) .75
Money Market Portfolio....................... .40 .09(2) .49
</TABLE>
34
<PAGE> 36
<TABLE>
<CAPTION>
EXPENSES
MANAGEMENT (AFTER TOTAL
FUND/PORTFOLIO FEES REIMBURSEMENT) EXPENSES
-------------- ---------- -------------- --------
<S> <C> <C> <C>
Enterprise Accumulation Trust
Equity Portfolio............................. .80% .04%(3) .84%
Small Company Value Portfolio................ .80 .06(3) .86
Managed Portfolio............................ .73 .03(3) .76
International Growth Portfolio............... .85 .34(3) 1.19
High Yield Bond Portfolio.................... .60 .17(3) .77
</TABLE>
- ---------------
1. Management Fees of .50% became effective on and after October 14, 1997.
Prior thereto, the investment advisory fees were .40%. The Table reflects
the impact of the increased fees as if the increase had become effective on
and after January 1, 1997.
2. Fees and expenses associated with the computation of the net asset value of
the Fund were reallocated from MONY America to the Fund effective on and
after October 14, 1997. The Table reflects the impact of the reallocation of
fees and expenses as if the reallocation had become effective on and after
January 1, 1997. Expenses also include custodial credit percentages as
follows: Intermediate Term Bond -- .0080%; Long Term Bond -- .0043%;
Government Securities -- .0169%; and Money Market -- .0048%.
3. Reflects expense reimbursements in effect on May 1, 1996. Absent these
expense reimbursements, expenses would have been as follows: Equity -- .84%;
Small Cap -- .86%; Managed -- .76%; International Growth -- 1.19%; and High
Yield Bond -- .77%. The Equity, Small Cap, and Managed Portfolio
reimbursements relate to mutual fund accounting expense.
GUARANTEE OF CERTAIN CHARGES
The Company guarantees that certain charges will not increase. This
includes the charge for mortality and expense risks, the administrative charge,
the sales charge, the guaranteed cost of insurance rates, and the Fund Charge.
Any changes in the current cost of insurance charges or charges for
optional insurance benefits will be made by class of Insured and will be based
on changes in future expectations with respect to investment earnings,
mortality, length of time policies will remain in effect, expenses, and taxes.
In no event will they exceed the guaranteed rates defined in the Policy.
OTHER INFORMATION
FEDERAL INCOME TAX CONSIDERATIONS
The following discussion provides a general description of the federal
income tax considerations relating to the Policy. This discussion is based upon
the Company's understanding of the present federal income tax laws as they are
currently interpreted by the Internal Revenue Service ("IRS"). This discussion
is not intended as tax advice. Because of the inherent complexity of such laws
and the fact that tax results will vary according to the particular
circumstances of the individual involved, tax advice may be needed by a person
contemplating the purchase of the Policy. It should, therefore, be understood
that these comments concerning federal income tax consequences are not an
exhaustive discussion of all tax questions that might arise under the Policy and
that special rules which are not discussed herein may apply in certain
situations. Moreover, no representation is made as to the likelihood of
continuation of federal income tax or estate or gift tax laws or of the current
interpretations by the IRS or the courts. Future legislation may adversely
affect the tax treatment of life insurance policies or other tax rules described
in this discussion or that relate directly or indirectly to life insurance
policies. Finally, these comments do not take into account any state or local
income tax considerations which may be involved in the purchase of the Policy.
35
<PAGE> 37
DEFINITION OF LIFE INSURANCE
Section 7702 of the Internal Revenue Code (the "Code") provides that if one
of two alternate tests are met, a policy will be treated as a life insurance
policy for federal tax purposes. These tests are referred to as the "Cash Value
Accumulation Test" and the "Guideline Premium/Cash Value Corridor Test".
The Policy described in this Prospectus is tested under the Guideline
Premium/Cash Value Corridor Test. This test provides for, among other things,
(i) a maximum allowable premium per thousand dollars of death benefit, known as
the "guideline annual premium", and (ii) a minimum ongoing "corridor" of death
benefit in relation to the Fund Value of the Policy, known as the "death benefit
percentage." See Appendix B, for a table of the Guideline Premium/Cash Value
Corridor Test factors.
The Company believes that the Policy meets this statutory definition of
life insurance and hence will receive federal income tax treatment consistent
with that of fixed life insurance. Thus, the death benefit should be excludable
from the gross income of the Beneficiary (whether the Beneficiary is a
corporation, individual or other entity) under Section 101(a)(1) of the Code for
purposes of the regular federal income tax and the Policy Owner generally should
not be deemed to be in constructive receipt of the cash values under the Policy
until a full surrender thereof, maturity of the Policy, Partial Surrender, or
Preferred Partial Surrender. In addition, certain Policy loans may be taxable in
the case of Policies that are modified endowment contracts. Prospective Policy
Owners that intend to use Policies to fund deferred compensation arrangements
for their employees are urged to consult their tax advisors with respect to the
tax consequences of such arrangements. Prospective corporate Owners should
consult their tax advisors about the treatment of life insurance in their
particular circumstances for purposes of the alternative minimum tax applicable
to corporations.
DIVERSIFICATION REQUIREMENTS
To comply with regulations under Section 817(h) of the Code, each Portfolio
is required to diversify its investments. Generally, a Portfolio is required to
diversify its investments so that on the last day of each quarter of a calendar
year, no more than 55% of the value of its assets is represented by any one
investment, no more than 70% is represented by any two investments, no more than
80% is represented by any three investments, and no more than 90% is represented
by any four investments. Securities of a single issuer generally are treated for
purposes of Section 817(h) as a single investment. However, for this purpose,
each U.S. Government agency or instrumentality is treated as a separate issuer,
and any security issued, guaranteed, or insured (to the extent so guaranteed or
insured) by the U.S. or by an agency or instrumentality of the U.S. is treated
as a security issued by the U.S. Government or its agency or instrumentality,
whichever is applicable.
While there should be no question that, for federal income tax purposes,
the Portfolio shares underlying the Policies are owned by the Company and not by
a Policy Owner or any Beneficiary, no representation is or can be made regarding
the likelihood of the continuation of current interpretations by the IRS.
TAX TREATMENT OF POLICIES
The Technical and Miscellaneous Revenue Act of 1988 established a new class
of life insurance contracts referred to as modified endowment contracts. With
the enactment of this legislation, the Policies will be treated for tax purposes
in one of two ways. Policies that are not classified as modified endowment
contracts will be taxed as conventional life insurance contracts, as described
below. Taxation of pre-death distributions from Policies that are classified as
modified endowment contracts is somewhat different, as described below.
A life insurance contract becomes a "modified endowment contract" if, at
any time during the first seven contract years, the sum of actual premiums paid
exceeds the sum of the "seven-pay premium." Generally, the "seven-pay premium"
is the level annual premium, such that if paid for each of the first seven
years, will fully pay for all future death and endowment benefits under a
contract. For example, if the "seven-pay premiums" were $1,000, the maximum
premiums that could be paid during the first seven years to avoid "modified
endowment" treatment would be $1,000 in the first year; $2,000 through the first
two years and $3,000 through the first three years, etc. Under this test, a
Policy may or may not be a modified endowment contract,
36
<PAGE> 38
depending on the amount of premiums paid during each of the Policy's first seven
contract years. Changes in benefits may require retesting to determine if the
Policy is to be classified as a modified endowment contract.
CONVENTIONAL LIFE INSURANCE POLICIES
If a Policy is not a modified endowment contract, upon full surrender or
maturity of a Policy for its Surrender Value, the excess, if any, of the
Surrender Value plus any outstanding Policy Debt over the cost basis under a
Policy will be treated as ordinary income for federal income tax purposes. A
Policy's cost basis will usually equal the premiums paid less any premiums
previously recovered through Partial Surrenders or Preferred Partial Surrenders.
Under Section 7702 of the Code, special rules apply to determine whether part or
all of the cash received through Partial Surrenders in the first 15 Policy years
is paid out of the income of the Policy and therefore subject to income tax.
Cash distributed to a Policy Owner on Partial Surrenders occurring more than 15
years after the Policy Date will be taxable as ordinary income to the Policy
Owner to the extent that it exceeds the cost basis under a Policy.
The Company also believes that loans received under Policies that are not
modified endowment contracts will be treated as indebtedness of the Owner, and
that no part of any loan under the Policy will constitute income to the Owner
unless the Policy is surrendered or upon maturity of the Policy. Interest paid
(or accrued by an accrual basis taxpayer) on a loan under a Policy that is not a
modified endowment contract may be deductible, subject to several limitations,
depending on the use to which the proceeds are put and the tax rules applicable
to the Policy Owner. If, for example, the loan proceeds are used by an
individual for business or investment purposes, all or part of the interest
expense may be deductible. Generally, if the Policy Loan is used for personal
purposes by an individual, the interest expense is not deductible. The
deductibility of loan interest (whether incurred under a Policy Loan or on other
indebtedness) also may be subject to other limitations. For example, where the
interest is paid (or accrued by an accrued basis taxpayer) on a loan under a
Policy covering the life of an officer, employee, or person financially
interested in the trade or business of the Policy Owners, the interest may be
deductible to the extent that the interest is attributable to the first $50,000
of the Outstanding Debt. Other tax law provisions may limit the deduction of
interest payable on loan proceeds that are used to purchase or carry certain
life insurance policies.
MODIFIED ENDOWMENT CONTRACTS
Pre-death distributions from modified endowment contracts may give rise to
taxable income. Upon full surrender or maturity of the Policy, the Policy Owner
would recognize ordinary income for federal income tax purposes equal to the
amount by which the Surrender Value plus Outstanding Debt exceeds the investment
in the Policy (usually the premiums paid plus certain pre-death distributions
that were taxable less any premiums previously recovered that were excludable
from gross income). Upon Partial Surrenders, Preferred Partial Surrenders, and
Policy loans, the Policy Owner would recognize ordinary income to the extent
allocable to income (which includes all previously non-taxed gains) on the
Policy. The amount allocated to income is the amount by which the Fund Value of
the Policy exceeds investment in the Policy immediately before the distribution.
Under a tax law provision, if two or more policies which are classified as
modified endowment contracts are purchased from any one insurance company,
including the Company, during any calendar year, all such policies will be
aggregated for purposes of determining the portion of the pre-death
distributions allocable to income on the policies and the portion allocable to
investment in the policies.
Amounts received under a modified endowment contract that are included in
gross income are subject to an additional tax equal to 10% of the amount
included in gross income, unless an exception applies. The 10% additional tax
does not apply to any amount received: (i) when the taxpayer is at least 59
years old; (ii) which is attributable to the taxpayer becoming disabled; or
(iii) which is part of a series of substantially equal periodic payments (not
less frequently than annually) made for the life (or life expectancy) of the
taxpayer or the joint lives (or joint life expectancies) of the taxpayer and his
or her beneficiary.
If a Policy was not originally a modified endowment contract but becomes
one, under Treasury Department regulations which are yet to be prescribed,
pre-death distributions received in anticipation of a failure of a Policy to
meet the seven-pay premium test are to be treated as pre-death distributions
from a
37
<PAGE> 39
modified endowment contract (and, therefore, are to be taxable as described
above) even though, at the time of the distribution(s), the Policy was not yet a
modified endowment contract. For this purpose, pursuant to the Code, any
distribution made within two years before the Policy is classified as a modified
endowment contract shall be treated as being made in anticipation of the
Policy's failing to meet the seven-pay premium test.
It is unclear whether interest paid (or accrued by an accrual basis
taxpayer) on Outstanding Debt with respect to a modified endowment contract
constitutes interest for federal income tax purposes. If it does constitute
interest, it may be deductible, subject to several limitations, depending on the
use to which the proceeds are put and the tax rules applicable to the Policy
Owner. If, for example, the loan proceeds are used by an individual for business
or investment purposes, all or part of the interest expense may be deductible.
Generally, if the Policy loan is used for personal purposes by an individual,
the interest expense is not deductible. The deductibility of loan interest
(whether incurred under a Policy Loan or on other indebtedness) also may be
subject to other limitations. For example, where the interest is paid (or
accrued by an accrual basis taxpayer) on a loan under a Policy covering the life
of an officer, employee, or person financially interested in the trade or
business of the Policy Owners, the interest may be deductible to the extent that
the interest is attributable to the first $50,000 of the Outstanding Debt. Other
tax law provisions may limit the deduction of interest payable on loan proceeds
that are used to purchase or carry certain life insurance policies.
REASONABLENESS REQUIREMENT FOR CHARGES
Another provision of the tax law deals with allowable charges for mortality
costs and other expenses that are used in making calculations to determine
whether a contract qualifies as life insurance for federal income tax purposes.
For life insurance policies entered into on or after October 21, 1988, these
calculations must be based upon reasonable mortality charges and other charges
reasonably expected to be actually paid. The Treasury Department is expected to
promulgate regulations governing reasonableness standards for mortality charges.
The Company believes that the mortality costs and other expenses used in making
calculations to determine whether the Policy qualifies as life insurance meet
the current requirements. It is possible that future regulations will contain
standards that would require the Company to modify its mortality charges used
for the purposes of the calculations in order to retain qualification of the
Policy as life insurance for federal income tax purposes, and the Company
reserves the right to make any such modifications.
PENSION AND PROFIT-SHARING PLANS
If the Policies described in this Prospectus are purchased by a fund which
forms part of a pension or profit-sharing plan qualified under Sections 401(a)
or 403 of the Code for the benefit of participants covered under the plan, the
federal income tax treatment of such policies will be somewhat different from
that described above.
If purchased as part of a pension or profit sharing plan, the current cost
of insurance for the net amount at risk is treated as a "current fringe benefit"
and is required to be included annually in the plan participant's gross income.
This cost (generally referred to as the "P.S. 58" cost) is reported to the
participant annually. If the plan participant dies while covered by the plan and
the policy proceeds are paid to the participant's beneficiary, then the excess
of the death benefit over the Policy Fund Value will not be subject to Federal
income tax. However, the Policy Fund Value will generally be taxable to the
extent it exceeds the sum of $5,000 plus the participant's cost basis in the
Policy. The participant's cost basis will generally include the costs of
insurance previously reported as income to the participant. Special rules may
apply if the participant had borrowed from his Policy or was an owner-employee
under the plan.
There are limits on the amounts of life insurance that may be purchased on
behalf of a participant in a pension or profit sharing plan. Complex rules, in
addition to those discussed above, apply whenever life insurance is purchased by
a tax qualified plan.
OTHER EMPLOYEE BENEFIT PROGRAMS
Complex rules may apply when a Policy is held by an employer or a trust, or
acquired by an employee, in connection with the provision of employee benefits.
These Policy Owners also must consider whether the
38
<PAGE> 40
Policy was applied for by or issued to a person having an insurable interest
under applicable state law, as the lack of insurable interest may, among other
things, affect the qualification of the Policy as life insurance for federal
income tax purposes and the right of the beneficiary to death benefits.
Employers and employer-created trusts may be subject to reporting, disclosure,
and fiduciary obligations under the Employee Retirement Income Security Act of
1974 (ERISA). The Policy Owners legal advisor should be consulted to address
these issues.
OTHER
Federal estate and gift and state and local estate, inheritance, and other
tax consequences of ownership or receipt of Policy proceeds depend on the
jurisdiction and the circumstances of each Owner or Beneficiary.
For complete information on federal, state, local and other tax
considerations, a qualified tax advisor should be consulted.
THE COMPANY DOES NOT MAKE ANY GUARANTEE REGARDING
THE TAX STATUS OF ANY POLICY.
CHARGE FOR COMPANY INCOME TAXES
For federal income tax purposes, variable life insurance generally is
treated in a manner consistent with fixed life insurance. The Company will
review the question of a charge to the Variable Account for the Company's
federal income taxes periodically. A charge may be made for any federal income
taxes incurred by the Company that are attributable to the Variable Account.
This might become necessary if the tax treatment of the Company is ultimately
determined to be other than what the Company currently believes it to be, if
there are changes made in the federal income tax treatment of variable life
insurance at the insurance company level, or if there is a change in the
Company's tax status.
Under current laws, the Company may incur state and local taxes (in
addition to premium taxes imposed by the states) in several states. At present,
these taxes are not significant. If there is a material change in applicable
state or local tax laws or in the cost to the Company, the Company reserves the
right to charge the Account for such taxes, if any, attributable to the Account.
VOTING OF FUND SHARES
In accordance with its view of present applicable law, the Company will
exercise voting rights attributable to the shares of each portfolio of the Funds
held in the Subaccounts at any regular and special meetings of the shareholders
of the Funds on matters requiring shareholder voting under the Investment
Company Act of 1940. The Company will exercise these voting rights based on
instructions received from persons having the voting interest in corresponding
Subaccounts of the Variable Account. However, if the Investment Company Act of
1940 or any regulations thereunder should be amended, or if the present
interpretation thereof should change, and as a result the Company determines
that it is permitted to vote the shares of the Funds in its own right, it may
elect to do so.
The person having the voting interest under a Policy is the Policy Owner.
Unless otherwise required by applicable law, the number of votes as to which a
Policy Owner will have the right to instruct for any Portfolio will be
determined by dividing a Policy Owner's Fund Value in the Subaccount which
corresponds to the Portfolio by $100. Fractional votes will be counted. The
number of votes as to which a Policy Owner will have the right to instruct will
be determined as of the date determined by the Company, but in no event shall
such date be more than 90 days prior to the date established by the respective
Fund for determining shareholders eligible to vote at the meeting of the
respective Fund. If required by the Securities and Exchange Commission, the
Company reserves the right to determine in a different fashion the voting rights
attributable to the shares of the respective Fund based upon the instructions
received from Policy Owners. Voting instructions may be cast in person or by
proxy.
39
<PAGE> 41
Voting rights attributable to the Policy Owner's Fund Value held in each
Subaccount for which no timely voting instructions are received will be voted by
the Company in the same proportion as the voting instructions which are received
in a timely manner for all Policies participating in that Subaccount. The
Company will also exercise the voting rights from assets in each Subaccount
which are not otherwise attributable to Policy Owners, if any, in the same
proportion as the voting instructions which are received in a timely manner for
all Policies participating in that Subaccount and generally will exercise voting
rights attributable to shares of Portfolios of the Funds held in its General
Account, if any, in the same proportion as votes cast with respect to shares of
Portfolios of the Funds held by the Variable Account and other separate accounts
of the Company, in the aggregate.
DISREGARD OF VOTING INSTRUCTIONS
The Company may, when required by state insurance regulatory authorities,
disregard voting instructions if the instructions require that voting rights be
exercised so as to cause a change in the subclassification or investment
objective of a Portfolio or to approve or disapprove an investment advisory
contract. In addition, the Company itself may disregard voting instructions of
changes initiated by Policy Owners in the investment policy or the investment
adviser (or portfolio manager) of a Portfolio, provided that the Company's
disapproval of the change is reasonable and is based on a good faith
determination that the change would be contrary to state law or otherwise
inappropriate, considering the Portfolio's objectives and purpose, and
considering the effect the change would have on the Company. In the event the
Company does disregard voting instructions, a summary of that action and the
reasons for such action will be included in the next report to Policy Owners.
REPORT TO POLICY OWNERS
A statement will be sent at least annually to each Policy Owner setting
forth a summary of the transactions which occurred since the last statement and
indicating the death benefit, Specified Amount, Fund Value, Surrender Value, and
any Outstanding Debt. In addition, the statement will indicate the allocation of
Fund Value among the Guaranteed Interest Account, the Loan Account and the
Subaccounts and any other information required by law. Confirmations will be
sent out upon premium payments, transfers, loans, loan repayments, withdrawals,
and surrenders.
Each Policy Owner will also receive an annual and a semiannual report
containing financial statements for the Variable Account and the Funds, the
latter of which will include a list of the portfolio securities of the Funds, as
required by the Investment Company Act of 1940, and/or such other reports as may
be required by federal securities laws.
SUBSTITUTION OF INVESTMENTS AND RIGHT TO CHANGE OPERATIONS
The Company reserves the right, subject to compliance with the law as then
in effect, to make additions to, deletions from, or substitutions for the
securities that are held by the Variable Account or any of its other separate
accounts or that the Variable Account or any of its other separate accounts may
purchase. If shares of any or all of the Portfolios of the Funds should no
longer be available for investment, or if, in the judgment of the Company's
management, further investment in shares of any or all Portfolios of the Funds
should become inappropriate in view of the purposes of the Policies, the Company
may substitute shares of another Portfolio of the Funds or of a different fund
for shares already purchased, or to be purchased in the future under the
Policies.
Where required, the Company will not substitute any shares attributable to
a Policy Owner's interest in a Variable Account without notice, Policy Owner
approval, or prior approval of the Securities and Exchange Commission and
without following the filing or other procedures established by applicable state
insurance regulators.
The Company also reserves the right to establish additional Subaccounts of
the Variable Account, each of which would invest in a new portfolio of the
Funds, or in shares of another investment company, a portfolio thereof, or
another suitable investment vehicle, with a specified investment objective. New
Subaccounts may
40
<PAGE> 42
be established when, in the sole discretion of the Company, marketing needs or
investment conditions warrant, and any new Subaccounts will be made available to
existing Policy Owners on a basis to be determined by the Company. The Company
may also eliminate one or more Subaccounts if, in its sole discretion,
marketing, tax, or investment conditions so warrant.
In the event of any such substitution or change, the Company may, by
appropriate endorsement, make such changes in this and other policies as may be
necessary or appropriate to reflect such substitution or change. If deemed by
the Company to be in the best interests of persons having voting rights under
the Policies, the Variable Account may be operated as a management investment
company under the Investment Company Act of 1940 or any other form permitted by
law, it may be deregistered under that Act in the event such registration is no
longer required, or it may be combined with other separate accounts of the
Company or an affiliate thereof. Subject to compliance with applicable law, the
Company also may combine one or more Subaccounts and may establish a committee,
board, or other group to manage one or more aspects of the operation of the
Variable Account.
CHANGES TO COMPLY WITH LAW
The Company reserves the right to make any change without consent of Policy
Owners to the provisions of the Policy to comply with, or give Policy Owners the
benefit of, any Federal or State statute, rule, or regulation, including but not
limited to requirements for life insurance contracts under the Internal Revenue
Code, under regulations of the United States Treasury Department or any state.
PERFORMANCE INFORMATION
Performance information for the Subaccounts of the Variable Account may
appear in advertisements, sales literature, or reports to Policy Owners or
prospective purchasers. Performance information in advertisements or sales
literature may be expressed in any fashion permitted under applicable law, which
may include presentation of a change in a Policy Owner's Fund Value attributable
to the performance of one or more Subaccounts, or as a change in Policy Owner's
death benefit. Performance quotations may be expressed as a change in a Policy
Owner's Fund Value over time or in terms of the average annual compounded rate
of return on the Policy Owner's Fund Value, based upon a hypothetical Policy in
which premiums have been allocated to a particular Variable Account over certain
periods of time that will include one, five and ten years, or from the
commencement of operation of the Variable Account if less than one, five, or ten
years. Any such quotation may reflect the deduction of all applicable charges to
the Policy including premium load, the cost of insurance, the administrative
charge, and the mortality and expense risk charge. The quotation may also
reflect the deduction of the Fund Charge, if applicable, by assuming a surrender
at the end of the particular period, although other quotations may
simultaneously be given that do not assume a surrender and do not take into
account deduction of the Fund Charge.
Performance information for the Variable Account may be compared, in
advertisements, sales literature, and reports to Policy Owners to: (i) other
variable life separate accounts or investment products tracked by research
firms, ratings services, companies, publications, or persons who rank separate
accounts or investment products on overall performance or other criteria; and
(ii) the Consumer Price Index (measure for inflation) to assess the real rate of
return from the purchase of a Policy. Reports and promotional literature may
also contain the Company's rating or a rating of the Company's claim paying
ability as determined by firms that analyze and rate insurance companies and by
nationally recognized statistical rating organizations.
Performance information for any Subaccount of the Variable Account reflects
only the performance of a hypothetical Policy whose Fund Value is allocated to
the Variable Account during a particular time period on which the calculations
are based. Performance information should be considered in light of the
investment objectives and policies, characteristics and quality of the
Portfolios of the Funds in which the Variable Account invests, and the market
conditions during the given period of time, and should not be considered as a
representation of what may be achieved in the future.
41
<PAGE> 43
THE GUARANTEED INTEREST ACCOUNT
Policy Owners may allocate all or a portion of their net premiums and
transfer Fund Value to the Guaranteed Interest Account of the Company. Amounts
allocated to the Guaranteed Interest Account become part of the "General
Account" of the Company, which supports insurance and annuity obligations.
Descriptions of the Guaranteed Interest Account are included in this Prospectus
for the convenience of the Purchaser. The Guaranteed Interest Account and the
General Account of the Company have not been registered under the Securities Act
of 1933 and the Investment Company Act of 1940. Accordingly, neither the
Guaranteed Interest Account nor any interest therein is generally subject to the
provisions of these Acts and, as a result, the staff of the Securities and
Exchange Commission has not reviewed the disclosure in this prospectus relating
to the Guaranteed Interest Account. Disclosures regarding the Guaranteed
Interest Account may, however, be subject to certain generally applicable
provisions of the federal securities laws relating to the accuracy and
completeness of statements made in the prospectus. For more details regarding
the Guaranteed Interest Account, see the Policy.
GENERAL DESCRIPTION
Amounts allocated to the Guaranteed Interest Account become part of the
General Account of Company which consists of all assets owned by the Company
other than those in the Variable Account and other separate accounts of the
Company. Subject to applicable law, the Company has sole discretion over the
investment of the assets of its General Account.
The Policy Owner may elect to allocate net premiums to the Guaranteed
Interest Account, the Variable Account, or both. The Policy Owner may also
transfer Fund Value from the Subaccounts of the Variable Account to the
Guaranteed Interest Account, or from the Guaranteed Interest Account to the
Subaccounts, subject to the limitations described below. Company guarantees that
the Fund Value in the Guaranteed Interest Account will be credited with a
minimum interest rate of 0.013368% daily, compounded daily, for a minimum
effective annual rate of 5.0%. Such interest will be paid regardless of the
actual investment experience of the Guaranteed Interest Account. In addition,
Company may in its sole discretion declare current interest in excess of the
5.0% annual rate, which will be guaranteed for approximately one year. (The
portion of a Policy Owner's Fund Value that has been used to secure Outstanding
Debt will be credited with a guaranteed interest rate of 0.013368% daily,
compounded daily, for a minimum effective annual rate of 5.0%.) After the tenth
Policy anniversary, the annual interest rates that apply to the Fund Value in
the Guaranteed Interest Account and to the Loan Account will be .5% higher than
the rates applicable to policies of the same type which have not yet reached
their tenth policy anniversary. This increase is guaranteed and will be credited
only when interest in excess of the 5% guaranteed rate is being applied to
amounts allocated to the Guaranteed Interest Account for policies of the same
type which have not yet reached their tenth policy anniversary.
The Company bears the full investment risk for the Fund Value allocated to
the Guaranteed Interest Account.
LIMITATIONS ON AMOUNTS IN THE GUARANTEED INTEREST ACCOUNT
No net premium or transfer to the Guaranteed Interest Account will be
accepted which would cause the Guaranteed Interest Account to exceed $250,000 on
the date of payment or transfer. The Company reserves the right to increase or
decrease this limit in the future. For payments which exceed the limit, the
Company will accept the portion of the payment up to $250,000 and will return
the excess payment to the Policy Owner. For transfers which exceed the limit,
the Company will accept the portion of the transfer up to the $250,000. The
amount of the requested transfer which would otherwise cause the Guaranteed
Interest Account to exceed $250,000 will be retained in the Subaccounts in the
same proportion that the amount actually transferred bears to the total
requested transfer amount. These limits are waived in the event the Policy Owner
elects the Right to Exchange Policy. See "Right to Exchange Policy", page 26.
42
<PAGE> 44
DEATH BENEFIT
The death benefit under the Policy will be determined in the same fashion
for a Policy Owner who has Fund Value in the Guaranteed Interest Account as for
a Policy Owner who has Fund Value in the Subaccounts. The death benefit under
Option I will be equal to the Specified Amount of the Policy plus the increase
in Fund Value since the last Monthly Anniversary Day or, if greater, Fund Value
on the date of death plus Fund Value on the last Monthly Anniversary Day
multiplied by a death benefit percentage. Under Option II, the death benefit
will be equal to the Specified Amount of the Policy plus the Fund Value or, if
greater, Fund Value on the date of death plus Fund Value on the last Monthly
Anniversary Day multiplied by a death benefit percentage. See "Death Benefits
under the Policy," page 20.
POLICY CHARGES
Deductions from premium, monthly deductions from the Fund Value, and Fund
Charges will be the same for Policy Owners who allocate net premiums or transfer
Fund Value to the Guaranteed Interest Account as for Policy Owners who allocate
net premiums to the Subaccounts. These charges include the sales and tax
charges; the charges for the cost of insurance, administrative charge, the
charge for any optional insurance benefits added by Rider; and administrative
Fund Charge and the sales Fund Charge. Fees for Partial Surrenders and, if
applicable, transfer charges, will also be deducted from the Guaranteed Interest
Account.
Charges applicable to the Portfolios, including the operating expenses of
the Portfolios, as well as the investment advisory fee charged by the Portfolio
managers, will not be paid directly or indirectly by Policy Owners to the extent
the Fund Value is allocated to the Guaranteed Interest Account. Likewise, the
mortality and expense risk charge applicable to the Fund Value allocated to the
Subaccounts is not deducted from Fund Value allocated to the Guaranteed Interest
Account. Any amounts that the Company pays for income taxes allocable to the
Subaccounts will not be charged against the Guaranteed Interest Account.
However, it is important to remember that Policy Owners will not participate in
the investment experience of the Subaccounts to the extent that Fund Values are
allocated to the Guaranteed Interest Account.
TRANSFERS
Amounts may be transferred after the Free Look Period from the Subaccounts
to the Guaranteed Interest Account and from the Guaranteed Interest Account to
the Subaccounts, subject to the following limitations.
Transfers to the Guaranteed Interest Account may be made at any time and in
any amount, subject to the $250,000 limit on total amounts allocated to the
Guaranteed Interest Account referenced above. These limits are waived in the
event the Policy Owner elects the Right to Exchange the Policy. See "Right to
Exchange Policy", page 26.
Transfers from the Guaranteed Interest Account to the Subaccounts are
limited to one in any Policy year. Further, transfers from the Guaranteed
Interest Account are limited to the greater of $5,000 and 25% of the Fund Value
allocated to the Guaranteed Interest Account on the date of the transfer.
Transfers from the Guaranteed Interest Account may only be made during the time
period which begins on the Policy Anniversary and which ends 30 days after the
Policy Anniversary. If the transfer request is received on the Policy
Anniversary, it will be processed as of the Policy Anniversary; if it is
received within 30 days after the Policy Anniversary, the transfer will be
effective as of the Valuation Date when it is received. Any request received
within 10 days before the Policy Anniversary will be deemed received on the
Policy Anniversary. Any transfer requests received at other times will not be
honored, and will be returned to the Policy Owner.
Currently there is no charge imposed upon transfers; however, the Company
reserves the right to assess such a charge in the future and to impose other
limitations on the number of transfers, the amount of transfers, and the amount
remaining in the Guaranteed Interest Account or Subaccounts after a transfer.
43
<PAGE> 45
SURRENDERS AND POLICY LOANS
The Policy Owner may also make Full Surrenders, Partial Surrenders, and
Preferred Partial Surrenders from the Guaranteed Interest Account to the same
extent as a Policy Owner who has invested in the Subaccounts. See "Full
Surrender", page 28, "Partial Surrender", page 28, and "Preferred Partial
Surrender", page 28. Transfers and surrenders payable from the Guaranteed
Interest Account, and the payment of Policy loans allocated to the Guaranteed
Interest Account, may be delayed for up to six months.
MORE ABOUT THE POLICY
OWNERSHIP
The Policy Owner is the individual named as such in the application or in
any later change shown in the Company's records. While the Insured is living,
the Policy Owner alone has the right to receive all benefits and exercise all
rights that the Policy grants or the Company allows.
JOINT OWNERS
If more than one person is named as Policy Owner, they are joint owners.
Any Policy transaction requires the signature of all persons named jointly.
Unless otherwise provided, if a joint owner dies, ownership passes to the
surviving joint owner(s). When the last joint owner dies, ownership passes
through that person's estate, unless otherwise provided.
BENEFICIARY
The Beneficiary is the individual named as such in the application or any
later change shown in the Company's records. The Policy Owner may change the
Beneficiary at any time during the life of the Insured by written request on
forms provided by the Company, which must be received by the Company at its Home
Office. The change will be effective as of the date this form is signed.
Contingent and/or concurrent Beneficiaries may be designated. The Policy Owner
may designate a permanent Beneficiary, whose rights under the Policy cannot be
changed without his or her consent. Unless otherwise provided, if no designated
Beneficiary is living upon the death of the Insured, the Policy Owner or the
Policy Owner's estate is the Beneficiary.
The Company will pay the death benefit proceeds to the Beneficiary. Unless
otherwise provided, in order to receive proceeds at the Insured's death, the
Beneficiary must be living at the time of the Insured's death.
THE POLICY
This Policy is a contract between the Policy Owner and the Company. The
entire contract consists of the Policy, a copy of the initial application, all
subsequent applications to change the Policy, any endorsements, all Riders, and
all additional Policy information sections (specification pages) added to the
Policy.
NOTIFICATION AND CLAIMS PROCEDURES
Any election, designation, change, assignment, or request made by the
Policy Owner must be in writing on a form acceptable to the Company. The Company
is not liable for any action taken before such written notice is received and
recorded. The Company may require that the Policy be returned for any Policy
change or upon its surrender.
In the event of an Insured's death while the Policy is in force notice
should be given to the Company as soon as possible. Claim procedure instructions
will be sent immediately. As due proof of death, the Company may require proof
of Age and a certified copy of a death certificate. The Company may also require
the Beneficiary and the Insured's next of kin to sign authorizations as part of
this process. These authorization forms allow the Company to obtain information
about the Insured, including but not limited to medical records of physicians
and hospitals used by the Insured.
44
<PAGE> 46
PAYMENTS
The Company will pay death benefit proceeds, the Surrender Value on
surrender, Partial Surrenders, Preferred Partial Surrenders, and loan proceeds
based on allocations made to the Subaccounts, and will effect a transfer between
Subaccounts or from the Variable Account to the Guaranteed Interest Account
within seven days after the Company receives all the information needed to
process a payment.
However, the Company can postpone the calculation or payment of such a
payment or transfer of amounts based on investment performance of the
Subaccounts if:
The New York Stock Exchange is closed on other than customary weekend and
holiday closing or trading on the New York Stock Exchange is restricted as
determined by the SEC; or
An emergency exists, as determined by the SEC, as a result of which
disposal of securities is not reasonably practicable or it is not reasonably
practicable to determine the value of the Account's net assets; or
The SEC by order permits postponement for the protection of Policy Owners.
PAYMENT PLAN/SETTLEMENT PROVISIONS
Maturity or surrender benefits may be used to purchase a payment plan
providing monthly income for the lifetime of the Insured, and death benefit
proceeds may be used to purchase a payment plan providing monthly income for the
lifetime of the Beneficiary. The monthly payments consisting of proceeds plus
interest will be paid in equal installments for at least ten years. The purchase
rates for the payment plan are guaranteed not to exceed those shown in the
Policy, but current rates that are lower (i.e., providing greater income) may be
established by the Company from time to time. This benefit is not available if
the income would be less than $25 a month. Maturity or surrender benefits or
death benefit proceeds may be used to purchase any other payment plan that the
Company makes available at that time.
PAYMENT IN CASE OF SUICIDE
If the Insured dies by suicide within two years from the Policy Date or
Reinstatement Date, the Company will limit the death benefit proceeds to the
premium payments less any Partial Surrender and Preferred Partial Surrender
amounts (and their fees) and less any Outstanding Debt reduced by any Unearned
Loan Interest. If an Insured dies by suicide within two years of the effective
date of any increase in the Specified Amount, the Company will refund the cost
of insurance charges made with respect to such increase.
ASSIGNMENT
The Policy Owner may assign a Policy as collateral security for a loan or
other obligation. No assignment will bind the Company unless the original, or,
with the consent of the Company, a copy, is received at the Company's Home
Office, and it will be effective only when recorded by the Company. An
assignment does not change the ownership of the Policy. However, after an
assignment, the rights of any Policy Owner or Beneficiary will be subject to the
assignment. The entire Policy, including any attached payment option or Rider,
will be subject to the assignment. The Company will rely solely on the
assignee's statement as to the amount of the assignee's interest. The Company
will not be responsible for the validity of any assignment. Unless otherwise
provided, the assignee may exercise all rights this Policy grants except (a) the
right to change the Policy Owner or Beneficiary; and (b) the right to elect a
payment option. Assignment of a Policy that is a modified endowment contract may
generate taxable income. (See "Federal Income Tax Considerations", page 31.)
ERRORS ON THE APPLICATION
If the Age or gender of the Insured has been misstated, the death benefit
under this Policy will be the greater of that which would be purchased by the
most recent cost of insurance charge at the correct Age and gender, or the death
benefit derived by multiplying the Fund Value by the death benefit percentage
for the
45
<PAGE> 47
correct Age and gender. If unisex cost of insurance rates apply, no adjustment
will be made for a misstatement of sex. See "Cost of Insurance", page 31.
INCONTESTABILITY
The Company may contest the validity of this Policy if any material
misstatements are made in the application. However, the Policy will be
incontestable as follows: the initial Specified Amount cannot be contested after
the Policy has been in force during the Insured's lifetime for two years from
the Policy Date; and an increase in the Specified Amount or any reinstatement
cannot be contested after the increase or the reinstated policy has been in
force during an Insured's lifetime for two years from its effective date.
