CHUBB SEPARATE ACCOUNT C, 485BPOS, 1996-12-30

CHUBB SEPARATE ACCOUNT C
485BPOS, 1996-12-30

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AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 27, 1996
FILE NO. 33-72830
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 4
TO
FORM S-6

FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF SECURITIES OF UNIT
INVESTMENT TRUSTS REGISTERED ON FORM N-8B-2

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A. EXACT NAME OF TRUST:
CHUBB SEPARATE ACCOUNT C
B. NAME OF DEPOSITOR:
CHUBB LIFE INSURANCE COMPANY OF AMERICA
C. COMPLETE ADDRESS OF DEPOSITOR'S PRINCIPAL EXECUTIVE OFFICES:
ONE GRANITE PLACE CONCORD, NH 03301
D. NAME AND COMPLETE ADDRESS OF AGENT FOR SERVICE:
RONALD R. ANGARELLA PRESIDENT CHUBB SECURITIES CORPORATION ONE GRANITE PLACE
CONCORD, NH 03301

COPIES TO:

CHARLENE GRANT, ESQ. CHUBB LIFE INSURANCE COMPANY OF AMERICA ONE GRANITE PLACE
CONCORD, NH 03301

JOAN E. BOROS, ESQ.
KATTEN MUCHIN & ZAVIS
1025 THOMAS JEFFERSON STREET, N.W.
EAST LOBBY, SUITE 700
WASHINGTON, D.C. 20007

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IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE (CHECK APPROPRIATE
BOX)
[X] IMMEDIATELY UPON FILING PURSUANT TO PARAGRAPH (B)
[_] ON MAY 1, 1995 PURSUANT TO PARAGRAPH (B)
[_] 60 DAYS AFTER FILING PURSUANT TO PARAGRAPH (A)(I)
[_] ON MAY 1, 1996 PURSUANT TO PARAGRAPH (A)(I) OF RULE (485)
[_] THIS POST-EFFECTIVE AMENDMENT DESIGNATES A NEW EFFECTIVE DATE FOR A
PREVIOUSLY FILED POST-EFFECTIVE AMENDMENT.
E. TITLE AND AMOUNT OF SECURITIES BEING REGISTERED:
UNITS OF INTEREST IN THE SEPARATE ACCOUNT UNDER INDIVIDUAL AND SURVIVOR-
SHIP FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICIES.
F. PROPOSED MAXIMUM OFFERING PRICE TO THE PUBLIC OF THE SECURITIES BEING
REGISTERED:
REGISTRATION OF INDEFINITE AMOUNT OF SECURITIES UNDER THE SECURITIES ACT
OF 1933 PURSUANT TO RULE 24F-2 UNDER THE INVESTMENT COMPANY ACT OF 1940.
G. AMOUNT OF FILING FEE:
AN INDEFINITE AMOUNT OF THE REGISTRANT'S SECURITIES HAS BEEN REGISTERED
PURSUANT TO A DECLARATION, UNDER RULE 24F-2 UNDER THE INVESTMENT COMPANY
ACT OF 1940, SET OUT IN THE FORM S-6 REGISTRATION STATEMENT. REGISTRANT
FILED A RULE 24F-2 NOTICE FOR THE FISCAL YEAR ENDING DECEMBER 31, 1995
ON FEBRUARY 27, 1996.
H. APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:
As soon as practicable after the effective date.
Registrant elects to be governed by Rule 6e-3(T)(b)(13)(i)(B) under the In-
vestment Company Act of 1940, with respect to the policy described in the Pro-
spectus.

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- -------------------------------------------------------------------------------

<PAGE>

THE CHUBB HERITAGE SERIES
CHUBB SEPARATE ACCOUNT C

INDIVIDUAL AND SURVIVORSHIP FLEXIBLE
PREMIUM VARIABLE LIFE INSURANCE POLICIES

ISSUED BY
CHUBB LIFE INSURANCE COMPANY OF AMERICA
ONE GRANITE PLACE
CONCORD, NEW HAMPSHIRE 03301
(603) 226-5000

This Prospectus describes two forms of a flexible premium variable life
insurance policy issued by Chubb Life Insurance Company of America ("Chubb
Life"): an individual flexible premium variable life insurance policy form
("Chubb Heritage I") and a survivorship flexible premium variable life
insurance policy form ("Chubb Heritage II") (collectively the "Policy" or
"Policies"). The Policies are designed to provide a Policyowner with both
lifetime insurance protection and maximum flexibility in connection with
premium payments and death benefits, together with the opportunity to
participate in the investment experience of Chubb Separate Account C
("Separate Account C"). Although each Policy contains a schedule of intended
premium payments ("Planned Periodic Premiums"), and an intended frequency of
premium payments ("Premium Frequency"), a Policyowner may, subject to certain
restrictions, vary the frequency and amount of the premium payments and
increase or decrease the level of life insurance benefits payable under the
Policy. The flexibility allows a Policyowner to provide for changing insurance
needs within the framework of a single insurance policy. Unlike traditional
insurance protection providing fixed benefits, the Policyowner participates in
the investment experience of Separate Account C. Accumulation Value under the
Policies will increase with positive investment experience and decrease with
negative investment experience. Accumulation Value in Separate Account C is
not guaranteed and could decline to zero.

Chubb Heritage I provides life insurance coverage on one Insured, with the
Death Benefit payable at the Insured's death. Chubb Heritage II provides life
insurance coverage on two Insureds, with the Death Benefit payable upon the
death of the last surviving Insured. If Net Premiums are allocated to Separate
Account C, the amount of the Death Benefit may reflect the investment
experience of the chosen Divisions, as well as the frequency and amount of
premiums, any withdrawals of Cash Value ("withdrawal"), and the charges
assessed in connection with the Policy. As long as the Policy remains in
force, the Death Benefit will not be less than the current Specified Amount of
the Policy, reduced by any outstanding indebtedness and any due and unpaid
fees and charges. The minimum initial Specified Amount is $500,000 for Chubb
Heritage I and $2,000,000 for Chubb Heritage II. After a withdrawal, the
Specified Amount may not be reduced to less than $250,000 for Chubb Heritage I
and $500,000 for Chubb Heritage II Policy.

The Death Benefit is payable under two options. The Policyowner will make
two elections to determine the Death Benefit under the Policy. First, the
Policyowner will choose one of two Death Benefit options offered under the
Policy. Second, the Policyowner will choose the Death Benefit qualification
test, which is the method for qualifying the Policy as a life insurance
contract for purposes of Federal tax law. In general, under Death Benefit
Option I, the Death Benefit payable under the Policy is equal to the current
Specified Amount; under Death Benefit Option II, the Death Benefit equals the
current Specified Amount plus the Accumulation Value of the Policy on the date
of death. The Policy will also increase the Death Benefit if necessary to
ensure that the Policy will continue to qualify as life insurance under
Federal tax laws. The Policyowner may not change the Death Benefit
qualification test once selected but may, subject to certain restrictions,
change from one death benefit option to the other after the Policy has been
issued.

The initial premium payment must be sufficient to keep the Policy in force
for at least three months. If a Policyowner chooses the Guaranteed Death
Benefit Rider, the Death Benefit will be guaranteed to never be less than the
Specified Amount, provided that a cumulative minimum premium requirement is
met. No premium payment may be less than $500.

The Policy will remain in force so long as Cash Value exceeds indebtedness
and Cash Value less indebtedness is sufficient to pay certain monthly charges
imposed in connection with the Policy. The Cash Value equals the Accumulation
Value less any Surrender Charge. Accumulation Value in Separate Account C will
reflect the investment experience of the chosen Divisions, the amount and
frequency of premium payments, any withdrawals, and charges imposed in
connection with the Policy. Adherence to the schedule of Planned Periodic
Premiums will not assure the Policy will remain in force. The Policyowner
bears the entire investment risk for all amounts allocated to Separate Account
C; no minimum Accumulation Value is guaranteed and the Accumulation Value
could decline to zero. So long as Cash Value exceeds indebtedness and subject
to certain conditions described in this Prospectus, a Policyowner may obtain
policy loans at any time after the first policy anniversary and may make
withdrawals at any time. Both withdrawals and policy loans must be made prior
to the Policy's Maturity Date.

The Policyowner may allocate Net Premiums to one or more of the Divisions or
to Chubb Life's General Account on the Allocation Date. Each Division will
invest solely in a corresponding portfolio (a "Portfolio") of JPM Series Trust
II (the "Trust"). Prior to the Allocation Date the Net Premiums paid will be
deposited in Chubb Life's General Account. There is a "free look" period
during which the Policyowner may cancel the Policy. If the Policyowner elects
during this "free look" period to cancel the Policy, Chubb Life will
reimburse, within seven days from the date the Policy is surrendered to Chubb
Life, the full amount of premium paid. The accompanying Prospectus for the
Trust and the Statement of Additional Information, available on request,
describe the investment objectives and risks of the five Portfolios of the
Trust. The Policies described in this Prospectus are not available in all
states.

Chubb Life believes the Policy will in general receive favorable tax
treatment under the Internal Revenue Code of 1986 ("the Code"). However,
because there are issues as to which the law is developing or changing, there
can be no guarantees. Information in this Prospectus is not intended as tax
advice and Chubb Life recommends that prospective purchasers rely only on the
advice of a qualified tax adviser. Prospective purchasers of this Policy are
advised that replacement of existing insurance coverage may not be financially
advantageous and should consult with their financial advisers with respect to
the Policy. It may also not be advantageous to purchase this Policy if the
prospective purchaser already owns a flexible premium variable life insurance
policy.

This Prospectus generally describes only the portion of the Policy involving
Separate Account C. For a brief summary of Chubb Life's General Account, see
"THE GENERAL ACCOUNT."

THIS PROSPECTUS IS VALID ONLY IF ACCOMPANIED OR
PRECEDED BY A CURRENT PROSPECTUS
FOR CHUBB SERIES TRUST

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
DIVISION, NOR HAS THE COMMISSION OR ANY STATE SECURITIES DIVISION,
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

PLEASE READ THIS PROSPECTUS CAREFULLY AND RETAIN IT FOR FUTURE REFERENCE.

THE DATE OF THIS PROSPECTUS IS JANUARY 1, 1997
<PAGE>

TABLE OF CONTENTS

<TABLE>
<CAPTION>
PAGE
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<S> <C>
DEFINITIONS.............................. 3
SUMMARY.................................. 4
CHUBB LIFE INSURANCE COMPANY OF AMERICA.. 9
CHUBB SEPARATE ACCOUNT C................. 9
Divisions.............................. 9
JPM SERIES TRUST II...................... 9
THE POLICIES............................. 10
General................................ 10
Payment of Premiums.................... 11
Guaranteed Death Benefit Premiums...... 11
Premium Limitations.................... 11
Allocation of Premiums................. 11
Transfers.............................. 12
Telephone Transfers, Loans and
Reallocations......................... 13
Policy Lapse........................... 13
Reinstatement.......................... 14
Policy "Free Look"..................... 14
CHARGES AND DEDUCTIONS................... 14
Premium Charges........................ 14
Monthly Deduction...................... 15
Risk Charge............................ 16
Surrender Charge....................... 16
Administrative Fees.................... 16
Other Charges.......................... 16
POLICY BENEFITS AND RIGHTS............... 16
Death Benefits......................... 16
Guaranteed Death Benefit............... 19
Combined Requests...................... 19
Maturity of the Policy................. 19
Optional Insurance Benefits............ 19
Settlement Options..................... 20
CALCULATION OF ACCUMULATION VALUE........ 20
Unit Values............................ 21
Net Investment Factor.................. 21
CASH VALUE BENEFITS...................... 22
Surrender Privileges................... 22
Policy Loans........................... 22
</TABLE>
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
OTHER MATTERS.................................. 23
Voting Rights................................ 23
Additions, Deletions or Substitutions of
Investments................................. 24
Annual Report................................ 24
Confirmation................................. 24
Limitation on Right to Contest............... 25
Misstatements................................ 25
Suicide...................................... 25
Beneficiaries................................ 25
Postponement of Payments..................... 25
Assignment................................... 25
Illustration of Benefits and Values.......... 25
Non-Participating Policy..................... 25
THE GENERAL ACCOUNT............................ 25
General Description.......................... 26
General Account Accumulation Value........... 26
Determination of Charges..................... 26
Premium Deposit Fund......................... 26
DISTRIBUTION OF THE POLICY..................... 26
Group or Sponsored Arrangements.............. 27
MANAGEMENT OF CHUBB LIFE....................... 28
Executive Officers and Directors of Chubb
Life........................................ 28
Executive Officers (Other Than Directors).... 29
STATE REGULATION OF CHUBB LIFE................. 30
FEDERAL TAX MATTERS............................ 30
Tax Considerations........................... 30
Policy Proceeds.............................. 30
Charge for Chubb Life Income Taxes........... 32
EMPLOYEE BENEFIT PLANS......................... 33
LEGAL PROCEEDINGS.............................. 33
EXPERTS........................................ 33
REGISTRATION STATEMENT......................... 33
FINANCIAL STATEMENTS........................... 33
ILLUSTRATIONS.................................. A-1
</TABLE>

[THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING IN ANY JURISDICTION IN
WHICH SUCH OFFERING MAY NOT LAWFULLY BE MADE. CHUBB LIFE DOES NOT AUTHORIZE
ANY INFORMATION OR REPRESENTATIONS REGARDING THE OFFERING DESCRIBED IN THIS
PROSPECTUS OTHER THAN AS CONTAINED IN THIS PROSPECTUS, THE PROSPECTUS OF THE
TRUST OR THE STATEMENT OF ADDITIONAL INFORMATION OF THE TRUST.]

2
<PAGE>

DEFINITIONS
In addition to terms which are defined elsewhere in this Prospectus, the
following words and phrases shall have the indicated meanings:

ACCUMULATION VALUE--The total amount that a Policy provides for investment
at any time plus the amount held as collateral for Policy Debt.

AGE--The Insured's age at his or her nearest birthday.

ALLOCATION DATE--The date when the initial premium is placed in the
Divisions and the General Account in accordance with the Policyowner's
allocation instructions in the application. The Allocation Date is 20 days
from the date the Policy is issued.

ATTAINED AGE--The age of the Insured at the last policy anniversary.

BENEFICIARY--The person designated by the Policyowner in the application to
receive the Death Benefit proceeds. If changed, the Beneficiary is as shown in
the latest change filed with Chubb Life. If no Beneficiary survives the
Insured, the Policyowner or the Policyowner's estate will be the Beneficiary.
The interest of any Beneficiary is subject to that of any assignee.

CASH VALUE--The Accumulation Value less any applicable Surrender Charge.
This amount less the amount of Policy Debt is payable to the Policyowner on
the earlier of surrender of the Policy or the Maturity Date.

DATE OF RECEIPT--Any business day of Chubb Life prior to 4:00 P.M. Eastern
time, on which a notice or premium payment is received at Chubb Life's service
center or home office.

DEATH BENEFIT--The amount, less the amount of Policy Debt, which is payable
to the Beneficiary under the Policy upon the death of the Insured under Chubb
Heritage I and the death of the last surviving Insured under Chubb Heritage
II.

DIVISION--A separate division of Separate Account C which invests
exclusively in the shares of a specified Portfolio of the Trust.

GENERAL ACCOUNT--The assets of Chubb Life other than those allocated to
Separate Account C or any other separate account.

INSURED(S)--The person(s) upon whose life the Policy is issued.

ISSUE AGE--The Insured's age at his or her nearest birthday on the Policy
Date.

JOINT EQUAL AGE--On Chubb Heritage II, this will be calculated pursuant to a
formula which converts the specific age, gender and underwriting
classifications of the two Insureds into one age. The Joint Equal Age is used
in determining issue age limitations, minimum premiums and guaranteed death
benefit premiums.

LOAN VALUE--Generally, 90% of a Policy's Cash Value on the date of a loan.

MATURITY DATE--Unless otherwise specified, the Maturity Date will be the
policy anniversary nearest to the Insured's 100th birthday for Chubb Heritage
I and the younger Insured's 100th birthday for Chubb Heritage II.

MONTHLY ANNIVERSARY DATE--The same day in each month as the Policy Date.

NET PREMIUM--The gross premium less a 2.5% state premium tax charge, a 1.25%
Federal deferred acquisition cost tax charge and a 3% sales charge.

OWNER (POLICYOWNER)--The person or entity so designated in the application
or as subsequently changed.

POLICY DATE--The date set forth in the Policy, which is the date requested
by the Owner. If no date is requested, it is the date the Policy is issued.
The Policy Date is the date from which policy years, policy months, and policy
anniversaries will be determined. If the Policy Date should fall on the 29th,
30th, or 31st of a month, the Policy Date will be the 1st of the following
month.

POLICY DEBT--The sum of all unpaid policy loans and accrued interest
thereon.

PORTFOLIO--A separate investment Portfolio of the Trust.