POLICY ILLUSTRATIONS
Upon request, the Company will send the Policy Owner an illustration of
future benefits under the Policy based on both guaranteed and current cost
assumptions.
DISTRIBUTION OF THE POLICY
MONY Securities Corp. ("MSC"), a wholly owned subsidiary of the Company, is
principal underwriter (distributor) of the Policies. MSC is registered as a
broker-dealer under the Securities Exchange Act of 1934 and is a member of the
National Association of Securities Dealers. The Policies are sold by individuals
who are registered representatives of MSC and who are also licensed as life
insurance agents for the Company. The Policies may also be sold through other
broker/dealers authorized by MSC and applicable law to do so.
Except where MSC has authorized other broker/dealers to sell the Policies
(as described in the preceding paragraph), compensation payable for the sale of
the Policies will be based upon the following schedule. After issue of the
Contract, commissions will equal at most 50 percent of premiums paid.
Thereafter, commissions will equal at most 4.0 percent of any additional
premiums. Upon any subsequent increase in Specified Amount, commissions will
equal at most 50 percent of premiums paid on or after the increase up to a
maximum amount. Thereafter, commissions will return to no more than the 4.0
percent level. Further, registered representatives may be eligible to receive
certain bonuses and other benefits based on the amount of earned commissions.
Commissions may be required to be repaid to the Company if Sales Charges
are refunded upon exercise of the exchange privileges during the first 24 months
after the Policy Date or within 24 months following an increase in Specified
Amount.
In addition, registered representatives who meet specified production
levels may qualify, under sales incentive programs adopted by Company, to
receive noncash compensation such as expense-paid trips, expense-paid
educational seminars and merchandise. Company makes no separate deductions,
other than previously described, from premiums to pay sales commissions or sales
expenses.
46
<PAGE> 48
MORE ABOUT THE COMPANY
MANAGEMENT
The trustees and officers of the Company at February 1, 1998 are listed
below. The business address for all trustees and officers of the Company is 1740
Broadway, New York, New York 10019.
Current Trustees of the Company are:
<TABLE>
<CAPTION>
NAME POSITION AND OFFICES WITH DEPOSITOR
---- -----------------------------------
<S> <C>
Claude M. Ballard.......... Trustee
Tom H. Barrett............. Trustee
David L. Call.............. Trustee
G. Robert Durham........... Trustee
James B. Farley............ Trustee
Robert Holland, Jr......... Trustee
Robert R. Kiley............ Trustee
James L. Johnson........... Trustee
John R. Meyer.............. Trustee
Jane C. Pfeiffer........... Trustee
Thomas C. Theobald......... Trustee
</TABLE>
Current Officer-Trustees of the Company are:
<TABLE>
<CAPTION>
NAME POSITION AND OFFICES WITH DEPOSITOR
---- -----------------------------------
<S> <C>
Michael I. Roth............ Trustee, Chairman and Chief Executive Officer
Samuel J. Foti............. Trustee, President and Chief Operating Officer
Kenneth M. Levine.......... Executive Vice President and Chief Investment Officer
</TABLE>
Other Officers of the Company are:
<TABLE>
<CAPTION>
NAME OFFICES WITH DEPOSITOR
---- ----------------------
<S> <C>
Thomas J. Conklin.......... Senior Vice President
Richard E. Connors......... Senior Vice President
Richard Daddario........... Executive Vice President and Chief Financial Officer
Phillip A. Eisenberg....... Senior Vice President and Chief Actuary
Stephen J. Hall............ Senior Vice President
Richard E. Mulroy, Jr...... Senior Vice President
Francis J. Waldron......... Senior Vice President
David V. Weigel............ Treasurer
</TABLE>
No officer or trustee listed above receives any compensation from the
Variable Account. No separately allocable compensation has been paid by the
Company or any of its affiliates to any person listed for services rendered to
the Account.
STATE REGULATION
The Company is subject to the laws of the state of New York governing
insurance companies and to regulation by the Superintendent of Insurance of New
York. In addition, it is subject to the insurance laws and regulations of the
other states and jurisdictions in which it is licensed or may become licensed to
operate. An annual statement in a prescribed form must be filed with the
Superintendent of Insurance of New York and with regulatory authorities of other
states on or before March 1st in each year. This statement covers the operations
of the Company for the preceding year and its financial condition as of December
31st of that year. The Company's affairs are subject to review and examination
at any time by the Superintendent of Insurance or his agents, and subject to
full examination of Company's operations at periodic intervals.
47
<PAGE> 49
TELEPHONE TRANSFER PRIVILEGES
A Policy Owner may request a transfer of Fund Value or change allocation
instructions for future premiums by telephone if an authorization for telephone
transfer form has been completed, signed, and received at the Company's Syracuse
Operations Center. All or part of any telephone conversation with respect to
transfer and allocation instructions may be recorded by the Company. Telephone
instructions received by the Company by 4:00 p.m. Eastern time on any Valuation
Date will be effected as of the end of that Valuation Date in accordance with
the Policy Owner's instructions, subject to the limitations stated in this
prospectus (presuming that the Free Look Period has expired). The Company
reserves the right to deny any telephone transfer or allocation request. If all
telephone lines are busy (which might occur, for example, during periods of
substantial market fluctuations), Policy Owners might not be able to request
transfers by telephone and would have to submit written requests. Telephone
transfer and allocation instructions will only be accepted if complete and
correct.
The Company has adopted guidelines relating to telephone transfers and
allocation instructions that, among other things, outlines procedures to be
followed which are designed, and which the Company believes are reasonable, to
prevent unauthorized instructions. If these procedures are followed, the Company
shall not be liable for, and the Policy Owner will therefore bear the entire
risk of, any loss as a result of the Company's following telephone instructions
in the event that such instructions prove to be fraudulent. A copy of the
guidelines and the Company's form for electing telephone transfer privileges is
available from licensed agents of the Company who are also registered
representatives of MSC or by calling 1-800-487-6669. The Company's form must be
signed and received at the Company's Syracuse Operations Center before telephone
transfers will be accepted.
LEGAL PROCEEDINGS
There are no legal proceedings pending to which the Variable Account is a
party, or which would materially affect the Variable Account.
LEGAL MATTERS
Legal matters in connection with the issue and sale of the Policies
described in this Prospectus and the organization of the Company, its authority
to issue the Policies under New York law, and the validity of the forms of the
Policies under New York law have been passed on by the Vice President and Deputy
General Counsel of the Mutual of New York.
Legal matters relating to the federal securities and federal income tax
laws have been passed upon by Edward P. Bank, Vice President and Deputy General
Counsel of Mutual of New York.
EXPERTS
Actuarial matters included in this Prospectus have been examined by Evelyn
L. Peos, FSA, Vice President of the Company, whose opinion is filed as an
exhibit to the Registration Statement.
REGISTRATION STATEMENT
A Registration Statement under the Securities Act of 1933 has been filed
with the SEC relating to the offering described in this Prospectus. This
Prospectus does not include all of the information set forth in the Registration
Statement, as portions have been omitted pursuant to the rules and regulations
of the SEC. The omitted information may be obtained at the SEC's principal
office in Washington, D.C., upon payment of the SEC's prescribed fees.
48
<PAGE> 50
INDEPENDENT ACCOUNTANTS
The audited financial statements for the Variable Account and for the
Company included in this Prospectus and in the Registration Statement have been
audited by Coopers & Lybrand L.L.P., independent accountants, as indicated in
their reports thereon, and are included in reliance upon the authority of said
firm as experts in accounting and auditing. Coopers & Lybrand L.L.P.'s office is
located at 1301 Avenue of the Americas, New York, New York, 10019.
FINANCIAL STATEMENTS
The audited financial statements for the Variable Account are set forth
herein, starting on page F-2. The audited financial statements of the Company
are set forth herein starting on page F-12.
The financial statements of the Variable Account and of the Company have
been audited by Coopers & Lybrand L.L.P. The financial statements of the Company
should be distinguished from the financial statements of the Variable Account
and should be considered only as bearing upon the ability of the Company to meet
its obligations under the Policies.
49
<PAGE> 51
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 52
FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
With respect to MONY Variable Account L:
Report of Independent Accountants......................... F-2
Statements of assets and liabilities as of December 31,
1997................................................... F-3
Statements of operations for the year ended December 31,
1997................................................... F-5
Statements of changes in net assets....................... F-7
Notes to financial statements............................. F-10
With respect to The Mutual Life Insurance Company of New
York:
Report of Independent Accountants......................... F-13
Statements of admitted assets, liabilities and surplus as
of December 31, 1997 and 1996.......................... F-14
Statements of operations for the years ended December 31,
1997 and 1996.......................................... F-15
Statements of surplus for the years ended December 31,
1997 and 1996.......................................... F-16
Statements of cash flows for the years ended December 31,
1997 and 1996.......................................... F-17
Notes to financial statements............................. F-18
</TABLE>
F-1
<PAGE> 53
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
Mutual Life Insurance Company of New York and the
Contractholders of MONY Variable Account L:
We have audited the accompanying statements of assets and liabilities of
MONY Variable Account L (comprising, respectively, the Variable Life's Equity
Growth, Equity Income, Intermediate Term Bond, Long Term Bond, Diversified and
Money Market Subaccounts and the Variable Universal Life's Intermediate Term
Bond, Long Term Bond, Money Market, Equity, Small Cap, Managed, International
Growth, High Yield Bond and Government Securities Subaccounts) as of December
31, 1997; for the Variable Life's Subaccounts, the related statements of
operations for the year then ended and the statements of changes in net assets
for each of the two years in the period then ended; and for the Variable
Universal Life's Subaccounts, the related statements of operations of the
Intermediate Term Bond, Long Term Bond, Money Market, Equity, Small Cap,
Managed, International Growth, High Yield Bond Subaccounts for the year then
ended and for the Government Securities Subaccount for the period March 24, 1997
(commencement of operations) to December 31, 1997, and the statements of changes
in net assets for the Intermediate Term Bond, Long Term Bond, and High Yield
Subaccounts for which the period is from December 6, 1996 (commencement of
operations) to December 31, 1996 and the year ended December 31, 1997, the Money
Market Subaccount for which the period is from October 17, 1996 (commencement of
operations) to December 31, 1996 and the year ended December 31, 1997, the
Equity Subaccount for which the period is from November 17, 1996 (commencement
of operations) to December 31, 1996 and the year ended December 31, 1997, the
Small Cap Subaccount for which the period is from November 1, 1996 (commencement
of operations) to December 31, 1996 and the year ended December 31, 1997, the
Managed Subaccount for which the period is from October 28, 1996 (commencement
of operations) to December 31, 1996 and the year ended December 31, 1997, the
International Growth Subaccount for which the period is from November 21, 1996
(commencement of operations) to December 31, 1996 and the year ended December
31, 1997, and the Government Securities Subaccount for which the period is from
March 24, 1997 (commencement of operations) to December 31, 1997. These
financial statements are the responsibility of MONY's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1997, by correspondence with
the custodian. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of each of the respective
subaccounts constituting MONY Variable Account L as of December 31, 1997, the
results of their operations and the changes in their net assets for each of the
periods referred to above, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND L.L.P.
New York, New York
February 11, 1998
F-2
<PAGE> 54
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE LIFE
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)............. $ 59,712 $ 34,880 $ 6,642 $ 12,694 $ 57,696 $ 30,472
======== ======== ======== ======== ======== ========
Investments in MONY Series Fund, Inc. at
net asset value (Note 2)............... $ 78,828 $ 43,065 $ 7,061 $ 14,885 $ 80,473 $ 30,472
-------- -------- -------- -------- -------- --------
Net assets............................... $ 78,828 $ 43,065 $ 7,061 $ 14,885 $ 80,473 $ 30,472
======== ======== ======== ======== ======== ========
Net assets consist of:
Contractholders' net payments.......... $ 73,062 $ 45,390 $ 9,167 $ 16,264 $ 66,996 $ 51,361
Cost of insurance withdrawals (Note
3).................................. (52,273) (32,888) (12,767) (35,492) (36,906) (46,167)
Undistributed net investment income.... 14,096 12,767 9,152 26,685 22,898 25,278
Accumulated net realized gain on
investments......................... 24,827 9,611 1,090 5,237 4,708 0
Unrealized appreciation of
investments......................... 19,116 8,185 419 2,191 22,777 0
-------- -------- -------- -------- -------- --------
Net assets............................... $ 78,828 $ 43,065 $ 7,061 $ 14,885 $ 80,473 $ 30,472
======== ======== ======== ======== ======== ========
Number of units outstanding*............. 1,811 962 331 571 2,366 1,767
-------- -------- -------- -------- -------- --------
Net asset value per unit outstanding*.... $ 43.52 $ 44.75 $ 21.36 $ 26.07 $ 34.02 $ 17.25
======== ======== ======== ======== ======== ========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-3
<PAGE> 55
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
------------------------------------------------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM MONEY
SECURITIES TERM BOND BOND MARKET EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ------------ ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)....... $12,769 $2,176 $39,273 $169,650 $1,175,271 $221,696 $2,347,957
======= ====== ======= ======== ========== ======== ==========
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2)................... $ 0 $ 0 $ 0 $ 0 $1,175,951 $222,289 $2,351,256
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)............................... 13,071 2,253 41,575 169,650 0 0 0
Amount due from MONY............... 0 0 0 11,137 338 79 510
Amount due from MONY Series Fund,
Inc.............................. 0 0 0 8 0 0 0
Amount due from Enterprise
Accumulation Trust............... 0 0 0 0 292 114 3,704
------- ------ ------- -------- ---------- -------- ----------
Total assets............... 13,071 2,253 41,575 180,795 1,176,581 222,482 2,355,470
------- ------ ------- -------- ---------- -------- ----------
LIABILITIES
Amount due to MONY................. 0 0 0 8 292 114 3,704
Amount due to MONY Series Fund,
Inc.............................. 0 0 0 11,137 0 0 0
Amount due to Enterprise
Accumulation Trust............... 0 0 0 0 338 79 510
------- ------ ------- -------- ---------- -------- ----------
Total liabilities.......... 0 0 0 11,145 630 193 4,214
------- ------ ------- -------- ---------- -------- ----------
Net assets......................... $13,071 $2,253 $41,575 $169,650 $1,175,951 $222,289 $2,351,256
======= ====== ======= ======== ========== ======== ==========
Net assets consist of:
Contractholders' net payments.... $13,868 $2,780 $40,624 $177,277 $1,201,571 $219,317 $2,403,572
Cost of insurance withdrawals
(Note 3)....................... (1,099) (631) (2,199) (10,640) (95,632) (27,296) (210,449)
Undistributed/accumulated net
investment income (loss)....... (32) 0 890 3,013 36,569 18,382 100,018
Accumulated net realized gain
(loss) on investments.......... 32 27 (42) 0 32,763 11,293 54,816
Unrealized appreciation
(depreciation) of
investments.................... 302 77 2,302 0 680 593 3,299
------- ------ ------- -------- ---------- -------- ----------
Net assets......................... $13,071 $2,253 $41,575 $169,650 $1,175,951 $222,289 $2,351,256
======= ====== ======= ======== ========== ======== ==========
Number of units outstanding*....... 1,234 211 3,719 16,142 93,188 14,918 178,819
------- ------ ------- -------- ---------- -------- ----------
Net asset value per unit
outstanding*..................... $ 10.59 $10.69 $ 11.18 $ 10.51 $ 12.62 $ 14.90 $ 13.15
======= ====== ======= ======== ========== ======== ==========
<CAPTION>
VARIABLE UNIVERSAL LIFE
--------------------------
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------- ----------
<S> <C> <C>
ASSETS
Investments at cost (Note 4)....... $181,455 $96,548
======== =======
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2)................... $171,237 $97,797
Investments in MONY Series Fund,
Inc. at net asset value (Note
2)............................... 0 0
Amount due from MONY............... 121 72
Amount due from MONY Series Fund,
Inc.............................. 0 0
Amount due from Enterprise
Accumulation Trust............... 252 128
-------- -------
Total assets............... 171,610 97,997
-------- -------
LIABILITIES
Amount due to MONY................. 252 128
Amount due to MONY Series Fund,
Inc.............................. 0 0
Amount due to Enterprise
Accumulation Trust............... 121 72
-------- -------
Total liabilities.......... 373 200
-------- -------
Net assets......................... $171,237 $97,797
======== =======
Net assets consist of:
Contractholders' net payments.... $183,398 $97,316
Cost of insurance withdrawals
(Note 3)....................... (12,894) (6,828)
Undistributed/accumulated net
investment income (loss)....... 4,481 4,369
Accumulated net realized gain
(loss) on investments.......... 6,470 1,691
Unrealized appreciation
(depreciation) of
investments.................... (10,218) 1,249
-------- -------
Net assets......................... $171,237 $97,797
======== =======
Number of units outstanding*....... 16,311 8,584
-------- -------
Net asset value per unit
outstanding*..................... $ 10.50 $ 11.39
======== =======
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
F-4
<PAGE> 56
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
VARIABLE LIFE
------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income.......................... $ 5,414 $ 4,188 $ 384 $ 836 $ 5,526 $ 1,578
Mortality and expense risk charges (Note
3)..................................... (443) (251) (41) (84) (452) (184)
------- ------- ----- ------- ------- -------
Net investment income.................... 4,971 3,937 343 752 5,074 1,394
------- ------- ----- ------- ------- -------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales.................... 14,275 12,118 504 1,123 3,828 2,858
Cost of shares sold.................... (8,731) (8,787) (477) (1,057) (2,343) (2,858)
------- ------- ----- ------- ------- -------
Net realized gain on investments......... 5,544 3,331 27 66 1,485 0
Net increase in unrealized appreciation
of investments......................... 7,657 3,274 97 884 9,311 0
------- ------- ----- ------- ------- -------
Net realized and unrealized gain on
investments............................ 13,201 6,605 124 950 10,796 0
------- ------- ----- ------- ------- -------
Net increase in net assets resulting from
operations............................. $18,172 $10,542 $ 467 $ 1,702 $15,870 $ 1,394
======= ======= ===== ======= ======= =======
</TABLE>
See notes to financial statements.
F-5
<PAGE> 57
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
-----------------------------------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM MONEY
SECURITIES TERM BOND BOND MARKET EQUITY
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------- ------------ ------------ ------------ ------------
FOR THE PERIOD FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
MARCH 24, 1997** ENDED ENDED ENDED ENDED
THROUGH DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
DECEMBER 31, 1997 1997 1997 1997 1997
----------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Dividend income........................ $ 0 $ 9 $ 1,064 $ 3,211 $ 38,940
Mortality and expense risk charges
(Note 3)............................. (32) (9) (172) (467) (3,058)
------- ------- ------- ----------- ---------
Net investment income (loss)........... (32) 0 892 2,744 35,882
------- ------- ------- ----------- ---------
Realized and unrealized gain (loss) on
investments (Note 2):
Proceeds from sales.................. 1,236 1,178 3,178 1,869,084 231,222
Cost of shares sold.................. (1,204) (1,151) (3,220) (1,869,084) (198,296)
------- ------- ------- ----------- ---------
Net realized gain (loss) on
investments.......................... 32 27 (42) 0 32,926
Net increase (decrease) in unrealized
appreciation of investments.......... 302 77 2,367 0 1,377
------- ------- ------- ----------- ---------
Net realized and unrealized gain (loss)
on investments....................... 334 104 2,325 0 34,303
------- ------- ------- ----------- ---------
Net increase in net assets resulting
from operations...................... $ 302 $ 104 $ 3,217 $ 2,744 $ 70,185
======= ======= ======= =========== =========
<CAPTION>
VARIABLE UNIVERSAL LIFE
----------------------------------------------------------
INTERNATIONAL HIGH YIELD
SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------ ------------- ------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1997 1997 1997
------------ ------------ ------------- ------------
<S> <C> <C> <C> <C>
Dividend income........................ $ 18,805 $ 106,305 $ 5,055 $ 4,750
Mortality and expense risk charges
(Note 3)............................. (684) (7,473) (624) (382)
-------- --------- -------- --------
Net investment income (loss)........... 18,121 98,832 4,431 4,368
-------- --------- -------- --------
Realized and unrealized gain (loss) on
investments (Note 2):
Proceeds from sales.................. 53,290 428,261 55,974 43,396
Cost of shares sold.................. (42,001) (373,390) (49,504) (41,705)
-------- --------- -------- --------
Net realized gain (loss) on
investments.......................... 11,289 54,871 6,470 1,691
Net increase (decrease) in unrealized
appreciation of investments.......... 583 5,802 (10,379) 1,248
-------- --------- -------- --------
Net realized and unrealized gain (loss)
on investments....................... 11,872 60,673 (3,909) 2,939
-------- --------- -------- --------
Net increase in net assets resulting
from operations...................... $ 29,993 $ 159,505 $ 522 $ 7,307
======== ========= ======== ========
</TABLE>
- ---------------
** Commencement of operations.
See notes to financial statements.
F-6
<PAGE> 58
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31,
<TABLE>
<CAPTION>
VARIABLE LIFE
--------------------------------------------------------------------------------
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM LONG TERM
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT BOND SUBACCOUNT
------------------- ------------------ ----------------- -----------------
1997 1996 1997 1996 1997 1996 1997 1996
-------- -------- -------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)..... $ 4,971 $ (381) $ 3,937 $ (128) $ 343 $ (39) $ 752 $ (80)
Net realized gain on
investments.................... 5,544 6,197 3,331 1,851 27 19 66 33
Net increase (decrease) in
unrealized appreciation of
investments.................... 7,657 6,121 3,274 3,722 97 218 884 (93)
-------- -------- -------- ------- ------ ------ ------- -------
Net increase (decrease) in net
assets resulting from
operations....................... 18,172 11,937 10,542 5,445 467 198 1,702 (140)
-------- -------- -------- ------- ------ ------ ------- -------
From unit transactions:
Net proceeds from the issuance of
units.......................... 15,902 7,362 10,731 6,575 407 372 618 608
Net asset value of units redeemed
or used to meet contract
obligations.................... (13,078) (20,999) (11,293) (8,207) (463) (432) (1,039) (985)
-------- -------- -------- ------- ------ ------ ------- -------
Net increase (decrease) from unit
transactions..................... 2,824 (13,637) (562) (1,632) (56) (60) (421) (377)
-------- -------- -------- ------- ------ ------ ------- -------
Net increase (decrease) in net
assets........................... 20,996 (1,700) 9,980 3,813 411 138 1,281 (517)
Net assets beginning of year....... 57,832 59,532 33,085 29,272 6,650 6,512 13,604 14,121
-------- -------- -------- ------- ------ ------ ------- -------
Net assets end of year*............ $ 78,828 $ 57,832 $ 43,065 $33,085 $7,061 $6,650 $14,885 $13,604
======== ======== ======== ======= ====== ====== ======= =======
Units outstanding beginning of
year............................. 1,726 2,137 965 1,016 333 336 588 605
Units issued during the year....... 428 241 282 213 20 19 26 28
Units redeemed during the year..... (343) (652) (285) (264) (22) (22) (43) (45)
-------- -------- -------- ------- ------ ------ ------- -------
Units outstanding end of year...... 1,811 1,726 962 965 331 333 571 588
======== ======== ======== ======= ====== ====== ======= =======
- ---------------
* Includes undistributed net
investment income of: $ 14,096 $ 9,125 $ 12,767 $ 8,830 $9,152 $8,809 $26,685 $25,933
<CAPTION>
VARIABLE LIFE
-------------------------------------
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT
----------------- -----------------
1997 1996 1997 1996
------- ------- ------- -------
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)..... $ 5,074 $ (373) $ 1,394 $ 1,372
Net realized gain on
investments.................... 1,485 1,052 0 0
Net increase (decrease) in
unrealized appreciation of
investments.................... 9,311 7,350 0 0
------- ------- ------- -------
Net increase (decrease) in net
assets resulting from
operations....................... 15,870 8,029 1,394 1,372
------- ------- ------- -------
From unit transactions:
Net proceeds from the issuance of
units.......................... 2,162 2,620 967 184
Net asset value of units redeemed
or used to meet contract
obligations.................... (3,376) (3,238) (2,652) (2,285)
------- ------- ------- -------
Net increase (decrease) from unit
transactions..................... (1,214) (618) (1,685) (2,101)
------- ------- ------- -------
Net increase (decrease) in net
assets........................... 14,656 7,411 (291) (729)
Net assets beginning of year....... 65,817 58,406 30,763 31,492
------- ------- ------- -------
Net assets end of year*............ $80,473 $65,817 $30,472 $30,763
======= ======= ======= =======
Units outstanding beginning of
year............................. 2,404 2,427 1,867 1,997
Units issued during the year....... 69 103 59 12
Units redeemed during the year..... (107) (126) (159) (142)
------- ------- ------- -------
Units outstanding end of year...... 2,366 2,404 1,767 1,867
======= ======= ======= =======
- ---------------
* Includes undistributed net
investment income of: $22,898 $17,824 $25,278 $23,884
</TABLE>
See notes to financial statements.
F-7
<PAGE> 59
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE
---------------------------------------------------------------------------------------------
GOVERNMENT INTERMEDIATE TERM LONG TERM MONEY
SECURITIES BOND BOND MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------- ----------------------------- ----------------------------- ------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
MARCH 24, FOR THE YEAR DECEMBER 6, FOR THE YEAR DECEMBER 6, FOR THE YEAR
1997** THROUGH ENDED 1996** THROUGH ENDED 1996** THROUGH ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1997 1996 1997 1996 1997
-------------- ------------ -------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss).... $ (32) $ 0 $ 0 $ 892 $ (2) $ 2,744
Net realized gain (loss) on
investments................... 32 27 0 (42) 0 0
Net increase (decrease) in
unrealized appreciation of
investments................... 302 77 0 2,367 (65) 0
------- ------ --- ------- ------- -----------
Net increase (decrease) in net
assets resulting from
operations...................... 302 104 0 3,217 (67) 2,744
------- ------ --- ------- ------- -----------
From unit transactions:
Net proceeds from the issuance
of units...................... 13,868 2,923 43 28,471 12,153 1,828,075
Net asset value of units
redeemed or used to meet
contract obligations.......... (1,099) (813) (4) (2,195) (4) (1,728,100)
------- ------ --- ------- ------- -----------
Net increase from unit
transactions.................... 12,769 2,110 39 26,276 12,149 99,975
------- ------ --- ------- ------- -----------
Net increase in net assets........ 13,071 2,214 39 29,493 12,082 102,719
Net assets beginning of period.... 0 39 0 12,082 0 66,931
------- ------ --- ------- ------- -----------
Net assets end of period*......... $13,071 $2,253 $39 $41,575 $12,082 $ 169,650
======= ====== === ======= ======= ===========
Units outstanding beginning of
period.......................... 0 4 0 1,217 0 6,655
Units issued during the period.... 1,336 286 4 2,712 1,217 177,168
Units redeemed during the
period.......................... (102) (79) 0 (210) 0 (167,681)
------- ------ --- ------- ------- -----------
Units outstanding end of period... 1,234 211 4 3,719 1,217 16,142
======= ====== === ======= ======= ===========
- ---------------
* Includes
undistributed/accumulated net
investment income (loss) of: $ (32) $ 0 $ 0 $ 890 $ (2) $ 3,013
** Commencement of operations.
<CAPTION>
VARIABLE UNIVERSAL LIFE
----------------------------------------------
MONEY
MARKET EQUITY
SUBACCOUNT SUBACCOUNT
-------------- -----------------------------
FOR THE PERIOD FOR THE PERIOD
OCTOBER 17, FOR THE YEAR NOVEMBER 17,
1996** THROUGH ENDED 1996** THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1996 1997 1996
-------------- ------------ --------------
<S> <C> <C> <C>
From operations:
Net investment income (loss).... $ 269 $ 35,882 $ 687
Net realized gain (loss) on
investments................... 0 32,926 (163)
Net increase (decrease) in
unrealized appreciation of
investments................... 0 1,377 (697)
-------- ---------- -------
Net increase (decrease) in net
assets resulting from
operations...................... 269 70,185 (173)
-------- ---------- -------
From unit transactions:
Net proceeds from the issuance
of units...................... 221,062 1,163,129 54,842
Net asset value of units
redeemed or used to meet
contract obligations.......... (154,400) (111,523) (509)
-------- ---------- -------
Net increase from unit
transactions.................... 66,662 1,051,606 54,333
-------- ---------- -------
Net increase in net assets........ 66,931 1,121,791 54,160
Net assets beginning of period.... 0 54,160 0
-------- ---------- -------
Net assets end of period*......... $ 66,931 $1,175,951 $54,160
======== ========== =======
Units outstanding beginning of
period.......................... 0 5,358 0
Units issued during the period.... 22,031 97,340 5,409
Units redeemed during the
period.......................... (15,376) (9,510) (51)
-------- ---------- -------
Units outstanding end of period... 6,655 93,188 5,358
======== ========== =======
- ---------------
* Includes
undistributed/accumulated net
investment income (loss) of: $ 269 $ 36,569 $ 687
** Commencement of operations.
</TABLE>
See notes to financial statements.
F-8
<PAGE> 60
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
VARIABLE UNIVERSAL LIFE (CONTINUED)
----------------------------------------------------------------------------
INTERNATIONAL
SMALL CAP MANAGED GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------------------- ----------------------------- ------------
FOR THE PERIOD FOR THE PERIOD
FOR THE YEAR NOVEMBER 1, FOR THE YEAR OCTOBER 28, FOR THE YEAR
ENDED 1996** THROUGH ENDED 1996** THROUGH ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997 1996 1997 1996 1997
------------ -------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income............ $ 18,121 $ 261 $ 98,832 $ 1,186 $ 4,431
Net realized gains (losses) on
investments.................... 11,289 4 54,871 (55) 6,470
Net increase (decrease) in
unrealized appreciation of
investments.................... 583 10 5,802 (2,503) (10,379)
-------- ------- ---------- -------- --------
Net increase (decrease) in net
assets resulting from
operations....................... 29,993 275 159,505 (1,372) 522
-------- ------- ---------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units.......................... 210,986 16,647 2,299,829 129,958 175,743
Net asset value of units redeemed
or used to meet contract
obligations.................... (35,444) (168) (235,234) (1,430) (19,488)
-------- ------- ---------- -------- --------
Net increase from unit
transactions..................... 175,542 16,479 2,064,595 128,528 156,255
-------- ------- ---------- -------- --------
Net increase in net assets......... 205,535 16,754 2,224,100 127,156 156,777
Net assets beginning of period..... 16,754 0 127,156 0 14,460
-------- ------- ---------- -------- --------
Net assets end of period*.......... $222,289 $16,754 $2,351,256 $127,156 $171,237
======== ======= ========== ======== ========
Units outstanding beginning of
period........................... 1,611 0 11,951 0 1,439
Units issued during the period..... 15,917 1,628 185,804 12,086 16,654
Units redeemed during the period... (2,610) (17) (18,936) (135) (1,782)
-------- ------- ---------- -------- --------
Units outstanding end of period.... 14,918 1,611 178,819 11,951 16,311
======== ======= ========== ======== ========
- ---------------
* Includes
undistributed/accumulated net
investment income (loss) of: $ 18,382 $ 261 $ 100,018 $ 1,186 $ 4,481
** Commencement of operations.
<CAPTION>
VARIABLE UNIVERSAL LIFE (CONTINUED)
----------------------------------------------
INTERNATIONAL
GROWTH BOND
SUBACCOUNT SUBACCOUNT
-------------- -----------------------------
FOR THE PERIOD FOR THE PERIOD
NOVEMBER 21, FOR THE YEAR DECEMBER 6,
1996** THROUGH ENDED 1996** THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1996 1997 1996
-------------- ------------ --------------
<S> <C> <C> <C>
From operations:
Net investment income............ $ 50 $ 4,368 $ 1
Net realized gains (losses) on
investments.................... 0 1,691 0
Net increase (decrease) in
unrealized appreciation of
investments.................... 161 1,248 1
------- ------- ----
Net increase (decrease) in net
assets resulting from
operations....................... 211 7,307 2
------- ------- ----
From unit transactions:
Net proceeds from the issuance of
units.......................... 14,259 98,004 392
Net asset value of units redeemed
or used to meet contract
obligations.................... (10) (7,883) (25)
------- ------- ----
Net increase from unit
transactions..................... 14,249 90,121 367
------- ------- ----
Net increase in net assets......... 14,460 97,428 369
Net assets beginning of period..... 0 369 0
------- ------- ----
Net assets end of period*.......... $14,460 $97,797 $369
======= ======= ====
Units outstanding beginning of
period........................... 0 37 0
Units issued during the period..... 1,440 9,272 39
Units redeemed during the period... (1) (725) (2)
------- ------- ----
Units outstanding end of period.... 1,439 8,584 37
======= ======= ====
- ---------------
* Includes
undistributed/accumulated net
investment income (loss) of: $ 50 $ 4,369 $ 1
** Commencement of operations.
</TABLE>
See notes to financial statements.
F-9
<PAGE> 61
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
MONY Variable Account L (the "Variable Account") is a separate investment
account established on November 28, 1990 by The Mutual Life Insurance Company of
New York ("MONY"), under the laws of the State of New York.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY's other assets and, at present, is
used only to support Variable Life Insurance policies and Variable Universal
Life Insurance policies. These policies are issued by MONY.
There are currently fifteen subaccounts within the Variable Account, and
each invests only in a corresponding portfolio of the MONY Series Fund, Inc.
(the "Fund") or the Enterprise Accumulation Trust ("Enterprise") (collectively,
the "Funds"). The subaccounts of the Variable Universal Life commenced
operations during 1996 and 1997. The Funds are registered under the 1940 Act as
open end, diversified, management investment companies.
A full presentation of the related financial statements and footnotes of
the Fund and Enterprise are contained on pages 68 to 102 and 105 to 142,
respectively, and should be read in conjunction with these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
Investments:
The investment in shares of each of the respective portfolios of the Funds
is stated at value which is the net asset value of the Funds. Net asset values
are based upon market valuations of the securities held in each of the
corresponding portfolios of the Funds. For the Money Market Portfolios, the net
asset values are based on amortized cost of the securities held which
approximates value.
Taxes:
MONY is currently taxed as a life insurance company and will include the
Variable Account's operations in its tax return. MONY does not expect, based
upon current tax law, to incur any income tax burden upon the earnings or
realized capital gains attributable to the Variable Account. Based on this
expectation, no charges are currently being deducted from the the Variable
Account for federal income tax purposes.
3. RELATED PARTY TRANSACTIONS
MONY is the legal owner of the assets of the Variable Account.
Policy premiums received from MONY by the Variable Account represent gross
policy premiums recorded by MONY less deductions retained as compensation for
certain sales distribution expenses and premium taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders are deducted monthly from the cash
value of the contract to compensate MONY. These deductions are treated as
contractholder redemptions by the Variable Account. The amount deducted for all
subaccounts for 1997 aggregated $382,844.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of .60 percent (for the Variable Life
Subaccounts) and .75 percent (for the Variable Universal
F-10
<PAGE> 62
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. RELATED PARTY TRANSACTIONS (CONTINUED)
Life Subaccounts) of aggregate average daily net assets. As MONY America, a
wholly-owned subsidiary of MONY, acts as investment adviser to the Fund, it
receives amounts paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to Enterprise, and it receives amounts paid by
Enterprise for those services.
4. INVESTMENTS
Investments in Variable Life at cost, at December 31, 1997 consist of the
following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
--------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ------------ --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of year:
Shares............................. 1,904 1,412 607 1,059 3,658 30,763
Amount............................. $46,373 $28,174 $6,328 $12,297 $52,351 $30,763
------- ------- ------ ------- ------- -------
Shares acquired:
Shares............................. 508 455 38 49 112 989
Amount............................. $16,656 $11,305 $ 407 $ 618 $ 2,162 $ 989
Shares received for reinvestment of
dividends:
Shares............................. 192 195 37 71 331 1,578
Amount............................. $ 5,414 $ 4,188 $ 384 $ 836 $ 5,526 $ 1,578
Shares redeemed:
Shares............................. (420) (472) (47) (88) (197) (2,858)
Amount............................. $(8,731) $(8,787) $ (477) $(1,057) $(2,343) $(2,858)
------- ------- ------ ------- ------- -------
Net change:
Shares............................. 280 178 28 32 246 (291)
Amount............................. $13,339 $ 6,706 $ 314 $ 397 $ 5,345 $ (291)
------- ------- ------ ------- ------- -------
Shares end of year:
Shares............................. 2,184 1,590 635 1,091 3,904 30,472
Amount............................. $59,712 $34,880 $6,642 $12,694 $57,696 $30,472
======= ======= ====== ======= ======= =======
</TABLE>
F-11
<PAGE> 63
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
Investments in Variable Universal Life at cost, at December 31, 1997
consist of the following:
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
---------------------------------------------------
GOVERNMENT INTERMEDIATE LONG TERM MONEY
SECURITIES TERM BOND BOND MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ------------ --------- -----------
<S> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 0 4 941 66,931
Amount............. $ 0 $ 39 $12,147 $ 66,931
------- ------- ------- -----------
Shares acquired:
Shares............. 1,316 308 2,265 1,968,592
Amount............. $13,973 $ 3,279 $29,282 $ 1,968,592
Shares received for
reinvestment of
dividends:
Shares............. 0 1 91 3,211
Amount............. $ 0 $ 9 $ 1,064 $ 3,211
Shares redeemed:
Shares............. (115) (110) (249) (1,869,084)
Amount............. $(1,204) $(1,151) $(3,220) $(1,869,084)
------- ------- ------- -----------
Net change:
Shares............. 1,201 199 2,107 102,719
Amount............. $12,769 $ 2,137 $27,126 $ 102,719
------- ------- ------- -----------
Shares end of year:
Shares............. 1,201 203 3,048 169,650
Amount............. $12,769 $ 2,176 $39,273 $ 169,650
======= ======= ======= ===========
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- --------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Shares beginning of
year:
Shares............. 1,877 829 3,706 2,390 67
Amount............. $ 54,857 $ 16,744 $ 129,659 $ 14,299 $ 368
---------- -------- ---------- -------- --------
Shares acquired:
Shares............. 37,281 8,828 61,893 32,707 23,909
Amount............. $1,279,770 $228,148 $2,485,383 $211,605 $133,135
Shares received for
reinvestment of
dividends:
Shares............. 1,110 704 2,607 818 840
Amount............. $ 38,940 $ 18,805 $ 106,305 $ 5,055 $ 4,750
Shares redeemed:
Shares............. (6,755) (2,035) (10,549) (8,207) (7,688)
Amount............. $ (198,296) $(42,001) $ (373,390) $(49,504) $(41,705)
---------- -------- ---------- -------- --------
Net change:
Shares............. 31,636 7,497 53,951 25,318 17,061
Amount............. $1,120,414 $204,952 $2,218,298 $167,156 $ 96,180
---------- -------- ---------- -------- --------
Shares end of year:
Shares............. 33,513 8,326 57,657 27,708 17,128
Amount............. $1,175,271 $221,696 $2,347,957 $181,455 $ 96,548
========== ======== ========== ======== ========
</TABLE>
F-12
<PAGE> 64
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE BOARD OF TRUSTEES OF
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK:
We have audited the accompanying statutory statements of admitted assets,
liabilities, and surplus of The Mutual Life Insurance Company of New York ("the
Company") as of December 31, 1997 and 1996, and the related statutory statements
of operations, surplus, and cash flows for the years then ended. These statutory
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
The Company presents its financial statements in conformity with the
accounting practices prescribed or permitted by the Insurance Department of the
State of New York ("statutory"), which is a comprehensive basis of accounting
other than generally accepted accounting principles ("GAAP"). As explained in
Note 3, the accounting practices used by the Company vary from generally
accepted accounting principles, and the effects of these variances are material.