PROOF OF DEATH--One or more of the following:

(a) A copy of a certified death certificate.

(b) A copy of a certified decree of a court of competent jurisdiction as
to the finding of death.

(d) Any other proof satisfactory to Chubb Life.

SEPARATE ACCOUNT C--Chubb Separate Account C, a separate investment account
created by Chubb Life to receive and invest Net Premiums paid under the Policy
and other flexible premium variable life insurance policies offered by Chubb
Life.

SPECIFIED AMOUNT--The face amount of the Policy which is the minimum death
benefit payable under the Policy.

SURRENDER CHARGE--A sales charge assessed only upon surrender or withdrawal.

TRUST--JPM Series Trust II, a series mutual fund.

VALUATION DATE--Each day, as of the close of regular trading on the New York
Stock Exchange, which is currently 4:00 P.M. Eastern time, or any other days
as may be required.

VALUATION PERIOD--The period between two successive Valuation Dates,
commencing at the close of regular trading on the New York Stock Exchange on
each Valuation Date and ending at the close of regular trading on the New York
Stock Exchange on the next succeeding Valuation Date.

3
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SUMMARY

The discussion in this Prospectus assumes that there is no policy loan
outstanding and that state variations will be covered by prospectus supplement
or policy endorsement, as appropriate. The terms under which the Policies are
issued may also vary from those described in this Prospectus based on
particular circumstances. The description of the Policies in this Prospectus is
subject to the terms of the Policy purchased by a Policyowner and any
supplement or endorsement to it. An applicant may review a copy of the Policy
and any supplement or endorsement to it on request.

WHAT ARE THE VARIABLE LIFE POLICIES BEING OFFERED?

This Prospectus describes two forms of a flexible premium variable life
insurance policy issued by Chubb Life Insurance Company of America ("Chubb
Life"). Chubb Heritage I provides life insurance coverage on one Insured, with
the Death Benefit payable upon the death of such Insured. Chubb Heritage II
provides life insurance coverage on two Insureds, with a Death Benefit payable
only when the last surviving Insured dies. The Policyowner may, subject to
certain limitations, make premium payments in any amount at any frequency. The
Policies are life insurance contracts with death benefits, cash values, and
other features traditionally associated with life insurance. They are called
"flexible premium" because, unlike many insurance contracts, there are no fixed
schedules for premium payments, although each Policyowner may establish a
schedule of premium payments ("Planned Periodic Premiums"). This flexibility
permits a Policyowner to provide for evolving insurance needs within a single
insurance product. The minimum initial Specified Amount is $500,000 for Chubb
Heritage I and $2,000,000 for Chubb Heritage II. A Policyowner may increase or
decrease coverage. Increasing coverage under the Policy, rather than purchasing
another policy, may save additional administrative costs. Increasing coverage
under the Policy or purchasing another policy may require new evidence of
insurability. Increasing or decreasing coverage may have certain tax
consequences. See "FEDERAL TAX MATTERS".

The Policies generally work as follows: a Policyowner periodically pays a
premium to Chubb Life. Chubb Life subtracts an amount for state premium taxes,
the Federal deferred acquisition cost tax charge and the sales charge from each
premium. Chubb Life then places the Net Premium into one or more of the five
Divisions and/or Chubb Life's General Account as directed by the Policyowner.
Each Division invests its assets in a corresponding Portfolio of the Trust.
During the year, Chubb Life takes charges from each Division and credits or
charges each Division with its respective investment experience. The cost of
insurance charge, which is deducted from each Policy's Accumulation Value,
varies monthly based on the sex, Issue Age, policy year, rating class of the
Insured(s), Specified Amount of the Policy, Death Benefit option and applicable
corridor percentage. A policyowner will incur a Surrender Charge for a
surrender or withdrawal during the first five policy years. See "CHARGES AND
DEDUCTIONS--Surrender Charge".

The Death Benefit is payable under two options. The Policyowner will make two
elections to determine the Death Benefit under the Policy. First, the
Policyowner will choose one of two Death Benefit options offered under the
Policy. Second, the Policyowner will choose the Death Benefit qualification
test, which is the method for qualifying the Policy as a life insurance
contract for purposes of Federal tax law. In general, under Death Benefit
Option I, the Death Benefit payable under the Policy is equal to the current
Specified Amount; under Death Benefit Option II, the Death Benefit is equal to
the Specified Amount plus the Accumulation Value of the Policy on the date of
death. The Policy will also increase the Death Benefit if necessary to ensure
that the Policy will continue to qualify as life insurance under Federal tax
laws. The Policyowner may not change the Death Benefit qualification test once
selected but may, subject to certain restrictions, change from Death Benefit
Option I to Option II, and vice versa, after the Policy has been issued.
Prospective Policyowners should be aware that there is no guarantee of
Accumulation Value in Separate Account C. See "POLICY BENEFITS AND RIGHTS--
Death Benefits".

All persons insured must meet specified age limits and certain health and
other standards called "Underwriting Standards". The smoking status of the
Insureds is generally reflected in the cost of insurance rates. However, for
Chubb Heritage I, distinctions between smokers and nonsmokers are only made for
Insureds age 15 and over. Policies issued in certain jurisdictions will not
directly reflect the sexes of the Insureds in either the premium rates or the
charges and values under the Policy.

4
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WHAT IS THE AMOUNT OF THE PREMIUMS?

Premiums are flexible and the Policyowner may choose the amount and frequency
of premium payments provided each premium is at least $500. Chubb Life reserves
the right to limit the amount of any increase in premium payment.

The first premium is due on the Policy Date. The amount of the first premium
must be sufficient to keep the policy in force for three months. Premiums are
paid in advance, generally one year at a time; however, Chubb Life permits
semi-annual, quarterly and monthly premium payments. Changes in Premium
Frequency and increases or decreases in the amount of Planned Periodic Premiums
may be made by the Policyowner. Chubb Life will notify Policyowners annually if
any premiums would cause their Policies to be deemed to be modified endowment
contracts and allow for a refund of the excess premium. See "FEDERAL TAX
MATTERS--Policy Proceeds".

Failure to pay premiums in accordance with the schedule of Planned Periodic
Premiums will not automatically cause the Policy to lapse. Unless the
Guaranteed Death Benefit Rider is in force and the conditions under the Rider
satisfied, it will lapse when the Cash Value less outstanding Policy Debt is
insufficient to pay the monthly deduction for certain charges ("monthly
deduction") and a grace period expires without a sufficient payment by the
Policyowner. Conversely, payment of premiums in accordance with the schedule of
Planned Periodic Premiums does not necessarily mean that the Policy will remain
in force. See "THE POLICIES--Policy Lapse".

The Guaranteed Death Benefit Rider guarantees that the Death Benefit will
never be less than the Specified Amount provided that a cumulative minimum
premium requirement is met.

WHAT IS CHUBB SEPARATE ACCOUNT C?

Separate Account C is a separate account established by Chubb Life pursuant
to the insurance laws of the State of New Hampshire and organized as a
registered unit investment trust under the Investment Company Act of 1940 (the
"1940 Act"). Such registration does not involve any supervision by the
Securities and Exchange Commission (the "Commission") of the management or
investment practices or policies of Separate Account C. Separate Account C is
presently comprised of five Divisions, each of which buys shares at net asset
value of the corresponding portfolio (a "Portfolio") of JPM Series Trust II
(the "Trust").

WHAT IS JPM SERIES TRUST II?

The Trust is registered as an open-end diversified management company under
the 1940 Act. Its shares are offered to the Divisions, whether now in existence
or to be established by Chubb Life. The Trust's shares may also be offered to
other separate accounts which may be established by Chubb Life, its affiliated
insurance companies, or other insurance companies and to qualified pension and
retirement plans outside of the separate account contest.

The Trust presently has five classes of shares, each representing a Portfolio
having a specific investment objective. The present Portfolios of the Trust are
JPM Treasury Money Market Portfolio, the JPM Bond Portfolio, the JPM Equity
Portfolio, the JPM Small Company Portfolio and the JPM International Equity
Portfolio.

The investment manager to the Trust is J.P. Morgan Investment Management,
Inc. ("JPMIM"), an affiliate of Morgan Guaranty Trust Company of New York
("Morgan Guaranty"). JPMIM receives fees from the Trust for providing
investment management services. The fees range from .20 percent to .60 percent
of average daily net assets of the Portfolios. See "JPM SERIES TRUST II".

WHAT ARE THE CHARGES MADE BY CHUBB LIFE?

STATE PREMIUM TAX CHARGE AND FEDERAL DAC TAX CHARGE. These charges are
deducted from each premium payment, currently 2.5% for state premium taxes and
1.25% as a Federal deferred acquisition cost ("DAC") tax charge.

SALES CHARGE. A 3% sales charge is deducted from each premium payment. Also
see below "Surrender or Withdrawal Charges".

5
<PAGE>

COST OF INSURANCE CHARGE. This charge is calculated on each Monthly
Anniversary Date and deducted from each Policy's Accumulation Value. The charge
is based on the sex, Issue Age, policy year, rating class of the Insured(s),
Specified Amount, Death Benefit option and applicable corridor percentage.
Monthly cost of insurance rates will be determined by Chubb Life based upon its
expectations as to future mortality experience. Cost of insurance rates are
guaranteed not to exceed or be increased above the maximum charge based upon
the Commissioner's 1980 Standard Ordinary Mortality Table.

CHARGE FOR MORTALITY AND EXPENSE RISKS. This charge is imposed daily at an
annual rate of .65% on the assets of each Division. Chubb Life will realize
income from this charge to the extent it is not needed to provide benefits and
pay expenses under the Policies.

SURRENDER OR WITHDRAWAL CHARGES. This sales charge is imposed at the time of
surrender or withdrawal during the first five policy years. It declines
annually from 5% to 0% of premiums paid in the first policy year.

ADMINISTRATIVE CHARGE FOR WITHDRAWAL OR TRANSFER. Chubb Life charges $100 for
each withdrawal and for certain transfers between Divisions or between the
Divisions and the General Account. See "THE POLICIES--Transfers" for a
description of situations in which the transfer charge will be imposed.

GUARANTEED DEATH BENEFIT CHARGE. If the Guaranteed Death Benefit Rider is
added to the Policy, a monthly charge of $.01 per $1,000 of Specified Amount
will be deducted each month from the Accumulation Value of the Policy.

CHARGE FOR OPTIONAL RIDER BENEFITS. An additional charge is required if the
Policyowner elects to purchase certain optional insurance benefits by rider.
Charges are deducted monthly from a Policy's Accumulation Value. See "POLICY
BENEFITS AND RIGHTS--Optional Insurance Benefits".

See "CHARGES AND EXPENSES" for a fuller description of charges under the
Policies.

IS THERE A CHARGE AGAINST SEPARATE ACCOUNT C FOR FEDERAL INCOME TAX?

Currently no charge is made against any Division for Federal income taxes.
However, if Chubb Life incurs, or expects to incur, income taxes attributable
to any Division of this class of Policies in future years, it reserves the
right to make a charge. See the discussion of the Federal DAC tax charge under
"CHARGES AND DEDUCTIONS--Premium Charges".

HOW ARE AMOUNTS ALLOCATED TO EACH DIVISION OR THE GENERAL ACCOUNT?

The Policyowner indicates in the application the allocation of Net Premium
payments among the Divisions and the General Account. The initial Net Premium
is allocated on the Allocation Date and Net Premiums received after the
Allocation Date are allocated generally on the Date of Receipt. The minimum
percentage of any Net Premium payment allocated to any Division or the General
Account is 1%. The Policyowner may change his or her allocation of future
premium payments by written notice to Chubb Life or by telephone, if the proper
telephone authorization is on file, without payment of any fee or penalty.

WHAT IS THE RELATIONSHIP BETWEEN THE PREMIUM AND THE AMOUNT ALLOCATED TO THE
DIVISIONS?

The initial Net Premium is allocated by Chubb Life on the Allocation Date
among the Divisions and the General Account as directed by the Policyowner.
Prior to the Allocation Date the initial Net Premium is held in Chubb Life's
General Account. The initial Net Premium is the initial gross premium, plus any
additional premium paid prior to the Allocation Date, less the state premium
tax charge, the Federal DAC tax charge and the sales charge. These charges also
apply to subsequent premium payments.

WHAT COMMISSIONS ARE PAID TO AGENTS?

The Policies are sold by agents who represent Chubb Life and are registered
representatives of Chubb Securities Corporation or other registered broker-
dealers. Commissions payable to agents are described under "DISTRIBUTION OF THE
POLICY".

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WHAT IS THE DEATH BENEFIT?

The Death Benefit under Chubb Heritage I is the amount payable to the named
Beneficiary when the person insured under the Policy dies. The Death Benefit
under Chubb Heritage II is the amount payable to the named Beneficiary when the
last surviving Insured dies. The Death Benefit proceeds will equal the Death
Benefit of the Policy, plus any additional rider benefits included and then
due, minus any outstanding Policy Debt or unpaid cost of insurance charges or
charges for riders.

Under Option I, the Death Benefit will be equal to the greater of the
Specified Amount or the Accumulation Value of the Policy on the date of death
multiplied by the corridor percentage. Under Option II, the Death Benefit is
equal to the Specified Amount plus the Accumulation Value of the Policy on the
date of death; provided, however, that under Option II, the Death Benefit can
never be less than the Accumulation Value on the date of death multiplied by
the corridor percentage. See "POLICY BENEFITS AND RIGHTS--Death Benefits".
Under the Guaranteed Death Benefit Rider the Death Benefit is guaranteed to
never be less than the Specified Amount provided that a cumulative minimum
premium requirement is met.

HOW DOES THE ACCUMULATION VALUE OF A POLICY VARY IN RELATION TO THE DIVISIONS'
INVESTMENT EXPERIENCE?

The Policy provides for Accumulation Value equal to the total of the Policy's
Accumulation Value in the Divisions and Accumulation Value in the General
Account. The Policy's Accumulation Value will reflect the amount and frequency
of premium payments, the investment experience of the Divisions, the value of
Net Premiums (Net Premiums plus credited interest), if any, allocated to the
General Account, policy loans, any withdrawals, and any charges imposed in
connection with the Policy. There is no minimum guaranteed Accumulation Value.

WHAT IS THE LOAN PROVISION AND HOW DOES A LOAN AFFECT THE DEATH BENEFIT,
ACCUMULATION VALUE AND CASH VALUE?

After the first policy anniversary, a Policyowner may borrow against the Cash
Value of his or her Policy. Generally, the maximum loan amount is 90% of the
Cash Value of the Policy on the date of the loan. Loan interest is payable at
the end of each policy year and all Policy Debt outstanding will be deducted
from proceeds payable at the Insured's death for Chubb Heritage I and at the
death of the last surviving Insured for Chubb Heritage II, upon maturity, or
upon surrender.

There are two types of loans available. See "CASH VALUE BENEFITS--Policy
Loans" for a description of the two types of loans and their applicable
interest rates.

IS THERE A SHORT-TERM CANCELLATION RIGHT?

The Policyowner has the limited right to return a Policy for cancellation and
full refund of all premiums paid. Chubb Life will cancel the Policy if it is
returned by mail or personal delivery to Chubb Life, or to the agent who sold
the Policy, within 20 days after the delivery of the Policy to the Policyowner.
Chubb Life will return to the Policyowner, within seven days, all payments
received on the Policy.

WHAT TRANSFERS IS A POLICYOWNER ALLOWED?

A Policyowner may transfer Accumulation Value among the Divisions and among
the Divisions and the General Account. However, transfers out of the General
Account are subject to restrictions. Chubb Life currently permits up to 24
transfers per policy year, twelve of which will not incur a transfer charge.
See "THE POLICIES--Transfers" for a more complete description of the terms and
conditions of the transfer privileges under the Policies.

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<PAGE>

ARE THE BENEFITS UNDER THE POLICIES SUBJECT TO FEDERAL INCOME TAX?

Under current interpretations of the tax laws, all Death Benefits paid under
the Policies will generally be fully excludable from the gross income of the
Beneficiary for Federal income tax purposes. Treasury regulations require that
investments underlying the Policies be adequately diversified. Chubb Life
believes it is presently in compliance with the regulations and intends to
remain in compliance with such regulations and other Federal tax law
requirements.

If a Policyowner elects to make certain transactions, including a withdrawal,
surrender or exchange of the Policy, the Policyowner may be taxed on a portion
of any amounts paid to the Policyowner (which may include any prior policy
loans cancelled in the transaction). Also, if premiums paid by a Policyowner
exceed certain limits and the Policy is deemed a modified endowment contract,
then any pre-death distributions, including loans, surrenders and partial
withdrawals, may be treated as income taxable to the Policyowner and may also
cause the Policyowner to incur a penalty tax of 10%. Policyowners are advised
to consult with their own tax advisers with regard to the tax consequences of
the Policy. See "FEDERAL TAX MATTERS".