In our opinion, because of the effects of the matter discussed in the
preceding paragraph, the statutory financial statements referred to above do not
present fairly, in conformity with GAAP, the financial position of the Company
as of December 31, 1997 and 1996, or the results of its operations and its cash
flows for the years then ended.
In our opinion, however, the statutory financial statements referred to
above present fairly, in all material respects, the admitted assets,
liabilities, and surplus of the Company as of December 31, 1997 and 1996, and
the results of its operations and its cash flows for the years then ended on the
basis of accounting described in Note 3.
Our audits were conducted for the purpose of expressing an opinion on the
financial statements taken as a whole. The Supplemental Schedule of Selected
Financial Data is presented to comply with the National Association of Insurance
Commissioners' Annual Statement Instructions and is not a required part of the
basic financial statements. The Supplemental Schedule of Selected Financial Data
has been subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
COOPERS & LYBRAND L.L.P.
New York, New York
February 27, 1998
F-13
<PAGE> 65
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
STATEMENTS OF ADMITTED ASSETS, LIABILITIES
AND SURPLUS -- STATUTORY BASIS
(IN THOUSANDS)
<TABLE>
<CAPTION>
DECEMBER 31,
-------------------------
1997 1996
ASSETS ---- ----
<S> <C> <C>
Cash and invested assets:
Cash and short-term investments........................ $ 211,611 $ 175,173
Bonds.................................................. 4,700,909 4,328,623
Redeemable preferred stocks............................ 7,931 2,130
Common stocks.......................................... 332,405 300,809
Subsidiary companies................................... 216,398 170,760
Mortgage loans......................................... 1,436,347 1,509,181
Real estate............................................ 1,011,584 1,345,383
Policy loans........................................... 1,201,319 1,189,851
Other invested assets.................................. 358,151 364,390
----------- -----------
Total cash and invested assets.................... 9,476,655 9,386,300
Investment income due and accrued........................... 160,481 141,940
Premiums deferred and uncollected........................... 190,214 198,424
Amounts due from reinsurers................................. 56,291 73,106
Other assets................................................ 53,478 49,117
Separate account assets..................................... 1,827,515 1,670,886
----------- -----------
Total assets...................................... $11,764,634 $11,519,773
=========== ===========
LIABILITIES AND SURPLUS
Liabilities:
Life insurance and annuity reserves.................... $ 7,266,754 $ 7,214,620
Health insurance reserves.............................. 22,093 155,121
Deposits left with the Company......................... 491,747 504,581
Dividends to policyholders............................. 193,098 211,765
Policy claims in process of settlement................. 52,357 63,238
Funds held under coinsurance........................... 99,499 102,200
Federal income taxes due or accrued.................... 98,828 94,975
Notes payable and accrued interest..................... 0 33,076
Other liabilities...................................... 399,880 372,919
Separate account liabilities........................... 1,816,772 1,661,273
Interest maintenance reserve........................... 15,878 12,663
Investment reserves.................................... 140,000 90,000
Asset valuation reserve................................ 332,290 299,843
----------- -----------
Total liabilities................................. 10,929,196 10,816,274
Surplus:
Surplus notes.......................................... 187,317 72,317
Special surplus funds.................................. 26,400 27,150
Unassigned surplus..................................... 621,721 604,032
----------- -----------
Surplus........................................... 835,438 703,499
----------- -----------
Total liabilities and surplus..................... $11,764,634 $11,519,773
=========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-14
<PAGE> 66
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
STATEMENTS OF OPERATIONS -- STATUTORY BASIS
(IN THOUSANDS)
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
DECEMBER 31,
------------------------
1997 1996
---- ----
<S> <C> <C>
Premiums, annuity considerations and fund deposits.......... $1,171,454 $1,222,039
Net investment income....................................... 644,351 640,069
Commission and expense allowance on reinsurance ceded....... 69,692 88,767
Adjustments on reinsurance ceded............................ (275,435) (119,907)
Other income (net).......................................... 10,080 10,119
---------- ----------
1,620,142 1,841,087
---------- ----------
Policyholder and contractholder benefits.................... 1,265,676 1,292,572
Change in policy and contract reserves...................... (93,728) (101,355)
Commissions................................................. 48,846 53,599
Operating expenses.......................................... 260,992 265,871
Reinsurance of group pension liabilities.................... (3,114) 62,024
Transfer from separate accounts............................. (182,337) (51,020)
Other deductions (net)...................................... 4,033 7,374
---------- ----------
1,300,368 1,529,065
---------- ----------
Net gain from operations before dividends and federal income
taxes..................................................... 319,774 312,022
Dividends to policyholders.................................. 199,128 219,439
---------- ----------
Net gain from operations before federal income taxes........ 120,646 92,583
Federal income taxes........................................ 37,425 18,393
---------- ----------
Net gain from operations.................................... 83,221 74,190
Net realized capital losses (See Note 8).................. (4,417) (19,550)
---------- ----------
Net Income.................................................. $ 78,804 $ 54,640
========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-15
<PAGE> 67
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
STATEMENTS OF SURPLUS -- STATUTORY BASIS
(IN THOUSANDS)
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
DECEMBER 31,
--------------------
1997 1996
---- ----
<S> <C> <C>
Surplus, beginning of year.................................. $703,499 $689,017
-------- --------
Net income.................................................. 78,804 54,640
Change in net unrealized capital gains...................... 43,988 34,232
Change in non-admitted assets............................... (15,005) (1,275)
Change in asset valuation reserve........................... (32,447) (28,638)
Issuance of surplus notes (See Note 15)..................... 111,350 0
Settlements and provision for
reorganization/contingencies.............................. (20,600) (39,576)
Increase in investment reserve.............................. (50,000) 0
Change in surplus due to reinsurance........................ 16,903 (2,643)
Other changes to surplus.................................... (1,054) (2,258)
-------- --------
Net change in surplus for the year.......................... 131,939 14,482
-------- --------
Surplus, end of year........................................ $835,438 $703,499
======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-16
<PAGE> 68
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
STATEMENTS OF CASH FLOWS -- STATUTORY BASIS
(IN THOUSANDS)
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
DECEMBER 31,
--------------------------
1997 1996
---- ----
<S> <C> <C>
CASH FROM OPERATIONS:
Premiums, annuity considerations and fund deposits..... $ 1,181,354 $ 1,233,947
Investment income, net of investment expenses.......... 650,682 680,338
Adjustments on reinsurance ceded....................... (192,251) (26,291)
Other income........................................... 26,221 31,373
Policy benefits paid................................... (1,275,039) (1,285,157)
Transfers from (to) separate accounts.................. 169,453 (5,035)
Commissions, other expenses and insurance taxes paid... (320,170) (321,497)
Dividends to policyholders............................. (217,795) (212,006)
Federal income taxes (excluding capital gains tax)..... (11,503) 0
Other deductions....................................... (4,342) (23,829)
----------- -----------
Net cash from operations..................... 6,610 71,843
----------- -----------
CASH FROM INVESTMENTS:
Proceeds from investments sold, matured or repaid:
Bonds............................................. 826,928 516,929
Stocks............................................ 259,376 199,598
Mortgage loans.................................... 290,946 293,113
Real estate....................................... 390,436 417,955
Other invested assets............................. 39,077 25,734
Miscellaneous proceeds............................ 4,039 4,979
Taxes paid on net capital gains................... (72,700) (13,631)
----------- -----------
Total investment proceeds.................... 1,738,102 1,444,677
----------- -----------
Cost of investments acquired:
Bonds............................................. 1,193,209 1,063,983
Stocks............................................ 274,247 205,496
Mortgage loans.................................... 233,558 172,644
Real estate....................................... 41,958 56,222
Other invested assets............................. 31,035 32,816
Change in policy loans............................ 11,468 9,402
----------- -----------
Total investments acquired................... 1,785,475 1,540,563
----------- -----------
Net cash from investments.................... (47,373) (95,886)
----------- -----------
CASH FROM FINANCING AND MISCELLANEOUS SOURCES:
Cash Provided (Applied):
Surplus notes issuance............................ 115,000 0
Borrowed money.................................... (33,049) (43,293)
Other sources..................................... 55,053 15,432
----------- -----------
Total........................................ 137,004 (27,861)
----------- -----------
Other cash applied..................................... 59,803 38,793
----------- -----------
Net cash from financing and misc sources..... 77,201 (66,654)
----------- -----------
Net change in cash and short-term investments.......... 36,438 (90,697)
Cash and short-term investments, beginning of year.......... 175,173 265,870
----------- -----------
Cash and short-term investments, end of year................ $ 211,611 $ 175,173
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-17
<PAGE> 69
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION:
The Mutual Life Insurance Company of New York, ("MONY" or the "Company") is
a New York domiciled mutual life insurance company primarily engaged in the
business of providing a wide range of life insurance, annuity, and investment
products to higher income individuals, particularly family builders,
pre-retirees and small business owners. The Company distributes its products to
such individuals primarily through its career agency sales force. These products
are sold throughout the United States and Puerto Rico.
2. DEMUTUALIZATION AND INVESTMENT AGREEMENT:
On September 8, 1997, the Company announced that it is pursuing converting
to a stock life insurance company through demutualization. In connection with
the demutualization, the Company has prepared a Plan of Reorganization ("the
Plan") which is subject to approval by the Insurance Department of the State of
New York as well as adoption by the Company's Board of Trustees and approval by
the policyholders.
In connection with the Plan, among other things, the following will occur:
(i) the Company will convert from a New York mutual life insurance company to a
New York stock life insurance company (the "Plan of Demutualization") and become
a wholly owned subsidiary of MONY Financial Services Corporation (the "Holding
Company"), a holding company organized in Delaware for the purpose of becoming
the parent holding company of the Company, (ii) eligible policyholders of the
Company, as defined in the Plan, will receive shares of common stock of the
Holding Company, cash or policy credits, (iii) a closed block of certain
individual participating policies in classes for which the Company had a
dividend scale payable in 1998 (the "Closed Block") will be created on the Plan
effective date (the "Effective Date") and assets will be allocated to the Closed
Block to support the payment of benefits, dividends (as appropriate, based on
experience), and certain expenses and taxes relating to the policies included
therein, and (iv) shares of common stock of the Holding Company will be
registered under the Securities and Exchange Act of 1933 and offered to the
public in an initial public offering, if market conditions are appropriate.
In connection with the transactions contemplated under the Plan described
above, on December 30, 1997, investment funds affiliated with Goldman, Sachs &
Co. consisting of GS Mezzanine Partners, L.P., G.S. Mezzanine Partners Offshore,
L.P., Stone Street Fund 1997, and Bridge Street Fund 1997, L.P. (collectively,
"the Investors"), entered into an investment agreement with the Company and the
Holding Company (the "Investment Agreement"), pursuant to which: (i) the
Investors purchased, for $115.0 million ("the Consideration"), Surplus Notes
issued by the Company (the "MONY Notes") with an aggregate principal amount
equal to the Consideration (see Note 15), and (ii) the Investors purchased, for
$10.0 million, warrants to purchase from the Holding Company at the Effective
Date (after giving effect to the initial public offering) in the aggregate of
7.0 percent of the fully diluted common stock of the Holding Company upon
certain terms and conditions and at a specified exercise price which is subject
to anti-dilution adjustments, as more specifically defined in the Investment
Agreement.
In addition, under the terms of the Investment Agreement, the Investors
agreed, upon the Company's request, made at any time up to 90 days after the
Effective Date, to purchase an aggregate of 1.0 million shares of convertible
preferred stock of the Holding Company for a total purchase price of $100.0
million. The convertible preferred stock would be convertible at the option of
the holder at any time into common stock of the Holding Company at a conversion
price equal to the initial exercise price of the warrants and would be subject
to certain anti-dilution adjustments.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The accompanying statutory financial statements have been prepared in
conformity with accounting practices prescribed or permitted by the Insurance
Department of the State of New York ("statutory"), which is a comprehensive
basis of accounting other than generally accepted accounting principles
("GAAP").
F-18
<PAGE> 70
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
The preparation of statutory financial statements requires management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of results of operations and
changes in surplus during the reporting period. Actual results could differ
significantly from those estimates. The most significant estimates made in
conjunction with the preparation of the Company's financial statements include
those used in determining (i) valuation reserves for mortgage loans and real
estate investments, and (ii) the liability for future policy benefits.
In financial statements prepared in conformity with statutory accounting,
the accounting treatment of certain items is different than for financial
statements prepared in conformity with GAAP. Some of the general differences
include:
- Policy acquisition costs, such as commissions and other costs incurred
in connection with acquiring new and renewal business, are expensed when
incurred; under GAAP, such costs are deferred and amortized over the
present value of expected gross margins.
- Premiums for universal life and investment-type products are recognized
as revenue when due; under GAAP, they are reported as deposits to
policyholders' account balances. Revenues from these contracts under
GAAP consist of amounts assessed during the period against
policyholders' account balances for mortality, policy administration and
surrender charges.
- Policy reserves are based on statutory mortality and interest
requirements, without consideration of withdrawals, and are reported net
of reinsurance reserve credits; under GAAP, the reserves for interest
sensitive life and annuity products are equal to the fund value, and the
reserve for long duration participating contracts is the net level
premium reserve calculated using the dividend fund interest rate and the
mortality rates guaranteed in calculating cash surrender values. GAAP
reserves are reported gross of reinsurance reserve credits.
- No provision is made for deferred income taxes; under GAAP, deferred
income taxes result from temporary differences between the tax bases of
assets and liabilities and their reported amounts in the financial
statements.
- An interest maintenance reserve ("IMR") is established as a liability to
capture realized investment gains and losses, net of tax, on the sale of
fixed maturities and mortgage loans resulting from changes in the
general level of interest rates, and is amortized into income over the
remaining years to expected maturity of the assets sold; under GAAP, no
such reserve is required.
- An asset valuation reserve ("AVR"), based upon a formula prescribed by
the NAIC, is established as a liability to offset potential non-interest
related investment losses, and changes in the AVR are charged or
credited to surplus; under GAAP, no such reserve is required.
- Bonds and redeemable preferred stocks in good standing are generally
carried at amortized cost; under GAAP, bonds and redeemable preferred
stocks which are classified as available for sale are carried at fair
value and the related change in unrealized gains and losses, net of
related deferred taxes and an adjustment for deferred policy acquisition
costs, is reported as a component of other comprehensive income in
equity.
- Certain assets designated as "non-admitted," are excluded from assets by
a direct charge to surplus; under GAAP, such assets are carried on the
balance sheet, net of appropriate valuation allowances.
F-19
<PAGE> 71
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
- Pension expense for qualified defined pension plans is recognized when
pension contributions are deductible for federal income tax purposes;
under GAAP, pension expense for such plans is recognized as incurred
over the service lives of employees participating in the plans.
- Postretirement benefits are accrued at the time employees are vested or
retire; under GAAP, an obligation for such benefits is accrued over the
service period for all eligible employees.
- Subsidiaries are not consolidated for statutory reporting purposes;
under GAAP, all entities in which a company has control and a majority
economic interest are consolidated.
- Surplus notes are reported as surplus for statutory purposes and as debt
for GAAP.
- Certain reinsurance agreements recognized as reinsurance for statutory
purposes are accounted for as financing transactions under GAAP.
- Methods used for calculating real estate and mortgage loan values and
real estate depreciation under statutory reporting are different from
those used for GAAP.
- Cash equivalents are defined as all highly liquid debt securities with
original maturities of twelve months or less; under GAAP, cash
equivalents are defined as short-term, highly liquid investments that
generally have original maturities of three months or less.
The following is a description of the Company's principal statutory
accounting policies:
a. Premiums and Insurance Expenses
Premiums are included in revenue over the premium payment periods of the
related policies. Annuity considerations and fund deposits are included in
revenue as received.
The costs of acquiring new business, primarily commissions, underwriting,
agency and other costs related to issuance, maintenance and settlement of
policies are charged to operations in the year incurred.
b. Investments
Bonds are stated at amortized cost, except those bonds not in good
standing, which are carried at NAIC-designated values, which approximate fair
value. Loan-backed bonds and structured securities are valued at amortized cost
using the effective interest method considering anticipated prepayments at the
date of purchase; significant changes in the estimated cash flows from the
original purchase assumptions are accounted for using the retrospective method.
Redeemable preferred stocks are carried principally at cost except for those
securities in or near default, which are carried at fair value. Common stocks
are carried at fair value, except investments in subsidiaries, which are
generally carried on the equity basis. Policy loans are carried at their unpaid
principal balances. Short-term investments are carried at amortized cost and
consist of securities with original maturities of twelve months or less.
Mortgage loans other than those in process of foreclosure are carried at
their unpaid principal balances adjusted for unamortized premium or discount.
Real estate owned for investment is carried at depreciated cost, less
encumbrances ($1.1 million in 1997 and $1.9 million in 1996). Cable television,
oil and gas, and real estate joint ventures and limited partnerships are
included in Other Invested Assets and are carried principally at their equity
value. Other investments are generally carried at cost.
Real estate acquired through foreclosure is carried at the lower of cost,
less accumulated depreciation and encumbrances, if any, or estimated fair value
at the time of foreclosure. There were no encumbrances at December 31, 1997 or
1996. Mortgage loans in process of foreclosure are carried at the lower of the
carrying
F-20
<PAGE> 72
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
value at the time of foreclosure or estimated fair value. Fair value is
determined by using the estimated discounted cash flows expected from the
underlying real estate properties. These projected cash flows are based on
estimates regarding future operating expenses, lease rates, occupancy levels and
investors' targeted yields.
The Company provides, through a direct charge to surplus, an investment
valuation reserve for permanent impairment of real estate investments, joint
ventures and limited partnerships in real estate, mortgage loans delinquent for
more than 60 days and restructured mortgage loans. This reserve reflects, in
part, the excess of the carrying value of such assets over the estimated
undiscounted cash flows expected from the underlying real estate properties.
These projected cash flows are based on estimates similar to those described in
the preceding paragraph. As of December 31, 1997 and 1996, the Company's
investment valuation reserve was $140 million and $90 million, respectively.
Realized capital gains and losses on sales of investments are determined on
the basis of specific identification. Unrealized capital gains and losses are
recorded directly to surplus. Investment income is recognized as earned.
Investment income earned includes the amortization of premium and accretion of
discount relative to bonds acquired at other than their par value and excludes
certain overdue due and accrued interest income.
c. Interest Maintenance Reserve and Asset Valuation Reserve
Realized investment gains and losses (net of tax) for bonds and mortgage
loans resulting from changes in interest rates are deferred, and credited or
charged to the IMR. These amounts are amortized into net income over the years
remaining to expected maturity of the assets sold.
The AVR is based upon a formula prescribed by the NAIC and functions as a
reserve for potential non-interest related investment losses. In addition,
realized investment gains and losses (not subject to the IMR) and unrealized
gains and losses result in changes in the AVR, which are recorded directly to
surplus.
d. Policy Reserves
Policy reserves for life insurance, annuities, and supplemental benefits
are computed by using prescribed statutory interest rates and mortality factors.
Reserves computed by a modified commissioners' reserve valuation method
represent approximately 77 percent and 76 percent of gross life insurance
reserves at December 31, 1997 and 1996, respectively.
Reserves for life insurance were principally determined by using the 1941,
1958 and 1980 Commissioners' Standard Ordinary Mortality and the American
Experience Tables and assumed interest rates ranging from 2.25 percent to 7
percent. Reserves for individual and group annuity mortality tables have assumed
interest rates ranging from 2.25 percent to 9.5 percent.
Policy claims in process of settlement include provisions for payments to
be made on reported claims and on claims incurred but not reported.
e. Investments in Unconsolidated Subsidiaries
The Company's subsidiaries are not consolidated. The subsidiaries are
carried principally on the statutory equity basis. Changes in the Company's
equity in subsidiaries are included in unrealized capital gains and losses.
Dividends from subsidiaries are recognized as investment income when declared.
F-21
<PAGE> 73
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
f. Policyholder Dividends
Dividends to policyholders are determined annually by the Board of
Trustees.
g. Non-admitted Assets
Certain assets designated as "non-admitted" assets (principally
miscellaneous receivables) are excluded from the statements of admitted assets,
liabilities and surplus.
h. Separate Account Assets and Liabilities
Separate account assets and liabilities represent primarily segregated
funds administered and invested by the Company for the benefit of certain
contractholders. Approximately 99 percent of these assets consist of securities
reported at market value and 1 percent consist of fixed maturity securities
carried at amortized cost. Premiums, benefits and expenses of the separate
accounts are included in the Company's statements of operations.
i. Depreciation
The Company uses the constant-yield method of depreciation for
substantially all investments in real estate, real estate joint ventures and
cable television limited partnerships acquired prior to January 1, 1991.
Acquisitions subsequent to January 1, 1991 and foreclosed real estate are
depreciated on the straight-line method. Real estate assets and improvements are
generally depreciated over ten to forty year periods and leasehold improvements
are depreciated over the lives of the leases. Depreciation expense related to
wholly owned investments in real estate was $30.8 million and $39.1 million in
1997 and 1996, respectively; accumulated depreciation was $191.7 million and
$213.6 million at December 31, 1997 and 1996, respectively.
j. Special Surplus Funds
Special surplus funds consist primarily of amounts required by the
Insurance Department of the State of New York to be assigned as surplus funds
for group insurance and aviation reinsurance.
k. Cash Flows
Short-term investments are characterized as cash equivalents for purposes
of the statements of cash flows.
Certain amounts for 1996 have been reclassified to conform to the 1997
presentation.
F-22
<PAGE> 74
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
4. FIXED MATURITY SECURITIES:
Fixed Maturity Securities by Investment Type:
The amortized cost and estimated fair value (see Note 9) of fixed maturity
securities which include short-term investments, bonds and redeemable preferred
stocks as of December 31, 1997 and December 31, 1996 are as follows:
<TABLE>
<CAPTION>
GROSS GROSS
AMORTIZED UNREALIZED UNREALIZED ESTIMATED
COST GAINS LOSSES FAIR VALUE
------------------- --------------- ------------- -------------------
1997 1996 1997 1996 1997 1996 1997 1996
---- ---- ---- ---- ---- ---- ---- ----
(IN MILLIONS)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
U.S. Treasury securities and
obligations of U.S. government
agencies............................ $ 125.5 $ 201.3 $ 2.3 $ 1.5 $ 0.1 $ 0.5 $ 127.7 $ 202.3
Collateralized mortgage obligations:
Government agency-backed............ 275.2 253.1 4.5 1.4 0.2 3.6 279.5 250.9
Non-agency backed................... 77.9 66.0 2.4 1.3 0.0 0.1 80.3 67.2
Other asset-backed securities:
Government agency-backed............ 67.9 68.6 1.2 1.0 0.2 0.9 68.9 68.7
Non-agency backed................... 381.0 295.9 15.3 7.7 0.2 1.4 396.1 302.2
Foreign governments................... 0.0 4.5 0.0 0.1 0.0 0.0 0.0 4.6
Public utilities...................... 596.5 501.5 27.5 17.2 3.2 3.9 620.8 514.8
Affiliates............................ 0.0 5.8 0.0 0.0 0.0 0.0 0.0 5.8
Corporate bonds....................... 3,176.9 2,931.9 122.6 74.8 6.5 23.7 3,293.0 2,983.0
-------- -------- ------ ------ ----- ----- -------- --------
Total bonds......................... 4,700.9 4,328.6 175.8 105.0 10.4 34.1 4,866.3 4,399.5
Redeemable preferred stock............ 7.9 2.1 0.1 0.0 0.6 0.4 7.4 1.7
Commercial paper...................... 178.3 137.8 0.0 0.0 0.0 0.0 178.3 137.8
-------- -------- ------ ------ ----- ----- -------- --------
Total............................... $4,887.1 $4,468.5 $175.9 $105.0 $11.0 $34.5 $5,052.0 $4,539.0
======== ======== ====== ====== ===== ===== ======== ========
</TABLE>
Amortized cost represents the principal amount of fixed maturity securities
adjusted by unamortized premium or discount and reduced by writedowns of $4.7
million and $16.6 million for bonds at December 31, 1997 and 1996, respectively,
as required by the NAIC for securities which are in or near default. There were
no writedowns for redeemable preferred stocks at December 31, 1997 and 1996.
At December 31, 1997, 77.9% of the Company's Collateralized Mortgage
Obligation (CMO) portfolio was held in U.S. government and government
agency-backed securities. The remainder of the CMO portfolio consisted of NAIC
category 1 investment grade securities.
Maturities of Fixed Maturity Securities:
The amortized cost of fixed maturity securities and estimated fair value by
maturity as of December 31, 1997 are summarized as follows:
<TABLE>
<CAPTION>
ESTIMATED
AMORTIZED FAIR
COST VALUE
--------- ---------
(IN MILLIONS)
<S> <C> <C>
Due in one year or less................................ $ 213.8 $ 213.7
Due after one year through five years.................. 951.1 976.5
Due after five years through ten years................. 2,183.0 2,263.0
Due after ten years.................................... 1,539.2 1,598.8
-------- --------
$4,887.1 $5,052.0
======== ========
</TABLE>
F-23
<PAGE> 75
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
4. FIXED MATURITY SECURITIES (CONTINUED):
Fixed maturity securities that are not due at a single maturity date have
been included in the preceding table in the year of final maturity. Actual
maturities may differ from contractual maturities because borrowers may have the
right to call or prepay obligations with or without call or prepayment
penalties.
Proceeds from sales of investments in bonds and redeemable preferred stocks
during 1997 and 1996 were $193.7 million and $173.8 million, respectively. Gross
gains of $1.8 million in 1997 and $3.8 million in 1996, and gross losses of $6.3
million in 1997 and $4.0 million in 1996 were realized on these sales.
There were no non-income producing bonds and redeemable preferred stocks
for the twelve months preceding December 31, 1997. The carrying values of bonds
and redeemable preferred stocks which were non-income producing for the twelve
months preceding December 31, 1996 were $5.6 million.
5. COMMON STOCKS:
Common stocks include marketable equity securities carried at market values
of $185.3 million and $160.7 million at December 31, 1997 and 1996,
respectively, and non-marketable equity investments carried at estimated fair
value of $147.1 million and $140.1 million at December 31, 1997 and 1996,
respectively. The cost of the marketable equity securities was $171.9 million
and $142.2 million at December 31, 1997 and 1996 respectively. At December 31,
1997 and 1996, gross unrealized gains were $25.5 million and $23.6 million,
respectively, and gross unrealized losses were $12.1 million and $5.1 million,
respectively, for marketable equity securities.
Proceeds from sales of investments in common stocks during 1997 and 1996
were $233.1 million and $164.7 million, respectively. Gross gains of $43.7
million in 1997 and $35.0 million in 1996, and gross losses of $4.7 million in
1997 and $8.7 million in 1996 were realized on these sales.
6. SUBSIDIARY COMPANIES:
At December 31, 1997 and 1996, the Company's investments in subsidiaries,
all of which are wholly-owned, consisted of the following:
<TABLE>
<CAPTION>
1997 1996
---- ----
(IN MILLIONS)
<S> <C> <C>
MONY Life Insurance Company of America..................... $133.2 $121.8
Other subsidiaries......................................... 83.2 49.0
------ ------
$216.4 $170.8
====== ======
</TABLE>
At December 31, 1997, MONY Life Insurance Company of America ("MONY
America") had assets of $5.0 billion; including bonds ($1,075 million), mortgage
loans ($135 million) and separate account assets ($3.6 billion); and liabilities
of $4.8 billion, primarily life insurance and annuity reserves ($1.2 billion)
and separate account liabilities ($3.6 billion). Capital and surplus of MONY
America was $133.2 million as of December 31, 1997. In 1997 and 1996, total
revenues of MONY America were $898.4 million and $844.0 million, benefits and
expenses were $867.7 million and $819.8 million and net income, including
realized capital losses, was $9.7 million and $8.0 million, respectively.
During 1997 and 1996, the Company made aggregate capital contributions of
$15.8 million and $24.5 million to MONY Credit Corporation and $0.4 million and
$3.2 million, respectively, to other subsidiaries. The Company also received
aggregate capital distributions of $3.6 million in 1997 from its subsidiaries.
During 1997, the Company purchased $64.1 million of commercial mortgages
(plus accrued interest) and $5.0 million of bonds (plus accrued interest) from
MONY Funding, Inc. ("MONY Funding"), a wholly
F-24
<PAGE> 76
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
6. SUBSIDIARY COMPANIES (CONTINUED):
owned subsidiary of the Company. In 1996, the Company purchased $44.2 million of
commercial mortgages (plus accrued interest) from MONY Funding. The cash
proceeds from the mortgage and bond purchases in 1997 and 1996 were used by MONY
Funding to pay off Eurobond debt obligations due in 1997 and 1996.
In 1997 the New York City Industrial Development Agency ("the NY IDA")
issued bonds for the benefit of the Company in the total amount of $16.0 million
related to the Company's consolidation of site locations to New York City. Debt
service under the bonds is funded by lease payments by the Company to the NY
IDA, bond trustee, for the benefit of the bondholder, MONY America (See Note
19).
The Company and MONY America are parties to an agreement dated February 28,
1995 whereby the Company agrees to reimburse MONY America to the extent that
MONY America's recognized loss as a result of mortgage loan default or
foreclosure or subsequent sale of the underlying collateral exceeds 75 percent
of the appraised value of the loan at origination for each such mortgage loan.
Pursuant to the agreement, the Company made payments to MONY America totaling
$0.1 million in both 1997 and 1996.
In February 1997, the Company ceased the operations of its subsidiaries,
ARES, Inc. and ARES Realty Capital (collectively "ARES"). ARES provided asset
management and property management services for the Company's real estate and
mortgage assets, as well as for third parties. The Company's management
agreement with ARES provided for payment by the Company for ARES's services
based upon third party commercial standards.
The Company has service agreements with certain subsidiaries to provide
personnel services, facilities, supplies and equipment as shall reasonably be
necessary to conduct business. These agreements provide for reimbursement of
actual costs and are subject to cancellation upon written notice by either
party.
The Company has an investment advisory agreement with its subsidiary, MONY
America, with respect to the investment and management of its assets. The
agreement provides for scheduled fees for actual cost reimbursements and may be
terminated by either party upon written notice.
7. MORTGAGE LOANS AND REAL ESTATE:
The Company invests in mortgage loans collateralized by commercial and
agricultural real estate. Such mortgage loans consist primarily of first
mortgage liens on completed income-producing properties. As of December 31,
1997, $410.2 million of mortgage loans have terms that require amortization, and
$1,026.1 million of mortgage loans require partial amortization or are
non-amortizing. Mortgage loans delinquent over 90 days or in process of
foreclosure were $12.7 million at December 31, 1997 and $14.7 million at
December 31, 1996. Properties acquired through foreclosure during the year
amounted to $14.4 million and $20.5 million in 1997 and 1996, respectively.
The Company has performing restructured mortgage loans of $250.0 million as
of December 31, 1997 and $244.1 million as of December 31, 1996. The new terms
typically defer a portion of contract interest payments to future periods.
Interest is recognized in income based on the modified rate of the loan.
Deferred interest, which is the difference between the original contractual rate
and the modified rate, is excluded from income. Gross interest income on
restructured loans that would have been recorded in accordance with the loans'
original terms was approximately $23.6 million in 1997 and $22.8 million in
1996. Gross interest income recognized in net income for the period from these
loans was approximately $17.6 million in 1997 and $16.4 million in 1996. There
are no commitments to lend additional funds to any debtor involved in a
restructuring.
At December 31, 1997 and 1996, the carrying values of mortgage loans which
were non-income producing for the twelve months preceding such dates were $26.1
million and $33.5 million, respectively.
F-25
<PAGE> 77
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
7. MORTGAGE LOANS AND REAL ESTATE (CONTINUED):
At December 31, 1997 and 1996, the carrying value of real estate which was
non-income producing for the twelve months preceding such dates was $52.8
million and $55.2 million, respectively.
8. INVESTMENT INCOME, REALIZED AND UNREALIZED CAPITAL GAINS (LOSSES):
Net investment income for the years ended December 31, 1997 and 1996 was
derived from the following sources:
<TABLE>
<CAPTION>
1997 1996
---- ----
($ IN MILLIONS)
<S> <C> <C>
NET INVESTMENT INCOME
- ------------------------------------------------------------
Bonds and redeemable preferred stock........................ $346.1 $315.9
Mortgage loans.............................................. 128.0 137.1
Policy loans................................................ 78.7 77.5
Common stock................................................ 59.6 60.5
Other (including cash & short-term investments)............. 39.3 39.1
Real estate................................................. 31.0 58.0
------ ------
Total investment income........................... 682.7 688.1
Investment expenses......................................... 38.3 48.0
------ ------
Net investment income............................. $644.4 $640.1
====== ======
</TABLE>
Net realized capital gains (losses) on investments for the years ended
December 31, 1997 and 1996 are summarized as follows:
<TABLE>
<CAPTION>
1997 1996
---- ----
($ IN MILLIONS)
<S> <C> <C>
REALIZED CAPITAL GAINS (LOSSES)
- ------------------------------------------------------------
Common stock................................................ $ 38.7 $ 21.9
Real estate................................................. 26.6 (2.0)
Bonds and redeemable preferred stock........................ (5.4) (8.0)
Cable partnerships and other investments.................... (4.3) 9.5
Mortgage loans.............................................. (3.6) 3.3
------ ------
52.0 24.7
Taxes....................................................... (50.6) (38.9)
Transferred to IMR, net of taxes............................ (5.8) (5.3)
------ ------
Net realized capital losses....................... $ (4.4) $(19.5)
====== ======
</TABLE>
During 1997 and 1996, realized capital gains resulting from changes in
interest rates on bonds and redeemable preferred stocks of $5.8 million (net of
$3.1 million tax) and $5.3 million (net of $2.8 million tax), respectively, were
transferred to the Company's IMR for future amortization into net income.
The Company had net unrealized gains of $44.0 million and $34.2 million in
1997 and 1996. The 1997 and 1996 unrealized gains and losses include writedowns
of approximately $3.0 million and $11 million,
F-26
<PAGE> 78
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
8. INVESTMENT INCOME, REALIZED AND UNREALIZED CAPITAL GAINS (LOSSES)
(CONTINUED):
respectively, on real estate acquired through foreclosure and mortgage loans in
process of foreclosure. These gains and losses are detailed by asset type in the
table below:
<TABLE>
<CAPTION>
1997 1996
----- -----
(IN MILLIONS)
<S> <C> <C>
UNREALIZED CAPITAL GAINS (LOSSES)
- ------------------------------------------------------------
Bonds and redeemable preferred stock........................ $11.9 $17.7
Common stock................................................ (4.2) 21.0
Mortgage loans.............................................. (.6) (8.4)
Real estate................................................. .5 (2.6)
Subsidiary companies........................................ 33.7 7.6
Other investments........................................... 2.7 (1.1)
----- -----
Total net unrealized capital gains................ $44.0 $34.2
===== =====
</TABLE>
9. ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS:
The estimated fair values of mortgage loans, unaffiliated equity
securities, cash, short-term investments, separate account assets and
liabilities, investment-type contracts and short-term notes payable approximate
their carrying amounts. The carrying values of bonds and redeemable preferred
stocks were $4,708.8 million and $4,330.7 million at December 31, 1997 and 1996,
respectively. The estimated fair values of bonds and redeemable preferred stocks
were $4,873.7 million and $4,401.2 million at December 31, 1997 and 1996,
respectively.
The calculations of estimated fair values involve considerable judgment.
Accordingly, these estimates of fair value are not necessarily indicative of the
values that could be negotiated in an actual sale.
The methods and assumptions utilized in estimating these fair values of
financial instruments are summarized as follows:
Bonds and redeemable preferred stocks (See Note 4)
The estimated fair values of bonds and redeemable preferred stocks are
based upon quoted market prices, where available. The fair values of bonds and
redeemable preferred stocks not actively traded and other non-publicly traded
securities are estimated using values obtained from independent pricing services
or, in the case of private placements, by discounting expected future cash flows
using a current market interest rate commensurate with the credit quality and
term of the investments.