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CHUBB LIFE INSURANCE COMPANY OF AMERICA

Chubb Life is a stock life insurance company originally chartered in
Tennessee and redomesticated to the State of New Hampshire in 1991. It has
been continuously engaged in the insurance business since 1903. It is licensed
to do life insurance business in forty-nine states of the United States,
Puerto Rico, the U.S. Virgin Islands, Guam and in the District of Columbia.
Chubb Life is a wholly-owned subsidiary of The Chubb Corporation, a New Jersey
corporation. The principal offices of The Chubb Corporation are located at 15
Mountain View Road, Warren, New Jersey. Its telephone number is 908/903-2000.
Chubb Life's home office is located at One Granite Place, Concord, New
Hampshire 03301, telephone number 603/226-5000.

Chubb Life and its subsidiaries had total assets, at December 31, 1995, of
$4,275,365,000 and had over $66 billion of insurance in force, while total
assets of The Chubb Corporation and its subsidiaries (including Chubb Life),
as of the same date, were $22,996,525,000.

Chubb Life writes individual insurance. It is subject to New Hampshire law
governing insurance, and is regulated and supervised by the New Hampshire
Insurance Commissioner. Chubb Life is currently rated AA- (Excellent) by
Standard & Poors's Corporation and A+ (Superior) by A.M. Best and Company.
These ratings do not apply to Separate Account C, but reflect the opinion of
the rating company as to Chubb Life's ability to meet its contractual
obligations to its policyowners and its relative financial strength. Even
though assets in Separate Account C are held separately from Chubb Life's
other assets, ratings of Chubb Life may still be relevant to Policyowners
since not all of Chubb Life's contractual obligations relate to payments based
on those segregated assets.

CHUBB SEPARATE ACCOUNT C

Separate Account C is a separate account of Chubb Life established under New
Hampshire law on August 4, 1993. Separate Account C is registered as a unit
investment trust with the Commission under the 1940 Act and is subject to that
Act's requirements. Such registration does not involve supervision of the
management or investment policies of Separate Account C or Chubb Life by the
Commission. Chubb Life is the depositor of Separate Account C. Under New
Hampshire law, the assets of Separate Account C are held exclusively for the
benefit of Policyowners and persons entitled to payments under this Policy and
other variable life insurance policies funded by Separate Account C. The
income, realized or unrealized capital gains, or capital losses of Separate
Account C are credited to or charged against the assets held in Separate
Account C in accordance with the terms of the Policy, without regard to other
income or capital gains or losses of any other account arising out of any
other business Chubb Life conducts. Separate Account C is administered and
accounted for as a part of the general business of Chubb Life, but the assets
of Separate Account C are not chargeable with liabilities arising out of any
other business which Chubb Life may conduct.

Chubb Life holds the assets of Separate Account C physically segregated and
separate and apart from the General Account. Chubb Life maintains records of
all purchases and redemptions of Trust shares by each of the Divisions.

DIVISIONS. Separate Account C presently has five Divisions but may, in the
future, add or delete Divisions. Each Division will invest exclusively in
shares representing an interest in a Portfolio of the Trust.

Investment income and other distributions to each Division arising from the
applicable underlying Portfolio of the Trust increase the assets of the
corresponding Division. The income and both realized and unrealized gains or
losses on the assets of each Division are credited to or charged against that
Division without regard to income, gains or losses from any other Division.

JPM SERIES TRUST II

Separate Account C invests in shares of the Trust which is organized as a
Delaware business trust and is registered as an open-end diversified
management company under the 1940 Act. The Trust currently has five
Portfolios, each of which has different objectives. The shares of each
Portfolio are presently offered to the Divisions, and may also be offered to
other separate accounts that fund variable life policies or variable annuities
which are established by Chubb Life or other insurance companies and to
qualified pension and retirement plans outside of the separate account
context. The assets of each Portfolio are maintained separately from the
assets of the other Portfolios and each Portfolio has investment objectives
and policies

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<PAGE>

which are different from those of the other Portfolios. Thus, each Portfolio
operates as a separate investment fund, and the income, gains or losses of one
Portfolio has no effect on the investment performance of any other Portfolio.

The investment manager to the Trust is J.P. Morgan Investment Management,
Inc. ("JPMIM"), which is an affiliate of Morgan Guaranty Trust Company of New
York ("Morgan Guaranty").

An investment management fee is charged monthly against each Portfolio by
JPMIM at the annual rate of .20 percent of the average daily net asset value
of the JPM Treasury Money Market Portfolio, .30 percent of the average daily
net asset value of the JPM Bond Portfolio, .40 percent of the average daily
net asset value of the JPM Equity Portfolio, .60 percent of the average daily
net asset value of the JPM Small Company Portfolio and the JPM International
Equity Portfolio.

The investment objectives of each Portfolio are set forth below. There can
be no assurance that any of the Portfolios will achieve its stated objectives.
The specialized nature of each Portfolio gives rise to significant differences
in the relative investment potential and market and financial risks of each
Portfolio. Policyowners should consider the unique features of each Portfolio
before investing in any corresponding Division. For more detailed information
concerning each Portfolio, including a description of the investment risks,
reference is made to the Prospectus for the Trust which accompanies this
Prospectus, or the Statement of Additional Information for the Trust,
available upon request.

JPM TREASURY MONEY MARKET PORTFOLIO seeks to provide current income,
maintain a high level of liquidity and preserve capital.

JPM BOND PORTFOLIO seeks to provide a high total return consistent with
moderate risk of capital and maintenance of liquidity.

JPM EQUITY PORTFOLIO seeks to provide a high total return from a portfolio
comprised of selected equity securities.

JPM SMALL COMPANY PORTFOLIO seeks to provide a high total return from a
portfolio of equity securities of small companies.

JPM INTERNATIONAL EQUITY PORTFOLIO seeks to provide a high total return from
a portfolio of equity securities of foreign corporations.

The Trust may find it necessary to take action to assure that the Policy
continues to qualify as a life insurance policy under federal tax laws. The
Trust, for example, may alter the investment objectives of any Portfolio or
take other appropriate actions. See "OTHER MATTERS--Additions, Deletions or
Substitutions of Investments" and "FEDERAL TAX MATTERS".

Separate Account C will purchase shares of the Trust at net asset value in
connection with premium payments, transfers and loan repayments allocated to
the Divisions in accordance with the Policyowner's directions and will redeem
shares of the Trust to process transfers, policy loans, surrenders or
withdrawals and generally to meet contract obligations or make adjustments in
reserves. The Trust will sell and redeem its shares at net asset value as of
the Date of Receipt by Separate Account C of premium payments or notifications
by a Policyowner.

THE POLICIES

GENERAL. Each form of the Policy is designed to provide the Policyowner with
lifetime insurance protection and flexibility in connection with the amount
and frequency of premium payments and the level of life insurance proceeds
payable under the Policy. Chubb Heritage I is an individual flexible premium
variable life insurance policy which provides life insurance coverage on one
Insured, with the Death Benefit payable upon the death of such Insured. Chubb
Heritage II is a flexible premium survivorship variable life insurance policy
which provides life insurance coverage on two Insureds, with a Death Benefit
payable only when the last surviving Insured dies. The Policyowner is not
required to pay scheduled premiums to keep a Policy in force but may, subject
to certain limitations, vary the frequency and amount of premium payments.
Moreover, subject to certain limitations, a Policy allows a Policyowner to
adjust the level of life insurance payable under the Policy without having to
purchase a new Policy by increasing or decreasing the Specified Amount. Thus,
as insurance needs or financial conditions change, the policyowner has the
flexibility to adjust coverage and vary the premium payments. Death Benefits
are payable under two options as described in "POLICY BENEFITS AND RIGHTS--
Death Benefits".

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<PAGE>

To purchase a Policy, a completed application must be submitted to Chubb
Life through the agent selling the Policy. Applicants for insurance must
furnish satisfactory evidence of insurability. An Insured under Chubb Heritage
I must generally be between the ages of 0 and 80 and the Insureds under Chubb
Heritage II must generally be between 20 and 85 with only one Insured over the
age of 80. The Joint Equal Age of the Insureds under Chubb Heritage II cannot
be over age 80. The smoking status of each Insured is reflected in the cost of
insurance rates; provided, however, that under Chubb Heritage I distinctions
between smokers and nonsmokers are only made for Insureds age 15 and over.
Policies issued in certain jurisdictions will not directly reflect the sex of
the Insured in either the premium rates or the charges or values under the
Policy. Accordingly, illustrations set forth in this Prospectus may differ for
such Policies.

The minimum Specified Amount at issue is $500,000 for Chubb Heritage I and
$2,000,000 for Chubb Heritage II. Chubb Life reserves the right to revise its
rules from time to time to specify different minimum Specified Amounts at
issue. The Specified Amounts for multiple trusts owning policies covering the
same insureds may be combined in order to reach the minimum Specified Amount.
If the Specified Amount applied for plus all other insurance in force which is
underwritten by Chubb Life or its affiliates exceeds an amount which varies
between $300,000 and $2,000,000 based on various factors, Chubb Life will
reinsure all or a portion of the Policy. Acceptance of an application or
revocation of a Policy during the contestable period is subject to Chubb
Life's insurance underwriting rules and Chubb Life may, in its sole
discretion, reject any application or related premium for any good reason or
contest a Policy.

PAYMENT OF PREMIUMS. Premiums must be paid to Chubb Life at its home office
or through an authorized agent of Chubb Life for forwarding to Chubb Life's
home office. The initial premium may be wired to Chubb Life's bank upon
notification that the application has been approved by Chubb Life. Subsequent
premium payments may also be wired to Chubb Life's bank. The financial
institution transmitting the wired funds may impose a charge for this service.
In addition, Chubb Life has administrative procedures whereby premium payments
in response to billing notices are sent directly to Chubb Life's bank. Unlike
traditional insurance contracts, there is no fixed schedule of premium
payments on a Policy either as to the amount or the timing of the payment. A
Policyowner may determine, within specified limits, his or her own premium
payment schedule. These limits will be set forth by Chubb Life and will
include an initial premium payment sufficient to keep the Policy in force for
at least three months, and may also include limits on the total amount and
frequency of payments in each policy year. No premium payment may be less than
$500. In order to help the Policyowner obtain the insurance benefits desired,
a Planned Periodic Premium and Premium Frequency will be stated in each
Policy. This premium will usually be based upon the Policyowner's insurance
needs and financial abilities, the current financial climate, the Specified
Amount of the Policy, and the Insured's age, sex and risk class, as discussed
with the agent. The Policyowner is not required to pay such premiums and
failure to make any premium payment will not necessarily result in lapse of
the Policy, provided the Policy's Cash Value, less Policy Debt, if any, is
sufficient to pay monthly deductions. Conversely, adherence to the schedule of
Planned Periodic Premiums will not assure that the Policy will remain in
force. See "THE POLICIES--Policy Lapse".

GUARANTEED DEATH BENEFIT PREMIUMS. If the Guaranteed Death Benefit Rider is
added to the Policy, the Death Benefit is guaranteed to never be less than the
Specified Amount, provided the Policyowner pays a cumulative minimum premium.
This cumulative minimum premium is based on Issue Age, sex, smoking status and
underwriting class of the Insured(s) as well as the Specified Amount and Death
Benefit option. The premium is increased for increases in the Specified
Amount. See "POLICY BENEFITS AND RIGHTS--Optional Insurance Benefits".

PREMIUM LIMITATIONS. If, at any time during the year, a premium has been
paid which would result in a Policy being deemed a modified endowment
contract, Chubb Life will so notify the Policyowner on the Policy's
anniversary date and allow the Policyowner to request a refund of the excess
premium, or other action, in order to avoid having the Policy be deemed to be
a modified endowment contract. A Policyowner, however, may choose to have the
Policy be deemed a modified endowment contract, and, in that case, Chubb Life
will not refund the premiums. See "FEDERAL TAX MATTERS--Policy Proceeds".
Premium payments less than the minimum amount of $500 will be returned to the
Policyowner.

ALLOCATION OF PREMIUMS. Premium payments, net of the state premium tax
charge, the Federal DAC tax charge and the sales charge plus interest earned
prior to the Allocation Date, will be allocated on the Allocation Date among
the Divisions and the General Account in accordance with the directions of the
Policyowner, as contained in the application. Prior to the Allocation Date the
initial Net Premium will be held in Chubb Life's General Account. Any other
premiums received prior to the Allocation Date will also be held in the
General Account. If the Policy issued as applied for is not accepted or the
"free look" is exercised, no interest will be credited and Chubb Life will
retain any interest earned on the

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<PAGE>

initial Net Premium. The minimum percentage of any Net Premium payment
allocated to any Division or the General Account is 1%. The Policyowner may
change his or her allocation of future premium payments among the Divisions
and the General Account by written notice to Chubb Life or by telephone
without payment of any fee or penalty.

The allocation of each Net Premium payment to a Division will be determined
first by multiplying the Net Premium payment by the fraction to be allocated
to each Division as the Policyowner directs to determine the portion to be
invested in the Division. Each portion to be invested in each Division is then
divided by the unit value of that particular Division to determine the number
of units to be credited to a Policyowner. The unit value of each Division will
vary to reflect the investment experience of the corresponding underlying
Portfolio shares. For a description of the method of determining unit values
see "CALCULATION OF ACCUMULATION VALUE--Unit Values". Applicants should refer
to the Prospectus for the Trust which accompanies this Prospectus for a
description of how the assets of each Portfolio are valued.

All valuations in connection with the Policy, e.g., with respect to
determining Cash Value in connection with policy loans or withdrawals, with
respect to determining Accumulation Value in connection with transfers or
payment of Death Benefits, and with respect to determining a Division's unit
value at the time of each Net Premium payment, will be made on the Date of
Receipt of the premium or the request for payment, loan, withdrawal or
transfer if such date is a Valuation Date; otherwise, such determination will
be made on the next succeeding day which is a Valuation Date. The Date of
Receipt of a premium payment sent directly to Chubb Life's bank pursuant to a
billing notice will be the date the payment is received at the bank and the
value of any Division to which the payment is allocated will be determined as
of such date provided such date is a Valuation Date; otherwise, such
determination will be made on the next succeeding day which is a Valuation
Date.

TRANSFERS. Accumulation Value may be transferred among the Divisions and
between the Divisions and the General Account. In addition to individual
transfer requests, Policyowners may elect either a Dollar Cost Averaging
feature or an Automatic Portfolio Re-Balancing feature which provides for
systematic transfers as described below. Transfer requests may be made in
writing or by telephone. The total amount transferred each time must be at
least $1,000 unless a lesser amount constitutes the entire Accumulation Value
in a Division or in the General Account. Accumulation Value transferred from
one Division or from the General Account into more than one Division, and/or
into the General Account, counts as one transfer. Similarly, transferring
Accumulation Value from more than one Division, and/or the General Account,
into one other Division or the General Account, counts as one transfer.

Chubb Life currently permits 12 transfers per policy year without imposing a
transfer charge. For transfers in excess of 12 in any Policy year, a transfer
charge of $100 to cover administrative costs will be imposed each time amounts
are transferred and will be deducted on a pro-rata basis from the Division or
Divisions or the General Account into which the amount is transferred.
However, no transfer charge will be imposed on the transfer of the initial Net
Premium payments, plus interest earned, from the General Account to the
Divisions on the Allocation Date or on loan repayments. No transfer charge
will be imposed for transfers pursuant to the Dollar Cost Averaging or
Automatic Portfolio Re-Balancing features. Currently, a Policyowner may make
up to 24 transfers per policy year. Chubb Life reserves the right to revoke or
modify transfer privileges and charges.

At any time the Policyowner may transfer 100% of the Policy's Accumulation
Value to the General Account and elect to have all future premium payments
allocated to the General Account. While 100% of the Policy's Accumulation
Value and all future premium payments are allocated to the General Account,
the minimum period the Policy will be in force will be fixed and guaranteed.
The minimum period will depend on the amount of Accumulation Value, the
Specified Amount, the sex, the Attained Age, and rating class of the Insured
at the time of transfer. The minimum period will decrease if the Policyowner
subsequently elects to increase the Specified Amount, elects to surrender the
Policy, or elects to make a withdrawal. The minimum period will increase if
the Policyowner elects to decrease the Specified Amount, additional premium
payments are received, or Chubb Life credits a higher interest rate or charges
a lower cost of insurance rate than those guaranteed for the General Account.

Except for transfers in connection with Dollar Cost Averaging, Automatic
Portfolio Re-Balancing and loan repayments, transfers out of the General
Account to the Divisions are permitted only once every 180 days and are
limited in amount to the lesser of (a) 25% of the Accumulation Value in the
General Account not being held as loan collateral or (b) $100,000. In
addition, any other transfer rules, including minimum transfer amounts, also
apply. Chubb Life reserves the right to modify these restrictions.

No transfer charge will be imposed for a transfer of all Accumulation Value
in Separate Account C to the General Account. However, any transfer from the
General Account to the Division(s) will be subject to the transfer charge,
unless it

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<PAGE>

is one of the first 12 transfers in a policy year and except for the transfer
of the initial Net Premium payments, plus interest earned, from the General
Account, loan repayments, and transfers pursuant to the Dollar Cost Averaging
or Automatic Portfolio Re-Balancing features.

A feature called Dollar Cost Averaging is available to Policyowners under
which a Policyowner deposits or designates an amount, subject to a minimum of
$6,000, in the Resolute Treasury Money Market Division or the General Account
and elects to have a specified dollar amount (the "Periodic Transfer Amount")
automatically transferred to one or more of the Divisions on a monthly,
quarterly, or semi-annual basis. This feature allows Policyowners to
systematically invest in the Divisions at various prices which may be higher
or lower than the price a Policyowner would pay when investing the entire
amount at one time and at one price. Each Periodic Transfer Amount is subject
to a minimum amount of $500. A minimum of 1% of the Periodic Transfer Amount
must be transferred to any specified Division. These amounts are subject to
change at Chubb Life's discretion. If a transfer would reduce Accumulation
Value in the Resolute Treasury Money Market Division or the General Account to
less than the Periodic Transfer Amount, Chubb Life reserves the right to
include such remaining Accumulation Value in the amount transferred. At the
time a policyowner elects the Dollar Cost Averaging feature, an election is
made between Fixed Amount Dollar Cost Averaging or Continuous Mode Dollar Cost
Averaging. Under Fixed Amount Dollar Cost Averaging, the feature will continue
until the Designated Amount has been transferred or the policyowner gives
notification of cancellation of the feature prior to transfer of the entire
Designated Amount. Once the Designated Amount has been transferred, a new
Dollar Cost Averaging election form must be completed if the Policyowner
wishes to have additional money dollar cost averaged. Under Continuous Mode
Dollar Cost Averaging, any amounts deposited into the Repository Account, and
not just the Designated Amount, will be transferred. Dollar Cost Averaging is
currently available to policyowners at no charge. Although Chubb Life reserves
the right to assess a charge, no greater than cost and with 30 days advance
notice to Policyowners, it has no present intention to do so.

An Automatic Portfolio Re-Balancing feature is also available to
Policyowners. This feature provides a method for re-establishing fixed
proportions between various types of investments on a systematic basis. Under
this feature, the allocation between Divisions and the General Account will be
automatically re-adjusted to the desired allocation, subject to a minimum of
1% per Division or General Account, on a quarterly, semi-annual or annual
basis.

A Policyowner may choose one of the two features. Transfers and adjustments
pursuant to these features will occur on a Policy's Monthly Anniversary Date
in the month in which the transaction is to take place or the next succeeding
business day if the Monthly Anniversary Date falls on a holiday or a weekend.
The applicable authorization form must be on file at Chubb Life before either
feature may begin. Neither feature guarantees profits nor protects against
losses. Transfers under these features do not count toward the 12 free
transfers or the 24 transfers currently allowed per year. Chubb Life reserves
the right to modify the terms and conditions of these features upon 30 days
advance notice to Policyowners.

TELEPHONE TRANSFERS, LOANS AND REALLOCATIONS. Policyowners may request by
telephone transfers of Accumulation Value or reallocation of premiums
(including allocation changes pursuant to existing Dollar Cost Averaging and
Automatic Portfolio Re-Balancing programs), provided that the appropriate
authorization form is on file with Chubb Life. Chubb Life may also, in its
discretion, permit loans to be made by telephone, provided that the proper
authorization form is on file with Chubb Life. During periods of heavy
telephone transfers, implementing a telephone transfer may be difficult. If a
Policyowner is unable to reach Chubb Life via telephone, the Policyowner
should send a written request to Chubb Life via an express mailing service or
via the Chubb Life telecopier machine at (603) 226-5155. (Any transfer
requests received via telecopier are considered telephone transfers and are
bound by the conditions outlined in the signed authorization form.) Chubb Life
reserves the right to discontinue telephone transfers at any time without
notice to the Policyowners. Procedures have been established that are
reasonably designed to reduce the risk of unauthorized telephone transfers,
loan requests or allocation changes. These procedures include requiring
personal identification information, tape recording calls and providing
written confirmations to Policyowners. However, there still exists some risk.
Neither Chubb Life, Chubb Securities Corporation, nor any of their affiliates
are liable for any loss resulting from unauthorized telephone transfers, loan
requests or premium allocation changes if its procedures have been followed,
and a Policyowner bears the risk of loss in such situation.

POLICY LAPSE. Failure to make a premium payment on a Policy will not
necessarily cause the Policy to lapse. The duration of a Policy depends upon
its Cash Value. The Policy will remain in force so long as the Cash Value,
less any outstanding Policy Debt, is sufficient to cover cost of insurance and
any rider charges. In the event the Cash Value, less any outstanding Policy
Debt, is insufficient to pay these monthly cost of insurance and rider charges
("monthly deduction") the Policyowner will be given a sixty-one day period
("grace period") within which to make a premium payment to avoid lapse.

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<PAGE>

The premium required to avoid lapse must be sufficient in amount, after the
deduction of the state premium tax charge, the Federal DAC tax charge and the
sales charge, to cover the monthly deduction for at least three policy months.
This required premium will be set forth in a written notice which Chubb Life
will send to the Policyowner thirty-one days prior to the end of the grace
period. The Policy will continue in force through the grace period, but if no
payment is forthcoming, the Policy will terminate without value at the end of
the grace period. If the Insured under Chubb Heritage I or the last surviving
Insured under Chubb Heritage II dies during the grace period, the Death
Benefit payable under the Policy will be reduced by the amount of the monthly
deduction due and unpaid and the amount of any outstanding Policy Debt. In
addition, if the Cash Value of the Policy at any time should decrease so the
aggregate amount of outstanding Policy Debt secured by the Policy exceeds the
Cash Value shown in the Policy and an additional payment is not made within
sixty-one days the Policy will lapse.

REINSTATEMENT. If the Policy lapses, the Policyowner may reinstate the
Policy. The terms of the original contract will apply upon reinstatement. The
Accumulation Value, before payment of the required reinstatement premium, will
equal the Accumulation Value on the date of termination. The policy year on
reinstatement will be measured from the Policy Date. An application for
reinstatement may be made any time within five years of lapse and before the
Maturity Date, but satisfactory proof of insurability of the Insured under
Chubb Heritage I or the Insureds or surviving Insured under Chubb Heritage II
and payment of a reinstatement premium is required. The reinstatement premium,
after deduction of the state premium tax charge, the Federal DAC tax charge
and the sales charge, must be sufficient to cover the monthly deduction for
three policy months following the effective date of reinstatement. If a loan
was outstanding at the time of lapse, Chubb Life will require, at the election
of the Policyowner, repayment or reinstatement of the loan before permitting
reinstatement of the Policy. The effective date will be the date of approval
of the reinstatement application, which will be as of a Monthly Anniversary
Date.

POLICY "FREE LOOK". The Policyowner has a limited right to return a Policy
for cancellation and a full refund of all premiums paid. Chubb Life will
cancel the Policy if it is returned by mail or personal delivery to Chubb
Life, or to the agent who sold the Policy, within 20 days after the delivery
of the Policy to the Policyowner. Chubb Life will return to the Policyowner
within seven days all payments received on the Policy. Prior to the Allocation
Date the initial Net Premium will be held in Chubb Life's General Account;
Chubb Life will retain any interest earned if the "free look" right is
exercised.

CHARGES AND DEDUCTIONS

PREMIUM CHARGES. Upon receipt of each premium payment and before allocation
of payment among the Divisions and the General Account, Chubb Life will deduct
a state premium tax charge of 2.5% (which represents an average of actual
premium taxes imposed), unless otherwise required by state law. Currently, the
taxes imposed by states on premiums range up to 4% of premiums paid, while
some states do not impose a premium tax. The 2.5% state premium tax charge may
therefore be higher or lower than the actual premium tax imposed by states in
which a particular Policyholder resides. Chubb Life will not increase this
charge under outstanding Policies, but reserves the right to change this
charge for Policies not yet issued in order to correspond with changes in the
state premium tax levels. Chubb Life does not expect to derive a profit from
this charge.

Chubb Life will also deduct from each premium a charge currently equal to
1.25% to cover the estimated cost to Chubb Life of the Federal income tax
treatment of the Policies' deferred acquisition costs ("Federal DAC tax
charge"). Chubb Life has determined that this charge is reasonable in relation
to Chubb Life's increased Federal income tax burden under the Code resulting
from the receipt of premiums. Chubb Life will not increase this charge under
outstanding Policies, but reserves the right, subject to any required
regulatory approval, to change this charge for Policies not yet issued in
order to correspond with changes in the DAC tax.

Chubb Life will deduct a sales charge of 3% from each premium payment to
compensate Chubb Life for the cost of selling the Policy. The cost of selling
the Policy includes, among other things, agents' commissions, commission
overrides, advertising and the printing of prospectuses and sales literature.
Under normal circumstances, the amount of this charge, plus the Surrender
Charge discussed below, are expected to compensate Chubb Life for total sales
expenses for that year. To the extent sales expenses in any one policy year
are not recovered by this 3% sales charge and the sales charge imposed upon
surrenders or withdrawals during the first five policy years, the sales
expenses may be recovered from other sources, including surplus, which may
include profits, if any, from the mortality and expense risk charge.

14
<PAGE>

MONTHLY DEDUCTION. On each Monthly Anniversary Date and on the Policy Date,
Chubb Life will deduct from the Accumulation Value of a Policy an amount to
cover certain charges and expenses incurred in connection with the Policy. The
amount of the monthly deduction is equal to the cost of insurance for the
Policy as described below, and the cost of any optional benefits added by
rider. The amount deducted will be deducted pro rata from each of the
Divisions and the General Account, excluding the amount held in the General
Account as loan collateral, in which the Policyowner is invested.

The cost of insurance is determined on a monthly basis, and is determined
separately for the initial Specified Amount and each subsequent increase in
the Specified Amount. The monthly current cost of insurance rate is based on
the sex, Issue Age, policy year, smoking status and rating class of the
Insured(s), Specified Amount, Death Benefit option and applicable corridor
percentage.

The cost of insurance is calculated as (i) multiplied by the result of
(ii) minus (iii) where:

(i) is the cost of insurance rate as described in the Cost of Insurance
Rates provision contained in the Policy.

(ii) is the Death Benefit at the beginning of the policy month divided by
1.00327374, to arrive at the proper values for the beginning of the month
assuming the guaranteed interest rate of 4% that is applicable to the
General Account portion of the Policy; and

(iii) is the Accumulation Value at the beginning of the policy month.

If the corridor percentage is applicable, the Death Benefit used in the
foregoing calculation will reflect the corridor percentage. The cost of
insurance charge is not affected by the death of the first Insured to die
under Chubb Heritage II.

The monthly cost of insurance rate will be determined by Chubb Life based
upon expectations as to future mortality experience, but can never exceed the
rates shown in the table of Monthly Guaranteed Cost of Insurance Rates set
forth in the Policy. Such guaranteed maximum rates are based on the
Commissioner's 1980 Standard Ordinary Mortality Table.

A guaranteed Monthly Deduction Adjustment will be calculated at the
beginning of each policy year. The Monthly Deduction Adjustment will be
allocated between the Divisions and the General Account in the same proportion
as premium payments. The discount is calculated as (i) multiplied by the
result of (ii) minus (iii) minus (iv), but not less than zero, where:

(i) is a factor that varies by Specified Amount as follows:

<TABLE>
<S> <C>
Under $5,000,000 .0001250
$5,000,000 to $9,999,999 .0002500
$10,000,000 to $14,999,999 .0003750
$15,000,000 and Above .0004583
</TABLE>

(ii) is an amount no greater than the Accumulation Value at the beginning
of the policy year, and guaranteed to be at least the Accumulation Value at
the beginning of the policy year less any unloaned funds in the General
Account;

(iii) is the Guideline Single Premium at issue under Section 7702 of the
Code, increased on a pro-rata basis for any increase in Specified Amount;
and

(iv) is the outstanding Type A loan balance at the beginning of the
policy year. See "CASH VALUE BENEFITS--Policy Loans" for a description of
Type A loans.

The Monthly Deduction Adjustment is the mechanism whereby Chubb Life
annually evaluates its mortality risk exposure on individual Policies based
on, among other factors, the proceeds from all mortality charges, including
the cost of insurance charge and the mortality risk portion of the Risk
Charge. The insurance charges are set at rates designed to cover total
anticipated mortality experience, i.e., Death Benefit payments, taking into
consideration the risk that actual experience may exceed Chubb Life's
expectation. Of course, as the amount at risk under any one Policy decreases,
i.e., Accumulation Value increases, Chubb Life's exposure on such Policy will
be reduced. Moreover, Chubb Life's risk decreases as the Specified Amount
increases. The Monthly Deduction Adjustment formula factors in Accumulation
Value and Specified Amount. Thus, the Monthly Deduction Adjustment may be
translated into a net reduction of the Risk Charge which is applied to the
Accumulation Value. As shown in the following table, the Monthly Deduction
Adjustment may be expressed as a reduction in the mortality portion of the
Risk Charge.

15
<PAGE>

<TABLE>
<CAPTION>
MORTALITY MORTALITY
MONTHLY RISK RISK
MORTALITY DEDUCTION CHARGE CHARGE EFFECTIVE
SPECIFIED RISK ADJUST- BELOW ABOVE MORTALITY
AMOUNT CHARGE MENT GSP GSP RISK CHARGE*
--------- --------- --------- --------- --------- ------------
<S> <C> <C> <C> <C> <C>
$ 500,000--$4,999,999... .55% .15% .55% .40% .475%
$ 5,000,000--$9,999,999... .55% .30% .55% .25% .40%
$10,000,000--$14,999,999.. .55% .45% .55% .10% .325%
$15,000,000 and Above .... .55% .55% .55% .0% .275%
</TABLE>
- -------
* Assumes that Accumulation Value, less any Type A loans, at the beginning of
the policy year is twice the Guideline Single Premium ("GSP").

RISK CHARGE. Chubb Life will also assess a charge on a daily basis against
each Division at an annual rate of .65% of the value of the Division to
compensate Chubb Life for its assumption of certain mortality and expense
risks in connection with the Policy. Specifically, Chubb Life bears the risk
that the total amount of Death Benefit payable under the Policy will be
greater than anticipated and Chubb Life also assumes the risk that the actual
cost incurred by it to administer the Policy will not be covered by charges
assessed under the Policy.

SURRENDER CHARGE. Upon surrender during the first five policy years, Chubb
Life will assess a contingent deferred sales charge. This contingent deferred
sales charge will be 5% of first year premiums for surrender during the first
policy year, 4% of first year premiums for surrender during the second policy
year, 3% of first year premiums for surrender during the third policy year, 2%
of first year premiums for surrender during the fourth policy year and 1% of
first year premiums for surrender during the fifth policy year. There is no
Surrender Charge assessed for surrender after the fifth policy year. A pro
rata portion of any Surrender Charge will be assessed upon a withdrawal. The
Policy's Accumulation Value will be reduced by the amount of any withdrawal
plus any applicable pro-rata Surrender Charge.

The Surrender Charge helps to compensate Chubb Life for the cost of selling
the Policy, including the cost of advertising and the printing of the
Prospectus and sales literature.

ADMINISTRATIVE FEES. An administrative fee equal to $100 is imposed for each
transfer among the Divisions or the General Account, after the first 12
transfers in a policy year and except for the transfer of the initial Net
Premium payments, plus interest, from the General Account on the Allocation
Date, loan repayments and transfers pursuant to the Dollar Cost Averaging and
Automatic Portfolio Re-Balancing features. For withdrawals, an administrative
fee equal to $100 will be charged. All administrative fees are no greater than
the anticipated expenses of providing such services.

OTHER CHARGES. Chubb Life also reserves the right to charge the assets of
each Division to provide for any income taxes or other taxes payable by Chubb
Life on the assets attributable to that Division. An investment advisory fee
for services provided by the Trust's investment manager and sub-investment
adviser and certain other operating expenses are deducted from the assets of
each Portfolio of the Trust. See "JPM SERIES TRUST II".

POLICY BENEFITS AND RIGHTS

DEATH BENEFITS. So long as it remains in force, Chubb Heritage I provides
for the payment of life insurance proceeds upon the death of the Insured and
Chubb Heritage II provides for a Death Benefit payable upon the death of the
last surviving Insured. Proceeds will be paid to a named Beneficiary or
contingent Beneficiary. One or more Beneficiaries or contingent Beneficiaries
may be named. Life insurance proceeds may be paid in a lump sum or under an
optional payment plan. (See "SETTLEMENT OPTIONS" below.) Proceeds of the
Policy will be reduced by any outstanding Policy Debt and any due and unpaid
charges and increased by any benefits added by rider. Proceeds that are
payable in a lump sum will be increased to include interest as required by
applicable state law. Proceeds will ordinarily be paid within seven days after
Chubb Life receives due Proof of Death. Under Chubb Heritage II, due Proof of
Death must also be submitted at the time of the first death.