Mortgage loans
The fair values of mortgage loans are estimated by discounting expected
future cash flows, using current interest rates for similar loans to borrowers
with similar credit risk. Loans with similar characteristics are aggregated for
purposes of the calculations. The fair value of mortgage loans in process of
foreclosure is the estimated fair value of the underlying collateral.
Policy loans
Policy loans are an integral component of insurance contracts and have no
maturity dates. Management has determined that it is not practicable to estimate
the fair value of policy loans.
F-27
<PAGE> 79
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
9. ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED):
Separate account assets and liabilities
The estimated fair value of assets held in separate accounts is based
principally on quoted market prices. The fair value of liabilities related to
separate accounts is the amount payable on demand, net of surrender charges.
Investment-type contracts
The fair values of annuities are based on estimates of the value of
payments available upon full surrender. The fair values of the Company's
liabilities under guaranteed investment contracts are estimated by discounting
expected cash outflows using interest rates currently offered for similar
contracts with maturities consistent with those remaining for the contracts
being valued, where appropriate.
10. OFF-BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK:
Financial Instruments with Off-Balance Sheet Risk:
In 1992, the Company entered into an agreement with a bank to lend
securities to approved borrowers. There were $35.0 million of loaned securities
as of December 31, 1997. There were no loaned securities at December 31, 1996.
The minimum collateral on securities loaned is 102 percent of the market value
of loaned securities. Such securities are marked to market on a daily basis,
adjusting required collateral values accordingly.
Concentration of Credit Risk:
At December 31, 1997 and 1996, the Company had no single investment or
series of investments with a single issuer (excluding U.S. Government Agency
securities) exceeding 2.1 percent and 3.9 percent, respectively, of total cash
and invested assets.
The bond portfolio is diversified by industry type. The industries that
comprise 10 percent or more of the carrying value of the bond portfolio at
December 31, 1997 are: Other Manufacturing of $671.6 million (14.2 percent),
Public Utilities of $596.5 million (12.7 percent), Consumer Goods and Services
of $477.4 million (10.2 percent), and Government and Agencies of $468.6 million
(10.0 percent). At December 31, 1996, the industries comprising 10 percent or
more of the bond portfolio carrying value were: Financial Services of $640.2
million (14.8 percent), Government and Agencies of $527.5 million (12.2
percent), Other Manufacturing of $524.0 million (12.1 percent), Public Utilities
of $501.5 million (11.6 percent), and Consumer Goods and Services of $436.3
million (10.1 percent).
Below investment grade bonds are defined as those securities rated in
categories 3 through 6 by the NAIC, which are approximately equivalent to bonds
rated below BBB by rating agencies. These bonds consist mostly of privately
issued bonds, which are monitored by the Company through extensive internal
analysis of the financial condition of the borrowers, and which include
protective debt covenants. The Company held below investment grade bonds of
$218.4 million and $290.2 million at December 31, 1997 and 1996, respectively.
Of these bonds, $175.1 million and $239.6 million, respectively, were in
category 3, which is considered to be medium quality by the NAIC.
F-28
<PAGE> 80
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
10. OFF-BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK (CONTINUED):
The Company has significant investments in commercial and agricultural
mortgage loans and real estate (including joint ventures and partnerships). The
locations of property collateralizing mortgage loans and real estate investment
carrying values at December 31, 1997 and 1996 are as follows:
<TABLE>
<CAPTION>
1997 1996
---------------- ----------------
$ % $ %
- - - -
($ IN MILLIONS)
<S> <C> <C> <C> <C>
GEOGRAPHIC REGION
- -----------------------------------------
Southeast................................ 704.9 25.2 794.2 24.7
Northeast................................ 611.5 21.9 598.3 18.6
Mountain................................. 517.6 18.5 538.6 16.8
West..................................... 379.1 13.6 583.3 18.2
Southwest................................ 291.8 10.4 339.6 10.6
Midwest.................................. 291.1 10.4 356.3 11.1
------- ----- ------- -----
Total.......................... 2,796.0 100.0 3,210.3 100.0
======= ===== ======= =====
</TABLE>
The states with the largest concentrations of mortgage loans and real
estate investments at December 31, 1997 are: New York, $350.0 million (12.5
percent); California, $284.4 million (10.2 percent); Arizona, $272.0 million
(9.7 percent); Texas, $235.6 million (8.4 percent); Florida, $202.9 million (7.3
percent); Illinois, $164.0 million (5.9 percent); Georgia, $162.4 million (5.8
percent); and Colorado, $141.7 million (5.1 percent).
Approximately 53 percent of the Company's real estate and mortgage
portfolios are invested in office building properties. As of December 31, 1997
and 1996, the real estate and mortgage loan portfolio was also diversified as
follows:
<TABLE>
<CAPTION>
1997 1996
---------------- ----------------
$ % $ %
- - - -
($ IN MILLIONS)
<S> <C> <C> <C> <C>
TYPE
- -----------------------------------------
Office buildings......................... 1,484.2 53.1 1,704.8 53.1
Agricultural............................. 421.0 15.1 413.5 12.9
Retail................................... 361.3 12.9 415.4 13.0
Hotel.................................... 249.9 8.9 270.0 8.4
Industrial............................... 106.3 3.8 177.0 5.5
Other.................................... 103.8 3.7 132.6 4.1
Apartment buildings...................... 69.5 2.5 97.0 3.0
------- ----- ------- -----
Total.......................... 2,796.0 100.0 3,210.3 100.0
======= ===== ======= =====
</TABLE>
F-29
<PAGE> 81
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
11. RESERVES:
The withdrawal characteristics of the Company's annuity actuarial reserves
and deposit liabilities as of December 31, 1997 were as follows:
<TABLE>
<CAPTION>
($ IN MILLIONS)
<S> <C>
Not subject to discretionary withdrawal provision........... $ 866.7
Subject to discretionary withdrawal -- with adjustment:
- with market value adjustment........................ 256.7
- at book value less surrender charges 5 percent or
more................................................. 34.1
- at market value..................................... 1,355.2
--------
Subtotal..................................... 1,646.0
Subject to discretionary withdrawal -- without adjustment:
- at book value (minimal or no charge or
adjustment).......................................... 815.1
--------
Total annuity actuarial reserves and deposit
liabilities (gross)........................ 3,327.8
Less: Reinsurance................................. 145.7
--------
Total annuity actuarial reserves and deposit
liabilities (net).......................... $3,182.1
========
</TABLE>
The amounts shown above are included in the Company's statement of admitted
assets, liabilities and surplus as life insurance and annuity reserves ($1.4
billion) and separate account liabilities ($1.8 billion).
12. REINSURANCE:
Life insurance business is ceded on a yearly renewable term basis under
various reinsurance contracts. The Company's general practice is to retain no
more than $4.0 million of risk on any one person for individual products and
$6.0 million for last survivor products.
The total amount of reinsured life insurance in force on this basis was
$6.8 billion and $7.0 billion at December 31, 1997 and 1996, respectively.
Premiums ceded under these contracts were $36.0 million and $35.1 million;
benefit payments recovered were approximately $25.0 million and $31.5 million;
policy reserve credits recorded were $30.6 million and $30.9 million; and
recoverable amounts on paid and unpaid losses were $5.9 million and $10.5
million in 1997 and 1996, respectively.
The Company reinsured certain whole life and endowment contracts issued
through 1974 under an agreement which combines the modified coinsurance and the
coinsurance bases. Reserves subject to this agreement were $919 million in 1997
and $936 million in 1996, for which the Company recorded policy reserve credits
of $44.0 million in 1997 and 1996. Premiums ceded under this contract were $17.8
million in 1997 and $22.3 million in 1996. The reinsurer is required to
reimburse the Company for its share of dividends paid on participating policies
under a formula based on the relationship between actual dividends and the
Company's general account earnings rate, which will in most instances result in
a payment equal to the reinsurer's percentage share of the Company's actual
dividends. The Company holds the entire dividend liability as a modified
coinsurance liability. In view of the fact that these reimbursements will not in
all instances equal the reinsurer's share of the Company's actual dividends, the
Company considers all dividend reimbursements as miscellaneous income.
The Company also reinsured certain other whole life and endowment contracts
issued through 1974 under an agreement which combines the modified coinsurance
and the coinsurance bases. Reserves subject to this agreement were $750 million
in 1997 and $764 million in 1996, for which the Company recorded policy reserve
credits of $34.2 million in 1997 and 1996. Premiums ceded under this contract
were $16.2 million in
F-30
<PAGE> 82
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
12. REINSURANCE (CONTINUED):
1997 and $19.9 million in 1996. The reinsurer is required to reimburse the
Company for its share of dividends paid on participating policies under a
formula based on the relationship between actual dividends and the Company's
general account earnings rate, which will in most instances result in a payment
equal to the reinsurer's percentage share of the Company's actual dividends. The
reinsurer coinsures $16 million of the Company's dividend liability with the
balance of the dividend liability subject to a modified coinsurance arrangement.
In view of the fact that these reimbursements will not in all instances equal
the reinsurer's share of the Company's actual dividends, the Company records
dividend reimbursements for which it has a coinsurance credit as dividends
received with the remainder accounted for as miscellaneous income.
The Company has coinsured a portion of its extended term insurance,
guaranteed interest contract and long-term disability claim liabilities. The
total ceded reserves and claims liabilities under these agreements were $42.3
million and $44.6 million at December 31, 1997 and 1996, respectively.
During 1994, the Company entered into an agreement to reinsure
approximately 50% of its block of paid-up life insurance policies. The Company
transferred assets equal to the total liabilities ceded into a segregated
portfolio within its general account to secure benefit payments from the
reinsurer and established a funds held liability to the reinsurer for a
corresponding amount. Reserves ceded under this agreement were $90.6 million and
$96.9 million at December 31, 1997 and 1996, respectively.
Prior to December 31, 1997, the Company had reinsured approximately 60
percent of its net retained individual disability ("DI") business under an
agreement that was novated on December 31, 1997. Ceded premiums under this
agreement were $43.6 million and $44.3 million during 1997 and 1996,
respectively. The ceded reserves and claims liabilities were $219.4 million
prior to novation on December 31, 1997, and $201.8 million at December 31, 1996.
As of December 31, 1997, the in force block of DI policies has been 100
percent reinsured. Under the terms of this agreement, the reinsurer assumed the
treaty liabilities of the novated agreement discussed in the preceding paragraph
and additional liabilities of $153.4 million as of December 31, 1997; therefore,
total ceded reserves, claim and dividend liabilities at December 31, 1997 were
$372.8. The Company's statutory surplus increased by $21.2 million, net of tax,
as a result of this agreement and the novation discussed in the preceding
paragraph.
The Company is contingently liable with respect to ceded reinsurance should
any reinsurer be unable to meet its obligations under these agreements. To limit
the possibility of such losses, the Company evaluates the financial condition of
its reinsurers and monitors concentration of credit risk.
13. GROUP PENSION BUSINESS:
On December 31, 1993, the Company entered into an agreement with AEGON USA,
Inc. ("AEGON") under which the Company agreed to sell substantially all of its
group pension business, including its full service group pension contracts,
consisting primarily of tax-deferred annuity, 401(k) and managed funds lines of
business, to AEGON's wholly-owned subsidiary, AUSA Life Insurance Company, Inc.
("AUSA Life"). The sale (the "Group Pension Transaction") was accomplished
through the transfer of $6.3 billion in group pension assets and liabilities,
including $2.7 billion of general account assets and $3.6 billion of separate
account assets. AUSA Life also acquired the corporate infrastructure supporting
the group pension business, including personnel, data processing systems,
facilities and regional offices. In connection with the transaction, the Company
and AEGON have entered into certain service agreements. These agreements, among
other things, provide that the Company will continue to manage the transferred
assets, and that AUSA Life will continue to provide certain administrative
services to the Company's remaining group pension contracts not included in the
transfer.
F-31
<PAGE> 83
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
13. GROUP PENSION BUSINESS (CONTINUED):
Effective with the agreement, AUSA Life reinsured, on an indemnity
reinsurance basis, the contract liabilities funded by such general account
assets. AUSA Life agreed to reinsure such general and separate account
liabilities on an assumption reinsurance basis upon the consent of general
account contractholders to assumption of their contracts. Substantially all of
the contractholders elected assumption reinsurance.
In connection with the Group Pension Transaction, on December 31, 1993, the
Company made a $200 million capital investment in AEGON by purchasing $150
million face amount of Series A notes and $50 million face amount of Series B
notes ("the Notes"). The Series A notes pay interest at 6.44 percent per annum
and the Series B notes pay interest at 6.24 percent per annum. Both the Series A
and Series B notes mature on December 31, 2002.
In addition to interest payments on the Notes, the Company has the right to
receive certain payments based on the profits of the transferred business in
force on the transaction date, a future payment tied to the determination of the
value of the transferred business at the maturity date of the Notes, and a
potential payment based on new business growth. Net operating losses, if any, on
the transferred business for any year are carried forward to reduce profit
payments in subsequent years. Any deficit remaining at the end of the nine-year
term of the Notes may only be applied to reduce the final value of the business
transferred and the principal amount of any outstanding Series A notes. For the
years ended December 31, 1997 and 1996, the Company earned $51.5 million and
$65.9 million, respectively, based upon the profits of the transferred group
pension business and reflected these amounts in Commission and Expense Allowance
on Reinsurance Ceded on the Company's statements of operations.
From 1994 through 1996, the Company reinvested an aggregate of $169 million
of the aforementioned profits and interest in additional Series A notes (the
"Additional Notes") with a face amount equal to the amount reinvested. The
interest on the Additional Notes was 1 percent above the two-year U.S. Treasury
rate in effect at the time of their issuance. AUSA Life redeemed all of the
Additional Notes at face value during 1997.
The Company held $150 million face amount of Series A notes and $50 million
face amount of Series B notes at December 31, 1997.
14. NOTES PAYABLE:
During 1997, the Company retired a remaining outstanding liability for
borrowed money related to a floating rate note issued by a trust which qualified
as a REMIC (Real Estate Mortgage Investment Conduit) under Section 860 of the
Internal Revenue Code. The remaining floating rate note issued by the trust
matured on September 25, 1997. The interest rate on the note issued by the trust
ranged from 5.69 percent to 6.00 percent during 1997 and 5.56 percent to 6.07
percent in 1996. Interest expense incurred was $0.8 million in 1997 and $3.3
million in 1996. Mortgage assets of the Company were previously pledged as
collateral for the trust. The Company had accounted for the trust which
qualified as a REMIC by consolidating the trust's mortgages and debt.
15. SURPLUS NOTES:
In 1994, the Company completed the sale of $125 million 30-year surplus
notes ("the Surplus Notes") which generated net proceeds of $70 million after a
discount of 42.146 percent from the principal amount payable at maturity and
issuance expenses of approximately $2.3 million. The $70 million of net proceeds
has increased the Company's surplus by a corresponding amount.The Company has
made no charge against its surplus for the accretion of discount on the Surplus
Notes as prescribed by the Insurance Department of the State of New York.
Interest on the Surplus Notes is scheduled to be paid on February 15 and August
15 of
F-32
<PAGE> 84
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
15. SURPLUS NOTES (CONTINUED):
each year, commencing February 15, 2000, at a rate of 11.25 percent per annum.
Each accrual and payment of interest on the Surplus Notes may only be made with
the prior approval of the New York State Superintendent of Insurance.
As discussed in Note 2, under the terms of the Investment Agreement, the
Investors purchased the MONY Notes from the Company with an aggregate principal
amount of $115 million. The MONY Notes generated net proceeds of $111.4 million
after issuance expenses of $3.6 million. The MONY Notes bear interest at the
stated rate of 9.5 percent per annum and mature on December 30, 2012. Interest
on the MONY Notes is payable semi-annually and principal is payable at maturity.
Each accrual and payment of interest on the MONY Notes may only be made with the
prior approval of the New York State Superintendent of Insurance.
16. FEDERAL INCOME TAXES:
The Company files a consolidated federal income tax return with its life
and non-life subsidiaries. The allocation of federal income taxes is based upon
separate return calculations with current credit for losses and other federal
income tax credits provided to the life insurance members of the affiliated
group. Intercompany tax balances are settled annually in the fourth quarter.
The Company's federal income tax returns for years through 1991 have been
examined with no proposed material adjustments. In the opinion of management,
adequate provision has been made for any additional taxes which may become due
with respect to open years.
Pre-tax operating gains and pre-tax operating losses, as reported in the
accompanying statements of operations, differ from the taxable income reported
for tax purposes. Significant differences include the deferral and amortization
of policy acquisition costs for tax purposes, the difference between statutory
and tax reserves, the taxable portion of the Company's surplus (as applicable to
mutual life insurers), depreciation expense and related recapture, capital gains
deferred to the IMR, and equity in partnerships and joint ventures.
17. PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS:
Employee and Field Underwriter Retirement Plans
The Company has a qualified pension plan covering substantially all of its
salaried employees. The provisions of the plan provide both (a) defined benefit
accruals based on (i) years of service, (ii) the employee's final average annual
compensation and (iii) wage bases or benefits under Social Security and (b)
effective January 1, 1994, defined contribution accruals based on a Company
matching contribution equal to 100 percent of the Company employee's elective
deferrals under the incentive savings plan for employees up to 3 percent of the
employee's eligible compensation and an additional 2 percent of eligible
compensation for each active participant. The Company's funding and accounting
policies are to contribute annually the maximum amount that can be deducted for
federal income taxes and to charge expenses in the year in which the
contributions are made. No contributions were made in the current year or prior
year because the plan was subject to the full funding limitation under Section
412 of the Internal Revenue Code. At December 31, 1996, the most recent
actuarial valuation date, the plan's accumulated benefit obligation, determined
in accordance with Statements of Financial Accounting Standards and based on an
assumed settlement rate of 7.50 percent, was $276.2 million including vested
benefits of $274.4 million. The fair value of Plan assets as of December 31,
1996 was $393.4 million.
The Company also has a qualified money purchase pension plan covering
substantially all career field underwriters. Company contributions of 5 percent
of earnings plus an additional 2 percent of such earnings in
F-33
<PAGE> 85
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
17. PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (CONTINUED):
excess of the social security wage base are made each year. In addition,
after-tax voluntary field underwriter contributions of up to 10 percent of
earnings are allowed. At December 31, 1996, the latest actuarial valuation date,
the fair value of plan assets was $191.1 million. For the years ended December
31, 1997 and 1996, the Company contributed $3.3 million and $3.7 million to the
plan, respectively.
The Company sponsors a non-qualified defined benefit pension plan, which
provides benefits in excess of Internal Revenue Service limits to certain
employees. The benefits are based on years of service and the employee's final
average annual compensation. Pension benefits are paid from the Company's
general account. The amounts accrued by the Company for this plan, based on an
assumed 7.50 percent average interest rate for 1997 and 7.42 percent weighted
average interest rate for 1996 were $38.2 million and $36.9 million in 1997 and
1996, respectively. The Company also maintains various non-qualified excess
defined contribution plans for field underwriters and key employees. The amounts
accrued for these various plans were $80.2 million and $67.5 million in 1997 and
1996, respectively.
Deferred Compensation Plans
The Company has incentive savings plans in which substantially all
employees and career field underwriters are eligible to participate. The Company
matches field underwriter contributions up to 2 percent of eligible
compensation, as defined, and may also make an additional profit sharing
contribution for non-officer employees. The Company made employer contributions
of $2.4 million and $2.5 million to these plans in 1997 and 1996, respectively.
In addition, the Company has two compensation plans for key employees that allow
deferral of current compensation, as allowed by New York Insurance Law.
Postretirement Benefits Other than Pensions
The Company provides certain health care and life insurance benefits
("postretirement benefits") for retired employees and field underwriters. The
Company accrues the estimated employee cost of retiree benefit payments for
current retirees and fully vested employees and field underwriters by estimating
the actuarial present value of benefits expected to be paid after retirement.
At December 31, 1997 and 1996, the unamortized portion of the
postretirement benefit transition obligation established at December 31, 1992,
was approximately $54.0 million and $57.6 million, respectively. The Company
amortizes this transition obligation over a period of twenty years. The amount
of transition obligation amortized approximated $3.6 million during 1997 and
1996. The total cost to provide life insurance and health benefits for fully
vested and retired employees and field underwriters, including the expense
described above, was $11.2 million in 1997 and $10.6 million in 1996.
At December 31, 1997, the unfunded postretirement benefit obligation for
retirees and fully vested employees was $91.8 million, with $25.9 million
included in Other Liabilities. At December 31, 1996, the unfunded postretirement
benefit obligation for retirees and fully vested employees was $76.3 million,
with $21.4 million included in Other Liabilities. The discount rate used in
determining the accumulated postretirement benefit obligation was 6.75 percent
and 7.50 percent in 1997 and 1996, respectively, and the health care cost trend
rate was 11.0 percent graded to 6.0 percent by 2010 for 1997 and 1996.
The health care cost trend rate assumption has an effect on the amounts
reported. To illustrate, an increase in the assumed health care cost trend rates
of one percentage point in each year would increase the estimated postretirement
benefit obligation as of December 31, 1997 by $0.8 million and the estimated
eligibility cost and interest cost components of net periodic postretirement
benefit cost for 1997 by $0.1 million.
F-34
<PAGE> 86
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
18. COMMITMENTS AND CONTINGENCIES:
Commitments:
The Company maintains lines of credit with domestic banks totaling $100
million. The Company intends to renew the line of credit on June 30, 1998, the
next scheduled renewal date. The Company has not borrowed against its credit
lines since 1982.
At December 31, 1997 the Company had commitments to issue $29.1 million of
fixed rate farm loans with interest rates ranging from 7.45 percent to 8.0
percent and terms based on rate reset dates of 1 to 10 years. The Company also
committed to $36.4 million of commercial loan investments with interest rates
ranging from 7.23 percent to 8.17 percent and terms of 5 to 15 years. There were
$41.0 million outstanding bond commitments as of December 31, 1997.
Contingencies:
The Company has guaranteed to certain states that the surplus of MONY
America will be maintained at amounts at least equal to the minimum surplus
required for admission to those states.
At December 31, 1997, the Company has guaranteed $34 million related to
real estate held by unrelated investors.
In late 1995 and during 1996, a number of purported class actions were
commenced in various state and federal courts against the Company and MONY
America ("the Companies") alleging that the Companies engaged in deceptive sales
practices in connection with the sale of whole and universal life insurance
policies during the period 1980 to the present. Although the claims asserted in
each case are not identical, they seek substantially the same relief under
essentially the same theories of recovery (i.e. breach of contract, fraud,
negligent misrepresentation, negligent supervision and training, breach of
fiduciary duty, unjust enrichment and violation of state insurance and/or
deceptive business practice laws). The Companies have answered the complaints in
each action (except for one being voluntarily held in abeyance), have denied any
wrongdoing, and have asserted numerous affirmative defenses.
On June 7, 1996, the New York State Supreme Court certified the Goshen
case, being the first of the aforementioned class actions filed, as a nationwide
class consisting of all persons or entities who have, or at the time of the
policy's termination, had an ownership interest in a whole or universal life
insurance policy issued by the Companies and sold on an alleged "vanishing
premium" basis during the period January 1, 1982 to December 31, 1995. On March
27, 1997, the Companies filed a motion to dismiss or, alternatively, motion for
summary judgment on all counts of the complaint.
The Massachusetts District Court in the Multidistrict Litigation has
entered an order recognizing the Goshen case as the lead case and essentially
holding all of the federal cases in abeyance pending the action of the Goshen
case. Consequently, all other putative class actions have been either
consolidated and transferred by the Judicial Panel on Multidistrict Litigation
to the United States District Court for the District of Massachusetts, or are
being voluntarily held in abeyance pending the outcome of the Goshen case.
On October 21, 1997, the New York State Supreme Court granted the
Companies' motion for summary judgment and dismissed all claims filed in the
Goshen case against the Companies. The order by the New York State Supreme Court
has been appealed to the Appellate Division by plaintiffs and all actions before
the United States District Court for the District of Massachusetts are still
pending.
In addition to the matters discussed above, the Company is involved in
various other legal actions and proceedings in connection with its businesses.
The claimants in certain of these actions and proceedings seek damages of
unspecified amounts. During 1996, litigation settlements of $12.6 million
related to prior years' events were charged directly to surplus.
F-35
<PAGE> 87
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
18. COMMITMENTS AND CONTINGENCIES (CONTINUED):
While the outcome of such matters cannot be predicted with certainty, in
the opinion of management, any additional liability beyond that recorded in the
financial statements at December 31, 1997, resulting from the resolution of
these matters will not have a material adverse effect on the Company's statutory
surplus or results of operations.
In 1994, the Company reached an agreement for the transfer of the
management of its information systems operations to Computer Sciences
Corporation ("CSC"). Under the terms of this agreement, CSC agreed to operate,
manage and enhance the Company's information systems operations. In 1997, the
Company and CSC mutually agreed to terminate all agreements between them. In
connection with the termination, the Company paid $21.2 million to CSC.
Insurance companies are subject to assessments, up to statutory limits, by
state guaranty funds for losses of policyholders of insolvent insurance
companies. In the opinion of management, such assessments will not have a
material adverse effect on the Company's statutory surplus or results of
operations.
19. LEASES:
The Company has entered into various operating and capital lease agreements
for office space and furniture and equipment, including a 17-year capital with
the NY IDA (See Note 6). The Company's leases have remaining non-cancelable
lease terms in excess of one year. Total rental expense for these leases
amounted to $22.4 million in 1997 and $21.8 million in 1996.
The future minimum rental obligations under these leases at December 31,
1997 are as follows:
<TABLE>
<CAPTION>
(IN MILLIONS)
-------------
<S> <C>
1998........................................................ $ 17.5
1999........................................................ 17.7
2000........................................................ 17.6
2001........................................................ 16.9
2002........................................................ 17.5
Later years................................................. 152.8
------
Total............................................. $240.0
======
</TABLE>
20. YEAR 2000:
The Year 2000 issue is the result of the widespread use of computer
programs written using two digits (rather than four) to define the applicable
year. Such programming was a common industry practice designed to avoid the
significant costs associated with additional mainframe capacity necessary to
accommodate a four-digit year field. As a result, any of the Company's computer
systems that have time-sensitive software may recognize a date using "00" as the
year 1900 rather than the year 2000. This could result in a major systems
failure or miscalculations. The Company has conducted a comprehensive review of
its computer systems to identify the systems that could be affected by the Year
2000 issue and has developed and implemented a plan to resolve the issue. The
Company currently believes that, with modifications to existing software and
converting to new software, the Year 2000 issue will not pose significant
operational problems for the Company's computer systems. However, if such
modifications and conversions are not completed on a timely basis, the Year 2000
issue may have a material impact on the operations of the Company. Furthermore,
even if the Company completes such modifications and conversions on a timely
basis, there can be no assurance that the failure by vendors or other third
parties to solve the Year 2000 problem will not have a material impact on the
operations of the Company. The Company estimates the total cost to resolve its
Year 2000 problem to be approximately $18 million.
F-36
<PAGE> 88
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA
FOR THE YEAR ENDED DECEMBER 31, 1997
($ AMOUNTS IN THOUSANDS)
The following is a summary of certain financial data from the Company's
Annual Statement included in other exhibits and schedules subjected to audit
procedures by independent accountants and utilized by the Company's actuaries in
the determination of reserves:
<TABLE>
<S> <C>
INVESTMENT INCOME EARNED:
U.S. Government bonds................................... 12,367
Other bonds (unaffiliated).............................. 327,504
Bonds of affiliates..................................... 125
Preferred stocks (unaffiliated)......................... 115
Preferred stocks of affiliates.......................... 0
Common stocks (unaffiliated)............................ 52,707
Common stocks of affiliates............................. 6,915
Mortgage loans.......................................... 127,293
Real estate............................................. 170,576
Premium notes, policy loans and liens................... 78,690
Collateral loans........................................ 0
Cash on hand and on deposit............................. 422
Short-term investments.................................. 12,033
Other invested assets................................... 24,796
Derivative instruments.................................. 581
Aggregate write-ins for investment income............... 5,594
----------
Gross investment income............................. 819,718
==========
REAL ESTATE OWNED -- BOOK VALUE LESS ENCUMBRANCES........... 1,011,584
MORTGAGE LOANS -- BOOK VALUE:
Farm mortgages.......................................... 418,694
Residential mortgages................................... 2,551
Commercial mortgages.................................... 1,016,216
----------
Total mortgage loans................................ 1,437,461
==========
MORTGAGE LOANS BY STANDING -- BOOK VALUE:
Good standing........................................... 1,174,737
Good standing with restructured terms................... 250,013
Interest overdue more than three months, not in
foreclosure............................................ 1,006
Foreclosure in process.................................. 11,705
----------
Total mortgage loans................................ 1,437,461
==========
OTHER LONG TERM ASSETS -- STATEMENT VALUE................... 1,553,283
COLLATERAL LOANS............................................ 0
BONDS & STOCKS OF PARENTS, SUBSIDIARIES AND
AFFILIATES -- BOOK VALUE:
Bonds................................................... 0
Preferred Stocks........................................ 0
Common Stocks........................................... 278,836
BONDS AND SHORT-TERM INVESTMENTS BY CLASS AND MATURITY:
- ------------------------------------------------------------
BONDS AND SHORT-TERM INVESTMENTS BY MATURITY -- STATEMENT
VALUE:
Due within one year or less............................. 324,848
Over 1 year through 5 years............................. 1,468,662
Over 5 years through 10 years........................... 2,191,029
Over 10 years through 20 years.......................... 671,627
Over 20 years........................................... 223,051
----------
Total by Maturity................................... 4,879,217
==========
</TABLE>
F-37
<PAGE> 89
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA -- (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1997
($ AMOUNTS IN THOUSANDS)
<TABLE>
<S> <C>
BONDS AND SHORT-TERM INVESTMENTS BY CLASS -- STATEMENT
VALUE:
Class 1................................................. 2,952,209
Class 2................................................. 1,708,576
Class 3................................................. 175,131
Class 4................................................. 26,759
Class 5................................................. 6,429
Class 6................................................. 10,113
----------
Total by Class...................................... 4,879,217
==========
TOTAL BONDS AND SHORT-TERM INVESTMENTS -- PUBLICLY TRADED... 2,672,585
TOTAL BONDS AND SHORT-TERM INVESTMENTS -- PRIVATELY
TRADED.................................................... 2,206,632
PREFERRED STOCKS -- STATEMENT VALUE......................... 7,931
COMMON STOCKS -- MARKET VALUE............................... 548,803
SHORT-TERM INVESTMENTS -- BOOK VALUE........................ 178,308
FINANCIAL OPTIONS OWNED -- STATEMENT VALUE.................. 0
FINANCIAL OPTIONS WRITTEN AND IN FORCE -- STATEMENT VALUE... 0
FINANCIAL FUTURES CONTRACTS OPEN -- CURRENT PRICE........... 0
CASH ON HAND AND ON DEPOSIT................................. 33,303
LIFE INSURANCE IN FORCE:
Industrial.............................................. 0
Ordinary................................................ 65,622,510
Credit Life............................................. 0
Group Life.............................................. 7,080,781
AMOUNT OF ACCIDENTAL DEATH INSURANCE IN FORCE UNDER ORDINARY
POLICIES.................................................. 3,689,538
LIFE INSURANCE POLICIES WITH DISABILITY PROVISIONS IN FORCE:
Industrial.............................................. 0
Ordinary................................................ 35,416,525
Credit Life............................................. 0
Group Life.............................................. 154,521
SUPPLEMENTARY CONTRACTS IN FORCE:
Ordinary -- Not Involving Life Contingencies
Amount on Deposit................................... 174,770
Income Payable...................................... 2,338
Ordinary -- Involving Life Contingencies
Income Payable...................................... 6,092
Group -- Not Involving Life Contingencies
Amount on Deposit................................... 2,695
Income Payable...................................... 526
Group -- Involving Life Contingencies
Income Payable...................................... 7
ANNUITIES:
Ordinary
- ------------------------------------------------------------
Immediate -- Amount of Income Payable............... 7,423
Deferred -- Fully Paid -- Account Balance........... 17,342
Deferred -- Not Fully Paid -- Account Balance....... 8,778
Group
- ------------------------------------------------------------
Amount of Income Payable............................ 27,688
Fully Paid -- Account Balance....................... 31,992
Not Fully Paid -- Account Balance................... 0
</TABLE>
F-38
<PAGE> 90
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA -- (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1997
($ AMOUNTS IN THOUSANDS)
<TABLE>
<S> <C>
ACCIDENT AND HEALTH INSURANCE -- PREMIUMS IN FORCE:
Ordinary................................................ 79,423
Group................................................... 3,268
Credit.................................................. 0
DEPOSIT FUNDS AND DIVIDEND ACCUMULATIONS:
Deposit Funds -- Account Balance........................ 563,047
Dividend Accumulations -- Account Balance............... 296,751
CLAIM PAYMENTS 1997:
Group Accident and Health -- Year Ended December 31,
1997
1997................................................ 9,818
1996................................................ 3,439
1995................................................ 614
1994................................................ 157
1993................................................ 163
Prior............................................... 1,444
Other Accident and Health -- Year Ended December 31,
1997
1997................................................ 1,922
1996................................................ 3,690
1995................................................ 3,333
1994................................................ 1,979
1993................................................ 2,587
Prior............................................... 6,246
Other coverages that use developmental methods to
calculate claims reserves -- Year Ended December 31,
1997
1997................................................ 0
1996................................................ 0
1995................................................ 0
1994................................................ 0
1993................................................ 0
Prior............................................... 0
</TABLE>
F-39
<PAGE> 91
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 92
APPENDIX A
DEATH BENEFIT PERCENTAGE FOR
GUIDELINE PREMIUM/CASH VALUE CORRIDOR TEST
<TABLE>
<CAPTION>
ATTAINED AGE APPLICABLE PERCENTAGE
------------ ---------------------
<S> <C>
40 and Under................................................ 150%
41.......................................................... 143
42.......................................................... 136
43.......................................................... 129
44.......................................................... 122
45.......................................................... 115
46.......................................................... 109
47.......................................................... 103
48.......................................................... 97
49.......................................................... 91
50.......................................................... 85
51.......................................................... 78
52.......................................................... 71
53.......................................................... 64
54.......................................................... 57
55.......................................................... 50
56.......................................................... 46
57.......................................................... 42
58.......................................................... 38
59.......................................................... 34
60.......................................................... 30
61.......................................................... 28
62.......................................................... 26
63.......................................................... 24
64.......................................................... 22
65.......................................................... 20
66.......................................................... 19
67.......................................................... 18
68.......................................................... 17
69.......................................................... 16
70.......................................................... 15
71.......................................................... 13
72.......................................................... 11
73.......................................................... 09
74.......................................................... 07
75-90....................................................... 05
91.......................................................... 04
92.......................................................... 03
93.......................................................... 02
94.......................................................... 01
95.......................................................... 00
</TABLE>
A-1
<PAGE> 93
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 94
APPENDIX B
ILLUSTRATIONS OF DEATH BENEFITS, ACCOUNT VALUES AND
SURRENDER VALUES, AND ACCUMULATED PREMIUMS
The following tables illustrate how the key financial elements of the
Policy work, specifically, how the death benefits, Fund Values and Surrender
Values could vary over an extended period of time. In addition, each table
compares these values with premiums paid accumulated with interest.
The Policies illustrated include the following:
<TABLE>
<CAPTION>
BENEFIT SPECIFIED SEE
SEX AGE SMOKER OPTION AMOUNT PAGE
--- --- ------ ------- --------- ----
<S> <C> <C> <C> <C> <C>
Male 45 Preferred Non-smoker 1 $200,000 B- 4
Female 45 Preferred Non-smoker 1 $200,000 B-14
Male 45 Standard Smoker 1 $200,000 B-24
Male 45 Preferred Non-smoker 2 $200,000 B-34
Male 35 Preferred Non-smoker 1 $200,000 B-44
Male 55 Preferred Non-smoker 1 $200,000 B-54
</TABLE>
The tables show how death benefits, Fund Values and Surrender Values of a
hypothetical Policy could vary over an extended period of time if the
Subaccounts of the Variable Account had constant hypothetical gross annual
investment returns of 0%, 6% or 12% over the periods indicated in each table.
The values will differ from those shown in the tables if the annual investment
returns are not absolutely constant. That is, the death benefits, Fund Values
and Surrender Values will be different if the returns averaged 0%, 6% or 12%
over a period of years but went above or below those figures in individual
Policy years. These illustrations assume that no Policy Loan has been taken. The
amounts shown would differ if unisex rates were used.
The amounts shown for death benefits, Fund Values and Surrender Values
sections reflect the fact the net investment return on the Policy is lower than
the gross investment return on the Subaccounts of the Variable Account. This
results from the charges levied against the Subaccounts of the Variable Account
(i.e., the mortality and expense risk charge) as well as the premium loads,
administrative charges and Fund Charges. The difference between the Fund Value
and the Surrender Value in the first 14 years is the Fund Charge.
The tables illustrate cost of insurance and expense charges at both current
rates (which are described under Cost Of Insurance, page 28.) and at the maximum
rates guaranteed in the Policies. The amounts shown at the end of each Policy
year reflect a daily charge against the Funds as well as those assessed against
the Subaccounts. These charges include the charge against the Subaccounts for
mortality and expense risks and the effect on each Subaccount's investment
experience of the charge to Portfolio assets for investment management and
direct expenses. The mortality and expense risk fee is .75% annually. The daily
charge for mortality and expense risks has been designed to effectively decrease
by 0.50% on an annualized basis in years 11 and later. This decrease is
guaranteed and is accomplished by increasing the separate account subaccount
fund value on each monthly anniversary after the 10th policy anniversary. The
amount of this increase is determined by multiplying the separate account
subaccount fund value by 0.04167%, which is equivalent to 0.5% on an annual
basis.
Since the Company is unable to predict how a particluar Policy owner will
allocate net premiums and cash values among the available Subaccounts, the
Company has assumed that the daily investment advisory fee and other expenses of
the hypothetical portfolio was deducted at a rate equivalent to an annual rate
of 0.75% of the aggregate average daily net assets of the Portfolio. Of course,
the investment advisory fee and other expenses actually incurred will depend
upon the Policy owner's choice of Subaccounts. Actual fees and other expenses
vary by Portfolio and may be subject to agreements by the sponsor to waive or
otherwise reimburse each Portfolio for operating expenses which exceed certain
limits. There can be no assurance that the expense reimbursement arrangements
will continue in the future, and any unreimbursed expenses would be reflected in
the values included on the tables.
B-1
<PAGE> 95
The effect of these investment management, direct expenses and mortality
and expense risk charges on a 0% gross rate of return would result in a net rate
of return of -1.4916%, on 5% it would be 3.4711%, and on 10% it would be
8.4338%.
The tables assume the deduction of charges including administrative and
sales charges. For each age, there are tables for death benefit Options I and II
and each option is illustrated using current and guaranteed policy cost factors.
The tables reflect the fact that the Company does not currently make any charge
against the Variable Account for state or federal taxes. If such a charge is
made in the future, it will take a higher rate of return to produce after-tax
returns of 0%, 6% or 12%.
The Company will furnish, upon request, a comparable illustration based on
the age and sex of the proposed Insured, standard Premium Class assumptions and
an initial Specified Amount and Scheduled Premium Payments of the applicant's
choice. If a Policy is purchased, an individualized illustration will be
delivered reflecting the Scheduled Premium Payment chosen and the Insured's
actual risk class. After issuance, the Company will provide upon request an
illustration of future Policy benefits based on both guaranteed and current cost
factor assumptions and actual Account Value.
The following is the page of supplemental footnotes to each of the flexible
premium variable life to age 95 standard ledger statements which follow and
which begin on pages B-4, B-6, B-10, B-14, B-16, B-20, B-24, B-26, B-30, B-34,
B-36, B-40, B-44, B-46, B-50, B-54, B-56 and B-58.
B-2
<PAGE> 96
STANDARD LEDGER STATEMENT--SUPPLEMENTAL FOOTNOTE PAGE
MONY EQUITYMASTER
FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
This Policy has been tested for the possibility of classification as a
Modified Endowment. This test is not a guarantee that a policy will not be
classified as a Modified Endowment.
This illustration has been checked against Federal Tax Laws relating to the
definition of life insurance and is in compliance based on proposed premium
payments and coverages. Any decrease in specified amount and/or a change in
death benefit Option II to death benefit Option I and/or surrenders occurring in
the first 15 years may cause a taxable event. In addition, if the Policy is
defined as a Modified Endowment Contract, a loan, surrender, or assignment or
pledge (unless such assignment or pledge is defined and the maximum death
benefit is not in excess of $25,000) may be considered a Taxable Distribution
and a ten percent penalty may be added to any tax on the Distribution. Please
consult your tax advisor for advice.
Values shown on this illustration are based on a Policy owner tax bracket
of 31%.
Premiums are assumed to be paid at the beginning of the payment period.
Policy values and ages are shown as of the end of the Policy year and reflect
the effect of all loans and surrenders. The benefit payable at death, Fund Value
and Value Upon Surrender will differ if premiums are paid in different amounts,
frequencies, or not on the due date.
The Policy's Value On Surrender is net of any applicable surrender charge.
Premiums less the following deductions are added to the Fund Value. (1) A
premium tax charge of .8% of gross premiums in all Policy years. (2) A sales
charge on the gross premiums. The sales charges equal 4% in Policy years 1-10,
2% in Policy years 11-20, and 0% in Policy years 21 and later. (3) A DAC tax
charge of 1.25% of gross premiums in all Policy years.
Those columns assuming Guaranteed Charges use the current Monthly Mortality
Charges, current Monthly Administrative Charges, current Charges for Mortality
and Expense Risks, current Charges for Rider Benefits if any, and current
Premium Sales Charge ("Current Charges") for the first year as well as the
Assumed Hypothetical Gross Annual Investment Return indicated. Thereafter these
columns use Guaranteed Monthly Mortality Charges, current Monthly Administrative
Charges, Guaranteed Charges for Mortality and Expense Risks, Guaranteed Charges
for Rider Benefits if any, current Maximum Premium Sales Charge, and the Assumed
Hypothetical Gross Annual Investment Return indicated. Those columns assuming
Current Charges are based upon "Current Charges" and the Assumed Hypothetical
Gross Investment Return indicated.
The Current Charges are declared by The Mutual Life Insurance Company of
New York, are guaranteed for the first Policy year, and apply to policies issued
as of the Preparation Date shown. After the first Policy year, Current Charges
are not guaranteed, and may be changed at the discretion of The Mutual Life
Insurance Company of New York.
The difference between the Fund Value and the Value Upon Surrender is a
Fund Charge. A Fund Charge will apply during the first fourteen years from issue
or following a specified amount increase if the Policy is given up for its Value
Upon Surrender or is terminated, or if the specified amount is reduced. Any
applicable fund charge will be deducted from the Fund Value. Whenever there is a
partial surrender, the surrender amount and the surrender charge ($25.00 or 2%
of the amount surrendered, if less) could be deducted from the benefit payable
at death and will be deducted from the Fund Value and the Value Upon Surrender.
A Policy loan will have a permanent effect on benefits under this Policy.
Loan interest at an annual rate of 5.4% will be charged in advance (equivalent
to 5.75% in arrears). Amounts borrowed will be deposited in a loan account and
earn interest at an annual rate of 5.0%. This rate is determined by subtracting
a hold back margin for profit and expenses of .75% from the loan rate. After the
tenth Policy anniversary the annual interest rate applicable to the loan account
will be .5% higher based on a reduction in the hold back margin for profit and
expenses of .5%. This reduction is guaranteed and will be credited only when
interest in excess of the 5% guaranteed rate is being applied to amounts
allocated to the Guaranteed Interest Account for policies of the same type which
have not reached their tenth anniversary. Adverse tax consequences could occur
if a Policy subject to loans is surrendered or permitted to lapse.
Right to Return Policy -- This Policy may be returned to The Mutual Life
Insurance Company of New York during the period that starts with the Policy's
delivery and ends on the latest of: (a) 10 days after delivery of the Policy to
the rightsholder; (b) 45 days after part 1 of the application is signed; (c) 10
days after we mail or deliver a notice of withdrawal right. The Policy may be
returned by delivery or mail, along with a written notice to cancel, to our home
office, a local office, or to the agent who sold it. We will then promptly
refund any premiums paid.
B-3
<PAGE> 97
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET) 0.00% (-1.49% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 351 2,154 200,000 351 2,154 200,000 351 2,154 200,000
2 47 3,088 0 2,140 4,205 200,000 2,140 4,205 200,000 2,442 4,507 200,000
3 48 3,088 0 3,025 6,186 200,000 3,025 6,186 200,000 3,577 6,738 200,000
4 49 3,088 0 4,916 8,077 200,000 4,916 8,077 200,000 5,667 8,828 200,000
5 50 3,088 0 6,718 9,880 200,000 6,718 9,880 200,000 7,664 10,826 200,000
6 51 3,088 0 8,751 11,597 200,000 8,751 11,597 200,000 9,843 12,689 200,000
7 52 3,088 0 10,678 13,208 200,000 10,678 13,208 200,000 11,959 14,488 200,000
8 53 3,088 0 12,502 14,715 200,000 12,502 14,715 200,000 14,011 16,224 200,000
9 54 3,088 0 14,202 16,099 200,000 14,202 16,099 200,000 16,023 17,920 200,000
10 55 3,088 0 15,782 17,363 200,000 15,782 17,363 200,000 17,975 19,556 200,000
11 56 3,088 0 17,381 18,646 200,000 17,381 18,646 200,000 19,953 21,218 200,000
12 57 3,088 0 18,827 19,775 200,000 18,827 19,775 200,000 21,755 22,703 200,000
13 58 3,088 0 20,121 20,754 200,000 20,121 20,754 200,000 23,467 24,100 200,000
14 59 3,088 0 21,245 21,561 200,000 21,245 21,561 200,000 25,114 25,430 200,000
15 60 3,088 0 22,179 22,179 200,000 22,179 22,179 200,000 26,715 26,715 200,000
16 61 3,088 0 22,587 22,587 200,000 22,587 22,587 200,000 27,936 27,936 200,000
17 62 3,088 0 22,763 22,763 200,000 22,763 22,763 200,000 29,012 29,012 200,000
18 63 3,088 0 22,708 22,708 200,000 22,708 22,708 200,000 29,904 29,904 200,000
19 64 3,088 0 22,336 22,336 200,000 22,336 22,336 200,000 30,675 30,675 200,000
20 65 3,088 0 21,621 21,621 200,000 21,621 21,621 200,000 31,327 31,327 200,000
21 66 3,088 0 20,579 20,579 200,000 20,579 20,579 200,000 31,881 31,881 200,000
22 67 3,088 0 19,116 19,116 200,000 19,116 19,116 200,000 32,276 32,276 200,000
23 68 3,088 0 17,176 17,176 200,000 17,176 17,176 200,000 32,474 32,474 200,000
24 69 3,088 0 14,699 14,699 200,000 14,699 14,699 200,000 32,413 32,413 200,000
25 70 3,088 0 11,639 11,639 200,000 11,639 11,639 200,000 32,033 32,033 200,000
26 71 3,088 0 7,872 7,872 200,000 7,872 7,872 200,000 31,328 31,328 200,000
27 72 3,088 0 3,146 3,146 200,000 3,146 3,146 200,000 30,213 30,213 200,000
28 73 3,088 0 0 0 0 0 0 0 28,718 28,718 200,000
29 74 3,088 0 0 0 0 0 0 0 26,706 26,706 200,000
30 75 3,088 0 0 0 0 0 0 0 24,117 24,117 200,000
31 76 3,088 0 0 0 0 0 0 0 20,943 20,943 200,000
32 77 3,088 0 0 0 0 0 0 0 16,998 16,998 200,000
33 78 3,088 0 0 0 0 0 0 0 12,120 12,120 200,000
34 79 3,088 0 0 0 0 0 0 0 5,335 5,335 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 73. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 80.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-4
<PAGE> 98
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------
0.00% (-1.49% NET)
----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 351 2,154 200,000
2 47 3,088 0 0 0 2,442 4,507 200,000
3 48 3,088 0 0 0 3,577 6,738 200,000
4 49 3,088 0 0 0 5,667 8,828 200,000
5 50 3,088 0 0 0 7,664 10,826 200,000
6 51 3,088 0 0 0 9,843 12,689 200,000
7 52 3,088 0 0 0 11,959 14,488 200,000
8 53 3,088 0 0 0 14,011 16,224 200,000
9 54 3,088 0 0 0 16,023 17,920 200,000
10 55 3,088 0 0 0 17,975 19,556 200,000
11 56 3,088 0 0 0 19,953 21,218 200,000
12 57 3,088 0 0 0 21,755 22,703 200,000
13 58 3,088 0 0 0 23,467 24,100 200,000
14 59 3,088 0 0 0 25,114 25,430 200,000
15 60 3,088 0 0 0 26,715 26,715 200,000
16 61 3,088 0 0 0 27,936 27,936 200,000
17 62 3,088 0 0 0 29,012 29,012 200,000
18 63 3,088 0 0 0 29,904 29,904 200,000
19 64 3,088 0 0 0 30,675 30,675 200,000
20 65 3,088 0 0 0 31,327 31,327 200,000
21 66 3,088 0 0 0 31,881 31,881 200,000
22 67 3,088 0 0 0 32,276 32,276 200,000
23 68 3,088 0 0 0 32,474 32,474 200,000
24 69 3,088 0 0 0 32,413 32,413 200,000
25 70 3,088 0 0 0 32,033 32,033 200,000
26 71 3,088 0 0 0 31,328 31,328 200,000
27 72 3,088 0 0 0 30,213 30,213 200,000
28 73 3,088 0 0 0 28,718 28,718 200,000
29 74 3,088 0 0 0 26,706 26,706 200,000
30 75 3,088 0 0 0 24,117 24,117 200,000
31 76 3,088 0 0 0 20,943 20,943 200,000
32 77 3,088 0 0 0 16,998 16,998 200,000
33 78 3,088 0 0 0 12,120 12,120 200,000
34 79 3,088 0 0 0 5,335 5,335 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 73. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 80.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0% over a period of years, but also fluctuated
above or below those averages for individual contract years. No representations
can be made by The Mutual Life Insurance Company of New York, MONY Series Fund
or Enterprise Accumulation Trust that these hypothetical rates of return can be
achieved for any one year, or sustained over any period of time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-5
<PAGE> 99
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- ------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
----------------------------- ----------------------------- ------------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF ANNUAL LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- ------ --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 351 2,154 200,000 501 2,304 200,000 501 2,304 200,000
2 47 3,088 0 2,140 4,205 200,000 2,573 4,639 200,000 2,885 4,950 200,000
3 48 3,088 0 3,025 6,186 200,000 3,877 7,039 200,000 4,465 7,626 200,000
4 49 3,088 0 4,916 8,077 200,000 6,324 9,485 200,000 7,150 10,312 200,000
5 50 3,088 0 6,718 9,880 200,000 8,821 11,983 200,000 9,895 13,057 200,000
6 51 3,088 0 8,751 11,597 200,000 11,689 14,535 200,000 12,976 15,821 200,000
7 52 3,088 0 10,678 13,208 200,000 14,595 17,124 200,000 16,147 18,676 200,000
8 53 3,088 0 12,502 14,715 200,000 17,542 19,755 200,000 19,414 21,628 200,000
9 54 3,088 0 14,202 16,099 200,000 20,513 22,410 200,000 22,806 24,703 200,000
10 55 3,088 0 15,782 17,363 200,000 23,513 25,094 200,000 26,308 27,889 200,000
11 56 3,088 0 17,381 18,646 200,000 26,734 27,998 200,000 30,067 31,332 200,000
12 57 3,088 0 18,827 19,775 200,000 29,977 30,925 200,000 33,855 34,804 200,000
13 58 3,088 0 20,121 20,754 200,000 33,249 33,881 200,000 37,760 38,392 200,000
14 59 3,088 0 21,245 21,561 200,000 36,537 36,853 200,000 41,812 42,128 200,000
15 60 3,088 0 22,179 22,179 200,000 39,826 39,826 200,000 46,042 46,042 200,000
16 61 3,088 0 22,587 22,587 200,000 42,790 42,790 200,000 50,126 50,126 200,000
17 62 3,088 0 22,763 22,763 200,000 45,731 45,731 200,000 54,322 54,322 200,000
18 63 3,088 0 22,708 22,708 200,000 48,655 48,655 200,000 58,608 58,608 200,000
19 64 3,088 0 22,336 22,336 200,000 51,497 51,497 200,000 63,051 63,051 200,000
20 65 3,088 0 21,621 21,621 200,000 54,242 54,242 200,000 67,667 67,667 200,000
21 66 3,088 0 20,579 20,579 200,000 56,926 56,926 200,000 72,506 72,506 200,000
22 67 3,088 0 19,116 19,116 200,000 59,473 59,473 200,000 77,527 77,527 200,000
23 68 3,088 0 17,176 17,176 200,000 61,850 61,850 200,000 82,723 82,723 200,000
24 69 3,088 0 14,699 14,699 200,000 64,023 64,023 200,000 88,074 88,074 200,000
25 70 3,088 0 11,639 11,639 200,000 65,971 65,971 200,000 93,570 93,570 200,000
26 71 3,088 0 7,872 7,872 200,000 67,620 67,620 200,000 99,241 99,241 200,000
27 72 3,088 0 3,146 3,146 200,000 68,811 68,811 200,000 105,075 105,075 200,000
28 73 3,088 0 0 0 0 69,592 69,592 200,000 111,134 111,134 200,000
29 74 3,088 0 0 0 0 69,786 69,786 200,000 117,401 117,401 200,000
30 75 3,088 0 0 0 0 69,220 69,220 200,000 123,910 123,910 200,000
31 76 3,088 0 0 0 0 67,741 67,741 200,000 130,732 130,732 200,000
32 77 3,088 0 0 0 0 65,174 65,174 200,000 137,879 137,879 200,000
33 78 3,088 0 0 0 0 61,299 61,299 200,000 145,403 145,403 200,000
34 79 3,088 0 0 0 0 55,837 55,837 200,000 153,165 153,165 200,000
35 80 3,088 0 0 0 0 48,407 48,407 200,000 161,457 161,457 200,000
36 81 3,088 0 0 0 0 38,458 38,458 200,000 170,446 170,446 200,000
37 82 3,088 0 0 0 0 25,239 25,239 200,000 180,305 180,305 200,000
38 83 3,088 0 0 0 0 7,623 7,623 200,000 191,389 191,389 200,958
39 84 3,088 0 0 0 0 0 0 0 203,198 203,198 213,358
40 85 3,088 0 0 0 0 0 0 0 215,450 215,450 226,223
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 84. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-6
<PAGE> 100
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- ------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
---------------------------- ---------------------------- ------------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 0 0 0 0 228,154 228,154 239,562
42 87 3,088 0 0 0 0 0 0 0 241,294 241,294 253,358
43 88 3,088 0 0 0 0 0 0 0 254,876 254,876 267,620
44 89 3,088 0 0 0 0 0 0 0 268,893 268,893 282,338
45 90 3,088 0 0 0 0 0 0 0 283,336 283,336 297,502
46 91 3,088 0 0 0 0 0 0 0 298,164 298,164 313,073
47 92 3,088 0 0 0 0 0 0 0 313,861 313,861 326,416
48 93 3,088 0 0 0 0 0 0 0 330,532 330,532 340,448
49 94 3,088 0 0 0 0 0 0 0 348,435 348,435 355,403
50 95 3,888 0 0 0 0 0 0 0 367,890 367,890 371,569
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 84. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the Contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-7
<PAGE> 101
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 501 2,304 200,000
2 47 3,088 0 0 0 2,885 4,950 200,000
3 48 3,088 0 0 0 4,465 7,626 200,000
4 49 3,088 0 0 0 7,150 10,312 200,000
5 50 3,088 0 0 0 9,895 13,057 200,000
6 51 3,088 0 0 0 12,976 15,821 200,000
7 52 3,088 0 0 0 16,147 18,676 200,000
8 53 3,088 0 0 0 19,414 21,628 200,000
9 54 3,088 0 0 0 22,806 24,703 200,000
10 55 3,088 0 0 0 26,308 27,889 200,000
11 56 3,088 0 0 0 30,067 31,332 200,000
12 57 3,088 0 0 0 33,855 34,804 200,000
13 58 3,088 0 0 0 37,760 38,392 200,000
14 59 3,088 0 0 0 41,812 42,128 200,000
15 60 3,088 0 0 0 46,042 46,042 200,000
16 61 3,088 0 0 0 50,126 50,126 200,000
17 62 3,088 0 0 0 54,322 54,322 200,000
18 63 3,088 0 0 0 58,608 58,608 200,000
19 64 3,088 0 0 0 63,051 63,051 200,000
20 65 3,088 0 0 0 67,667 67,667 200,000
21 66 3,088 0 0 0 72,506 72,506 200,000
22 67 3,088 0 0 0 77,527 77,527 200,000
23 68 3,088 0 0 0 82,723 82,723 200,000
24 69 3,088 0 0 0 88,074 88,074 200,000
25 70 3,088 0 0 0 93,570 93,570 200,000
26 71 3,088 0 0 0 99,241 99,241 200,000
27 72 3,088 0 0 0 105,075 105,075 200,000
28 73 3,088 0 0 0 111,134 111,134 200,000
29 74 3,088 0 0 0 117,401 117,401 200,000
30 75 3,088 0 0 0 123,910 123,910 200,000
31 76 3,088 0 0 0 130,732 130,732 200,000
32 77 3,088 0 0 0 137,879 137,879 200,000
33 78 3,088 0 0 0 145,403 145,403 200,000
34 79 3,088 0 0 0 153,165 153,165 200,000
35 80 3,088 0 0 0 161,457 161,457 200,000
36 81 3,088 0 0 0 170,446 170,446 200,000
37 82 3,088 0 0 0 180,305 180,305 200,000
38 83 3,088 0 0 0 191,389 191,389 200,958
39 84 3,088 0 0 0 203,198 203,198 213,358
40 85 3,088 0 0 0 215,450 215,450 226,223
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 84. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-8
<PAGE> 102
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 228,154 228,154 239,562
42 87 3,088 0 0 0 241,294 241,294 253,358
43 88 3,088 0 0 0 254,876 254,876 267,620
44 89 3,088 0 0 0 268,893 268,893 282,338
45 90 3,088 0 0 0 283,336 283,336 297,502
46 91 3,088 0 0 0 298,164 298,164 313,073
47 92 3,088 0 0 0 313,861 313,861 326,416
48 93 3,088 0 0 0 330,532 330,532 340,448
49 94 3,088 0 0 0 348,435 348,435 355,403
50 95 3,088 0 0 0 367,890 367,890 371,569
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 84. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results nay be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-9
<PAGE> 103
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
----------------------------- ---------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 351 2,154 200,000 652 2,455 200,000
2 47 3,088 0 2,140 4,205 200,000 3,026 5,091 200,000
3 48 3,088 0 3,025 6,186 200,000 4,803 7,964 200,000
4 49 3,088 0 4,916 8,077 200,000 7,916 11,077 200,000
5 50 3,088 0 6,718 9,880 200,000 11,296 14,458 200,000
6 51 3,088 0 8,751 11,597 200,000 15,293 18,139 200,000
7 52 3,088 0 10,678 13,208 200,000 19,603 22,132 200,000
8 53 3,088 0 12,502 14,715 200,000 24,264 26,477 200,000
9 54 3,088 0 14,202 16,099 200,000 29,299 31,195 200,000
10 55 3,088 0 15,782 17,363 200,000 34,754 36,334 200,000
11 56 3,088 0 17,381 18,646 200,000 40,946 42,210 200,000
12 57 3,088 0 18,827 19,775 200,000 47,697 48,645 200,000
13 58 3,088 0 20,121 20,754 200,000 55,085 55,717 200,000
14 59 3,088 0 21,245 21,561 200,000 63,182 63,498 200,000
15 60 3,088 0 22,179 22,179 200,000 72,072 72,072 200,000
16 61 3,088 0 22,587 22,587 200,000 81,542 81,542 200,000
17 62 3,088 0 22,763 22,763 200,000 92,027 92,027 200,000
18 63 3,088 0 22,708 22,708 200,000 103,684 103,684 200,000
19 64 3,088 0 22,336 22,336 200,000 116,651 116,651 200,000
20 65 3,088 0 21,621 21,621 200,000 131,134 131,134 200,000
21 66 3,088 0 20,579 20,579 200,000 147,447 147,447 200,000
22 67 3,088 0 19,116 19,116 200,000 165,834 165,834 200,000
23 68 3,088 0 17,176 17,176 200,000 186,426 186,426 219,983
24 69 3,088 0 14,699 14,699 200,000 209,129 209,129 244,681
25 70 3,088 0 11,639 11,639 200,000 234,159 234,159 271,624
26 71 3,088 0 7,872 7,872 200,000 261,745 261,745 301,007
27 72 3,088 0 3,146 3,146 200,000 292,235 292,235 330,225
28 73 3,088 0 0 0 0 326,016 326,016 361,878
29 74 3,088 0 0 0 0 363,479 363,479 396,192
30 75 3,088 0 0 0 0 405,101 405,101 433,458
31 76 3,088 0 0 0 0 451,462 451,462 474,035
32 77 3,088 0 0 0 0 502,588 502,588 527,718
33 78 3,088 0 0 0 0 558,941 558,941 586,888
34 79 3,088 0 0 0 0 621,019 621,019 652,070
35 80 3,088 0 0 0 0 689,361 689,361 723,829
36 81 3,088 0 0 0 0 764,534 764,534 802,761
37 82 3,088 0 0 0 0 847,143 847,143 889,500
38 83 3,088 0 0 0 0 937,802 937,802 984,692
39 84 3,088 0 0 0 0 1,037,161 1,037,161 1,089,019
40 85 3,088 0 0 0 0 1,145,904 1,145,904 1,203,199
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
1 652 2,455 200,000
2 3,347 5,412 200,000
3 5,426 8,588 200,000
4 8,822 11,983 200,000
5 12,513 15,674 200,000
6 16,804 19,649 200,000
7 21,482 24,011 200,000
8 26,592 28,805 200,000
9 32,204 34,101 200,000
10 38,354 39,935 200,000
11 45,330 46,594 200,000
12 52,926 53,875 200,000
13 61,303 61,935 200,000
14 70,577 70,893 200,000
15 80,877 80,877 200,000
16 91,999 91,999 200,000
17 104,350 104,350 200,000
18 118,078 118,078 200,000
19 133,408 133,408 200,000
20 150,559 150,559 200,000
21 169,836 169,836 203,803
22 191,260 191,260 227,600
23 214,957 214,957 253,650
24 241,157 241,157 282,153
25 270,112 270,112 313,330
26 302,119 302,119 347,437
27 337,561 337,561 381,444
28 376,857 376,857 418,312
29 420,445 420,445 458,285
30 468,849 468,849 501,669
31 522,691 522,691 548,826
32 582,229 582,229 611,340
33 648,032 648,032 680,434
34 720,574 720,574 756,603
35 800,612 800,612 840,643
36 888,884 888,884 933,328
37 986,132 986,132 1,035,438
38 1,093,524 1,093,524 1,148,201
39 1,211,828 1,211,828 1,272,419
40 1,341,981 1,341,981 1,409,080
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-10
<PAGE> 104
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
---------------------------- ---------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 0 1,264,758 1,264,758 1,327,996
42 87 3,088 0 0 0 0 1,394,497 1,394,497 1,464,222
43 88 3,088 0 0 0 0 1,535,948 1,535,948 1,612,745
44 89 3,088 0 0 0 0 1,689,976 1,689,976 1,774,474
45 90 3,088 0 0 0 0 1,857,496 1,857,496 1,950,371
46 91 3,088 0 0 0 0 2,039,413 2,039,413 2,141,384
47 92 3,088 0 0 0 0 2,242,553 2,242,553 2,332,255
48 93 3,088 0 0 0 0 2,470,540 2,470,540 2,544,656
49 94 3,088 0 0 0 0 2,727,836 2,727,336 2,782,392
50 95 3,088 0 0 0 0 3,020,010 3,020,010 3,050,210
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
41 1,485,103 1,485,103 1,559,358
42 1,642,245 1,642,245 1,724,357
43 1,814,699 1,814,699 1,905,434
44 2,003,755 2,003,755 2,103,942
45 2,210,786 2,210,786 2,321,325
46 2,437,043 2,437,043 2,558,895
47 2,688,285 2,688,285 2,795,817
48 2,967,872 2,967,872 3,056,908
49 3,281,000 3,281,000 3,346,620
50 3,634,229 3,634,229 3,670,571
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 3/5/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-11
<PAGE> 105
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 652 2,455 200,000
2 47 3,088 0 0 0 3,347 5,412 200,000
3 48 3,088 0 0 0 5,426 8,588 200,000
4 49 3,088 0 0 0 8,822 11,983 200,000
5 50 3,088 0 0 0 12,513 15,674 200,000
6 51 3,088 0 0 0 16,804 19,649 200,000
7 52 3,088 0 0 0 21,482 24,011 200,000
8 53 3,088 0 0 0 26,592 28,805 200,000
9 54 3,088 0 0 0 32,204 34,101 200,000
10 55 3,088 0 0 0 38,354 39,935 200,000
11 56 3,088 0 0 0 45,330 46,594 200,000
12 57 3,088 0 0 0 52,926 53,875 200,000
13 58 3,088 0 0 0 61,303 61,935 200,000
14 59 3,088 0 0 0 70,577 70,893 200,000
15 60 3,088 0 0 0 80,877 80,877 200,000
16 61 3,088 0 0 0 91,999 91,999 200,000
17 62 3,088 0 0 0 104,350 104,350 200,000
18 63 3,088 0 0 0 118,078 118,078 200,000
19 64 3,088 0 0 0 133,408 133,408 200,000
20 65 3,088 0 0 0 150,559 150,559 200,000
21 66 3,088 0 0 0 169,836 169,836 203,803
22 67 3,088 0 0 0 191,260 191,260 227,600
23 68 3,088 0 0 0 214,957 214,957 253,650
24 69 3,088 0 0 0 241,157 241,157 282,153
25 70 3,088 0 0 0 270,112 270,112 313,330
26 71 3,088 0 0 0 302,119 302,119 347,437
27 72 3,088 0 0 0 337,561 337,561 381,444
28 73 3,088 0 0 0 376,857 376,857 418,312
29 74 3,088 0 0 0 420,445 420,445 458,285
30 75 3,088 0 0 0 468,849 468,849 501,669
31 76 3,088 0 0 0 522,691 522,691 548,826
32 77 3,088 0 0 0 582,229 582,229 611,340
33 78 3,088 0 0 0 648,032 648,032 680,434
34 79 3,088 0 0 0 720,574 720,574 756,603
35 80 3,088 0 0 0 800,612 800,612 840,643
36 81 3,088 0 0 0 888,884 888,884 933,328
37 82 3,088 0 0 0 986,132 986,132 1,035,438
38 83 3,088 0 0 0 1,093,524 1,093,524 1,148,201
39 84 3,088 0 0 0 1,211,828 1,211,828 1,272,419
40 85 3,088 0 0 0 1,341,981 1,341,981 1,409,080
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-12
<PAGE> 106
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 1,485,103 1,485,103 1,559,358
42 87 3,088 0 0 0 1,642,245 1,642,245 1,724,357
43 88 3,088 0 0 0 1,814,699 1,814,699 1,905,434
44 89 3,088 0 0 0 2,003,755 2,003,755 2,103,942
45 90 3,088 0 0 0 2,210,786 2,210,786 2,321,325
46 91 3,088 0 0 0 2,437,043 2,437,043 2,558,895
47 92 3,088 0 0 0 2,688,285 2,688,285 2,795,817
48 93 3,088 0 0 0 2,967,872 2,967,872 3,056,908
49 94 3,088 0 0 0 3,281,000 3,281,000 3,346,620
50 95 3,088 0 0 0 3,634,229 3,634,229 3,670,571
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 73. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $3,473.42 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-13
<PAGE> 107
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET) 0.00% (-1.49% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 58 1,728 200,000 58 1,728 200,000 58 1,728 200,000
2 47 2,578 0 1,490 3,380 200,000 1,490 3,380 200,000 1,817 3,708 200,000
3 48 2,578 0 2,185 4,990 200,000 2,185 4,990 200,000 2,810 5,614 200,000
4 49 2,578 0 3,730 6,535 200,000 3,730 6,535 200,000 4,577 7,381 200,000
5 50 2,578 0 5,189 7,994 200,000 5,189 7,994 200,000 6,254 9,058 200,000
6 51 2,578 0 6,867 9,391 200,000 6,867 9,391 200,000 7,988 10,512 200,000
7 52 2,578 0 8,463 10,706 200,000 8,463 10,706 200,000 9,661 11,905 200,000
8 53 2,578 0 9,977 11,940 200,000 9,977 11,940 200,000 11,297 13,260 200,000
9 54 2,578 0 11,413 13,096 200,000 11,413 13,096 200,000 12,896 14,579 200,000
10 55 2,578 0 12,771 14,173 200,000 12,771 14,173 200,000 14,437 15,840 200,000
11 56 2,578 0 14,161 15,283 200,000 14,161 15,283 200,000 15,996 17,118 200,000
12 57 2,578 0 15,460 16,301 200,000 15,460 16,301 200,000 17,483 18,324 200,000
13 58 2,578 0 16,668 17,229 200,000 16,668 17,229 200,000 18,922 19,483 200,000
14 59 2,578 0 17,786 18,067 200,000 17,786 18,067 200,000 20,249 20,529 200,000
15 60 2,578 0 18,817 18,817 200,000 18,817 18,817 200,000 21,551 21,551 200,000
16 61 2,578 0 19,479 19,479 200,000 19,479 19,479 200,000 22,547 22,547 200,000
17 62 2,578 0 20,011 20,011 200,000 20,011 20,011 200,000 23,520 23,520 200,000
18 63 2,578 0 20,393 20,393 200,000 20,393 20,393 200,000 24,363 24,363 200,000
19 64 2,578 0 20,605 20,605 200,000 20,605 20,605 200,000 25,183 25,183 200,000
20 65 2,578 0 20,603 20,603 200,000 20,603 20,603 200,000 25,898 25,898 200,000
21 66 2,578 0 20,396 20,396 200,000 20,396 20,396 200,000 26,518 26,518 200,000
22 67 2,578 0 19,953 19,953 200,000 19,953 19,953 200,000 27,014 27,014 200,000
23 68 2,578 0 19,249 19,249 200,000 19,249 19,249 200,000 27,366 27,366 200,000
24 69 2,578 0 18,281 18,281 200,000 18,281 18,281 200,000 27,575 27,575 200,000
25 70 2,578 0 17,023 17,023 200,000 17,023 17,023 200,000 27,681 27,681 200,000
26 71 2,578 0 15,423 15,423 200,000 15,423 15,423 200,000 27,603 27,603 200,000
27 72 2,578 0 13,384 13,384 200,000 13,384 13,384 200,000 27,339 27,339 200,000
28 73 2,578 0 10,822 10,822 200,000 10,822 10,822 200,000 26,868 26,868 200,000
29 74 2,578 0 7,579 7,579 200,000 7,579 7,579 200,000 26,126 26,126 200,000
30 75 2,578 0 3,525 3,525 200,000 3,525 3,525 200,000 25,088 25,088 200,000
31 76 2,578 0 0 0 0 0 0 0 23,642 23,642 200,000
32 77 2,578 0 0 0 0 0 0 0 21,778 21,778 200,000
33 78 2,578 0 0 0 0 0 0 0 19,417 19,417 200,000
34 79 2,578 0 0 0 0 0 0 0 16,408 16,408 200,000
35 80 2,578 0 0 0 0 0 0 0 12,718 12,718 200,000
36 81 2,578 0 0 0 0 0 0 0 8,124 8,124 200,000
37 82 2,578 0 0 0 0 0 0 0 2,586 2,586 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 83.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-14
<PAGE> 108
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
0.00% (-1.49% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 0 0 58 1,728 200,000
2 47 2,578 0 0 0 1,817 3,708 200,000
3 48 2,578 0 0 0 2,810 5,614 200,000
4 49 2,578 0 0 0 4,577 7,381 200,000
5 50 2,578 0 0 0 6,254 9,058 200,000
6 51 2,578 0 0 0 7,988 10,512 200,000
7 52 2,578 0 0 0 9,661 11,905 200,000
8 53 2,578 0 0 0 11,297 13,260 200,000
9 54 2,578 0 0 0 12,896 14,579 200,000
10 55 2,578 0 0 0 14,437 15,840 200,000
11 56 2,578 0 0 0 15,996 17,118 200,000
12 57 2,578 0 0 0 17,483 18,324 200,000
13 58 2,578 0 0 0 18,922 19,483 200,000
14 59 2,578 0 0 0 20,249 20,529 200,000
15 60 2,578 0 0 0 21,551 21,551 200,000
16 61 2,578 0 0 0 22,547 22,547 200,000