A Policyowner will make in the initial application two elections to
determine the Death Benefit under the Policy. First, the Policyowner will
choose one of two Death Benefit options offered under the Policies. Second,
the Policyowner will choose the Death Benefit qualification test, which is the
method for qualifying the Policy as a life insurance contract for purposes of
Federal tax law. If no Death Benefit qualification test or option is
designated, the guideline premium test under Option I, as described below,
will be assumed by Chubb Life to have been selected.

16
<PAGE>

The amount of life insurance proceeds payable under a Policy will depend
upon the option in effect, as follows:

Option I: For Policies issued pursuant to the cash value accumulation
test, the Death Benefit equals the greater of the current Specified Amount
or the Accumulation Value of the Policy at the date of death multiplied by
the corridor percentage, as described below. For Policies issued pursuant
to the guideline premium test, the Death Benefit equals the greater of the
current Specified Amount or the Accumulation Value of the Policy at the
date of death multiplied by the corridor percentage, as described below.

Option II: The Death Benefit equals the current Specified Amount plus the
Accumulation Value of the Policy on the date of death. For Policies issued
pursuant to the cash value accumulation test, the Death Benefit will not be
less than the Accumulation Value on the date of death multiplied by the
corridor percentage, as described below. For Policies issued pursuant to
the guideline premium test, the Death Benefit will not be less than the
Accumulation Value multiplied by the corridor percentage, as described
below.

Option I emphasizes the impact of investment experience on Accumulation
Value rather than insurance coverage because the Specified Amount and the
Death Benefit, generally, remain stable. Under Option I, as Accumulation Value
increases and Death Benefit does not increase, the amount at risk decreases.
Thus, the cost of insurance charges are imposed on a decreasing amount. Option
II emphasizes insurance coverage because favorable investment experience adds
to the Accumulation Value that provides an addition to the total Death
Benefit. Under Option II, favorable investment experience does not reduce the
amount at risk upon which cost of insurance charges are based.

The corridor percentage is a minimum ratio of Death Benefit to Accumulation
Value required pursuant to the cash value corridor test under Section 7702 of
the Code. The Policyowner has the option to select this minimum corridor
percentage under the Code or an alternative corridor percentage that produces
a higher corridor percentage beginning in policy year 25 which grades back to
the minimum corridor percentage at the Maturity Date. Use of the alternative
corridor percentage results in a higher ratio of Death Benefit to Accumulation
Value than that resulting from the use of the minimum corridor percentage
beginning in policy year 25. This higher ratio then gradually reduces until,
by the Maturity Date, it is equal to the ratio produced by use of the minimum
corridor percentage. Although use of the alternative corridor percentage
results in a higher Death Benefit than the minimum corridor percentage
beginning in policy year 25, this higher Death Benefit results in higher cost
of insurance charges which has the effect of reducing Accumulation Value and
consequently future Death Benefits.

The Policyowner will also choose from two Death Benefit qualification tests
available under a Policy. Once elected, the Death Benefit qualification test
cannot be changed for the duration of the Policy. The available Death Benefit
qualification tests are the cash value accumulation test and the guideline
premium test.

Generally, the cash value accumulation test requires that under the terms of
a Policy, the Death Benefit must be sufficient so that the cash surrender
value, as defined in Section 7702 of the Internal Revenue Code, does not at
any time exceed the net single premium required to fund the future benefits
under the Policy. If the Accumulation Value under a Policy is at any time
greater than the net single premium at the Insured's age and sex for the
proposed Death Benefit, the Death Benefit will be increased automatically by
multiplying the Accumulation Value by the corridor percentage computed in
compliance with the Code. A list of representative corridor percentages is set
forth in Appendix A to this Prospectus. The corridor percentages under the
Policy vary according to the Age, sex, and underwriting classification of the
Insured(s), and the resulting Death Benefit determined by using the corridor
percentage will be at least equal to the amount required for the Policy to be
deemed life insurance under Section 7702. The corridor percentage is
calculated using a four percent interest rate or, if higher, the contractually
guaranteed interest rate and using mortality charges specified in the
prevailing Commissioner's standard table as of the time the Policy is issued.

The guideline premium test limits the amount of premiums payable under a
Policy to a certain amount for an Insured of a particular age and sex. The
test also applies a prescribed corridor percentage to determine a minimum
ratio of Death Benefit to Accumulation Value. A complete list of corridor
percentages is set forth in Appendix B to this Prospectus.

There are two main differences between the guideline premium test and the
cash value accumulation test. First, the guideline premium test limits the
amount of premium that may be paid into a Policy. No such limits apply under
the cash value accumulation test. (However, any premium that would increase
the net amount at risk is subject to evidence of insurability satisfactory to
Chubb Life.) Second, the factors that determine the minimum Death Benefit
relative to the Policy's Accumulation Value are different. Required increases
in the minimum Death Benefit due to growth in Accumulation Value will
generally be greater under the cash value accumulation test than under the
guideline premium test. Policyowners

17
<PAGE>

who desire to pay premiums in excess of the guideline premium test limitations
should elect the cash value accumulation test. Policyowners who do not desire
to pay premiums in excess of the guideline premium test limitations should
consider the guideline premium test. Applicants for a Policy should consult a
qualified tax adviser in choosing a Death Benefit election.

The following examples demonstrate the determination of Death Benefits under
Options I and II for the cash value accumulation test and the guideline
premium test. The examples show a Chubb Heritage I policy and a Chubb Heritage
II policy, with the same Specified Amounts and Accumulations Values. The Chubb
Heritage I example assumes a Policy was issued to a male, non-smoker Insured,
Age 45 at the time of calculation of the Death Benefit and that there is no
outstanding Policy Debt. The Chubb Heritage II example considers a Policy
issued to one male and one female, both non-smokers, and both Age 45. The
policy is in its tenth policy year without any outstanding Policy Debt and
with both insureds having attained age 55.

CHUBB HERITAGE I

<TABLE>
<CAPTION>
CASH VALUE ACCUMULATION GUIDELINE PREMIUM
TEST TEST
----------------------- -----------------
<S> <C> <C>
Specified Amount...................... 1,000,000 1,000,000
Accumulation Value.................... 500,000 500,000
Corridor Percentage................... 314% 215%
Death Benefit Option I................ 1,570,000 1,075,000
Death Benefit Option II............... 1,570,000 1,500,000
</TABLE>
CHUBB HERITAGE II
<TABLE>
<CAPTION>
CASH VALUE ACCUMULATION GUIDELINE PREMIUM
TEST TEST
----------------------- -----------------
<S> <C> <C>
Specified Amount...................... 2,000,000 2,000,000
Accumulation Value.................... 1,000,000 1,000,000
Corridor Percentage................... 306% 150%
Death Benefit Option I................ 3,060,000 2,000,000
Death Benefit Option II............... 3,060,000 3,000,000
</TABLE>

The Death Benefit option in effect may be changed by sending Chubb Life a
written request for change. The effective date of the change will be the first
Monthly Anniversary Date that coincides with or next follows the Date of
Receipt of such request. If the Death Benefit option is changed from Option II
to Option I, the Specified Amount will be increased by the Policy's
Accumulation Value on the effective date of the change. Conversely, if the
Death Benefit option is changed from Option I to Option II, the Specified
Amount will be decreased by the Policy's Accumulation Value on the effective
date of the change. Evidence of insurability satisfactory to Chubb Life will
be required on a change from Option I to Option II. A change in the Death
Benefit option may not be made if it would result in a Specified Amount which
is less than a minimum Specified Amount of $250,000 on Chubb Heritage I and
$500,000 on Chubb Heritage II. A change in Death Benefit options will affect
the cost of insurance.

After a Policy has been in force for one year, the Policyowner may adjust
the existing insurance coverage by increasing or decreasing the Specified
Amount. The increase or decrease must be at least $250,000 on Chubb Heritage I
and $500,000 on Chubb Heritage II. To make a change, the Policyowner must send
a written request and the Policy to Chubb's home office. Any change in the
Specified Amount will affect a Policyowner's cost of insurance charge. An
increase in the Specified Amount will affect the determination of the amount
available for a Type A loan, as explained below, and will affect the Monthly
Deduction Adjustment discount, if any. Decreases in the Specified Amount may
affect the Monthly Deduction Adjustment but will have no effect on the
determination of the amount available for a Type A loan. Any decrease in the
Specified Amount will become effective on the Monthly Anniversary Date after
the Date of Receipt of the request. Any decrease in Specified Amount will
first apply to coverage provided by the most recent Specified Amount increase,
then to the next most recent increases successively and finally to the
coverage under the original application. By applying decreases in this manner,
savings, generally, may be realized by a Policyowner since additional costs
and limitations associated with increases in Specified Amounts would be
eliminated first. To apply for an increase in the Specified Amount, a
supplemental application must be completed and evidence satisfactory to Chubb
Life that each Insured is insurable must be submitted.

18
<PAGE>

Any approved increase in the Specified Amount will become effective on the
date shown in the Supplemental Policy Specifications Page. Such increase will
not become effective, however, if the Policy's Cash Value is insufficient to
cover the deduction for the cost of the increased insurance for the policy
month following the increase. Such an increase may require a payment or future
increased Planned Periodic Premiums.

GUARANTEED DEATH BENEFIT. The Policyowner may add a Guaranteed Death Benefit
Rider to the Policy under which the Death Benefit is guaranteed to never be
less than the Specified Amount provided that a cumulative minimum premium
requirement is met. The premium requirement is based on Issue Age, sex,
smoking status, underwriting class, Specified Amount and Death Benefit Option.
If the Specified Amount is increased, an additional premium, based on Attained
Age, will be required for such increase. There is a monthly charge for this
Death Benefit Rider. See "Optional Insurance Benefits".

COMBINED REQUESTS. Policyowners may combine requests for changes in the
Specified Amount and the Death Benefit option and requests for withdrawals.
The requirements and limitations that apply to each change will apply to the
combined transactions, including any required evidence of insurability,
Specified Amount and premium limitations, effectiveness on the Monthly
Anniversary Date following the Date of Receipt of the request, and the
sufficiency of Cash Value to keep the Policy in force for the month following
the transaction.

The effect of a combined transaction on the cost of insurance, the amount of
the Death Benefit proceeds and the premium limitations will be the net result
of such effects for each such transaction considered separately. Policyowners
should consider the net result of a combined transaction in light of insurance
needs, financial circumstances and tax consequences.

MATURITY OF THE POLICY. As long as the Policy remains in force, Chubb Life
will pay the Policy's Cash Value, less outstanding Policy Debt, if any, on the
Maturity Date. Benefits at maturity may be paid in a lump sum or under an
optional payment plan. The Maturity Date is the date shown in the Policy. To
change the Maturity Date, a written request and the Policy must be sent to
Chubb Life. The Date of Receipt for any request must be before the Maturity
Date then in effect. The requested Maturity Date must be (i) on a policy
anniversary, (ii) at least one year from the Date of Receipt of the request,
(iii) after the tenth policy year and (iv) on or before the policy anniversary
nearest to the Insured's 100th birthday for Chubb Heritage I and the younger
Insured's 100th birthday for Chubb Heritage II.

OPTIONAL INSURANCE BENEFITS. Subject to certain requirements, one or more of
the following optional insurance benefits may be added to a Policy by rider.
More detailed information concerning such riders may be obtained from the
agent selling the Policy. Additional riders, developed after the effective
date of this Prospectus, may also be available as optional insurance benefits
to the Policy. The agent selling the Policy should be consulted regarding the
availability of any such additional riders. The cost of any optional insurance
benefits will be deducted as part of the monthly deduction. See "CHARGES AND
DEDUCTIONS."

(a) GUARANTEED DEATH BENEFIT RIDER. This rider guarantees that the Policy
will stay in force with a Death Benefit equal to the Specified Amount, even if
the Cash Value less Policy Debt is not sufficient to pay the monthly
deduction, provided that cumulative premiums paid, less loans and withdrawals,
are greater than or equal to the guaranteed death benefit premium multiplied
by the number of months the policy has been in force. This cumulative premium
requirement must be met at all times for the rider to stay in force. A monthly
charge of $.01 per $1,000 of Specified Amount will be deducted from the
Policy's Accumulation Value.

(b) AUTOMATIC INCREASE RIDER. This rider allows for scheduled annual
increases in Specified Amount of from 1% to 7%, subject to certain limitations
set forth in the rider. There is an annual charge per unit of Specified Amount
which varies by Issue Age on Chubb Heritage I and by Joint Equal Age at issue
on Chubb Heritage II.

(c) POLICY EXCHANGE OPTION RIDER. This rider is available on Chubb Heritage
II provided both Insureds are insurable. It allows Chubb Heritage II to be
exchanged for two individual Chubb Heritage I policies, without evidence of
insurability, each with a face amount equal to one half of the Death Benefit
under Chubb Heritage II at the time of exchange, upon the Insureds' divorce or
the occurrence of certain Federal tax law changes as specified in the rider.
There is no charge for this rider.

(d) EXTENSION OF MATURITY DATE RIDER. This rider allows the Policyowner to
extend the original Maturity Date of the Policy under the terms set forth in
the rider. See "FEDERAL TAX MATTERS."

19
<PAGE>

(e) EXCHANGE OF INSURED RIDER. This benefit is available under Chubb
Heritage I, and provides that the Policy may be exchanged for a reissued
policy on the life of a substitute insured, subject to the conditions stated
in the rider. A charge of $150 will be assessed for exercising the option. See
"FEDERAL TAX MATTERS."

SETTLEMENT OPTIONS. In addition to a lump sum payment of benefits under the
Policy, any proceeds to be paid under the Policy may be paid in any of four
methods. A settlement option may be designated by notifying Chubb Life in
writing. A lump sum payment of proceeds under the Policy will be made if a
settlement option is not designated. Any amount left with Chubb Life for
payment under an optional payment plan will be transferred to the account of
the Beneficiary in the General Account on the date Chubb Life receives written
instructions. During the life of the Insured, the Policyowner may select a
plan. If a payment plan has not been chosen at the time the Death Benefit
becomes payable, a Beneficiary can choose a plan. If a Beneficiary is changed,
the payment plan selection will no longer be in effect unless the Policyowner
requests that it continue. An option may be elected only if the amount of the
proceeds is $2,000 or more. Chubb Life reserves the right to change the
interval of payments to 3, 6 or 12 months, if necessary, to increase the
guaranteed payments to at least $20 each.

OPTION A.

INSTALLMENTS OF A SPECIFIED AMOUNT. Payments of an agreed amount to be made
each month until the proceeds and interest are exhausted.

OPTION B.

INSTALLMENTS FOR A SPECIFIED PERIOD. Payments to be made each month for an
agreed number of years.

OPTION C.

LIFE INCOME. Payments to be made each month for the lifetime of the payee.
It is guaranteed that payments will be made for a minimum of 10, 15, or 20
years, as agreed upon.

OPTION D.

INTEREST. Payment of interest on the proceeds held by Chubb Life calculated
at the compound rate of 3% per year. Interest payments will be made at 12, 6,
3 or 1 month intervals, as agreed upon.

The interest rate for Options A, B, and D will not be less than 3% per year.
The interest rate for Option C will not be less than 2 1/2% per year. Interest
in addition to that stated may be paid or credited from time to time under any
option, but only in the sole discretion of Chubb Life.

Unless otherwise stated in the election of an option, the payee of policy
benefits shall have the right to receive the withdrawal value under that
option. For Options A and D, the withdrawal value shall be any unpaid balance
of proceeds plus accrued interest. For Option B, the withdrawal value shall be
the commuted value of the remaining payments. Such value will be calculated on
the same basis as the original payments. For Option C, the withdrawal value
will be the commuted value of the remaining payments. Such value will be
calculated on the same basis as the original payments. To receive this value,
the payee must submit evidence of insurability acceptable to Chubb Life.
Otherwise, the withdrawal value shall be the commuted value of any remaining
guaranteed payments. If the payee should be alive at the end of the guaranteed
period, the payment will be resumed on that date. The payment will then
continue for the lifetime of the payee.

If a payee of policy benefits dies before the proceeds are exhausted or the
prescribed payments made, a final payment will be made in one sum to the
estate of the last surviving payee. The amount to be paid will be calculated
as described for the applicable option in the Withdrawal Value provision of
the Policy.

CALCULATION OF ACCUMULATION VALUE

The Policy provides for an Accumulation Value, which will be determined on a
daily basis. Accumulation Value is the sum of the values in the Divisions plus
the value in the General Account. The Policy's Accumulation Value in the
Divisions is calculated by units and unit values under the Policies, as
described below. The Policy's Accumulation Value will reflect a number of
factors, including the investment experience of the Divisions that are
invested in the Portfolios, any additional net premiums paid, any withdrawals,
any policy loans, and any charges assessed in connection with the Policy.
Accumulation Values in Separate Account C are not guaranteed as to dollar
amount.

20
<PAGE>

On the Allocation Date, the Accumulation Value in Separate Account C is the
initial premium payments, reduced by the state premium tax charge, the Federal
DAC tax charge and the sales charge, plus interest earned prior to the
Allocation Date, and less the monthly deduction for the first policy month. On
the Allocation Date, the initial number of units credited to Separate Account
C for the Policy will be established. At the end of each Valuation Period
thereafter, the Accumulation Value in a Division is (i) plus (ii) plus (iii)
minus (iv) minus (v) where:

(i) is the Accumulation Value in the Division on the preceding Valuation
Date multiplied by the net investment factor, as described below, for the
current Valuation Period,

(ii) is any Net Premium received during the current Valuation Period
which is allocated to the Division,

(iii) is all Accumulation Values transferred to the Division from another
Division or the General Account during the current Valuation Period,

(iv) is the Accumulation Values transferred from the Division to another
Division or the General Account and Accumulation Values transferred to
secure a Policy Debt during the current Valuation Period, and

(v) is all withdrawals from the Division during the current Valuation
Period.

In addition, whenever a Valuation Period includes the Monthly Anniversary
Date, the Accumulation Value at the end of such period is reduced by the
portion of the monthly deduction allocated to the Division.

The Policy's total Accumulation Value in Separate Account C equals the sum
of the Policy's Accumulation Value in each Division thereof.

UNIT VALUES. Units are credited to a Policyowner upon allocation of Net
Premiums to a Division. Each Net Premium payment allocated to a Division will
increase the number of units in that Division. Both full and fractional units
are credited. The number of units and fractional units is determined by
dividing the Net Premium payment by the unit value of the Division to which
the payment has been allocated. The unit value of each Division is determined
on each Valuation Date. The number of units credited will not change because
of subsequent changes in unit value. The dollar value of each Division's units
will vary depending upon the investment performance of the corresponding
Portfolio of the Trust.

Certain transactions affect the number of units in a Division under a
Policy. Loans, surrenders and withdrawals, withdrawal and transfer fees and
charges, the Surrender Charge, and monthly deductions involve the redemption
of units and will decrease the number of units. Transfers of Accumulation
Value among Divisions will reduce or increase the number of units in a
Division, as appropriate.

The unit value of each Division's units initially under the Policies was
$10.00. Thereafter, the unit value of a Division on any Valuation Date is
calculated by multiplying (1) by (2) where:

(1) is the Division's unit value on the previous Valuation Date; and

(2) is the net investment factor for the Valuation Period then ended.

The unit value of each Division's units on any day other than a Valuation
Date is the unit value as of the next Valuation Date and is used for the
purpose of processing transactions.

NET INVESTMENT FACTOR. The net investment factor measures the investment
experience of each Division and is used to determine changes in unit value
from one Valuation Period to the next Valuation Period. The net investment
factor for a Valuation Period is (i) divided by (ii) minus (iii) where:

(i) is (a) the value of the assets of the Division at the end of the
preceding Valuation Period, plus (b) the investment income and capital
gains, realized or unrealized, credited to the assets of the Division
during the Valuation Period for which the net investment factor is being
determined, minus (c) capital losses, realized or unrealized, charged
against those assets during the Valuation Period, minus (d) any amount
charged against the Division for taxes or any amount set aside during the
Valuation Period by Chubb Life to provide for taxes attributable to the
operation or maintenance of that Division, and

(ii) is the value of the assets of the Division at the end of the
preceding Valuation Period, and

(iii) is a charge no greater than .0017808% on a daily basis. This
corresponds to .65% on an annual basis for mortality and expense risks.

21
<PAGE>

CASH VALUE BENEFITS

So long as it remains in force, the Policy provides for certain benefits
prior to the Maturity Date. Subject to certain limitations, the Policyowner
may at any time obtain Cash Value by surrendering the Policy or making
withdrawals from the Policy. The Cash Value equals the Accumulation Value less
any Surrender Charge. In addition, the Policyowner has certain policy loan
privileges under the Policy.

SURRENDER PRIVILEGES. As long as the Policy is in force, a Policyowner may
surrender the Policy or make a withdrawal from the Policy at any time by
sending a written request along with the Policy to Chubb Life. See "FEDERAL
TAX MATTERS--Policy Proceeds."

The surrender value of the Policy equals the Cash Value less any outstanding
Policy Debt. The amount payable upon surrender of the Policy is the surrender
value at the end of the Valuation Period during which the request is received.
The surrender value may be paid in a lump sum or under one of the optional
payment plans specified in the Policy. Proceeds will generally be paid within
seven days of the Date of Receipt of a request for surrender or withdrawal.
See "POLICY BENEFITS AND RIGHTS--Settlement Options."

A Policyowner can obtain a portion of the Policy's Cash Value by withdrawal
of Cash Value from the Policy. A withdrawal from a Policy is subject to the
following conditions:

A. The amount withdrawn may not exceed the Cash Value less any
outstanding debt.

B. The minimum amount that may be withdrawn is $5,000.

C. A charge equal to $100 will be deducted from the amount of each
withdrawal.

Withdrawals generally will affect the Policy's Accumulation Value, Cash
Value and the life insurance proceeds payable under the Policy. The Policy's
Cash Value will be reduced by the amount of the withdrawal. The Policy's
Accumulation Value will be reduced by the amount of the withdrawal plus any
applicable pro-rata Surrender Charge. Life insurance proceeds payable under
the Policy will generally be reduced by the amount of the withdrawal plus any
applicable pro-rata Surrender Charge, unless the withdrawal is combined with a
request to maintain or increase the Specified Amount. See "POLICY BENEFITS AND
RIGHTS--Combined Requests".

Under Option I, which provides for life insurance proceeds equal to the
greater of the Specified Amount or the Accumulation Value of the Policy at the
date of death multiplied by the corridor percentage, the Specified Amount will
be reduced by the amount of the withdrawal plus any applicable pro-rata
Surrender Charge. The Specified Amount remaining after a withdrawal may not be
less than $250,000 for Chubb Heritage I and $500,000 for Chubb Heritage II. As
a result, Chubb Life will not effectuate any withdrawal that would reduce the
Specified Amount below these minimums. If increases in Specified Amount
previously have occurred, a withdrawal will first reduce the Specified Amount
of the most recent increase, then the most recent increases successively, then
the coverage under the original application. If the life insurance proceeds
payable under either Death Benefit option, both before and after the
withdrawal, is the Accumulation Value multiplied by the corridor percentage, a
withdrawal generally will result in a reduction in life insurance proceeds
equal to the amount paid upon withdrawal, multiplied by the corridor
percentage then in effect.

Under Option II, which provides for life insurance proceeds equal to the
Specified Amount plus Accumulation Value, a reduction in Accumulation Value as
a result of a withdrawal will typically result in a dollar per dollar
reduction in the life insurance proceeds payable under the Policy.

A Policyowner may allocate a withdrawal among the Divisions and the General
Account. If no such allocation is made, a withdrawal will be allocated among
the Divisions and the General Account in the same proportion that the
Accumulation Value in each Division and the Accumulation Value in the General
Account, less any Policy Debt bears to the total Accumulation Value of the
Policy, less any Policy Debt, on the date of withdrawal. See "FEDERAL TAX
MATTERS--Policy Proceeds".

POLICY LOANS. So long as the Policy remains in force, a Policyowner may
borrow money from Chubb Life at any time after the first policy anniversary
using the Policy as the only security for the loan. Loans have priority over
the claims of any assignee or any other person. Generally, the maximum loan
amount is 90% of the Policy's Cash Value at the end of the Valuation Period
during which the loan request is received. The maximum amount which may be
borrowed at any given time is the maximum loan amount reduced by any
outstanding Policy Debt.

22
<PAGE>

Proceeds of policy loans ordinarily will be disbursed within seven days from
the Date of Receipt of a request for a loan by Chubb Life, although payments
may be postponed under certain circumstances. See "OTHER MATTERS--Postponement
of Payments". Chubb Life may, in its discretion, permit loans to be made by
telephone if the proper authorization form is on file with Chubb Life. So long
as the Policy remains in force, the loan may be repaid in whole or in part
without penalty at any time while an Insured is living.

When a policy loan is made, a portion of the Policy's Accumulation Value
sufficient to secure the loan will be transferred to the General Account. A
policy loan removes the proceeds from the investment experience of Separate
Account C which will have a permanent effect on the Accumulation Value and
Death Benefit even if the loan is repaid. Any loan interest that is due and
unpaid will also be so transferred. Accumulation Value equal to Policy Debt in
the General Account will accrue interest daily at an annual rate of 6%. The
Policyowner may allocate a policy loan among the Divisions and the General
Account. If no such allocation is made the loan will be allocated among the
Divisions and the General Account in the same proportion that the Accumulation
Value in each Division and the Accumulation Value in the General Account less
Policy Debt bears to the total Accumulation Value of the Policy, less Policy
Debt, on the date of the loan.

Chubb Life will charge interest on any outstanding policy loan with such
interest compounded annually. There are two types of loans available. A Type A
loan is charged the same interest rate as the interest credited to the amount
of Accumulation Value held in the General Account to secure loans. The
unloaned Type A balance is the Cash Value, less the threshold, and less the
sum of any outstanding Type A loans. The threshold is the Guideline Single
Premium for this policy at issue as defined in Section 7702 of the Internal
Revenue Code of 1986 entitled "Life Insurance Contract Defined." Any other
loans are Type B loans. A Type B loan is charged an interest rate of 6.85%. It
is possible for one loan request to result in both a Type A and a Type B loan.
A request for a loan will be granted first as a Type A loan, to the extent
available, and then as a Type B loan. Once a policy loan is granted, it
remains a Type A or Type B until it is repaid. Increases in the Specified
Amount will affect the determination of the amount available for a Type A
loan; however, decreases in the Specified Amount will not have any such
effect. Interest is due and payable at the end of each policy year, and any
interest not paid when due becomes loan principal.

Where applicable, loans are subject to conditions and requirements of the
Employee Retirement Income Security Act of 1974 ("ERISA"), as well as the
terms of any retirement plan in connection with which the Policy has been
purchased. The ERISA rules relating to loans are complex and vary depending on
the individual circumstances of each Policy. Employers and Policyowners should
consult with qualified advisers before exercising the loan privileges.

Policy Debt equals the total of all outstanding policy loans and accrued
interest on policy loans. If Policy Debt exceeds Cash Value, Chubb Life will
notify the Policyowner and any assignee of record. A payment at least equal to
the amount of excess Policy Debt above the Cash Value must be made to Chubb
Life within 61 days from the date Policy Debt exceeds Cash Value, otherwise,
the Policy will lapse and terminate without value. In such event, the
Policyowner may be taxed on the total appreciation under the Policy. The
Policy may, however, later be reinstated, subject to satisfactory proof of
insurability and the payment of a reinstatement premium. See "THE POLICIES--
Reinstatement".

So long as the Policy remains in force, Policy Debt may be repaid in whole
or in part at any time during an Insured's life. If there is any existing
Policy Debt, premium payments in the amount of the Planned Periodic Premium,
received at the Premium Frequency, will be applied as premium. Premium
payments in excess of the Planned Periodic Premium or premium payments
received other than at the Premium Frequency, will first be applied as policy
loan repayments, then as premium when the Policy Debt is repaid. For
Policyowners with both Type A and Type B loans, repayments of the loan will be
applied first to Type B loans and then to Type A loans. Upon repayment, the
Policy's Accumulation Value securing the repaid portion of the debt in the
General Account will be transferred to the Divisions and the General Account
using the same percentages used to allocate Net Premiums. Any outstanding
Policy Debt is subtracted from life insurance proceeds payable at the
Insured's or last surviving Insured's death, from Accumulation Value upon
surrender, and from Cash Value payable at maturity.

OTHER MATTERS

VOTING RIGHTS. To the extent required by law, Chubb Life will vote the Trust
shares held in the various Divisions at regular and special shareholder
meetings of the Trust in accordance with instructions received from persons
having voting interests in Separate Account C. If, however, the 1940 Act or
any regulation thereunder should be amended or if the present interpretation
thereof should change and, as a result, Chubb Life determines that it is
permissible to vote the Trust shares in

23
<PAGE>

its own right, it may elect to do so. The number of votes on which each
Policyowner has the right to instruct will be determined by dividing the
Policy's Accumulation Value in a Division by the net asset value per share of
the corresponding Portfolio in which the Division invests, or as otherwise
required by law. Fractional shares will be counted. The number of votes on
which the Policyowner has the right to instruct will be determined as of the
date coincident with the date established by the Trust for determining
shareholders eligible to vote at the meeting of the Trust. Voting instructions
will be solicited by written communications prior to such meeting in
accordance with procedures established by the Trust. Chubb Life will vote
Trust shares as to which no instructions are received in proportion to the
voting instructions which are received with respect to all Policies
participating in the Trust in accordance with applicable law. Each person
having a voting interest will receive proxy material, reports and other
materials relating to the Trust. The shares held by Chubb Life, including
shares for which no voting instructions have been received, shares held in
Separate Account C representing charges imposed by Chubb Life against Separate
Account C under the Policies and shares held by Chubb Life that are not
otherwise attributable to Policies, will also be voted by Chubb Life in
proportion to instructions received from the owners of variable life insurance
policies funded through Separate Account C. Chubb Life reserves the right to
vote any or all such shares at its discretion to the extent consistent with
then current interpretations of the 1940 Act and rules thereunder.

Chubb Life may, when required by state insurance regulatory authorities,
disregard voting instructions if the instructions require that shares be voted
so as to cause a change in subclassification or investment objective of the
Trust or disapprove an investment advisory contract of the Trust. In addition,
Chubb Life may disregard voting instructions in favor of changes initiated by
a Policyowner in the investment policy or the investment adviser of the Trust
if Chubb Life reasonably disapproves of such changes. A change would be
disapproved only if the proposed change is contrary to state law or prohibited
by state regulatory authorities or Chubb Life determined that the change would
be inconsistent with the investment objectives of Separate Account C or would
result in the purchase of securities for Separate Account C which vary from
the general quality and nature of investments and investment techniques
utilized by other separate accounts created by Chubb Life or any affiliate of
Chubb Life which have similar investment objectives. In the event that Chubb
Life does disregard voting instructions, a summary of that action and the
reason for such actions will be included in the next semi-annual report to the
Policyowner.

ADDITIONS, DELETIONS OR SUBSTITUTIONS OF INVESTMENTS. Chubb Life reserves
the right, subject to compliance with applicable law, to make additions to,
deletions from, or substitutions for the shares held by any Division or which
any Division may purchase. If shares of the Trust should no longer be
available for investment or if, in the judgment of Chubb Life's management,
further investment in shares of the Trust should become inappropriate in view
of the purposes of the Policy, Chubb Life may substitute shares of any other
investment company for shares already purchased, or to be purchased in the
future under the Policies. No substitution of securities will take place
without notice to and consent of Policyowners and without prior approval of
the Commission, all to the extent required by the 1940 Act. Any surrender due
to a change in a Portfolio's investment policy will incur any applicable
Surrender Charges.

Each class of Trust shares is subject to certain investment restrictions
which may not be changed without the approval of the majority of the holders
of such class. See the accompanying Prospectus for the Trust.

ANNUAL REPORT. Each year a report will be sent to the Policyowner which
shows the current Accumulation Value, Cash Value, premiums paid and all
charges since the last annual report as well as the balance of outstanding
policy loans. Chubb Life will also send to the Policyowner the reports
required by the 1940 Act.

CONFIRMATION. Confirmation notices (or other appropriate notification) will
be mailed promptly at the time of the following transactions:

(1) policy issue;

(2) receipt of premium payments;

(3) initial allocation among Divisions on the Allocation Date;

(4) transfers among Divisions;

(5) change of premium allocation;

(6) change between Option I and Option II;

(7) increases or decreases in Specified Amount;

(8) withdrawals, surrenders or loans;

(9) receipt of loan repayments; and

24
<PAGE>

(10) reinstatements; and

(11) redemptions due to insufficient funds.

LIMITATION ON RIGHT TO CONTEST. Chubb Life will not contest or revoke the
insurance coverage provided under the Policy, except for any subsequent
increase in Specified Amount, after the Policy has been in force during the
lifetime of each Insured for a period of two years from the date it is issued.
Any increase in the Specified Amount will not be contested after such increase
has been in force during the lifetime of each Insured for two years following
the effective date of the increase. Any increase will be contestable within
the two year period only with regard to statements concerning this increase.

MISSTATEMENTS. If the age or sex of an Insured has been misstated in an
application, including a reinstatement application, Chubb Life will adjust the
benefits payable to reflect the correct age or sex.