17 62 2,578 0 0 0 23,520 23,520 200,000
18 63 2,578 0 0 0 24,363 24,363 200,000
19 64 2,578 0 0 0 25,183 25,183 200,000
20 65 2,578 0 0 0 25,898 25,898 200,000
21 66 2,578 0 0 0 26,518 26,518 200,000
22 67 2,578 0 0 0 27,014 27,014 200,000
23 68 2,578 0 0 0 27,366 27,366 200,000
24 69 2,578 0 0 0 27,575 27,575 200,000
25 70 2,578 0 0 0 27,681 27,681 200,000
26 71 2,578 0 0 0 27,603 27,603 200,000
27 72 2,578 0 0 0 27,339 27,339 200,000
28 73 2,578 0 0 0 26,868 26,868 200,000
29 74 2,578 0 0 0 26,126 26,126 200,000
30 75 2,578 0 0 0 25,088 25,088 200,000
31 76 2,578 0 0 0 23,642 23,642 200,000
32 77 2,578 0 0 0 21,778 21,778 200,000
33 78 2,578 0 0 0 19,417 19,417 200,000
34 79 2,578 0 0 0 16,408 16,408 200,000
35 80 2,578 0 0 0 12,718 12,718 200,000
36 81 2,578 0 0 0 8,124 8,124 200,000
37 82 2,578 0 0 0 2,586 2,586 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 83.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-15
<PAGE> 109
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- -----------------------------
0.00% (- 1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
---------------------------- ---------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 58 1,728 200,000 181 1,851 200,000 181 1,851 200,000
2 47 2,578 0 1,490 3,380 200,000 1,844 3,734 200,000 2,181 4,071 200,000
3 48 2,578 0 2,185 4,990 200,000 2,879 5,683 200,000 3,542 6,347 200,000
4 49 2,578 0 3,730 6,535 200,000 4,874 7,679 200,000 5,805 8,610 200,000
5 50 2,578 0 5,189 7,994 200,000 6,897 9,701 200,000 8,106 10,910 200,000
6 51 2,578 0 6,867 9,391 200,000 9,252 11,776 200,000 10,589 13,113 200,000
7 52 2,578 0 8,463 10,706 200,000 11,640 13,883 200,000 13,134 15,378 200,000
8 53 2,578 0 9,977 11,940 200,000 14,064 16,027 200,000 15,767 17,731 200,000
9 54 2,578 0 11,413 13,096 200,000 16,528 18,211 200,000 18,494 20,177 200,000
10 55 2,578 0 12,771 14,173 200,000 19,035 20,437 200,000 21,297 22,699 200,000
11 56 2,578 0 14,161 15,283 200,000 21,739 22,860 200,000 24,301 25,423 200,000
12 57 2,578 0 15,460 16,301 200,000 24,492 25,334 200,000 27,391 28,233 200,000
13 58 2,578 0 16,668 17,229 200,000 27,301 27,862 200,000 30,597 31,158 200,000
14 59 2,578 0 17,786 18,067 200,000 30,172 30,452 200,000 33,863 34,143 200,000
15 60 2,578 0 18,817 18,817 200,000 33,109 33,109 200,000 37,278 37,278 200,000
16 61 2,578 0 19,479 19,479 200,000 35,840 35,840 200,000 40,570 40,570 200,000
17 62 2,578 0 20,011 20,011 200,000 38,611 38,611 200,000 44,030 44,030 200,000
18 63 2,578 0 20,393 20,393 200,000 41,410 41,410 200,000 47,574 47,574 200,000
19 64 2,578 0 20,605 20,605 200,000 44,224 44,224 200,000 51,304 51,304 200,000
20 65 2,578 0 20,603 20,603 200,000 47,022 47,022 200,000 55,159 55,159 200,000
21 66 2,578 0 20,396 20,396 200,000 49,826 49,826 200,000 59,172 59,172 200,000
22 67 2,578 0 19,953 19,953 200,000 52,609 52,609 200,000 63,321 63,321 200,000
23 68 2,578 0 19,249 19,249 200,000 55,360 55,360 200,000 67,604 67,604 200,000
24 69 2,578 0 18,281 18,281 200,000 58,085 58,085 200,000 72,036 72,036 200,000
25 70 2,578 0 17,023 17,023 200,000 60,771 60,771 200,000 76,666 76,666 200,000
26 71 2,578 0 15,423 15,423 200,000 63,393 63,393 200,000 81,451 81,451 200,000
27 72 2,578 0 13,384 13,384 200,000 65,886 65,886 200,000 86,413 86,413 200,000
28 73 2,578 0 10,822 10,822 200,000 68,206 68,206 200,000 91,561 91,561 200,000
29 74 2,578 0 7,579 7,579 200,000 70,254 70,254 200,000 96,880 96,880 200,000
30 75 2,578 0 3,525 3,525 200,000 71,958 71,958 200,000 102,387 102,387 200,000
31 76 2,578 0 0 0 0 73,223 73,223 200,000 108,055 108,055 200,000
32 77 2,578 0 0 0 0 73,961 73,961 200,000 113,924 113,924 200,000
33 78 2,578 0 0 0 0 74,095 74,095 200,000 120,006 120,006 200,000
34 79 2,578 0 0 0 0 73,488 73,488 200,000 126,292 126,292 200,000
35 80 2,578 0 0 0 0 71,991 71,991 200,000 132,845 132,845 200,000
36 81 2,578 0 0 0 0 69,366 69,366 200,000 139,669 139,669 200,000
37 82 2,578 0 0 0 0 65,305 65,305 200,000 146,857 146,857 200,000
38 83 2,578 0 0 0 0 59,341 59,341 200,000 154,385 154,385 200,000
39 84 2,578 0 0 0 0 50,844 50,844 200,000 162,366 162,366 200,000
40 85 2,578 0 0 0 0 39,025 39,025 200,000 170,875 170,875 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 88. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-16
<PAGE> 110
<TABLE>
<CAPTION>
<S> <C> <C>
STANDARD LEDGER STATEMENT
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
---------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 2,578 0 0 0 0 22,751 22,751 200,000 180,113 180,113 200,000
42 87 2,578 0 0 0 0 499 499 200,000 190,386 190,386 200,000
43 88 2,578 0 0 0 0 0 0 0 201,400 201,400 211,470
44 89 2,578 0 0 0 0 0 0 0 212,777 212,777 223,416
45 90 2,578 0 0 0 0 0 0 0 224,506 224,506 235,731
46 91 2,578 0 0 0 0 0 0 0 236,556 236,556 248,384
47 92 2,578 0 0 0 0 0 0 0 249,325 249,325 259,298
48 93 2,578 0 0 0 0 0 0 0 262,937 262,937 270,825
49 94 2,578 0 0 0 0 0 0 0 277,553 277,553 283,104
50 95 2,578 0 0 0 0 0 0 0 293,353 293,353 296,287
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 88. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-17
<PAGE> 111
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,378 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
------------------------------
6.00% (4.46% NET)
------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 0 0 181 1,851 200,000
2 47 2,578 0 0 0 2,181 4,071 200,000
3 48 2,578 0 0 0 3,542 6,347 200,000
4 49 2,578 0 0 0 5,805 8,610 200,000
5 50 2,578 0 0 0 8,106 10,910 200,000
6 51 2,578 0 0 0 10,589 13,113 200,000
7 52 2,578 0 0 0 13,134 15,378 200,000
8 53 2,578 0 0 0 15,767 17,731 200,000
9 54 2,578 0 0 0 18,494 20,177 200,000
10 55 2,578 0 0 0 21,297 22,699 200,000
11 56 2,578 0 0 0 24,301 25,423 200,000
12 57 2,578 0 0 0 27,391 28,233 200,000
13 58 2,578 0 0 0 30,597 31,158 200,000
14 59 2,578 0 0 0 33,863 34,143 200,000
15 60 2,578 0 0 0 37,278 37,278 200,000
16 61 2,578 0 0 0 40,570 40,570 200,000
17 62 2,578 0 0 0 44,030 44,030 200,000
18 63 2,578 0 0 0 47,574 47,574 200,000
19 64 2,578 0 0 0 51,304 51,304 200,000
20 65 2,578 0 0 0 55,159 55,159 200,000
21 66 2,578 0 0 0 59,172 59,172 200,000
22 67 2,578 0 0 0 63,321 63,321 200,000
23 68 2,578 0 0 0 67,604 67,604 200,000
24 69 2,578 0 0 0 72,036 72,036 200,000
25 70 2,578 0 0 0 76,666 76,666 200,000
26 71 2,578 0 0 0 81,451 81,451 200,000
27 72 2,578 0 0 0 86,413 86,413 200,000
28 73 2,578 0 0 0 91,561 91,561 200,000
29 74 2,578 0 0 0 96,880 96,880 200,000
30 75 2,578 0 0 0 102,387 102,387 200,000
31 76 2,578 0 0 0 108,055 108,055 200,000
32 77 2,578 0 0 0 113,924 113,924 200,000
33 78 2,578 0 0 0 120,006 120,006 200,000
34 79 2,578 0 0 0 126,292 126,292 200,000
35 80 2,578 0 0 0 132,845 132,845 200,000
36 81 2,578 0 0 0 139,669 139,669 200,000
37 82 2,578 0 0 0 146,857 146,857 200,000
38 83 2,578 0 0 0 154,385 154,385 200,000
39 84 2,578 0 0 0 162,366 162,366 200,000
40 85 2,578 0 0 0 170,875 170,875 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 88. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-18
<PAGE> 112
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,378 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 2,578 0 0 0 180,113 180,113 200,000
42 87 2,578 0 0 0 190,386 190,386 200,000
43 88 2,578 0 0 0 201,400 201,400 211,470
44 89 2,578 0 0 0 212,777 212,777 223,416
45 90 2,578 0 0 0 224,506 224,506 235,731
46 91 2,578 0 0 0 236,556 236,556 248,384
47 92 2,578 0 0 0 249,325 249,325 259,298
48 93 2,578 0 0 0 262,937 262,937 270,825
49 94 2,578 0 0 0 277,553 277,553 283,104
50 95 2,578 0 0 0 293,353 293,353 296,287
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6%, contract lapses at age 88. Assuming Current Charges and a Gross Investment
Return of 6%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-19
<PAGE> 113
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (-10.42% NET)
----------------------------- -------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 58 1,728 200,000 304 1,975 200,000
2 47 2,578 0 1,490 3,380 200,000 2,213 4,103 200,000
3 48 2,578 0 2,185 4,990 200,000 3,632 6,436 200,000
4 49 2,578 0 3,730 6,535 200,000 6,168 8,973 200,000
5 50 2,578 0 5,189 7,994 200,000 8,907 11,712 200,000
6 51 2,578 0 6,867 9,391 200,000 12,177 14,701 200,000
7 52 2,578 0 8,463 10,706 200,000 15,703 17,946 200,000
8 53 2,578 0 9,977 11,940 200,000 19,515 21,478 200,000
9 54 2,578 0 11,413 13,096 200,000 23,647 25,330 200,000
10 55 2,578 0 12,771 14,173 200,000 28,138 29,540 200,000
11 56 2,578 0 14,161 15,283 200,000 33,240 34,362 200,000
12 57 2,578 0 15,460 16,301 200,000 38,822 39,663 200,000
13 58 2,578 0 16,668 17,229 200,000 44,945 45,506 200,000
14 59 2,578 0 17,786 18,067 200,000 51,678 51,959 200,000
15 60 2,578 0 18,817 18,817 200,000 59,101 59,101 200,000
16 61 2,578 0 19,479 19,479 200,000 67,021 67,021 200,000
17 62 2,578 0 20,011 20,011 200,000 75,788 75,788 200,000
18 63 2,578 0 20,393 20,393 200,000 85,502 85,502 200,000
19 64 2,578 0 20,605 20,605 200,000 96,279 96,279 200,000
20 65 2,578 0 20,603 20,603 200,000 108,248 108,248 200,000
21 66 2,578 0 20,396 20,396 200,000 121,622 121,622 200,000
22 67 2,578 0 19,953 19,953 200,000 136,568 136,568 200,000
23 68 2,578 0 19,249 19,249 200,000 153,322 153,322 200,000
24 69 2,578 0 18,281 18,281 200,000 172,164 172,164 201,432
25 70 2,578 0 17,023 17,023 200,000 193,172 193,172 224,080
26 71 2,578 0 15,423 15,423 200,000 216,397 216,397 248,856
27 72 2,578 0 13,384 13,384 200,000 242,118 242,118 273,594
28 73 2,578 0 10,822 10,822 200,000 270,624 270,624 300,393
29 74 2,578 0 7,579 7,579 200,000 302,233 302,233 329,434
30 75 2,578 0 3,525 3,525 200,000 337,326 337,326 360,939
31 76 2,578 0 0 0 0 376,346 376,346 395,163
32 77 2,578 0 0 0 0 419,462 419,462 440,435
33 78 2,578 0 0 0 0 467,087 467,087 490,441
34 79 2,578 0 0 0 0 519,661 519,661 545,644
35 80 2,578 0 0 0 0 577,667 577,667 606,550
36 81 2,578 0 0 0 0 641,618 641,618 673,699
37 82 2,578 0 0 0 0 712,062 712,062 747,665
38 83 2,578 0 0 0 0 789,568 789,568 829,046
39 84 2,578 0 0 0 0 874,733 874,733 918,469
40 85 2,578 0 0 0 0 968,199 968,199 1,016,609
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (-10.42% NET)
---------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
1 304 1,975 200,000
2 2,560 4,450 200,000
3 4,335 7,139 200,000
4 7,189 9,993 200,000
5 10,276 13,081 200,000
6 13,765 16,289 200,000
7 17,556 19,800 200,000
8 21,706 23,670 200,000
9 26,256 27,938 200,000
10 31,227 32,629 200,000
11 36,857 37,978 200,000
12 43,043 43,885 200,000
13 49,875 50,436 200,000
14 57,376 57,657 200,000
15 65,703 65,703 200,000
16 74,673 74,673 200,000
17 84,679 84,679 200,000
18 95,774 95,774 200,000
19 108,165 108,165 200,000
20 121,967 121,967 200,000
21 137,404 137,404 200,000
22 154,649 154,449 200,000
23 173,936 173,936 205,244
24 195,361 195,361 228,573
25 219,095 219,095 254,151
26 245,373 245,373 282,179
27 274,510 274,510 310,196
28 306,830 306,830 340,582
29 342,694 342,694 373,537
30 382,517 382,517 409,293
31 426,762 426,762 448,100
32 475,755 475,755 499,543
33 529,992 529,992 556,492
34 590,003 590,003 619,503
35 656,392 656,392 689,211
36 729,787 729,787 766,276
37 810,915 810,915 851,461
38 900,463 90,063 945,486
39 999,240 999,240 1,049,202
40 1,108,003 1,108,003 1,163,403
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-20
<PAGE> 114
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (-10.42% NET)
---------------------------- --------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 2,578 0 0 0 0 1,070,629 1,070,629 1,124,161
42 87 2,578 0 0 0 0 1,182,737 1,182,737 1,241,874
43 88 2,578 0 0 0 0 1,305,243 1,305,243 1,370,505
44 89 2,578 0 0 0 0 1,438,922 1,438,922 1,510,868
45 90 2,578 0 0 0 0 1,584,522 1,584,522 1,663,748
46 91 2,578 0 0 0 0 1,742,822 1,742,822 1,829,964
47 92 2,578 0 0 0 0 1,918,968 1,918,968 1,995,727
48 93 2,578 0 0 0 0 2,115,942 2,115,942 2,179,420
49 94 2,578 0 0 0 0 2,337,470 2,337,470 2,884,219
50 95 2,578 0 0 0 0 2,588,319 2,588,319 2,614,202
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (-10.42% NET)
--------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
41 1,227,594 1,227,594 1,288,974
42 1,358,912 1,358,912 1,426,857
43 1,502,886 1,502,886 1,578,030
44 1,660,840 1,660,840 1,743,882
45 1,833,922 1,833,922 1,925,618
46 2,023,180 2,023,180 2,124,339
47 2,233,558 2,233,558 2,322,901
48 2,468,269 2,468,269 2,542,317
49 2,731,304 2,731,304 2,785,930
50 3,027,386 3,027,386 3,057,660
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-21
<PAGE> 115
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 2,578 0 0 0 304 1,975 200,000
2 47 2,578 0 0 0 2,560 4,450 200,000
3 48 2,578 0 0 0 4,335 7,139 200,000
4 49 2,578 0 0 0 7,189 9,993 200,000
5 50 2,578 0 0 0 10,276 13,081 200,000
6 51 2,578 0 0 0 13,765 16,289 200,000
7 52 2,578 0 0 0 17,556 19,800 200,000
8 53 2,578 0 0 0 21,706 23,670 200,000
9 54 2,578 0 0 0 26,256 27,938 200,000
10 55 2,578 0 0 0 31,227 32,629 200,000
11 56 2,578 0 0 0 36,857 37,978 200,000
12 57 2,578 0 0 0 43,043 43,885 200,000
13 58 2,578 0 0 0 49,875 50,436 200,000
14 59 2,578 0 0 0 57,376 57,657 200,000
15 60 2,578 0 0 0 65,703 65,703 200,000
16 61 2,578 0 0 0 74,673 74,673 200,000
17 62 2,578 0 0 0 84,679 84,679 200,000
18 63 2,578 0 0 0 95,774 95,774 200,000
19 64 2,578 0 0 0 108,165 108,165 200,000
20 65 2,578 0 0 0 121,967 121,967 200,000
21 66 2,578 0 0 0 137,404 137,404 200,000
22 67 2,578 0 0 0 154,649 154,649 200,000
23 68 2,578 0 0 0 173,936 173,936 205,244
24 69 2,578 0 0 0 195,361 195,361 228,573
25 70 2,578 0 0 0 219,095 219,095 254,151
26 71 2,578 0 0 0 245,373 245,373 282,179
27 72 2,578 0 0 0 274,510 274,510 310,196
28 73 2,578 0 0 0 306,830 306,830 340,582
29 74 2,578 0 0 0 342,694 342,694 373,537
30 75 2,578 0 0 0 382,517 382,517 409,293
31 76 2,578 0 0 0 426,762 426,762 448,100
32 77 2,578 0 0 0 475,755 475,755 499,543
33 78 2,578 0 0 0 529,992 529,992 556,492
34 79 2,578 0 0 0 590,003 590,003 619,503
35 80 2,578 0 0 0 656,392 656,392 689,211
36 81 2,578 0 0 0 729,787 729,787 766,276
37 82 2,578 0 0 0 810,915 810,915 851,461
38 83 2,578 0 0 0 900,463 900,463 945,486
39 84 2,578 0 0 0 999,240 999,240 1,049,202
40 85 2,578 0 0 0 1,108,003 1,108,003 1,163,403
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-22
<PAGE> 116
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
FEMALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 2,578.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 2,578 0 0 0 1,227,594 1,227,594 1,288,974
42 87 2,578 0 0 0 1,358,912 1,358,912 1,426,857
43 88 2,578 0 0 0 1,502,886 1,502,886 1,578,030
44 89 2,578 0 0 0 1,660,840 1,660,840 1,743,882
45 90 2,578 0 0 0 1,833,922 1,833,922 1,925,618
46 91 2,578 0 0 0 2,023,180 2,023,180 2,124,339
47 92 2,578 0 0 0 2,233,558 2,233,558 2,322,901
48 93 2,578 0 0 0 2,468,269 2,468,269 2,542,317
49 94 2,578 0 0 0 2,731,304 2,731,304 2,785,930
50 95 2,578 0 0 0 3,027,386 3,027,386 3,057,660
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $38,132.08 INITIAL GUIDELINE ANNUAL: $2,904.46 INITIAL TWO YEAR MINIMUM: $2,578.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-23
<PAGE> 117
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (- 1.49% NET) 0.00% (- 1.49% NET) 0.00% (- 1.49% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 622 2,704 200,000 622 2,704 200,000 622 2,704 200,000
2 47 4,162 0 2,683 5,122 200,000 2,683 5,122 200,000 3,146 5,585 200,000
3 48 4,162 0 3,492 7,405 200,000 3,492 7,405 200,000 4,385 8,298 200,000
4 49 4,162 0 5,622 9,535 200,000 5,622 9,535 200,000 6,914 10,827 200,000
5 50 4,162 0 7,603 11,516 200,000 7,603 11,516 200,000 9,310 13,223 200,000
6 51 4,162 0 9,830 13,352 200,000 9,830 13,352 200,000 11,945 15,467 200,000
7 52 4,162 0 11,894 15,025 200,000 11,894 15,025 200,000 14,433 17,563 200,000
8 53 4,162 0 13,754 16,493 200,000 13,754 16,493 200,000 16,820 19,560 200,000
9 54 4,162 0 15,414 17,762 200,000 15,414 17,762 200,000 19,068 21,416 200,000
10 55 4,162 0 16,834 18,791 200,000 16,834 18,791 200,000 21,158 23,114 200,000
11 56 4,162 0 18,228 19,794 200,000 18,228 19,794 200,000 23,180 24,745 200,000
12 57 4,162 0 19,371 20,545 200,000 19,371 20,545 200,000 25,040 26,214 200,000
13 58 4,162 0 20,242 21,025 200,000 20,242 21,025 200,000 26,554 27,337 200,000
14 59 4,162 0 20,819 21,211 200,000 20,819 21,211 200,000 27,930 28,322 200,000
15 60 4,162 0 21,101 21,101 200,000 21,101 21,101 200,000 29,109 29,109 200,000
16 61 4,162 0 20,669 20,669 200,000 20,669 20,669 200,000 29,698 29,698 200,000
17 62 4,162 0 19,847 19,847 200,000 19,847 19,847 200,000 29,989 29,989 200,000
18 63 4,162 0 18,580 18,580 200,000 18,580 18,580 200,000 29,960 29,960 200,000
19 64 4,162 0 16,812 16,812 200,000 16,812 16,812 200,000 29,606 29,606 200,000
20 65 4,162 0 14,456 14,456 200,000 14,456 14,456 200,000 28,983 28,983 200,000
21 66 4,162 0 11,503 11,503 200,000 11,503 11,503 200,000 28,108 28,108 200,000
22 67 4,162 0 7,832 7,832 200,000 7,832 7,832 200,000 26,910 26,910 200,000
23 68 4,162 0 3,348 3,348 200,000 3,348 3,348 200,000 25,315 25,315 200,000
24 69 4,162 0 0 0 0 0 0 0 23,183 23,183 200,000
25 70 4,162 0 0 0 0 0 0 0 20,339 20,339 200,000
26 71 4,162 0 0 0 0 0 0 0 16,785 16,785 200,000
27 72 4,162 0 0 0 0 0 0 0 12,318 12,318 200,000
28 73 4,162 0 0 0 0 0 0 0 6,935 6,935 200,000
29 74 4,162 0 0 0 0 0 0 0 367 367 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 69. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 75.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-24
<PAGE> 118
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------
0.00% (-1.49% NET)
----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 0 0 622 2,704 200,000
2 47 4,162 0 0 0 3,146 5,585 200,000
3 48 4,162 0 0 0 4,385 8,298 200,000
4 49 4,162 0 0 0 6,914 10,827 200,000
5 50 4,162 0 0 0 9,310 13,223 200,000
6 51 4,162 0 0 0 11,945 15,467 200,000
7 52 4,162 0 0 0 14,433 17,563 200,000
8 53 4,162 0 0 0 16,820 19,560 200,000
9 54 4,162 0 0 0 19,068 21,416 200,000
10 55 4,162 0 0 0 21,158 23,114 200,000
11 56 4,162 0 0 0 23,180 24,745 200,000
12 57 4,162 0 0 0 25,040 26,214 200,000
13 58 4,162 0 0 0 26,554 27,337 200,000
14 59 4,162 0 0 0 27,930 28,322 200,000
15 60 4,162 0 0 0 29,109 29,109 200,000
16 61 4,162 0 0 0 29,698 29,698 200,000
17 62 4,162 0 0 0 29,989 29,989 200,000
18 63 4,162 0 0 0 29,960 29,960 200,000
19 64 4,162 0 0 0 29,606 29,606 200,000
20 65 4,162 0 0 0 28,983 28,983 200,000
21 66 4,162 0 0 0 28,108 28,108 200,000
22 67 4,162 0 0 0 26,910 26,910 200,000
23 68 4,162 0 0 0 25,315 25,315 200,000
24 69 4,162 0 0 0 23,183 23,183 200,000
25 70 4,162 0 0 0 20,339 20,339 200,000
26 71 4,162 0 0 0 16,785 16,785 200,000
27 72 4,162 0 0 0 12,318 12,318 200,000
28 73 4,162 0 0 0 6,935 6,935 200,000
29 74 4,162 0 0 0 367 367 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 69. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 75.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change the hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-25
<PAGE> 119
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- ------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
----------------------------- ----------------------------- ------------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 622 2,704 200,000 818 2,901 200,000 818 2,901 200,000
2 47 4,162 0 2,683 5,122 200,000 3,239 5,678 200,000 3,716 6,155 200,000
3 48 4,162 0 3,492 7,405 200,000 4,568 8,482 200,000 5,516 9,430 200,000
4 49 4,162 0 5,622 9,535 200,000 7,380 11,293 200,000 8,793 12,707 200,000
5 50 4,162 0 7,603 11,516 200,000 10,204 14,118 200,000 12,124 16,038 200,000
6 51 4,162 0 9,830 13,352 200,000 13,437 16,959 200,000 15,885 19,407 200,000
7 52 4,162 0 11,894 15,025 200,000 16,670 19,800 200,000 19,691 22,821 200,000
8 53 4,162 0 13,754 16,493 200,000 19,864 22,604 200,000 23,592 26,332 200,000
9 54 4,162 0 15,414 17,762 200,000 23,024 25,372 200,000 27,556 29,904 200,000
10 55 4,162 0 16,834 18,791 200,000 26,112 28,068 200,000 31,570 33,527 200,000
11 56 4,162 0 18,228 19,794 200,000 29,400 30,966 200,000 35,803 37,369 200,000
12 57 4,162 0 19,371 20,545 200,000 32,633 33,807 200,000 40,118 41,292 200,000
13 58 4,162 0 20,242 21,025 200,000 35,795 36,578 200,000 44,354 45,137 200,000
14 59 4,162 0 20,819 21,211 200,000 38,870 39,261 200,000 48,711 49,102 200,000
15 60 4,162 0 21,101 21,101 200,000 41,860 41,860 200,000 53,148 53,148 200,000
16 61 4,162 0 20,669 20,669 200,000 44,360 44,360 200,000 57,289 57,289 200,000
17 62 4,162 0 19,847 19,847 200,000 46,704 46,704 200,000 61,457 61,457 200,000
18 63 4,162 0 18,580 18,580 200,000 48,853 48,853 200,000 65,652 65,652 200,000
19 64 4,162 0 16,812 16,812 200,000 50,768 50,768 200,000 69,893 69,893 200,000
20 65 4,162 0 14,456 14,456 200,000 52,382 52,382 200,000 74,248 74,248 200,000
21 66 4,162 0 11,503 11,503 200,000 53,718 53,718 200,000 78,783 78,783 200,000
22 67 4,162 0 7,832 7,832 200,000 54,669 54,669 200,000 83,455 83,455 200,000
23 68 4,162 0 3,348 3,348 200,000 55,171 55,171 200,000 88,252 88,252 200,000
24 69 4,162 0 0 0 0 55,201 55,201 200,000 93,124 93,124 200,000
25 70 4,162 0 0 0 0 54,641 54,641 200,000 98,018 98,018 200,000
26 71 4,162 0 0 0 0 53,351 53,351 200,000 102,997 102,997 200,000
27 72 4,162 0 0 0 0 51,184 51,184 200,000 108,025 108,025 200,000
28 73 4,162 0 0 0 0 47,887 47,887 200,000 113,185 113,185 200,000
29 74 4,162 0 0 0 0 43,186 43,186 200,000 118,451 118,451 200,000
30 75 4,162 0 0 0 0 36,758 36,758 200,000 128,830 123,830 200,000
31 76 4,162 0 0 0 0 28,109 28,109 200,000 129,463 129,463 200,000
32 77 4,162 0 0 0 0 16,708 16,708 200,000 135,312 135,312 200,000
33 78 4,162 0 0 0 0 1,912 1,912 200,000 141,426 141,426 200,000
34 79 4,162 0 0 0 0 0 0 0 147,458 147,458 200,000
35 80 4,162 0 0 0 0 0 0 0 153,856 153,856 200,000
36 81 4,162 0 0 0 0 0 0 0 160,854 160,854 200,000
37 82 4,162 0 0 0 0 0 0 0 168,634 168,634 200,000
38 83 4,162 0 0 0 0 0 0 0 177,850 177,850 200,000
39 84 4,162 0 0 0 0 0 0 0 188,705 188,705 200,000
40 85 4,162 0 0 0 0 0 0 0 200,739 200,739 210,776
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 79. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-26
<PAGE> 120
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
---------------------------- ---------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 4,162 0 0 0 0 0 0 0 213,137 213,137 223,794
42 87 4,162 0 0 0 0 0 0 0 225,860 225,860 237,153
43 88 4,162 0 0 0 0 0 0 0 238,911 238,911 250,856
44 89 4,162 0 0 0 0 0 0 0 252,268 252,268 264,881
45 90 4,162 0 0 0 0 0 0 0 265,913 265,913 279,208
46 91 4,162 0 0 0 0 0 0 0 279,780 279,780 293,769
47 92 4,162 0 0 0 0 0 0 0 294,692 294,692 306,479
48 93 4,162 0 0 0 0 0 0 0 310,854 310,854 320,179
49 94 4,162 0 0 0 0 0 0 0 328,507 328,507 335,078
50 95 4,162 0 0 0 0 0 0 0 347,940 347,940 351,420
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 79. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-27
<PAGE> 121
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 0 0 818 2,901 200,000
2 47 4,162 0 0 0 3,716 6,155 200,000
3 48 4,162 0 0 0 5,516 9,430 200,000
4 49 4,162 0 0 0 8,793 12,707 200,000
5 50 4,162 0 0 0 12,124 16,038 200,000
6 51 4,162 0 0 0 15,885 19,407 200,000
7 52 4,162 0 0 0 19,691 22,821 200,000
8 53 4,162 0 0 0 23,592 26,332 200,000
9 54 4,162 0 0 0 27,556 29,904 200,000
10 55 4,162 0 0 0 31,570 33,527 200,000
11 56 4,162 0 0 0 35,803 37,369 200,000
12 57 4,162 0 0 0 40,118 41,292 200,000
13 58 4,162 0 0 0 44,354 45,137 200,000
14 59 4,162 0 0 0 48,711 49,102 200,000
15 60 4,162 0 0 0 53,148 53,148 200,000
16 61 4,162 0 0 0 57,289 57,289 200,000
17 62 4,162 0 0 0 61,457 61,457 200,000
18 63 4,162 0 0 0 65,652 65,652 200,000
19 64 4,162 0 0 0 69,893 69,893 200,000
20 65 4,162 0 0 0 74,248 74,248 200,000
21 66 4,162 0 0 0 78,783 78,783 200,000
22 67 4,162 0 0 0 83,455 83,455 200,000
23 68 4,162 0 0 0 88,252 88,252 200,000
24 69 4,162 0 0 0 93,124 93,124 200,000
25 70 4,162 0 0 0 98,018 98,018 200,000
26 71 4,162 0 0 0 102,997 102,997 200,000
27 72 4,162 0 0 0 108,025 108,025 200,000
28 73 4,162 0 0 0 113,185 113,185 200,000
29 74 4,162 0 0 0 118,451 118,451 200,000
30 75 4,162 0 0 0 123,830 123,830 200,000
31 76 4,162 0 0 0 129,463 129,463 200,000
32 77 4,162 0 0 0 135,312 135,312 200,000
33 78 4,162 0 0 0 141,426 141,426 200,000
34 79 4,162 0 0 0 147,458 147,458 200,000
35 80 4,162 0 0 0 153,856 153,856 200,000
36 81 4,162 0 0 0 160,854 160,854 200,000
37 82 4,162 0 0 0 168,634 168,634 200,000
38 83 4,162 0 0 0 177,850 177,850 200,000
39 84 4,162 0 0 0 188,705 188,705 200,000
40 85 4,162 0 0 0 200,739 200,739 210,776
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 79. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-28
<PAGE> 122
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 4,162 0 0 0 213,137 213,137 223,794
42 87 4,162 0 0 0 225,860 225,860 237,153
43 88 4,162 0 0 0 238,911 238,911 250,856
44 89 4,162 0 0 0 252,268 252,268 264,881
45 90 4,162 0 0 0 265,913 265,913 279,208
46 91 4,162 0 0 0 279,780 279,780 293,769
47 92 4,162 0 0 0 294,692 294,692 306,479
48 93 4,162 0 0 0 310,854 310,854 320,179
49 94 4,162 0 0 0 328,507 328,507 335,078
50 95 4,162 0 0 0 347,940 347,940 351,420
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 79. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-29
<PAGE> 123
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
----------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
----------------------------- --------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 622 2,704 200,000 1,015 3,097 200,000
2 47 4,162 0 2,683 5,122 200,000 3,821 6,259 200,000
3 48 4,162 0 3,492 7,405 200,000 5,741 9,654 200,000
4 49 4,162 0 5,622 9,535 200,000 9,375 13,288 200,000
5 50 4,162 0 7,603 11,516 200,000 13,281 17,194 200,000
6 51 4,162 0 9,830 13,352 200,000 17,888 21,410 200,000
7 52 4,162 0 11,894 15,025 200,000 22,823 25,954 200,000
8 53 4,162 0 13,754 16,493 200,000 28,090 30,829 200,000
9 54 4,162 0 15,414 17,762 200,000 33,738 36,086 200,000
10 55 4,162 0 16,834 18,791 200,000 39,785 41,742 200,000
11 56 4,162 0 18,228 19,794 200,000 46,654 48,219 200,000
12 57 4,162 0 19,371 20,545 200,000 54,118 55,292 200,000
13 58 4,162 0 20,242 21,025 200,000 62,258 63,041 200,000
14 59 4,162 0 20,819 21,211 200,000 71,170 71,561 200,000
15 60 4,162 0 21,101 21,101 200,000 80,987 80,987 200,000
16 61 4,162 0 20,669 20,669 200,000 91,458 91,458 200,000
17 62 4,162 0 19,847 19,847 200,000 103,117 103,117 200,000
18 63 4,162 0 18,580 18,580 200,000 116,160 116,160 200,000
19 64 4,162 0 16,812 16,812 200,000 130,830 130,830 200,000
20 65 4,162 0 14,456 14,456 200,000 147,419 147,419 200,000
21 66 4,162 0 11,503 11,503 200,000 166,399 166,399 200,000
22 67 4,162 0 7,832 7,832 200,000 187,659 187,659 223,314
23 68 4,162 0 3,348 3,448 200,000 211,019 211,019 249,003
24 69 4,162 0 0 0 0 236,703 236,703 276,943
25 70 4,162 0 0 0 0 264,935 264,935 307,324
26 71 4,162 0 0 0 0 295,962 295,962 340,356
27 72 4,162 0 0 0 0 330,269 330,269 373,204
28 73 4,162 0 0 0 0 368,260 368,260 408,768
29 74 4,162 0 0 0 0 410,425 410,425 447,363
30 75 4,162 0 0 0 0 457,360 457,360 489,375
31 76 4,162 0 0 0 0 509,767 509,767 535,256
32 77 4,162 0 0 0 0 567,445 567,445 595,818
33 78 4,162 0 0 0 0 630,891 630,891 662,436
34 79 4,162 0 0 0 0 700,656 700,656 735,688
35 80 4,162 0 0 0 0 777,319 777,319 816,185
36 81 4,162 0 0 0 0 861,495 861,495 904,570
37 82 4,162 0 0 0 0 953,839 953,839 1,001,530
38 83 4,162 0 0 0 0 1,055,018 1,055,018 1,107,769
39 84 4,162 0 0 0 0 1,165,735 1,165,735 1,224,022
40 85 4,162 0 0 0 0 1,286,751 1,286,751 1,351,089
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
1 1,015 3,097 200,000
2 4,311 6,750 200,000
3 6,744 10,657 200,000
4 10,916 14,829 200,000
5 15,435 19,349 200,000
6 20,715 24,238 200,000
7 26,414 29,545 200,000
8 32,629 35,368 200,000
9 39,383 41,731 200,000
10 46,729 48,686 200,000
11 55,018 56,583 200,000
12 64,135 65,309 200,000
13 74,053 74,836 200,000
14 85,067 85,459 200,000
15 97,294 97,294 200,000
16 110,526 110,526 200,000
17 125,321 125,321 200,000
18 141,931 141,931 200,000
19 160,668 160,668 200,000
20 181,641 181,641 221,601
21 204,902 204,902 245,883
22 230,561 230,561 274,367
23 258,853 258,853 305,446
24 290,022 290,022 339,326
25 324,330 324,330 376,223
26 362,121 362,121 416,439
27 403,906 403,906 456,414
28 450,215 450,215 499,739
29 501,601 501,601 546,745
30 558,732 558,732 597,843
31 622,462 622,462 653,585
32 692,728 692,728 727,365
33 770,135 770,135 808,642
34 855,015 855,015 897,766
35 948,238 948,238 995,650
36 1,050,589 1,050,589 1,103,119
37 1,162,757 1,162,757 1,220,895
38 1,286,260 1,286,260 1,350,573
39 1,421,644 1,421,644 1,492,726
40 1,569,747 1,569,747 1,648,235
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the Actual Rates of Investment Return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-30
<PAGE> 124
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
---------------------------- --------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 4,162 0 0 0 0 1,418,892 1,418,892 1,489,837
42 87 4,162 0 0 0 0 1,563,072 1,563,072 1,641,226
43 88 4,162 0 0 0 0 1,720,278 1,720,278 1,806,292
44 89 4,162 0 0 0 0 1,891,421 1,891,421 1,985,992
45 90 4,162 0 0 0 0 2,077,580 2,077,580 2,181,459
46 91 4,162 0 0 0 0 2,279,877 2,279,877 2,393,871
47 92 4,162 0 0 0 0 2,506,417 2,506,417 2,606,674
48 93 4,162 0 0 0 0 2,761,288 2,761,288 2,844,126
49 94 4,162 0 0 0 0 3,049,260 3,049,260 3,110,246
50 95 4,162 0 0 0 0 3,376,524 3,376,524 3,410,289
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
41 1,731,698 1,731,698 1,818,283
42 1,908,344 1,908,344 2,003,761
43 2,100,957 2,100,957 2,206,004
44 2,310,665 2,310,665 2,426,198
45 2,538,701 2,538,701 2,665,636
46 2,785,912 2,785,912 2,925,207
47 3,062,347 3,062,347 3,184,841
48 3,373,126 3,373,126 3,474,319
49 3,724,447 3,724,447 3,798,936
50 4,123,913 4,123,913 4,165,152
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-31
<PAGE> 125
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 4,162 0 0 0 1,015 3,097 200,000
2 47 4,162 0 0 0 4,311 6,750 200,000
3 48 4,162 0 0 0 6,744 10,657 200,000
4 49 4,162 0 0 0 10,916 14,829 200,000
5 50 4,162 0 0 0 15,435 19,349 200,000
6 51 4,162 0 0 0 20,715 24,238 200,000
7 52 4,162 0 0 0 26,414 29,545 200,000
8 53 4,162 0 0 0 32,629 35,368 200,000
9 54 4,162 0 0 0 39,383 41,731 200,000
10 55 4,162 0 0 0 46,729 48,686 200,000
11 56 4,162 0 0 0 55,018 56,583 200,000
12 57 4,162 0 0 0 64,135 65,309 200,000
13 58 4,162 0 0 0 74,053 74,836 200,000
14 59 4,162 0 0 0 85,067 85,459 200,000
15 60 4,162 0 0 0 97,294 97,294 200,000
16 61 4,162 0 0 0 110,526 110,526 200,000
17 62 4,162 0 0 0 125,321 125,321 200,000
18 63 4,162 0 0 0 141,931 141,931 200,000
19 64 4,162 0 0 0 160,668 160,668 200,000
20 65 4,162 0 0 0 181,641 181,641 221,601
21 66 4,162 0 0 0 204,902 204,902 245,883
22 67 4,162 0 0 0 230,561 230,561 274,367
23 68 4,162 0 0 0 258,853 258,853 305,446
24 69 4,162 0 0 0 290,022 290,022 339,326
25 70 4,162 0 0 0 324,330 324,330 376,223
26 71 4,162 0 0 0 362,121 362,121 416,439
27 72 4,162 0 0 0 403,906 403,906 456,414
28 73 4,162 0 0 0 450,215 450,215 499,739
29 74 4,162 0 0 0 501,601 501,601 546,745
30 75 4,162 0 0 0 558,732 558,732 597,843
31 76 4,162 0 0 0 622,462 622,462 653,585
32 77 4,162 0 0 0 692,728 692,728 727,365
33 78 4,162 0 0 0 770,135 770,135 806,642
34 79 4,162 0 0 0 855,015 855,015 897,766
35 80 4,162 0 0 0 948,238 948,238 995,650
36 81 4,162 0 0 0 1,050,589 1,050,589 1,103,119
37 82 4,162 0 0 0 1,162,757 1,162,757 1,220,895
38 83 4,162 0 0 0 1,286,260 1,286,260 1,350,573
39 84 4,162 0 0 0 1,421,644 1,421,644 1,492,726
40 85 4,162 0 0 0 1,569,747 1,569,747 1,648,235
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-32
<PAGE> 126
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE STANDARD SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 4,162.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 4,162 0 0 0 1,731,698 1,731,698 1,818,283
42 87 4,162 0 0 0 1,908,344 1,908,344 2,003,761
43 88 4,162 0 0 0 2,100,957 2,100,957 2,206,004
44 89 4,162 0 0 0 2,310,665 2,310,665 2,426,198
45 90 4,162 0 0 0 2,538,701 2,538,701 2,665,636
46 91 4,162 0 0 0 2,785,912 2,785,912 2,925,207
47 92 4,162 0 0 0 3,062,347 3,062,347 3,184,841
48 93 4,162 0 0 0 3,373,126 3,373,126 3,474,319
49 94 4,162 0 0 0 3,724,447 3,724,447 3,798,936
50 95 4,162 0 0 0 4,123,913 4,123,913 4,165,152
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 69. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $57,396.36 INITIAL GUIDELINE ANNUAL: $4,697.10 INITIAL TWO YEAR MINIMUM: $4,162.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-33
<PAGE> 127
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT PLUS FUND VALUE
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW
YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------ ----------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET) 0.00% (-1.49% NET)
----------------------------- ---------------------------- ----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 347 2,150 202,150 347 2,150 202,150 347 2,150 202,150
2 47 3,088 0 1,578 4,184 204,184 1,578 4,184 204,184 1,888 4,493 204,493
3 48 3,088 0 2,979 6,140 206,140 2,979 6,140 206,140 3,545 6,707 206,707
4 49 3,088 0 4,834 7,996 207,996 4,834 7,996 207,996 5,607 8,769 208,769
5 50 3,088 0 6,591 9,753 209,753 6,591 9,753 209,753 7,566 10,728 210,728
6 51 3,088 0 8,566 11,412 211,412 8,566 11,412 211,412 9,694 12,539 212,539
7 52 3,088 0 10,422 12,951 212,951 10,422 12,951 212,951 11,746 14,276 214,276
8 53 3,088 0 12,159 14,372 214,372 12,159 14,372 214,372 13,725 15,939 215,939
9 54 3,088 0 13,755 15,652 215,652 13,755 15,652 215,652 15,656 17,553 217,553
10 55 3,088 0 15,214 16,795 216,795 15,214 16,795 216,795 17,515 19,096 219,096
11 56 3,088 0 16,667 17,932 217,932 16,667 17,932 217,932 19,374 20,639 220,639
12 57 3,088 0 17,941 18,890 218,890 17,941 18,890 218,890 21,027 21,976 221,976
13 58 3,088 0 19,039 19,671 219,671 19,039 19,671 219,671 22,572 23,204 223,204
14 59 3,088 0 19,938 20,254 220,254 19,938 20,254 220,254 24,032 24,348 224,348
15 60 3,088 0 20,616 20,616 220,616 20,616 20,616 220,616 25,434 25,434 225,434
16 61 3,088 0 20,736 20,736 220,736 20,736 20,736 220,736 26,436 26,436 226,436
17 62 3,088 0 20,592 20,592 220,592 20,592 20,592 220,592 27,262 27,262 227,262
18 63 3,088 0 20,187 20,187 220,187 20,187 20,187 22,0187 27,865 27,865 227,865
19 64 3,088 0 19,428 19,428 219,428 19,428 19,428 219,428 28,318 28,318 228,318
20 65 3,088 0 18,295 18,295 218,295 18,295 18,295 218,295 28,623 28,623 228,623
21 66 3,088 0 16,804 16,804 216,804 16,804 16,804 216,804 28,796 28,796 228,796
22 67 3,088 0 14,875 14,875 214,875 14,875 14,875 214,875 28,776 28,776 228,776
23 68 3,088 0 12,464 12,464 212,464 12,464 12,464 212,464 28,518 28,518 228,518
24 69 3,088 0 9,527 9,527 209,527 9,527 9,527 209,527 27,951 27,951 227,951
25 70 3,088 0 6,047 6,047 206,047 6,047 6,047 206,047 27,009 27,009 227,009
26 71 3,088 0 1,934 1,934 201,934 1,934 1,934 201,934 25,694 25,694 225,694
27 72 3,088 0 0 0 0 0 0 0 23,915 23,915 223,915
28 73 3,088 0 0 0 0 0 0 0 21,723 21,723 221,723
29 74 3,088 0 0 0 0 0 0 0 18,981 18,981 218,981
30 75 3,088 0 0 0 0 0 0 0 15,646 15,646 215,646
31 76 3,088 0 0 0 0 0 0 0 11,747 11,747 211,747
32 77 3,088 0 0 0 0 0 0 0 7,123 7,123 207,123
33 78 3,088 0 0 0 0 0 0 0 1,662 1,662 201,662
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 72. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 79.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the Actual Rates of Investment Return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-34
<PAGE> 128
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PLUS FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------
0.00% (-1.49% NET)
----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 347 2,150 202,150
2 47 3,088 0 0 0 1,888 4,493 204,493
3 48 3,088 0 0 0 3,545 6,707 206,707
4 49 3,088 0 0 0 5,607 8,769 208,769
5 50 3,088 0 0 0 7,566 10,728 210,728
6 51 3,088 0 0 0 9,694 12,539 212,539
7 52 3,088 0 0 0 11,746 14,276 214,276
8 53 3,088 0 0 0 13,725 15,939 215,939
9 54 3,088 0 0 0 15,656 17,553 217,553
10 55 3,088 0 0 0 17,515 19,096 219,096
11 56 3,088 0 0 0 19,374 20,639 220,639
12 57 3,088 0 0 0 21,027 21,976 221,976
13 58 3,088 0 0 0 22,572 23,204 223,204
14 59 3,088 0 0 0 24,032 24,348 224,348
15 60 3,088 0 0 0 25,434 25,434 225,434
16 61 3,088 0 0 0 26,436 26,436 226,436
17 62 3,088 0 0 0 27,262 27,262 227,262
18 63 3,088 0 0 0 27,865 27,865 227,865
19 64 3,088 0 0 0 28,318 28,318 228,318
20 65 3,088 0 0 0 28,623 28,623 228,623
21 66 3,088 0 0 0 28,796 28,796 228,796
22 67 3,088 0 0 0 28,776 28,776 228,776
23 68 3,088 0 0 0 28,518 28,518 228,518
24 69 3,088 0 0 0 27,951 27,951 227,951
25 70 3,088 0 0 0 27,009 27,009 227,009
26 71 3,088 0 0 0 25,694 25,694 225,694
27 72 3,088 0 0 0 23,915 23,915 223,915
28 73 3,088 0 0 0 21,723 21,723 221,723
29 74 3,088 0 0 0 18,981 18,981 218,981
30 75 3,088 0 0 0 15,646 15,646 215,646
31 76 3,088 0 0 0 11,747 11,747 211,747
32 77 3,088 0 0 0 7,123 7,123 207,123
33 78 3,088 0 0 0 1,662 1,662 201,662
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 72. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 79.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-35
<PAGE> 129
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PLUS FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 347 2,150 202,150 497 2,300 202,300 497 2,300 202,300
2 47 3,088 0 1,578 4,184 204,184 2,010 4,616 204,616 2,329 4,935 204,935
3 48 3,088 0 2,979 6,140 206,140 3,824 6,986 206,986 4,429 7,590 207,590
4 49 3,088 0 4,834 7,996 207,996 6,227 9,389 209,389 7,079 10,241 210,241
5 50 3,088 0 6,591 9,753 209,753 8,663 11,825 211,825 9,774 12,936 212,936
6 51 3,088 0 8,566 11,412 211,412 11,450 14,295 214,295 12,783 15,629 215,629
7 52 3,088 0 10,422 12,951 212,951 14,249 16,778 216,778 15,863 18,392 218,392
8 53 3,088 0 12,159 14,372 214,372 17,061 19,274 219,274 19,017 21,230 221,230
9 54 3,088 0 13,755 15,652 215,652 19,861 21,758 221,758 22,273 24,170 224,170
10 55 3,088 0 15,214 16,795 216,795 22,649 24,230 224,230 25,611 27,192 227,192
11 56 3,088 0 16,667 17,932 217,932 25,602 26,867 226,867 29,156 30,421 230,421
12 57 3,088 0 17,941 18,890 218,890 28,515 29,463 229,463 32,665 33,613 233,613
13 58 3,088 0 19,039 19,671 219,671 31,384 32,017 232,017 36,234 36,866 236,866
14 59 3,088 0 19,938 20,254 220,254 34,184 34,500 234,500 39,891 40,207 240,207
15 60 3,088 0 20,616 20,616 220,616 36,885 36,885 236,885 43,666 43,666 243,666
16 61 3,088 0 20,736 20,736 220,736 39,143 39,143 239,143 47,223 47,223 247,223
17 62 3,088 0 20,592 20,592 220,592 41,243 41,243 241,243 50,785 50,785 250,785
18 63 3,088 0 20,187 20,187 220,187 43,176 43,176 243,176 54,303 54,303 254,303
19 64 3,088 0 19,428 19,428 219,428 44,836 44,836 244,836 57,849 57,849 257,849
20 65 3,088 0 18,295 18,295 218,295 46,184 46,184 246,184 61,423 61,423 261,423
21 66 3,088 0 16,804 16,804 216,804 47,221 47,221 247,221 65,044 65,044 265,044
22 67 3,088 0 14,875 14,875 214,875 47,841 47,841 247,841 68,648 68,648 268,648
23 68 3,088 0 12,464 12,464 212,464 47,975 47,975 247,975 72,185 72,185 272,185
24 69 3,088 0 9,527 9,527 209,527 47,549 47,549 247,549 75,578 75,578 275,578
25 70 3,088 0 6,047 6,047 206,047 46,510 46,510 246,510 78,747 78,747 278,747
26 71 3,088 0 1,934 1,934 201,934 44,729 44,729 244,729 81,679 81,679 281,679
27 72 3,088 0 0 0 0 41,947 41,947 241,947 84,264 84,264 284,264
28 73 3,088 0 0 0 0 38,238 38,238 238,238 86,534 86,534 286,534
29 74 3,088 0 0 0 0 33,334 33,334 233,334 88,327 88,327 288,327
30 75 3,088 0 0 0 0 27,003 27,003 227,003 89,568 89,568 289,568
31 76 3,088 0 0 0 0 19,074 19,074 219,074 90,255 90,255 290,255
32 77 3,088 0 0 0 0 9,394 9,394 209,394 90,187 90,187 290,187
33 78 3,088 0 0 0 0 0 0 0 89,205 89,205 289,205
34 79 3,088 0 0 0 0 0 0 0 86,300 86,300 286,300
35 80 3,088 0 0 0 0 0 0 0 81,920 81,920 281,920
36 81 3,088 0 0 0 0 0 0 0 75,966 75,966 275,966
37 82 3,088 0 0 0 0 0 0 0 68,064 68,064 268,064
38 83 3,088 0 0 0 0 0 0 0 59,250 59,250 259,250
39 84 3,088 0 0 0 0 0 0 0 48,543 48,543 248,543
40 85 3,088 0 0 0 0 0 0 0 35,478 35,478 235,478
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 88.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-36
<PAGE> 130
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PLUS FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
----------------------------------------------------------- ----------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
---------------------------- ---------------------------- ----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 0 0 0 0 19,938 19,938 219,938
42 87 3,088 0 0 0 0 0 0 0 1,381 1,381 201,381
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, Contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 88.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-37
<PAGE> 131
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT PLUS
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------
6.00% (4.46% NET)
----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 497 2,300 202,300
2 47 3,088 0 0 0 2,329 4,935 204,935
3 48 3,088 0 0 0 4,429 7,590 207,590
4 49 3,088 0 0 0 7,079 10,241 210,241
5 50 3,088 0 0 0 9,774 12,936 212,936
6 51 3,088 0 0 0 12,783 15,629 215,629
7 52 3,088 0 0 0 15,863 18,392 218,392
8 53 3,088 0 0 0 19,017 21,230 221,230
9 54 3,088 0 0 0 22,273 24,170 224,170
10 55 3,088 0 0 0 25,611 27,192 227,192
11 56 3,088 0 0 0 29,156 30,421 230,421
12 57 3,088 0 0 0 32,665 33,613 233,613
13 58 3,088 0 0 0 36,234 36,866 236,866
14 59 3,088 0 0 0 39,891 40,207 240,207
15 60 3,088 0 0 0 43,666 43,666 243,666
16 61 3,088 0 0 0 47,223 47,223 247,223
17 62 3,088 0 0 0 50,785 50,785 250,785
18 63 3,088 0 0 0 54,303 54,303 254,303
19 64 3,088 0 0 0 57,849 57,849 257,849
20 65 3,088 0 0 0 61,423 61,423 261,423
21 66 3,088 0 0 0 65,044 65,044 265,044
22 67 3,088 0 0 0 68,648 68,648 268,648
23 68 3,088 0 0 0 72,185 72,185 272,185
24 69 3,088 0 0 0 75,578 75,578 275,578
25 70 3,088 0 0 0 78,747 78,747 278,747
26 71 3,088 0 0 0 81,679 81,679 281,679
27 72 3,088 0 0 0 84,264 84,264 284,264
28 73 3,088 0 0 0 86,534 86,534 286,534
29 74 3,088 0 0 0 88,327 88,327 288,327
30 75 3,088 0 0 0 89,568 89,568 289,568
31 76 3,088 0 0 0 90,255 90,255 290,255
32 77 3,088 0 0 0 90,187 90,187 290,187
33 78 3,088 0 0 0 89,205 89,205 289,205
34 79 3,088 0 0 0 86,300 86,300 286,300
35 80 3,088 0 0 0 81,920 81,920 281,920
36 81 3,088 0 0 0 75,966 75,966 275,966
37 82 3,088 0 0 0 68,064 68,064 268,064
38 83 3,088 0 0 0 59,250 59,250 259,250
39 84 3,088 0 0 0 48,543 48,543 248,543
40 85 3,088 0 0 0 35,478 35,478 235,478
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 88.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-38
<PAGE> 132
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------
6.00% (4.46% NET)
----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 19,938 19,938 219,938
42 87 3,088 0 0 0 1,381 1,381 201,381
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 88.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-39
<PAGE> 133
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT PLUS
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
--------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
----------------------------- ------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 347 2,150 202,150 647 2,450 202,450
2 47 3,088 0 1,578 4,184 204,184 2,460 5,066 205,066
3 48 3,088 0 2,979 6,140 206,140 4,743 7,904 207,904
4 49 3,088 0 4,834 7,996 207,996 7,801 10,962 210,962
5 50 3,088 0 6,591 9,753 209,753 11,101 14,263 214,263
6 51 3,088 0 8,566 11,412 211,412 14,986 17,831 217,831
7 52 3,088 0 10,422 12,951 212,951 19,141 21,670 221,670
8 53 3,088 0 12,159 14,372 214,372 23,595 25,808 225,808
9 54 3,088 0 13,755 15,652 215,652 28,353 30,250 230,250
10 55 3,088 0 15,214 16,795 216,795 33,447 35,028 235,028
11 56 3,088 0 16,667 17,932 217,932 39,161 40,426 240,426
12 57 3,088 0 17,941 18,890 218,890 45,289 46,238 246,238
13 58 3,088 0 19,039 19,671 219,671 51,877 52,510 252,510
14 59 3,088 0 19,938 20,254 220,254 58,950 59,267 259,267
15 60 3,088 0 20,616 20,616 220,616 66,536 66,536 266,536
16 61 3,088 0 20,736 20,736 220,736 74,349 74,349 274,349
17 62 3,088 0 20,592 20,592 220,592 82,740 82,740 282,740
18 63 3,088 0 20,187 20,187 220,187 91,773 91,773 291,773
19 64 3,088 0 19,428 19,428 219,428 101,415 101,415 301,415
20 65 3,088 0 18,295 18,295 218,295 111,709 111,709 311,709
21 66 3,088 0 16,804 16,804 216,804 122,744 122,744 322,744
22 67 3,088 0 14,875 14,875 214,875 134,506 134,506 334,506
23 68 3,088 0 12,464 12,464 212,464 147,026 147,026 347,026
24 69 3,088 0 9,527 9,527 209,527 160,335 160,335 360,335
25 70 3,088 0 6,047 6,047 206,047 174,495 174,495 374,495
26 71 3,088 0 1,934 1,934 201,934 189,497 189,497 389,497
27 72 3,088 0 0 0 0 205,206 205,206 405,206
28 73 3,088 0 0 0 0 221,825 221,825 421,825
29 74 3,088 0 0 0 0 239,226 239,226 439,226
30 75 3,088 0 0 0 0 257,317 257,317 457,317
31 76 3,088 0 0 0 0 276,072 276,072 476,072
32 77 3,088 0 0 0 0 295,488 295,488 495,488
33 78 3,088 0 0 0 0 315,560 315,560 515,560
34 79 3,088 0 0 0 0 336,285 336,285 536,285
35 80 3,088 0 0 0 0 357,633 357,633 557,633
36 81 3,088 0 0 0 0 379,495 379,495 579,495
37 82 3,088 0 0 0 0 401,723 401,723 601,723
38 83 3,088 0 0 0 0 424,027 424,027 624,027
39 84 3,088 0 0 0 0 446,111 446,111 646,111
40 85 3,088 0 0 0 0 467,671 467,671 667,671
<CAPTION>
CURRENT CHARGES
-------------------------------
12.00% (10.42% NET)
-------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
1 647 2,450 202,450
2 2,790 5,395 205,395
3 5,385 8,547 208,547
4 8,738 11,900 211,900
5 12,364 15,526 215,526
6 16,558 19,403 219,403
7 21,105 23,634 223,634
8 26,042 28,255 228,255
9 31,435 33,332 233,332
10 37,306 38,887 238,887
11 43,901 45,165 245,165
12 50,981 51,929 251,929
13 58,701 59,334 259,334
14 67,158 67,474 267,474
15 76,458 76,458 276,458
16 86,350 86,350 286,350
17 97,150 97,150 297,150
18 108,907 108,907 308,907
19 121,801 121,801 321,801
20 135,958 135,958 335,958
21 151,533 151,533 351,533
22 168,614 168,614 368,614
23 187,315 187,315 387,315
24 207,737 207,737 407,737
25 229,994 229,994 429,994
26 254,287 254,287 454,287
27 280,737 280,737 480,737
28 309,632 309,632 509,632
29 341,087 341,087 541,087
30 375,334 375,334 575,334
31 412,703 412,703 612,703
32 453,360 453,360 653,360
33 497,537 497,537 697,537
34 544,631 544,631 744,631
35 595,521 595,521 795,521
36 650,597 650,597 850,597
37 710,015 710,015 910,015
38 775,418 775,418 975,418
39 846,498 846,498 1,046,498
40 923,498 923,498 1,123,498
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-40
<PAGE> 134
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT PLUS
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
---------------------------- ------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 0 488,422 488,422 688,422
42 87 3,088 0 0 0 0 508,096 508,096 708,096
43 88 3,088 0 0 0 0 526,448 526,448 726,448
44 89 3,088 0 0 0 0 543,207 543,207 743,207
45 90 3,088 0 0 0 0 558,096 558,096 758,096
46 91 3,088 0 0 0 0 570,706 570,706 770,706
47 92 3,088 0 0 0 0 580,508 580,508 700,508
48 93 3,088 0 0 0 0 586,788 586,788 786,788
49 94 3,088 0 0 0 0 588,498 588,498 788,498
50 95 3,088 0 0 0 0 583,537 583,537 783,537
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
41 1,007,067 1,007,067 1,207,067
42 1,097,494 1,097,494 1,297,494
43 1,195,581 1,195,581 1,395,581
44 1,301,967 1,301,967 1,501,967
45 1,417,383 1,417,383 1,617,383
46 1,542,288 1,542,288 1,742,288
47 1,676,681 1,676,681 1,876,681
48 1,819,724 1,819,724 2,019,724
49 1,971,856 1,971,856 2,171,856
50 2,133,059 2,133,059 2,333,059
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, Contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change the hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-41
<PAGE> 135
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PLUS FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
------------------------------
12.00% (10.42% NET)
------------------------------
END UNSCHEDULED BENEFIT
OF PREMIUM/ NET TOTAL VALUE ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 46 3,088 0 0 0 647 2,450 202,450
2 47 3,088 0 0 0 2,790 5,395 205,395
3 48 3,088 0 0 0 5,385 8,547 208,547
4 49 3,088 0 0 0 8,738 11,900 211,900
5 50 3,088 0 0 0 12,364 15,526 215,526
6 51 3,088 0 0 0 16,558 19,403 219,403
7 52 3,088 0 0 0 21,105 23,634 223,634
8 53 3,088 0 0 0 26,042 28,255 228,255
9 54 3,088 0 0 0 31,435 33,332 233,332
10 55 3,088 0 0 0 37,306 38,887 238,887
11 56 3,088 0 0 0 43,901 45,165 245,165
12 57 3,088 0 0 0 50,981 51,929 251,929
13 58 3,088 0 0 0 58,701 59,334 259,334
14 59 3,088 0 0 0 67,158 67,474 267,474
15 60 3,088 0 0 0 76,458 76,458 276,458
16 61 3,088 0 0 0 86,350 86,350 286,350
17 62 3,088 0 0 0 97,150 97,150 297,150
18 63 3,088 0 0 0 108,907 108,907 308,907
19 64 3,088 0 0 0 121,801 121,801 321,801
20 65 3,088 0 0 0 135,958 135,958 335,958
21 66 3,088 0 0 0 151,533 151,533 351,533
22 67 3,088 0 0 0 168,614 168,614 368,614
23 68 3,088 0 0 0 187,315 187,315 387,315
24 69 3,088 0 0 0 207,737 207,737 407,737
25 70 3,088 0 0 0 229,994 229,994 429,994
26 71 3,088 0 0 0 254,287 254,287 454,287
27 72 3,088 0 0 0 280,737 280,737 480,737
28 73 3,088 0 0 0 309,632 309,632 509,632
29 74 3,088 0 0 0 341,087 341,087 541,087
30 75 3,088 0 0 0 375,334 375,334 575,334
31 76 3,088 0 0 0 412,703 412,703 612,703
32 77 3,088 0 0 0 453,360 453,360 653,360
33 78 3,088 0 0 0 497,537 497,537 697,537
34 79 3,088 0 0 0 544,631 544,431 744,631
35 80 3,088 0 0 0 595,521 595,521 795,521
36 81 3,088 0 0 0 650,597 650,597 850,597
37 82 3,088 0 0 0 710,015 710,015 910,015
38 83 3,088 0 0 0 775,418 775,418 975,418
39 84 3,088 0 0 0 846,498 844,498 1,046,498
40 85 3,088 0 0 0 923,498 923,498 1,123,498
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-42
<PAGE> 136
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 45 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 3,088.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK PLUS FUND VALUE
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 86 3,088 0 0 0 1,007,067 1,007,067 1,207,067
42 87 3,088 0 0 0 1,097,494 1,097,494 1,297,494
43 88 3,088 0 0 0 1,195,581 1,195,581 1,395,581
44 89 3,088 0 0 0 1,301,967 1,301,967 1,501,967
45 90 3,088 0 0 0 1,417,383 1,417,383 1,617,383
46 91 3,088 0 0 0 1,542,288 1,542,288 1,742,288
47 92 3,088 0 0 0 1,676,681 1,676,681 1,876,681
48 93 3,088 0 0 0 1,819,724 1,819,724 2,019,724
49 94 3,088 0 0 0 1,971,856 1,971,856 2,171,856
50 95 3,088 0 0 0 2,133,059 2,133,059 2,333,059
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 72. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $44,533.12 INITIAL GUIDELINE ANNUAL: $7,915.78 INITIAL TWO YEAR MINIMUM: $3,088.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-43
<PAGE> 137
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET) 0.00% (-1.49% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 888 200,000 0 888 200,000 0 888 200,000
2 37 1,646 0 343 1,968 200,000 343 1968 200,000 437 2,062 200,000
3 38 1,646 0 775 3,010 200,000 775 3,010 200,000 985 3,220 200,000
4 39 1,646 0 1,780 4,015 200,000 1,780 4,015 200,000 2,081 4,315 200,000
5 40 1,646 0 2,749 4,984 200,000 2,749 4,984 200,000 3,139 5,373 200,000
6 41 1,646 0 3,906 5,917 200,000 3,906 5,917 200,000 4,360 6,371 200,000
7 42 1,646 0 5,005 6,793 200,000 5,005 6,793 200,000 5,545 7,332 200,000
8 43 1,646 0 6,071 7,635 200,000 6,071 7,635 200,000 6,718 8,282 200,000
9 44 1,646 0 7,080 8,421 200,000 7,080 8,421 200,000 7,855 9,196 200,000
10 45 1,646 0 8,035 9,152 200,000 8,035 9,152 200,000 8,959 10,076 200,000
11 46 1,646 0 9,019 9,913 200,000 9,019 9,913 200,000 10,072 10,966 200,000
12 47 1,646 0 9,953 10,623 200,000 9,953 10,623 200,000 11,135 11,805 200,000
13 48 1,646 0 10,838 11,285 200,000 10,838 11,285 200,000 12,168 12,615 200,000
14 49 1,646 0 11,651 11,874 200,000 11,651 11,874 200,000 13,152 13,375 200,000
15 50 1,646 0 12,394 12,394 200,000 12,394 12,394 200,000 14,086 14,086 200,000
16 51 1,646 0 12,843 12,843 200,000 12,843 12,843 200,000 14,748 14,748 200,000
17 52 1,646 0 13,201 13,201 200,000 13,201 13,201 200,000 15,339 15,339 200,000
18 53 1,646 0 13,469 13,469 200,000 13,469 13,469 200,000 15,884 15,884 200,000
19 54 1,646 0 13,624 13,624 200,000 13,624 13,624 200,000 16,381 16,381 200,000
20 55 1,646 0 13,668 13,668 200,000 13,668 13,668 200,000 16,854 16,854 200,000
21 56 1,646 0 13,611 13,611 200,000 13,611 13,611 200,000 17,335 17,335 200,000
22 57 1,646 0 13,399 13,399 200,000 13,399 13,399 200,000 17,727 17,727 200,000
23 58 1,646 0 13,031 13,031 200,000 13,031 13,031 200,000 18,009 18,009 200,000
24 59 1,646 0 12,484 12,484 200,000 12,484 12,484 200,000 18,181 18,181 200,000
25 60 1,646 0 11,736 11,736 200,000 11,736 11,736 200,000 18,222 18,222 200,000
26 61 1,646 0 10,761 10,761 200,000 10,761 10,761 200,000 18,134 18,134 200,000
27 62 1,646 0 9,534 9,534 200,000 9,534 9,534 200,000 17,893 17,893 200,000
28 63 1,646 0 8,050 8,050 200,000 8,050 8,050 200,000 17,479 17,479 200,000
29 64 1,646 0 6,213 6,213 200,000 6,213 6,213 200,000 16,913 16,913 200,000
30 65 1,646 0 3,989 3,989 200,000 3,989 3,989 200,000 16,193 16,193 200,000
31 66 1,646 0 1,320 1,320 200,000 1,320 1,320 200,000 15,296 15,296 200,000
32 67 1,646 0 0 0 0 0 0 0 14,220 14,220 200,000
33 68 1,646 0 0 0 0 0 0 0 12,918 12,918 200,000
34 69 1,646 0 0 0 0 0 0 0 11,317 11,317 200,000
35 70 1,646 0 0 0 0 0 0 0 9,344 9,344 200,000
36 71 1,646 0 0 0 0 0 0 0 6,988 6,988 200,000
37 72 1,646 0 0 0 0 0 0 0 4,143 4,143 200,000
38 73 1,646 0 0 0 0 0 0 0 836 836 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, Contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 67. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 74.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-44
<PAGE> 138
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
----------------------------
0.00% (-1.49% NET)
----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 0 0 888 200,000
2 37 1,646 0 0 0 437 2,062 200,000
3 38 1,646 0 0 0 985 3,220 200,000
4 39 1,646 0 0 0 2,081 4,315 200,000
5 40 1,646 0 0 0 3,139 5,373 200,000
6 41 1,646 0 0 0 4,360 6,371 200,000
7 42 1,646 0 0 0 5,545 7,332 200,000
8 43 1,646 0 0 0 6,718 8,282 200,000
9 44 1,646 0 0 0 7,855 9,196 200,000
10 45 1,646 0 0 0 8,959 10,076 200,000
11 46 1,646 0 0 0 10,072 10,966 200,000
12 47 1,646 0 0 0 11,135 11,805 200,000
13 48 1,646 0 0 0 12,168 12,615 200,000
14 49 1,646 0 0 0 13,152 13,375 200,000
15 50 1,646 0 0 0 14,086 14,086 200,000
16 51 1,646 0 0 0 14,748 14,748 200,000
17 52 1,646 0 0 0 15,339 15,339 200,000
18 53 1,646 0 0 0 15,884 15,884 200,000
19 54 1,646 0 0 0 16,381 16,381 200,000
20 55 1,646 0 0 0 16,854 16,854 200,000
21 56 1,646 0 0 0 17,335 17,335 200,000
22 57 1,646 0 0 0 17,727 17,727 200,000
23 58 1,646 0 0 0 18,009 18,009 200,000
24 59 1,646 0 0 0 18,181 18,181 200,000
25 60 1,646 0 0 0 18,222 18,222 200,000
26 61 1,646 0 0 0 18,134 18,134 200,000
27 62 1,646 0 0 0 17,893 17,893 200,000
28 63 1,646 0 0 0 17,479 17,479 200,000
29 64 1,646 0 0 0 16,913 16,913 200,000
30 65 1,646 0 0 0 16,193 16,193 200,000
31 66 1,646 0 0 0 15,296 15,296 200,000
32 67 1,646 0 0 0 14,220 14,220 200,000
33 68 1,646 0 0 0 12,918 12,918 200,000
34 69 1,646 0 0 0 11,317 11,317 200,000
35 70 1,646 0 0 0 9,344 9,344 200,000
36 71 1,646 0 0 0 6,988 6,988 200,000
37 72 1,646 0 0 0 4,143 4,143 200,000
38 73 1,646 0 0 0 836 836 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 67. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 74.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-45
<PAGE> 139
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 888 200,000 0 960 200,000 0 960 200,000
2 37 1,646 0 343 1,968 200,000 549 2,174 200,000 646 2,271 200,000
3 38 1,646 0 775 3,010 200,000 1,186 3,420 200,000 1,408 3,663 200,000
4 39 1,646 0 1,780 4,015 200,000 2,466 4,701 200,000 2,795 5,030 200,000
5 40 1,646 0 2,749 4,984 200,000 3,783 6,017 200,000 4,222 6,457 200,000
6 41 1,646 0 3,906 5,917 200,000 5,361 7,372 200,000 5,892 7,903 200,000
7 42 1,646 0 5,005 6,793 200,000 6,956 8,743 200,000 7,606 9,393 200,000
8 43 1,646 0 6,071 7,635 200,000 8,592 10,156 200,000 9,389 10,953 200,000
9 44 1,646 0 7,080 8,421 200,000 10,249 11,590 200,000 11,222 12,563 200,000
10 45 1,646 0 8,035 9,152 200,000 11,928 13,045 200,000 13,108 14,225 200,000
11 46 1,646 0 9,019 9,913 200,000 13,741 14,634 200,000 15,120 16,014 200,000
12 47 1,646 0 9,953 10,623 200,000 15,593 16,263 200,000 17,181 17,851 200,000
13 48 1,646 0 10,838 11,285 200,000 17,487 17,934 200,000 19,317 19,764 200,000
14 49 1,646 0 11,651 11,874 200,000 19,405 19,628 200,000 21,510 21,734 200,000
15 50 1,646 0 12,394 12,394 200,000 21,348 21,348 200,000 23,765 23,765 200,000
16 51 1,646 0 12,843 12,843 200,000 23,097 23,097 200,000 25,862 25,862 200,000
17 52 1,646 0 13,201 13,201 200,000 24,855 24,855 200,000 28,008 28,008 200,000
18 53 1,646 0 13,469 13,469 200,000 26,625 26,625 200,000 30,228 30,228 200,000
19 54 1,646 0 13,624 13,624 200,000 28,388 28,388 200,000 32,527 32,527 200,000
20 55 1,646 0 13,668 13,668 200,000 30,146 30,146 200,000 34,932 34,932 200,000
21 56 1,646 0 13,611 13,611 200,000 31,916 31,916 200,000 37,483 37,483 200,000
22 57 1,646 0 13,399 13,399 200,000 33,643 33,643 200,000 40,095 40,095 200,000
23 58 1,646 0 13,031 13,031 200,000 35,330 35,330 200,000 42,755 42,755 200,000
24 59 1,646 0 12,484 12,484 200,000 36,957 36,957 200,000 45,467 45,467 200,000
25 60 1,646 0 11,736 11,736 200,000 38,503 38,503 200,000 48,220 48,220 200,000
26 61 1,646 0 10,761 10,761 200,000 39,946 39,946 200,000 51,021 51,021 200,000
27 62 1,646 0 9,534 9,534 200,000 41,265 41,265 200,000 53,857 53,857 200,000
28 63 1,646 0 8,050 8,050 200,000 42,454 42,454 200,000 56,719 56,719 200,000
29 64 1,646 0 6,213 6,213 200,000 43,431 43,431 200,000 59,630 59,630 200,000
30 65 1,646 0 3,989 3,989 200,000 44,166 44,166 200,000 62,600 62,600 200,000
31 66 1,646 0 1,320 1,320 200,000 44,606 44,606 200,000 65,619 65,619 200,000
32 67 1,646 0 0 0 0 44,713 44,713 200,000 68,697 68,697 200,000
33 68 1,646 0 0 0 0 44,424 44,424 200,000 71,812 71,812 200,000
34 69 1,646 0 0 0 0 43,667 43,667 200,000 74,927 74,927 200,000
35 70 1,646 0 0 0 0 42,382 42,382 200,000 78,007 78,007 200,000
36 71 1,646 0 0 0 0 40,438 40,438 200,000 81,061 81,061 200,000
37 72 1,646 0 0 0 0 37,583 37,583 200,000 84,041 84,041 200,000
38 73 1,646 0 0 0 0 33,810 33,810 200,000 86,985 86,985 200,000
39 74 1,646 0 0 0 0 28,810 28,810 200,000 89,821 89,821 200,000
40 75 1,646 0 0 0 0 22,254 22,254 200,000 92,531 92,531 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 92.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-46
<PAGE> 140
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------ ------------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
---------------------------- ----------------------------- ------------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 76 1,646 0 0 0 0 13,804 13,804 200,000 95,134 95,134 200,000
42 77 1,646 0 0 0 0 3,059 3,059 200,000 97,548 97,548 200,000
43 78 1,646 0 0 0 0 0 0 0 99,712 99,712 200,000
44 79 1,646 0 0 0 0 0 0 0 101,137 101,137 200,000
45 80 1,646 0 0 0 0 0 0 0 102,047 102,047 200,000
46 81 1,646 0 0 0 0 0 0 0 102,384 102,384 200,000
47 82 1,646 0 0 0 0 0 0 0 101,937 101,937 200,000
48 83 1,646 0 0 0 0 0 0 0 101,172 101,172 200,000
49 84 1,646 0 0 0 0 0 0 0 99,565 99,565 200,000
50 85 1,646 0 0 0 0 0 0 0 96,780 96,780 200,000
51 86 1,646 0 0 0 0 0 0 0 92,591 92,591 200,000
52 87 1,646 0 0 0 0 0 0 0 86,453 86,453 200,000
53 88 1,646 0 0 0 0 0 0 0 77,919 77,919 200,000
54 89 1,646 0 0 0 0 0 0 0 66,217 66,217 200,000