SUICIDE. The Policy does not cover the risk of suicide within two years from
the date the Policy is issued or two years from the date of any increase in
Specified Amount with respect to such increase, whether the Insured is sane or
insane, unless otherwise specified by state law. In the event of suicide of
any Insured within two years of the date the Policy is issued, the only
liability of Chubb Life will be a refund of premiums paid, without interest,
less any Policy Debt and less any withdrawal. In the event of suicide by any
Insured within two years of an increase in Specified Amount, the only
liability of Chubb Life with respect to the increase will be a refund of the
cost of insurance for such increase.

Under Chubb Heritage II, if the first death is by suicide and the surviving
Insured is classified by Chubb Life as insurable on the Policy Date, Chubb
Life will issue, upon request of the Policyowner and without evidence of
insurability, an individual policy providing coverage on the life of the
surviving Insured equal to the coverage on the Insureds for which premiums or
cost of insurance was refunded.

BENEFICIARIES. The original Beneficiaries and contingent Beneficiaries are
designated by the Policyowner on the application. If changed, the primary
Beneficiary or contingent Beneficiary is as shown in the latest change filed
with Chubb Life. One or more primary or contingent Beneficiaries may be named
in the application. In such case, the proceeds of the Policy will be paid in
equal shares to the survivors in the appropriate beneficiary class unless
requested otherwise by the Policyowner.

POSTPONEMENT OF PAYMENTS. Payment of any amount upon surrender, withdrawal,
policy loan, or benefits payable at death or maturity may be postponed
whenever: (i) the New York Stock Exchange is closed other than customary week-
end and holiday closings, or trading on the New York Stock Exchange is
restricted as determined by the Commission; (ii) the Commission by order
permits postponement for the protection of Policyowners; or (iii) an emergency
exists, as determined by the Commission, as a result of which disposal of
securities is not reasonably practical or it is not reasonably practicable to
determine the value of net assets in Separate Account C.

ASSIGNMENT. Ownership of the Policy can be assigned or the Policy can be
assigned as collateral security. Chubb Life must be notified in writing if the
Policy has been assigned. Each assignment will be subject to any payments made
or action taken by Chubb Life prior to its notification of such assignment.
Chubb Life is not responsible for the validity of an assignment. A
Policyowner's rights and the rights of the Beneficiary may be affected by an
assignment.

ILLUSTRATION OF BENEFITS AND VALUES. The Policyowner may request
illustrations of Death Benefits, Accumulation Values and Cash Values at any
time after the Policy Date. Illustrations will be based on the existing
Accumulation Value and Cash Value at the time of the request and both the
maximum and the then current costs of insurance rates. Although Chubb Life
does not currently charge a fee for such illustrations, it reserves the right
to charge an administrative fee, not to exceed $25, to cover the cost of
preparing the illustrations.

NON-PARTICIPATING POLICY. The Policy does not share in any surplus
distributions of Chubb Life. No dividends are payable with respect to the
Policy.

THE GENERAL ACCOUNT

Policyowners may allocate Net Premiums and transfer Accumulation Value to
the General Account. Because of exemptive and exclusionary provisions,
interests in the General Account have not been registered under the Securities
Act of 1933 and the General Account has not been registered as an investment
company under the 1940 Act. Accordingly, neither

25
<PAGE>

the General Account nor any interests therein are subject to the provisions of
these Acts, and Chubb Life has been advised that the staff of the Securities
and Exchange Commission has not reviewed the disclosures in this Prospectus
relating to the General Account. Disclosures regarding the General 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 prospectuses.

GENERAL DESCRIPTION. The General Account consists of all assets owned by
Chubb Life other than those in Separate Account C and other separate accounts
which have been or may be established by Chubb Life. Subject to applicable
law, Chubb Life has sole discretion over the investment of the assets of the
General Account.

A Policyowner may elect to allocate Net Premiums to the General Account or
to transfer Accumulation Value to or from the Divisions and the General
Account. The allocation or transfer of funds to the General Account does not
entitle a Policyowner to share in the investment experience of the General
Account. Instead, Chubb Life guarantees that Accumulation Value in the General
Account will accrue interest daily at an effective annual rate of at least 4%,
independent of the actual investment experience of the General Account. Chubb
Life is not obligated to credit interest at any higher rate, although Chubb
Life may, in its sole discretion, do so.

If the Policy issued as applied for is not accepted or the "free look" is
exercised, no interest will be credited and Chubb Life will retain any
interest earned on the initial Net Premium.

GENERAL ACCOUNT ACCUMULATION VALUE. The Accumulation Value in the General
Account on the Allocation Date is equal to the portion of the Net Premium
payments, plus interest earned, which have been paid and allocated to the
General Account, less the portion of the first monthly deduction allocated to
the General Account.

Chubb Life guarantees that interest credited to each Policyowner's
Accumulation Value in the General Account will not be less than an effective
annual rate of at least 4%. Chubb Life may, IN ITS SOLE DISCRETION, credit a
higher rate of interest, although it is not obligated to credit interest in
excess of 4% per year, and might not do so. ANY INTEREST CREDITED ON THE
POLICY'S ACCUMULATION VALUE IN THE GENERAL ACCOUNT IN EXCESS OF THE GUARANTEED
RATE OF 4% PER YEAR WILL BE DETERMINED IN THE SOLE DISCRETION OF CHUBB LIFE.
THE POLICYOWNER ASSUMES THE RISK THAT INTEREST CREDITED MAY NOT EXCEED THE
GUARANTEED MINIMUM RATE OF 4% PER YEAR. Accumulation Value in the General
Account that equals indebtedness will be credited interest daily at an
effective annual rate of 6%. The Accumulation Value in the General Account
will be calculated on each Monthly Anniversary Date of the Policy, or on any
other date with consistent adjustments.

Chubb Life guarantees that, at any time prior to the Maturity Date, the
Accumulation Value in the General Account will not be less than the amount of
the Net Premiums allocated or Accumulation Value transferred to the General
Account, plus interest at the rate of 4% per year, plus any excess interest
which Chubb Life credits and any amounts transferred into the General Account,
less the sum of all charges allocable to the General Account and any amounts
deducted from the General Account in connection with withdrawals or transfers
to Separate Account C.

DETERMINATION OF CHARGES. The portion of the monthly deduction attributable
to the General Account will be determined as of the actual Monthly Anniversary
Date, even if the Monthly Anniversary Date does not fall on a Valuation Date.

PREMIUM DEPOSIT FUND. As a convenience to Policyowners, Chubb Life permits
Policyowners to deposit funds in a premium deposit fund ("PDF"), subject to
the terms and conditions of the appropriate agreement. Funds deposited in the
PDF earn interest at a minimum annual rates of 4%, with interest credited on
each monthly anniversary date. Interest on these funds is not tax deferred and
will be annually reported on Form 1099 to the Policyowner. An amount equal to
the Planned Periodic Premium will be transferred on the Policy date to pay
premiums on the Policy. Policyowners may withdraw all or part of the funds
from the PDF at any time. No commissions are earned or paid until premium
payments are made pursuant to transfers from the PDF.

DISTRIBUTION OF THE POLICY

The Policy will be sold by individuals who, in addition to being licensed as
life insurance agents for Chubb Life, are also registered representatives of
Chubb Securities Corporation, the principal underwriter of the policies, or of
broker-dealers

26
<PAGE>

who have entered into written sales agreements with the principal underwriter.
Chubb Securities Corporation is a New Hampshire corporation organized in 1969.
Chubb Securities Corporation is registered with the Securities and Exchange
Commission under the Securities and Exchange Act of 1934 as a broker-dealer
and is a member of the National Association of Securities Dealers, Inc. Each
broker-dealer with whom Chubb Securities Corporation has executed a selling
agreement will receive as a commission the full charge of 3% imposed on
premiums. Any such broker-dealers will be registered under the Securities
Exchange Act of 1934 and their representatives selling the Policies will be
authorized under applicable insurance laws and regulations to sell insurance
products of this type. It is not expected that the compensation paid by Chubb
Life in connection with such sales will exceed that described above for sales
by Chubb Securities Corporation's registered representatives.

Chubb Life and Separate Account C have entered into a Distribution Agreement
with Chubb Securities Corporation which continues until terminated by any
party on 60 days notice. Chubb Securities Corporation is not obligated to sell
any specified amount of Policies and may not assign its responsibilities under
the Distribution Agreement. Chubb Life reimburses Chubb Securities Corporation
for its expenses under the Distribution Agreement.

Chubb Securities Corporation is engaged in the sale and distribution of
various other securities, including other flexible premium variable life
policies. It acts as principal underwriter for other flexible premium variable
life policies and variable annuity contracts issued by Chubb Life (and its
affiliated insurance companies) and for the Chubb America Fund, Inc. and the
Chubb Investment Funds, Inc. mutual funds. It sells a number of mutual fund
shares as well as shares of other securities and limited partnership interests
in both public and private limited partnerships. Mutual fund shares available
for sale by Chubb Securities Corporation are sold pursuant to non-exclusive
selling agreements with the distributors of the mutual funds.

GROUP OR SPONSORED ARRANGEMENTS. Policies may be purchased under group or
sponsored arrangements, as well as on an individual basis. A "group
arrangement" includes a program under which a trustee, employer or similar
entity purchases individual Policies covering a group of individuals on a
group basis. Examples of such arrangements are employer-sponsored benefit
plans and deferred compensation plans. A "sponsored arrangement" includes a
program under which an employer permits group solicitation of its employees or
an association permits group solicitation of its members for the purchase of
Policies on an individual basis.

Chubb Life may reduce the following types of charges for Policies issued in
connection with group or sponsored arrangements: the sales charge, the cost of
insurance charge, surrender or withdrawal charges, administrative charges for
withdrawal or transfer, the guaranteed death benefit charge and charges for
optional rider benefits. Chubb Life may also issue Policies in connection with
group or sponsored arrangements on a "non-medical" or guaranteed issue basis.
Due to the underwriting criteria established for Policies issued on a non-
medical, guaranteed issue basis, actual monthly cost of insurance charges may
be higher than the current cost of insurance charges under otherwise identical
Policies that are medically underwritten. In addition, Chubb Life may also
specify different minimum Specified Amounts at issue for Policies issued in
connection with group or sponsored arrangements.

Certain charges or underwriting requirements set forth in this Prospectus
may also be reduced or eliminated for Policies issued in connection with an
exchange of another Chubb Life policy or contract or policies or contracts of
any affiliates of Chubb Life.

The amounts of any reduction, the charges to be reduced, the elimination or
modification of underwriting requirements, and the criteria for applying a
reduction or modification will generally reflect the reduced sales and
administrative effort, costs and differing mortality experience appropriate to
the circumstances giving rise to the reduction or modification. The charges
will be reduced in accordance with Chubb Life's company practice in effect
when the Policy is issued. The elimination or modification of underwriting
requirements will be done in accordance with Chubb Life's administrative
procedures with respect to underwriting when the Policy is issued. Reductions
and modifications will not be made where prohibited by applicable law and will
not be unfairly discriminatory against any person including the purchasers to
whom the reduction or modification applies and all other Owners of the Policy.

27
<PAGE>

MANAGEMENT OF CHUBB LIFE

Executive Officers and Directors of Chubb Life

DIRECTORS

<TABLE>
<CAPTION>
PRINCIPAL OCCUPATION AND
NAME BUSINESS ADDRESS
- ---- ------------------------
<S> <C>
John C. Beck..................... Managing Partner
Beck, Mack & Oliver
330 Madison Avenue-31st Floor
New York, NY 10017-5001
James I. Cash.................... Professor
Harvard Business School
Soldiers Field Road
Boston, Massachusetts 02163
*Percy Chubb, III................ Vice Chairman
The Chubb Corporation
(also serves as Vice Chairman of Chubb Life Insurance Company of America)
15 Mountain View Road
P.O. Box 1615
Warren, New Jersey 07061-1615
Joel J. Cohen.................... Managing Director
Donaldson, Lufkin & Jenrette Securities Corporation
140 Broadway, 49th Floor
New York, NY 10005
David H. Hoag.................... Chairman, President & CEO
The LTV Corporation
25 West Prospect Avenue
Cleveland, OH 44115
Robert V. Lindsay................ Former President
J.P. Morgan & Co., Inc.
Altamont Road
Millbrook, NY 12545
Thomas C. MacAvoy................ Professor
Darden Graduate School of Business Administration
University of Virginia
Box 6550
Charlottesville, VA 22906-6550
Gertrude G. Michelson............ R.H. Macy & Co., Inc.
Herald Square--13th Floor
New York, NY 10001
*Dean R. O'Hare.................. Chairman and President
The Chubb Corporation
(also serves as Chairman of Chubb Life Insurance Company of America)
15 Mountain View Road
P.O. Box 1615
Warren, NJ 07061-1615
Warren B. Rudman................. Partner
Paul, Weiss, Rifkind, Wharton & Garrison
1615 L Street, N.W.,
Suite 1300
Washington, D.C. 20036
Sir David G. Scholey, CBE........ Chairman
S.G. Warburg Group plc
One Finsbury Avenue
London EC2M 2PA England
Raymond G.H. Seitz............... Former Ambassador of the United States of America
10 Trevor Square
London SW7 IDT, England
Lawrence M. Small................ President and Chief Operating Officer
Federal National Mortgage Association
3900 Wisconsin Avenue, N.W.
Washington, DC 20016
Richard D. Wood.................. Former Chairman
Eli Lilly and Company
Lilly Corporate Center
Indianapolis, IN 46285
</TABLE>
- -------
* Executive Officer of Chubb Life

28
<PAGE>

EXECUTIVE OFFICERS (OTHER THAN DIRECTORS)

<TABLE>
<CAPTION>
NAME
- ----
<S> <C>
Theresa M. Stone........ President and Chief Executive Officer
David S. Fowler......... Vice Chairman
Charles C. Cornelio..... Executive Vice President, Assistant Secretary and Chief Administrative Officer
Richard V. Werner....... Executive Vice President and Chief Financial Officer
Ronald R. Angarella..... Senior Vice President
Frederick H. Condon..... Senior Vice President, General Counsel and Secretary
Vincent G. Mace, Jr..... Senior Vice President, Group Actuary
Michael O'Reilly........ Senior Vice President
Warren L. Reynolds...... Senior Vice President
Paul Strong............. Senior Vice President
Arthur V. Anderson...... Vice President
Thomas M. Bodrogi....... Vice President
Mark Connolly........... Vice President
Ronald B. Emery......... Vice President
J. Michael Gannon....... Vice President
Ned I. Gerstman......... Vice President
Donald M. Kane.......... Vice President
Patrick A. Lang......... Vice President
Deborah A. Leitch....... Vice President
Justin J. Manjorin...... Vice President
Donna L. Metcalf........ Vice President
Thomas E. Murphy, Jr. Vice President, Associate Medical Director
M.D. ..................
Kenneth L. Robinson, Vice President
Jr.....................
James M. Sandelli....... Vice President
Russell C. Simpson...... Vice President and Treasurer
James S. Smith.......... Vice President
William A. Spencer...... Vice President
John A. Thomas.......... Vice President
Ernest J. Tsouros....... Vice President
David G. Underwood, MD.. Vice President and Medical Director
John W. Wells........... Vice President
</TABLE>

29
<PAGE>

The officers and employees of Chubb Life who have access to the assets of
Separate Account C are covered by a fidelity bond issued by Aetna Casualty and
Surety Company in the amount of $35,000,000.

STATE REGULATION OF CHUBB LIFE

Chubb Life Insurance Company of America is governed under the laws of the
state of New Hampshire and is subject to regulation by the Insurance
Commissioner of New Hampshire. An annual statement is filed with the New
Hampshire Insurance Commissioner on or before March 1 of each year covering
the operations and reporting on the financial condition of Chubb Life as of
December 31 of the preceding year. Periodically, the Commissioner examines the
assets and liabilities of Chubb Life and Separate Account C and verifies their
adequacy and a full examination of Chubb Life's operations is conducted by the
Commissioner at least every five years.

In addition, Chubb Life is subject to the insurance laws and regulations of
other states within which it is licensed to operate. Generally, the insurance
department of any other state applies the laws of the state of domicile in
determining permissible investments.

FEDERAL TAX MATTERS

TAX CONSIDERATIONS. The following description is a brief summary of some of
the tax rules, primarily related to federal income taxes under the Code,
which, in the opinion of Chubb Life, are currently in effect and is not
intended as tax advice. Chubb Life believes that, as discussed below, the
Policy will in general receive favorable tax treatment under the Code. Because
there are issues as to which the law is still developing or may change,
however, and because this information is not intended as tax advice, Chubb
Life recommends that the Policyowner or prospective Policyowner rely only on
the advice of a qualified tax adviser.