55 90 1,646 0 0 0 0 0 0 0 50,297 50,297 200,000
56 91 1,646 0 0 0 0 0 0 0 28,384 28,384 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 92.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-47
<PAGE> 141
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
------------------------------
6.00% (4.46% NET)
------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 0 0 960 200,000
2 37 1,646 0 0 0 646 2,271 200,000
3 38 1,646 0 0 0 1,408 3,643 200,000
4 39 1,646 0 0 0 2,795 5,030 200,000
5 40 1,646 0 0 0 4,222 6,457 200,000
6 41 1,646 0 0 0 5,892 7,903 200,000
7 42 1,646 0 0 0 7,606 9,393 200,000
8 43 1,646 0 0 0 9,389 10,953 200,000
9 44 1,646 0 0 0 11,222 12,563 200,000
10 45 1,646 0 0 0 13,108 14,225 200,000
11 46 1,646 0 0 0 15,120 16,014 200,000
12 47 1,646 0 0 0 17,181 17,851 200,000
13 48 1,646 0 0 0 19,317 19,764 200,000
14 49 1,646 0 0 0 21,510 21,734 200,000
15 50 1,646 0 0 0 23,765 23,765 200,000
16 51 1,646 0 0 0 25,862 25,862 200,000
17 52 1,646 0 0 0 28,008 28,008 200,000
18 53 1,646 0 0 0 30,228 30,228 200,000
19 54 1,646 0 0 0 32,527 32,527 200,000
20 55 1,646 0 0 0 34,932 34,932 200,000
21 56 1,646 0 0 0 37,483 37,483 200,000
22 57 1,646 0 0 0 40,095 40,095 200,000
23 58 1,646 0 0 0 42,755 42,755 200,000
24 59 1,646 0 0 0 45,467 45,467 200,000
25 60 1,646 0 0 0 48,220 48,220 200,000
26 61 1,646 0 0 0 51,021 51,021 200,000
27 62 1,646 0 0 0 53,857 53,857 200,000
28 63 1,646 0 0 0 56,719 56,719 200,000
29 64 1,646 0 0 0 59,630 59,630 200,000
30 65 1,646 0 0 0 62,600 62,600 200,000
31 66 1,646 0 0 0 65,619 65,619 200,000
32 67 1,646 0 0 0 68,697 68,697 200,000
33 68 1,646 0 0 0 71,812 71,812 200,000
34 69 1,646 0 0 0 74,927 74,927 200,000
35 70 1,646 0 0 0 78,007 78,007 200,000
36 71 1,646 0 0 0 81,061 81,061 200,000
37 72 1,646 0 0 0 84,041 84,041 200,000
38 73 1,646 0 0 0 86,985 86,985 200,000
39 74 1,646 0 0 0 89,821 89,821 200,000
40 75 1,646 0 0 0 92,531 92,531 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 92.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-48
<PAGE> 142
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 76 1,646 0 0 0 95,134 95,134 200,000
42 77 1,646 0 0 0 97,548 97,548 200,000
43 78 1,646 0 0 0 99,712 99,712 200,000
44 79 1,646 0 0 0 101,137 101,137 200,000
45 80 1,646 0 0 0 102,047 102,047 200,000
46 81 1,646 0 0 0 102,384 102,384 200,000
47 82 1,646 0 0 0 101,937 101,937 200,000
48 83 1,646 0 0 0 101,172 101,172 200,000
49 84 1,646 0 0 0 99,565 99,565 200,000
50 85 1,646 0 0 0 96,780 96,780 200,000
51 86 1,646 0 0 0 92,591 92,591 200,000
52 87 1,646 0 0 0 86,453 86,453 200,000
53 88 1,646 0 0 0 77,919 77,919 200,000
54 89 1,646 0 0 0 66,217 66,217 200,000
55 90 1,646 0 0 0 50,297 50,297 200,000
56 91 1,646 0 0 0 28,384 28,384 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 78. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract lapses at age 92.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-49
<PAGE> 143
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET) 12.00% (10.42% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 888 200,000 0 1,032 200,000 0 1,032 200,000
2 37 1,646 0 343 1,968 200,000 765 2,389 200,000 865 2,489 200,000
3 38 1,646 0 775 3,010 200,000 1,631 3,866 200,000 1,866 4,101 200,000
4 39 1,646 0 1,780 4,015 200,000 3,240 5,475 200,000 3,599 5,833 200,000
5 40 1,646 0 2,749 4,984 200,000 4,996 7,231 200,000 5,490 7,725 200,000
6 41 1,646 0 3,906 5,917 200,000 7,138 9,149 200,000 7,758 9,769 200,000
7 42 1,646 0 5,005 6,793 200,000 9,437 11,225 200,000 10,219 12,006 200,000
8 43 1,646 0 6,071 7,635 200,000 11,934 13,499 200,000 12,918 14,482 200,000
9 44 1,646 0 7,080 8,421 200,000 14,628 15,969 200,000 15,857 17,197 200,000
10 45 1,646 0 8,035 9,152 200,000 17,542 18,659 200,000 19,062 20,180 200,000
11 46 1,646 0 9,019 9,913 200,000 20,845 21,739 200,000 22,674 23,568 200,000
12 47 1,646 0 9,953 10,623 200,000 24,454 25,124 200,000 26,624 27,294 200,000
13 48 1,646 0 10,838 11,285 200,000 28,404 28,850 200,000 30,972 31,419 200,000
14 49 1,646 0 11,651 11,874 200,000 32,714 32,937 200,000 35,745 35,968 200,000
15 50 1,646 0 12,394 12,394 200,000 37,429 37,429 200,000 40,992 40,992 200,000
16 51 1,646 0 12,843 12,843 200,000 42,375 42,375 200,000 46,547 46,547 200,000
17 52 1,646 0 13,201 13,201 200,000 47,812 47,812 200,000 52,677 52,677 200,000
18 53 1,646 0 13,469 13,469 200,000 53,803 53,803 200,000 59,471 59,471 200,000
19 54 1,646 0 13,624 13,624 200,000 60,400 60,400 200,000 67,008 67,008 200,000
20 55 1,646 0 13,668 13,668 200,000 67,681 67,681 200,000 75,394 75,394 200,000
21 56 1,646 0 13,611 13,611 200,000 75,758 75,758 200,000 84,766 84,766 200,000
22 57 1,646 0 13,399 13,399 200,000 84,685 84,685 200,000 95,160 95,160 200,000
23 58 1,646 0 13,031 13,031 200,000 94,579 94,579 200,000 106,692 106,692 200,000
24 59 1,646 0 12,484 12,484 200,000 105,562 105,562 200,000 119,510 119,510 200,000
25 60 1,646 0 11,736 11,736 200,000 117,776 117,776 200,000 133,771 133,771 200,000
26 61 1,646 0 10,761 10,761 200,000 131,391 131,391 200,000 149,667 149,667 200,000
27 62 1,646 0 9,534 9,534 200,000 146,607 146,607 200,000 167,371 167,371 214,235
28 63 1,646 0 8,050 8,050 200,000 163,658 163,658 206,209 186,969 186,969 235,581
29 64 1,646 0 6,213 6,213 200,000 182,568 182,568 226,384 208,661 208,661 258,740
30 65 1,646 0 3,989 3,989 200,000 203,450 203,450 248,209 232,678 232,678 283,867
31 66 1,646 0 1,320 1,320 200,000 226,515 226,515 271,818 259,273 259,273 311,127
32 67 1,646 0 0 0 0 251,947 251,947 299,817 288,696 288,696 343,548
33 68 1,646 0 0 0 0 278,982 279,982 330,379 321,238 321,238 379,061
34 69 1,646 0 0 0 0 310,883 310,883 363,733 357,214 357,214 417,940
35 70 1,646 0 0 0 0 344,947 344,947 400,139 396,970 396,970 460,485
36 71 1,646 0 0 0 0 382,486 382,486 439,859 440,914 440,914 507,051
37 72 1,646 0 0 0 0 423,978 423,978 479,095 489,576 489,576 553,221
38 73 1,646 0 0 0 0 469,959 499,959 521,655 543,534 543,534 603,323
39 74 1,646 0 0 0 0 520,964 520,964 567,850 603,391 603,391 657,696
40 75 1,646 0 0 0 0 577,644 577,644 618,079 669,873 669,873 716,764
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
Mony Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-50
<PAGE> 144
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
---------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
---------------------------- --------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
41 76 1,646 0 0 0 0 640,798 640,798 672,838
42 77 1,646 0 0 0 0 710,436 710,436 745,958
43 78 1,646 0 0 0 0 787,183 787,183 826,543
44 79 1,646 0 0 0 0 871,719 871,719 915,304
45 80 1,646 0 0 0 0 964,773 964,773 1,013,011
46 81 1,646 0 0 0 0 1,067,118 1,067,118 1,120,474
47 82 1,646 0 0 0 0 1,179,573 1,179,573 1,238,552
48 83 1,646 0 0 0 0 1,302,973 1,302,973 1,368,121
49 84 1,646 0 0 0 0 1,438,197 1,438,197 1,510,107
50 85 1,646 0 0 0 0 1,586,175 1,586,175 1,665,483
51 86 1,646 0 0 0 0 1,747,891 1,747,891 1,835,286
52 87 1,646 0 0 0 0 1,924,397 1,924,397 2,020,616
53 88 1,646 0 0 0 0 2,116,813 2,116,813 2,222,654
54 89 1,646 0 0 0 0 2,3263,15 2,326,315 2,442,631
55 90 1,646 0 0 0 0 2,554,145 2,554,145 2,681,852
56 91 1,646 0 0 0 0 2,801,529 2,801,529 2,941,606
57 92 1,646 0 0 0 0 3,077,820 3,077,820 3,200,932
58 93 1,646 0 0 0 0 3,387,960 3,387,960 3,489,598
59 94 1,646 0 0 0 0 3,738,035 3,738,035 3,812,795
60 95 1,646 0 0 0 0 4,135,640 4,135,640 4,176,996
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
41 743,833 743,833 781,025
42 825,613 825,613 866,894
43 915,994 915,994 961,794
44 1,015,619 1,015,619 1,066,400
45 1,125,529 1,125,529 1,181,805
46 1,246,738 1,246,738 1,309,075
47 1,380,262 1,380,262 1,449,275
48 1,527,711 1,527,711 1,604,096
49 1,690,131 1,690,131 1,774,638
50 1,868,809 1,868,809 1,962,249
51 2,065,279 2,065,279 2,168,542
52 2,280,979 2,280,979 2,395,027
53 2,517,684 2,517,684 2,643,568
54 2,777,159 2,777,159 2,916,017
55 3,061,290 3,061,290 3,214,354
56 3,371,785 3,371,785 3,540,374
57 3,716,590 3,716,590 3,865,253
58 4,100,320 4,100,320 4,223,329
59 4,530,124 4,530,124 4,620,727
60 5,015,028 5,015,028 5,065,178
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-51
<PAGE> 145
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
12.00% (10.42% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 36 1,646 0 0 0 0 1,032 200,000
2 37 1,646 0 0 0 865 2,489 200,000
3 38 1,646 0 0 0 1,866 4,101 200,000
4 39 1,646 0 0 0 3,599 5,833 200,000
5 40 1,646 0 0 0 5,490 7,725 200,000
6 41 1,646 0 0 0 7,758 9,769 200,000
7 42 1,646 0 0 0 10,219 12,006 200,000
8 43 1,646 0 0 0 12,918 14,482 200,000
9 44 1,646 0 0 0 15,857 17,197 200,000
10 45 1,646 0 0 0 19,062 20,180 200,000
11 46 1,646 0 0 0 22,674 23,568 200,000
12 47 1,646 0 0 0 26,624 27,294 200,000
13 48 1,646 0 0 0 30,972 31,419 200,000
14 49 1,646 0 0 0 35,745 35,968 200,000
15 50 1,646 0 0 0 40,992 40,992 200,000
16 51 1,646 0 0 0 46,547 46,547 200,000
17 52 1,646 0 0 0 52,677 52,677 200,000
18 53 1,646 0 0 0 59,471 59,471 200,000
19 54 1,646 0 0 0 67,008 67,008 200,000
20 55 1,646 0 0 0 75,394 75,394 200,000
21 56 1,646 0 0 0 84,766 84,766 200,000
22 57 1,646 0 0 0 95,160 95,160 200,000
23 58 1,646 0 0 0 106,692 106,692 200,000
24 59 1,646 0 0 0 119,510 119,510 200,000
25 60 1,646 0 0 0 133,771 133,771 200,000
26 61 1,646 0 0 0 149,667 149,667 200,000
27 62 1,646 0 0 0 167,371 167,371 214,235
28 63 1,646 0 0 0 186,969 186,969 235,581
29 64 1,646 0 0 0 208,661 208,661 258,740
30 65 1,646 0 0 0 232,678 232,678 283,867
31 66 1,646 0 0 0 259,273 259,273 311,127
32 67 1,646 0 0 0 288,696 288,696 343,548
33 68 1,646 0 0 0 321,238 321,238 379,061
34 69 1,646 0 0 0 357,214 357,214 417,940
35 70 1,646 0 0 0 396,970 396,970 460,485
36 71 1,646 0 0 0 440,914 440,914 507,051
37 72 1,646 0 0 0 489,576 489,576 553,221
38 73 1,646 0 0 0 543,534 543,534 603,323
39 74 1,646 0 0 0 603,391 603,391 657,696
40 75 1,646 0 0 0 669,873 669,873 716,764
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-52
<PAGE> 146
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 35 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 1,646.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
41 76 1,646 0 0 0 743,833 743,833 781,025
42 77 1,646 0 0 0 825,613 825,613 866,894
43 78 1,646 0 0 0 915,994 915,994 961,794
44 79 1,646 0 0 0 1,015,619 1,015,619 1,066,400
45 80 1,646 0 0 0 1,125,529 1,125,529 1,181,805
46 81 1,646 0 0 0 1,246,738 1,246,738 1,309,075
47 82 1,646 0 0 0 1,380,262 1,380,262 1,449,275
48 83 1,646 0 0 0 1,527,711 1,527,711 1,604,096
49 84 1,646 0 0 0 1,690,131 1,690,131 1,774,638
50 85 1,646 0 0 0 1,868,809 1,868,809 1,962,249
51 86 1,646 0 0 0 2,065,279 2,065,279 2,168,542
52 87 1,646 0 0 0 2,280,979 2,280,979 2,395,027
53 88 1,646 0 0 0 2,517,684 2,517,684 2,643,568
54 89 1,646 0 0 0 2,777,159 2,777,159 2,916,017
55 90 1,646 0 0 0 3,061,290 3,061,290 3,214,354
56 91 1,646 0 0 0 3,371,785 3,371,785 3,540,374
57 92 1,646 0 0 0 3,716,590 3,716,590 3,865,253
58 93 1,646 0 0 0 4,100,320 4,100,320 4,223,329
59 94 1,646 0 0 0 4,530,124 4,530,124 4,620,727
60 95 1,646 0 0 0 5,015,028 5,015,028 5,065,178
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 67. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $28,719.64 INITIAL GUIDELINE ANNUAL: $2,135.14 INITIAL TWO YEAR MINIMUM: $1,646.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-53
<PAGE> 147
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------- -----------------------------
0.00% (-1.49% NET) 0.00% (-1.49% NET) 0.00% (-1.49% NET)
----------------------------- ----------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 1,330 3,632 200,000 1,330 3,632 200,000 1,330 3,632 200,000
2 57 5,010 0 3,701 6,488 200,000 3,701 6,488 200,000 4,642 7,429 200,000
3 58 5,010 0 4,910 9,166 200,000 4,910 9,166 200,000 6,791 11,048 200,000
4 59 5,010 0 7,394 11,651 200,000 7,394 11,651 200,000 10,196 14,452 200,000
5 60 5,010 0 9,668 13,925 200,000 9,668 13,925 200,000 13,372 17,629 200,000
6 61 5,010 0 12,142 15,973 200,000 12,142 15,973 200,000 16,713 20,544 200,000
7 62 5,010 0 14,372 17,778 200,000 14,372 17,778 200,000 19,971 23,376 200,000
8 63 5,010 0 16,366 19,345 200,000 16,366 19,345 200,000 23,146 26,126 200,000
9 64 5,010 0 18,040 20,594 200,000 18,040 20,594 200,000 26,223 28,777 200,000
10 65 5,010 0 19,379 21,507 200,000 19,379 21,507 200,000 29,083 31,212 200,000
11 66 5,010 0 20,563 22,265 200,000 20,563 22,265 200,000 31,810 33,512 200,000
12 67 5,010 0 21,355 22,632 200,000 21,355 22,632 200,000 34,268 35,545 200,000
13 68 5,010 0 21,709 22,560 200,000 21,709 22,560 200,000 36,580 37,431 200,000
14 69 5,010 0 21,576 22,001 200,000 21,576 22,001 200,000 38,692 39,117 200,000
15 70 5,010 0 20,921 20,921 200,000 20,921 20,921 200,000 40,587 40,587 200,000
16 71 5,010 0 19,217 19,217 200,000 19,217 19,217 200,000 41,786 41,786 200,000
17 72 5,010 0 16,664 16,664 200,000 16,664 16,664 200,000 42,661 42,661 200,000
18 73 5,010 0 13,327 13,327 200,000 13,327 13,327 200,000 43,005 43,005 200,000
19 74 5,010 0 8,949 8,949 200,000 8,949 8,949 200,000 43,038 43,038 200,000
20 75 5,010 0 3,282 3,282 200,000 3,282 3,282 200,000 42,605 42,605 200,000
21 76 5,010 0 0 0 0 0 0 0 41,796 41,796 200,000
22 77 5,010 0 0 0 0 0 0 0 40,362 40,362 200,000
23 78 5,010 0 0 0 0 0 0 0 38,178 38,178 200,000
24 79 5,010 0 0 0 0 0 0 0 34,438 34,438 200,000
25 80 5,010 0 0 0 0 0 0 0 29,452 29,452 200,000
26 81 5,010 0 0 0 0 0 0 0 23,075 23,075 200,000
27 82 5,010 0 0 0 0 0 0 0 14,881 14,881 200,000
28 83 5,010 0 0 0 0 0 0 0 5,682 5,682 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 84.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $68,128.20 INITIAL GUIDELINE ANNUAL: $5,926.12 INITIAL TWO YEAR MINIMUM: $5,010.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-54
<PAGE> 148
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 THE MUTUAL INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
0.00% (-1.49% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 0 0 1,330 3,632 200,000
2 57 5,010 0 0 0 4,642 7,429 200,000
3 58 5,010 0 0 0 6,791 11,048 200,000
4 59 5,010 0 0 0 10,196 14,452 200,000
5 60 5,010 0 0 0 13,372 17,629 200,000
6 61 5,010 0 0 0 16,713 20,544 200,000
7 62 5,010 0 0 0 19,971 23,376 200,000
8 63 5,010 0 0 0 23,146 26,126 200,000
9 64 5,010 0 0 0 26,223 28,777 200,000
10 65 5,010 0 0 0 29,083 31,212 200,000
11 66 5,010 0 0 0 31,810 33,512 200,000
12 67 5,010 0 0 0 34,268 35,545 200,000
13 68 5,010 0 0 0 36,580 37,431 200,000
14 69 5,010 0 0 0 38,692 39,117 200,000
15 70 5,010 0 0 0 40,587 40,587 200,000
16 71 5,010 0 0 0 41,786 41,786 200,000
17 72 5,010 0 0 0 42,661 42,661 200,000
18 73 5,010 0 0 0 43,005 43,005 200,000
19 74 5,010 0 0 0 43,038 43,038 200,000
20 75 5,010 0 0 0 42,605 42,605 200,000
21 76 5,010 0 0 0 41,796 41,796 200,000
22 77 5,010 0 0 0 40,362 40,362 200,000
23 78 5,010 0 0 0 38,178 38,178 200,000
24 79 5,010 0 0 0 34,438 34,438 200,000
25 80 5,010 0 0 0 29,452 29,452 200,000
26 81 5,010 0 0 0 23,075 23,075 200,000
27 82 5,010 0 0 0 14,881 14,881 200,000
28 83 5,010 0 0 0 5,682 5,682 200,000
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
0.00%, contract lapses at age 76. Assuming Current Charges and a Gross
Investment Return of 0.00%, contract lapses at age 84.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 0.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $68,128.20 INITIAL GUIDELINE ANNUAL: $5,926.12 INITIAL TWO YEAR MINIMUM: $5,010.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-55
<PAGE> 149
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES CURRENT CHARGES
------------------------------------------------------------ -----------------------------
0.00% (-1.49% NET) 6.00% (4.46% NET) 6.00% (4.46% NET)
----------------------------- ---------------------------- -----------------------------
(1) (2) (3) (5) (6) (8) (9) (11)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT VALUE (10) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 1,330 3,632 200,000 1,578 3,881 200,000 1,578 3,881 200,000
2 57 5,010 0 3,701 6,488 200,000 4,405 7,192 200,000 5,375 8,161 200,000
3 58 5,010 0 4,910 9,166 200,000 6,261 10,518 200,000 8,254 12,511 200,000
4 59 5,010 0 7,394 11,651 200,000 9,586 13,842 200,000 12,638 16,895 200,000
5 60 5,010 0 9,668 13,925 200,000 12,893 17,149 200,000 17,045 21,301 200,000
6 61 5,010 0 12,142 15,973 200,000 16,592 20,423 200,000 21,868 25,698 200,000
7 62 5,010 0 14,372 17,778 200,000 20,243 23,648 200,000 26,860 30,265 200,000
8 63 5,010 0 16,366 19,345 200,000 23,850 26,830 200,000 32,034 35,013 200,000
9 64 5,010 0 18,040 20,594 200,000 27,337 29,891 200,000 37,383 39,937 200,000
10 65 5,010 0 19,379 21,507 200,000 30,687 32,815 200,000 42,807 44,935 200,000
11 66 5,010 0 20,563 22,265 200,000 34,157 35,860 200,000 48,499 50,202 200,000
12 67 5,010 0 21,355 22,632 200,000 37,469 38,746 200,000 54,273 55,550 200,000
13 68 5,010 0 21,709 22,560 200,000 40,585 41,436 200,000 60,255 61,107 200,000
14 69 5,010 0 21,576 22,001 200,000 43,466 43,891 200,000 66,422 66,848 200,000
15 70 5,010 0 20,921 20,921 200,000 46,087 46,087 200,000 72,786 72,786 200,000
16 71 5,010 0 19,217 19,217 200,000 47,940 47,940 200,000 78,906 78,906 200,000
17 72 5,010 0 16,664 16,664 200,000 49,265 49,265 200,000 85,200 85,200 200,000
18 73 5,010 0 13,327 13,327 200,000 50,118 50,118 200,000 91,561 91,561 200,000
19 74 5,010 0 8,949 8,949 200,000 50,296 50,296 200,000 98,193 98,193 200,000
20 75 5,010 0 3,282 3,282 200,000 49,600 49,600 200,000 105,049 105,049 200,000
21 76 5,010 0 0 0 0 47,966 47,966 200,000 112,301 112,301 200,000
22 77 5,010 0 0 0 0 45,095 45,095 200,000 119,846 119,846 200,000
23 78 5,010 0 0 0 0 40,737 40,737 200,000 127,725 127,725 200,000
24 79 5,010 0 0 0 0 34,573 34,573 200,000 135,719 135,719 200,000
25 80 5,010 0 0 0 0 26,175 26,175 200,000 144,155 144,155 200,000
26 81 5,010 0 0 0 0 14,914 14,914 200,000 153,191 153,191 200,000
27 82 5,010 0 0 0 0 0 0 0 162,964 162,964 200,000
28 83 5,010 0 0 0 0 0 0 0 173,910 173,910 200,000
29 84 5,010 0 0 0 0 0 0 0 186,152 186,152 200,000
30 85 5,010 0 0 0 0 0 0 0 199,603 199,603 209,583
31 86 5,010 0 0 0 0 0 0 0 213,565 213,565 224,244
32 87 5,010 0 0 0 0 0 0 0 228,027 228,027 239,428
33 88 5,010 0 0 0 0 0 0 0 242,996 242,996 255,146
34 89 5,010 0 0 0 0 0 0 0 258,467 258,467 271,390
35 90 5,010 0 0 0 0 0 0 0 274,431 274,431 288,152
36 91 5,010 0 0 0 0 0 0 0 290,851 290,851 305,393
37 92 5,010 0 0 0 0 0 0 0 308,200 308,200 320,528
38 93 5,010 0 0 0 0 0 0 0 326,590 326,590 336,387
39 94 5,010 0 0 0 0 0 0 0 346,283 346,283 353,208
40 95 5,010 0 0 0 0 0 0 0 367,608 367,608 371,285
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 82. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $68,128.20 INITIAL GUIDELINE ANNUAL: $5,926.12 INITIAL TWO YEAR MINIMUM: $5,010.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-56
<PAGE> 150
ALLOCATION OF VALUES
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
-----------------------------
6.00% (4.46% NET)
-----------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 0 0 1,578 3,881 200,000
2 57 5,010 0 0 0 5,375 8,161 200,000
3 58 5,010 0 0 0 8,254 12,511 200,000
4 59 5,010 0 0 0 12,638 16,895 200,000
5 60 5,010 0 0 0 17,045 21,301 200,000
6 61 5,010 0 0 0 21,868 25,698 200,000
7 62 5,010 0 0 0 26,860 30,265 200,000
8 63 5,010 0 0 0 32,034 35,013 200,000
9 64 5,010 0 0 0 37,383 39,937 200,000
10 65 5,010 0 0 0 42,807 44,935 200,000
11 66 5,010 0 0 0 48,499 50,202 200,000
12 67 5,010 0 0 0 54,273 55,550 200,000
13 68 5,010 0 0 0 60,255 61,107 200,000
14 69 5,010 0 0 0 66,422 66,848 200,000
15 70 5,010 0 0 0 72,786 72,786 200,000
16 71 5,010 0 0 0 78,906 78,906 200,000
17 72 5,010 0 0 0 85,200 85,200 200,000
18 73 5,010 0 0 0 91,561 91,561 200,000
19 74 5,010 0 0 0 98,193 98,193 200,000
20 75 5,010 0 0 0 105,049 105,049 200,000
21 76 5,010 0 0 0 112,301 112,301 200,000
22 77 5,010 0 0 0 119,846 119,846 200,000
23 78 5,010 0 0 0 127,725 127,725 200,000
24 79 5,010 0 0 0 135,719 135,719 200,000
25 80 5,010 0 0 0 144,155 144,155 200,000
26 81 5,010 0 0 0 153,191 153,191 200,000
27 82 5,010 0 0 0 162,964 162,964 200,000
28 83 5,010 0 0 0 173,910 173,910 200,000
29 84 5,010 0 0 0 186,152 186,152 200,000
30 85 5,010 0 0 0 199,603 199,603 209,583
31 86 5,010 0 0 0 213,565 213,565 224,244
32 87 5,010 0 0 0 228,027 228,027 239,428
33 88 5,010 0 0 0 242,996 242,996 255,146
34 89 5,010 0 0 0 258,467 258,467 271,390
35 90 5,010 0 0 0 274,431 274,431 288,152
36 91 5,010 0 0 0 290,851 290,851 305,393
37 92 5,010 0 0 0 308,200 308,200 320,528
38 93 5,010 0 0 0 326,590 326,590 336,387
39 94 5,010 0 0 0 346,283 346,283 353,208
40 95 5,010 0 0 0 367,608 367,608 371,285
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
6.00%, contract lapses at age 82. Assuming Current Charges and a Gross
Investment Return of 6.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 6.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $68,128.20 INITIAL GUIDELINE ANNUAL: $5,926.12 INITIAL TWO YEAR MINIMUM: $5,010.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-57
<PAGE> 151
STANDARD LEDGER STATEMENT
<TABLE>
<S> <C> <C>
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5010.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
GUARANTEED CHARGES
-----------------------------------------------------------------
0.00% (-1.49% NET) 12.00% (10.42% NET)
----------------------------- ---------------------------------
(1) (2) (3) (5) (6) (8)
END NET NET VALUE (4) BENEFIT VALUE (7) BENEFIT
OF AFTER TAX LOANS/ ON FUND PAYABLE ON FUND PAYABLE
YEAR AGE OUTLAY SURRENDER SURRENDER VALUE AT DEATH SURRENDER VALUE AT DEATH
- ---- --- --------- --------- --------- ----- -------- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 1,330 3,632 200,000 1,827 4,129 200,000
2 57 5,010 0 3,701 6,488 200,000 5,141 7,927 200,000
3 58 5,010 0 4,910 9,166 200,000 7,734 11,991 200,000
4 59 5,010 0 7,394 11,651 200,000 12,076 16,333 200,000
5 60 5,010 0 9,668 13,925 200,000 16,716 20,973 200,000
6 61 5,010 0 12,142 15,973 200,000 22,103 25,934 200,000
7 62 5,010 0 14,372 17,778 200,000 27,840 31,245 200,000
8 63 5,010 0 16,366 19,345 200,000 33,983 36,962 200,000
9 64 5,010 0 18,040 20,594 200,000 40,518 43,072 200,000
10 65 5,010 0 19,379 21,507 200,000 47,496 49,625 200,000
11 66 5,010 0 20,563 22,265 200,000 55,372 57,075 200,000
12 67 5,010 0 21,355 22,632 200,000 63,910 65,187 200,000
13 68 5,010 0 21,709 22,560 200,000 73,205 74,057 200,000
14 69 5,010 0 21,576 22,001 200,000 83,382 83,008 200,000
15 70 5,010 0 20,921 20,921 200,000 94,608 94,608 200,000
16 71 5,010 0 19,217 19,217 200,000 106,627 106,627 200,000
17 72 5,010 0 16,664 16,664 200,000 120,034 120,034 200,000
18 73 5,010 0 13,327 13,327 200,000 135,219 135,219 200,000
19 74 5,010 0 8,949 8,949 200,000 152,523 152,523 200,000
20 75 5,010 0 3,282 3,282 200,000 172,449 172,449 200,000
21 76 5,010 0 0 0 0 195,770 195,770 205,558
22 77 5,010 0 0 0 0 221,871 221,871 232,964
23 78 5,010 0 0 0 0 250,651 250,651 263,184
24 79 5,010 0 0 0 0 282,369 282,369 296,487
25 80 5,010 0 0 0 0 317,300 317,300 333,165
26 81 5,010 0 0 0 0 355,738 355,738 373,525
27 82 5,010 0 0 0 0 397,995 397,995 417,895
28 83 5,010 0 0 0 0 444,390 444,390 466,609
29 84 5,010 0 0 0 0 495,259 495,259 520,022
30 85 5,010 0 0 0 0 550,957 550,957 578,505
31 86 5,010 0 0 0 0 611,862 611,862 642,455
32 87 5,010 0 0 0 0 678,373 678,373 712,291
33 88 5,010 0 0 0 0 750,917 750,917 788,463
34 89 5,010 0 0 0 0 829,944 829,944 871,441
35 90 5,010 0 0 0 0 915,926 915,926 961,722
36 91 5,010 0 0 0 0 1,009,332 1,009,332 1,059,798
37 92 5,010 0 0 0 0 1,113,571 1,113,571 1,158,114
38 93 5,010 0 0 0 0 1,230,487 1,230,487 1,267,401
39 94 5,010 0 0 0 0 1,362,346 1,362,346 1,389,592
40 95 5,010 0 0 0 0 1,511,980 1,511,980 1,527,099
<CAPTION>
CURRENT CHARGES
---------------------------------
12.00% (10.42% NET)
---------------------------------
(9) (11)
END VALUE (10) BENEFIT
OF ON FUND PAYABLE
YEAR SURRENDER VALUE AT DEATH
- ---- --------- ----- --------
<S> <C> <C> <C>
1 1,827 4,129 200,000
2 6,138 8,924 200,000
3 9,840 14,096 200,000
4 15,393 19,649 200,000
5 21,357 25,614 200,000
6 28,176 32,006 200,000
7 35,653 39,059 200,000
8 43,871 46,850 200,000
9 52,898 55,452 200,000
10 62,733 64,862 200,000
11 73,824 75,526 200,000
12 86,026 87,303 200,000
13 99,601 100,453 200,000
14 114,716 115,142 200,000
15 131,600 131,600 200,000
16 150,084 150,084 200,000
17 170,919 170,919 200,000
18 194,357 194,357 215,736
19 220,388 220,388 240,223
20 249,290 249,290 266,740
21 281,534 281,534 295,610
22 317,195 317,195 333,055
23 356,616 356,616 374,447
24 400,089 400,089 420,094
25 448,064 448,064 470,467
26 500,985 500,985 526,035
27 559,301 559,301 587,266
28 623,703 623,703 654,888
29 694,660 694,660 729,393
30 772,739 772,739 811,376
31 858,612 858,612 901,543
32 952,915 952,915 1,000,560
33 1,056,424 1,056,424 1,109,245
34 1,169,916 1,169,916 1,228,412
35 1,294,221 1,294,221 1,358,932
36 1,430,093 1,430,093 1,501,598
37 1,580,943 1,580,943 1,644,181
38 1,748,780 1,748,780 1,801,244
39 1,936,704 1,936,704 1,975,438
40 2,148,629 2,148,629 2,170,116
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $68,128.20 INITIAL GUIDELINE ANNUAL: $5,926.12 INITIAL TWO YEAR MINIMUM: $5,010.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-58
<PAGE> 152
<TABLE>
<S> <C> <C>
ALLOCATION OF VALUES
FOR: MONY EQUITYMASTER SPECIFIED AMOUNT = $200,000
MALE PREFERRED NON-SMOKER AGE 55 FLEXIBLE PREMIUM VARIABLE LIFE INITIAL DEATH BENEFIT =
TABLE: 0 TO AGE 95 SPECIFIED AMOUNT
1ST YR ANNUAL PREMIUM = 5,010.00 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DECLARED PREMIUMS
</TABLE>
<TABLE>
<CAPTION>
CURRENT CHARGES
--------------------------------
12.00% (10.42% NET)
--------------------------------
END UNSCHEDULED VALUE BENEFIT
OF PREMIUM/ NET TOTAL ON FUND PAYABLE
YEAR AGE PREMIUM SURRENDER LOAN LOAN SURRENDER VALUE AT DEATH
- ---- --- ------- ----------- ---- ----- --------- ----- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 56 5,010 0 0 0 1,827 4,129 200,000
2 57 5,010 0 0 0 6,138 8,924 200,000
3 58 5,010 0 0 0 9,840 14,096 200,000
4 59 5,010 0 0 0 15,393 19,649 200,000
5 60 5,010 0 0 0 21,357 25,614 200,000
6 61 5,010 0 0 0 28,176 32,006 200,000
7 62 5,010 0 0 0 35,653 39,059 200,000
8 63 5,010 0 0 0 43,871 46,850 200,000
9 64 5,010 0 0 0 52,898 55,452 200,000
10 65 5,010 0 0 0 62,733 64,862 200,000
11 66 5,010 0 0 0 73,824 75,526 200,000
12 67 5,010 0 0 0 86,026 87,303 200,000
13 68 5,010 0 0 0 99,601 100,453 200,000
14 69 5,010 0 0 0 114,716 115,142 200,000
15 70 5,010 0 0 0 131,600 131,600 200,000
16 71 5,010 0 0 0 150,084 150,084 200,000
17 72 5,010 0 0 0 170,919 170,919 200,000
18 73 5,010 0 0 0 194,357 194,357 215,736
19 74 5,010 0 0 0 220,388 220,388 240,223
20 75 5,010 0 0 0 249,290 249,290 266,740
21 76 5,010 0 0 0 281,534 281,534 295,610
22 77 5,010 0 0 0 317,195 317,195 333,055
23 78 5,010 0 0 0 356,616 356,616 374,447
24 79 5,010 0 0 0 400,089 400,089 420,094
25 80 5,010 0 0 0 448,064 448,064 470,467
26 81 5,010 0 0 0 500,985 500,985 526,035
27 82 5,010 0 0 0 559,301 559,301 587,266
28 83 5,010 0 0 0 623,703 623,703 654,888
29 84 5,010 0 0 0 694,660 694,660 729,393
30 85 5,010 0 0 0 772,739 772,739 811,376
31 86 5,010 0 0 0 858,612 858,612 901,543
32 87 5,010 0 0 0 952,915 952,915 1,000,560
33 88 5,010 0 0 0 1,056,424 1,056,424 1,109,245
34 89 5,010 0 0 0 1,169,916 1,169,916 1,228,412
35 90 5,010 0 0 0 1,294,221 1,294,221 1,358,932
36 91 5,010 0 0 0 1,430,093 1,430,093 1,501,598
37 92 5,010 0 0 0 1,580,943 1,580,943 1,644,181
38 93 5,010 0 0 0 1,748,780 1,748,780 1,801,244
39 94 5,010 0 0 0 1,936,704 1,936,704 1,975,438
40 95 5,010 0 0 0 2,148,629 2,148,629 2,170,116
</TABLE>
Assuming Guaranteed Charges and a Gross Investment Return of 0.00%, contract
lapses at age 76. Assuming Guaranteed Charges and a Gross Investment Return of
12.00%, contract matures at anniversary at age 95. Assuming Current Charges and
a Gross Investment Return of 12.00%, contract matures at anniversary at age 95.
This is an illustration, not a contract. For presentation in NY.
Borrowed funds are credited at 5% interest. Premiums are assumed to be paid
at the beginning of the year or month. All other values and ages are at the end
of the year and reflect any loans and surrenders. The current cost of insurance
rates are not guaranteed and subject to change. The hypothetical investment
results are illustrative only, and should not be deemed a representation of past
or future investment results. Actual investment results may be more or less than
those shown, and will depend on a number of factors, including the Investment
Allocations by a Contract Holder, and the different investment rates of return
for the MONY Series Fund or Enterprise Accumulation Trust Portfolios. The
Surrender Value, Fund Value and benefit payable at death for a contract would be
different from those shown if the actual rates of investment return applicable
to the contract averaged 0.00% or 12.00% over a period of years, but also
fluctuated above or below those averages for individual contract years. No
representations can be made by The Mutual Life Insurance Company of New York,
MONY Series Fund or Enterprise Accumulation Trust that these hypothetical rates
of return can be achieved for any one year, or sustained over any period of
time.
<TABLE>
<S> <C> <C>
INITIAL GUIDELINE SINGLE: $68,128.20 INITIAL GUIDELINE ANNUAL: $5,926.12 INITIAL TWO YEAR MINIMUM: $5,010.00
DATE PREPARED: 5/3/96 PREPARED BY: Agent NOT VALID WITHOUT CURRENT PROSPECTUS
</TABLE>
B-59
<PAGE> 153
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 154
<TABLE>
<S> <C>
The Mutual Life Insurance Company of New York Bulk Rate
Administrative Offices U.S. Postage
1740 Broadway, New York, NY 10019 P A I D
Permit No. 8048
New York,
New York
</TABLE>
LOGO
Form No. 14331 SL (5/98)
- --------------------------------------------------------------------------------