POLICY PROCEEDS. The Policy contains provisions not found in traditional
life insurance policies providing only for fixed benefits. However, under the
Code, the Policy should qualify as a life insurance contract for federal
income tax purposes, with the result that all Death Benefits paid under the
Policy will generally be fully excludable from the gross income of the
Policy's Beneficiary for federal income tax purposes and, as long as the
Policy remains in force, income earned on the Policy will not be subject to
federal income tax unless and until there is a distribution from the Policy.
Policyowners should consult with their own tax advisers in this regard.

The federal income tax treatment of a distribution from the Policy will
depend on whether a Policy is a life insurance policy and also if it is
determined to be a "modified endowment contract," as defined by the Code.
Chubb Life will notify a Policyowner if the amount of premiums paid in would
cause a Policy to be a modified endowment contract and will allow a refund of
the excess premium. The Policyowner may also choose to have the Policy treated
as a modified endowment contract.

A modified endowment contract is a life insurance policy which fails to meet
a "seven-pay" test. In general, a policy will fail the seven-pay test if the
cumulative amount of premiums paid under the policy at any time during the
first seven policy years exceeds a calculated premium level. The calculated
seven-pay premium level is based on a hypothetical policy issued on the same
insured persons and for the same initial death benefit which, under specified
conditions (which include the absence of expense and administrative charges),
would be fully paid for after seven years. Your policy will be treated as a
modified endowment unless the cumulative premiums paid under your policy, at
all times during the first seven policy years, are less than or equal to the
cumulative seven-pay premiums which would have been paid under the
hypothetical policy on or before such times.

Whenever there is a "material change" under a policy, it will generally be
treated as a new contract for purposes of determining whether the policy is a
modified endowment, and subject to a new seven-pay premium period and a new
seven-pay limit. The new seven-pay limit would be determined taking into
account, under a downward adjustment formula, the Policy Account Value of the
policy at the time of such change. A materially changed policy would be
considered a modified endowment if it failed to satisfy the new seven-pay
limit. A material change could occur as a result of a change in death benefit
option, the selection of additional benefits, the restoration of a terminated
policy and certain other changes.

If the benefits under your policy are reduced, for example, by requesting a
decrease in Face Amount, or in some cases by making partial withdrawals,
terminating additional benefits under a rider, changing the death benefit
option, or as a result

30
<PAGE>

of policy termination, the calculated seven-pay premium level will be
redetermined based on the reduced level of benefits and applied retroactively
for purposes of the seven-pay test. If the premiums previously paid are
greater than the recalculated seven-pay premium level limit, the policy will
become a modified endowment. Generally, a life insurance policy which is
received in exchange for a modified endowment or a modified endowment which
terminates and is restored, will also be considered a modified endowment.

If a policy is deemed to be a modified endowment contract, any distribution
from the policy will be taxed in a manner comparable to distributions from
annuities (i.e., on an "income-first" basis); distributions for this purpose
include a loan or partial withdrawal. Any such distributions will be
considered taxable income to the extent accumulation value under the policy
exceeds investment in the policy.

A 10% penalty tax will apply to the taxable portion of such a distribution.
No penalty will apply to distributions (i) to taxpayers 59 1/2 years of age or
older, (ii) in the case of a disability which can be expected to result in
death or to be of indefinite duration or (iii) received as part of a series of
substantially equal periodic annuity payments for the life (or life
expectancy) of the taxpayer or the joint lives (or joint life expectancies) of
the taxpayer and his beneficiary.

To the extent a policy becomes a modified endowment contract, any
distribution, including any loan, which occurs in the policy year it becomes a
modified endowment contract and in any year thereafter, will be taxable income
to the policyowner. Also, any distributions within two years before a policy
becomes a modified endowment contract will also be income taxable to the
policyowner. The Secretary of the Treasury has been authorized to prescribe
rules which would similarly treat other distributions made in anticipation of
a policy becoming a modified endowment contract. For purposes of determining
the amount of any distribution includable in income, all modified endowment
contract policies that fail the above-described tests which are issued by the
same insurer, or its affiliates, to the same policyowner during any calendar
year are treated as one contract. The Secretary of the Treasury is also
authorized to issue regulations in this connection.

In addition to the distribution rules for modified endowment contracts, the
Code and proposed regulations thereunder require that reasonable mortality and
other charges be used in satisfying the definition of life insurance. The
death benefit under a policy which meets this definition will continue to be
excluded from the beneficiary's gross income. Chubb Life believes that the
Policies meet this definition. However, there is uncertainty as to the meaning
of "reasonable mortality charges" and resultant uncertainties as to Chubb
Heritage II's qualification if a different definition is adopted by the
Treasury Department. As long as a Policy does not violate the tests described
above, it will not fail to meet the tests of the Code and the general tax
provisions described herein still apply.

The foregoing summary does not purport to be complete or to cover all
situations, and, as always, there is some degree of uncertainty with respect
to the application of the current tax laws. In particular, prior to the
issuance of final regulations or other clarifications under certain sections
of the Code, there may be some uncertainties about the tax treatment of the
Policy with respect to the mortality charges, substandard risks and any
extension of the Maturity Date. In addition to the provisions discussed above,
the United States Congress may consider other legislation which, if enacted,
could adversely affect the tax treatment of life insurance policies. Also, the
Treasury Department may amend current regulations or adopt new regulations
with respect to this and other Code provisions. Therefore, Policyowners are
advised to consult a tax adviser or attorney for more complete tax
information, specifically regarding the applicability of the Code provisions
to an individual Policyowner's situation.

Under normal circumstances, the Policy is not a modified endowment contract
and loans received under the Policy will be construed as indebtedness of the
Policyowner in the same manner as loans under a fixed benefit life insurance
policy and no part of any loan under the Policy is expected to constitute
income to the Policyowner. Policyholders are advised to consult a tax adviser
or attorney regarding the deduction of interest paid on loans.

Even if the Policy is not a modified endowment contract, a partial
withdrawal together with a reduction in death benefits during the first 15
policy years may create taxable income for the Policyowner. The amount of that
taxable income is determined under a complex formula and it may be equal to
part or all of, but not greater than, the income on the contract. A partial
withdrawal made after the first 15 policy years will be taxed on a recovery of
premium-first basis, and will only be subject to federal income tax to the
extent such proceeds exceed the total amount of premiums the Policyowner has
paid that have not been previously withdrawn.

If a Policyowner makes a partial withdrawal, surrender, loan or exchange of
the Policy, Chubb Life may be required to withhold federal income tax from the
portion of the money received by the Policyowner that is includable in the

31
<PAGE>

Policyowner's federal gross income. A Policyowner who is not a corporation may
elect not to have such tax withheld; however, such election must be made
before Chubb Life makes the payment. In addition, if a Policyowner fails to
provide Chubb Life with a correct taxpayer identification number (usually a
social security number) or if the Treasury notifies Chubb Life that the
taxpayer identification number which has been provided is not correct, the
election not to have such taxes withheld will not be effective. In any case, a
Policyowner is liable for payment of the federal income tax on the taxable
portion of money received, whether or not an election to have federal income
tax withheld is made. If a Policyowner elects not to have federal income tax
withheld, or if the amount withheld is insufficient, then the Policyowner may
be responsible for payment of estimated tax. A Policyowner may also incur
penalties under the estimated tax rules if the withholding and estimated tax
payments are insufficient. Chubb Life suggests that Policyowners consult with
a tax adviser or attorney as to the tax implications of these matters.

In the event that a Policy is owned by the trustee under a pension or profit
sharing plan, or similar deferred compensation arrangement, the tax
consequences of ownership or receipt of proceeds under the Policy could differ
from those stated herein. However, if ownership of such a Policy is
transferred from the plan to a plan participant (upon termination of
employment, for example), the Policy will be subject to all of the federal tax
rules described above. A Policy owned by a trustee under such a plan may be
subject to restrictions under ERISA and a tax adviser should be consulted
regarding any applicable ERISA requirements.

The Policy may also be used in various arrangements, including nonqualified
deferred compensation or salary continuation plans, split dollar insurance
plans, executive bonus plans and others, where the tax consequences may vary
depending on the particular facts and circumstances of each individual
arrangement. A tax adviser should be consulted regarding the tax attributes of
any particular arrangement where the value of it depends in part on its tax
consequences.

Federal estate and local estate, inheritance and other tax consequences of
ownership or receipt of policy proceeds depend upon the circumstances of each
Policyowner and Beneficiary.

Current Treasury regulations set standards for diversification of the
investments underlying variable life insurance policies in order for such
policies to be treated as life insurance. Chubb Life believes it presently is
in compliance with the diversification requirements as set forth in the
regulations and intends to remain in compliance with such diversification
requirements. If the diversification requirements are not satisfied, the
Policy would not be treated as a life insurance contract. As a consequence to
the Policyowner, income earned on a Policy would be taxable to the Policyowner
in the calendar quarter in which the diversification requirements were not
satisfied, and for all subsequent calendar quarters.

The Secretary of the Treasury may issue a regulation or a ruling which will
prescribe the circumstances in which a policyowner's control of the
investments of a segregated asset account may cause the policyowner, rather
than the insurance company, to be treated as the owner of the assets of the
account. The regulation or ruling could impose requirements that are not
reflected in the Policy, relating, for example, to such elements of
policyowner control as premium allocation, investment selection, transfer
privileges and investments in a division focusing on a particular investment
sector. It has also been suggested that, in certain circumstances, control
over the investment adviser might constitute prohibited policyowner control.
Chubb Life believes that policyowner control will not exist under the Policy.
Because failure to comply with any such regulation or ruling presumably would
cause earnings on a Policyowner's interest in Separate Account C to be
includable in the Policyowner's gross income in the year earned, Chubb Life
has reserved certain rights to alter the Policy and investment alternatives so
as to comply with such regulation or ruling. Chubb Life believes that any such
regulation or ruling would apply prospectively. Since the regulation or ruling
has not been issued, there can be no assurance as to the content of such
regulation or ruling or even whether application of the regulation or ruling
will be prospective. For these reasons, Policyowners are urged to consult with
their own tax advisers.

A Policyowner may elect to exchange Chubb Heritage II for two individual
Chubb Heritage I policies provided the conditions under the Policy Exchange
Option Rider are met. This could have adverse tax consequences including, but
not limited to, the recognition of taxable income in an amount up to any
taxable gain in the Policy at the time of the exchange.

CHARGE FOR CHUBB LIFE INCOME TAXES. Chubb Life is presently taxed as a life
insurance company under the provisions of the Code. The Code specifically
provides for adjustments in reserves for variable policies, and Chubb Life
will include flexible premium life insurance operations in its tax return in
accordance with these rules.

Currently no charge is made against Separate Account C for Chubb Life's
federal income taxes, or provisions for such taxes, that may be attributable
to Separate Account C. Chubb Life may charge each Division for its portion of
any income

32
<PAGE>

tax charged to Chubb Life on the Division or its assets. See "CHARGES AND
DEDUCTIONS--Premium Charges" for a description of the Federal DAC tax charge
deducted from premium payments. Under present laws, Chubb Life may incur state
and local taxes (in addition to premium taxes) in several states. At present,
these taxes are not significant. If they increase, however, Chubb Life may
decide to make charges for such taxes or provisions for such taxes against
Separate Account C. Chubb Life would retain any investment earnings on any tax
charges accumulated in a Division. Any such charges against Separate Account C
or its Divisions could have an adverse effect on the investment experience of
such Division.

EMPLOYMENT BENEFIT PLANS

Employers and employee organizations should consider, in consultation with
counsel, the impact of Title VII of the Civil Rights Act of 1964 on the
purchase of a Policy in connection with an employment-related insurance or
benefit plan. The United States Supreme Court held, in a 1983 decision, that,
under Title VII, optional annuity benefits under a deferred compensation plan
could not vary on the basis of sex.

LEGAL PROCEEDINGS

There are no legal proceedings to which Separate Account C is a party or to
which the assets of any of the Divisions are subject. Chubb Life is not
involved in any litigation that is of material importance in relation to its
total assets or that relate to Separate Account C.

EXPERTS

The financial statements of Chubb Life as of December 31, 1995 and for the
year then ended, appearing in this Prospectus and Registration Statement have
been audited by Ernst & Young LLP, independent auditors, as set forth in their
report thereon appearing elsewhere herein and in the Registration Statement,
and are included in reliance upon such report given upon the authority of such
firm as experts in accounting and auditing.

Actuarial matters included in this Prospectus have been examined by Michael
J. LeBoeuf, FSA, MAAA as stated in the opinion filed as an exhibit to the
Registration Statement.

REGISTRATION STATEMENT

A Registration Statement has been filed with the Securities and Exchange
Commission under the Securities Act of 1933, as amended, with respect to the
Policy offered hereby. This Prospectus does not contain all the information
set forth in the Registration Statement and the amendments and exhibits to the
Registration Statement to all of which reference is made for further
information concerning Separate Account C, Chubb Life and the Policy offered
hereby. Statements contained in this Prospectus as to the contents of the
Policy and other legal instruments are summaries. For a complete statement of
the terms thereof reference is made to such instruments as filed.

FINANCIAL STATEMENTS

The most current financial statements of Chubb Life are those as of the end
of the most recent fiscal year. Chubb Life does not prepare financial
statements more often than annually and believes that any incremental benefit
to prospective Policyowners that may result from preparing and delivering more
current financial statements, though unaudited, does not justify the
additional cost that would be incurred. In addition, Chubb Life represents
that there have been no adverse changes in the financial condition or
operations of Chubb Life between the end of the most current fiscal year and
the date of this Prospectus. However, in the second quarter of 1996, the
Company announced a plan to exit the group health insurance business. A
definitive agreement was reached May 31, 1996 with Healthsource Inc. under
which Healthsource will acquire the Company's interest in Chubb Health, Inc.
The sale is subject to regulatory approvals and is expected to be completed no
later than the second quarter of 1997. The Company also discontinued the
marketing of traditional group health indemnity business. In the fourth
quarter of 1996, the Company's Parent, The Chubb Corporation announced its
intention to evaluate its strategic alternatives with respect to the life
insurance companies, including the possible sale or spin-off of the business.

The financial statements of Chubb Life which are included in the Prospectus
should be considered only as bearing on the ability of Chubb Life to meet its
obligations under the Policy. They should not be considered as bearing on the
investment experience of the assets held in Separate Account C.

33
<PAGE>

REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

The Board of Directors Chubb Life Insurance Company of America

We have audited the accompanying consolidated balance sheet of Chubb Life
Insurance Company of America and subsidiaries as of December 31, 1995, and the
related consolidated statements of income, shareholder's equity, and cash
flows for the year then ended. These financial statements are the
responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audit.

We conducted our audit 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. 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 audit provides a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the consolidated financial position of Chubb Life
Insurance Company of America and subsidiaries at December 31, 1995, and the
consolidated results of their operations and their cash flows for the year
then ended, in conformity with generally accepted accounting principles.

Ernst & Young LLP

Boston, Massachusetts
February 5, 1996

F-1
<PAGE>

CONSOLIDATED BALANCE SHEET

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

DECEMBER 31, 1995
(IN THOUSANDS)

<TABLE>
<S> <C>
ASSETS
Invested assets (Note 2)
Fixed maturities, held-to-maturity, at amortized cost............. $ 403,539
Fixed maturities, available-for-sale, at market................... 2,255,951
Equity securities, at market...................................... 40,208
Short term investments, at cost................................... 55,222
Policy loans...................................................... 202,705
Mortgage loans on real estate..................................... 9,634
----------
Total invested assets............................................... 2,967,259
----------
Accrued investment income........................................... 46,091
Uncollected premiums................................................ 12,522
Reinsurance recoverable on life and health policy liabilities....... 193,925
Deferred policy acquisition costs (Note 3).......................... 575,614
Value assigned purchased insurance in force (Note 3)................ 37,095
Goodwill, net of accumulated amortization of $22,067................ 65,382
Property and equipment, net of accumulated depreciation of $62,328.. 45,016
Separate account assets............................................. 261,764
Other assets........................................................ 70,697
----------
1,308,106
----------
Total assets........................................................ $4,275,365
==========
LIABILITIES
Policy liabilities
Policy fund balances.............................................. $2,129,327
Future policy benefits............................................ 622,802
Policy and contract claims........................................ 90,150
Premiums paid in advance.......................................... 2,136
Other policyholders' funds........................................ 98,723
----------
2,943,138
Mortgage loan payable (Note 11).................................... 5,212
Short term debt (Note 11).......................................... 36,000
Federal income taxes payable (Note 4).............................. 7,805
Deferred federal income taxes (Note 4)............................. 70,484
Separate account liabilities....................................... 261,764
Accrued expenses and other liabilities (Note 5).................... 105,446
----------
Total liabilities................................................... 3,429,849
Commitments and contingent liabilities (Note 6, 9, 14)
Minority interest in consolidated subsidiary (Note 1)............... 871
SHAREHOLDER'S EQUITY
Common stock --$5 par value, 600,000 shares authorized, issued and
outstanding....................................................... 3,000
Paid in capital.................................................... 249,872
Unrealized appreciation of investments, net (Note 2)............... 40,720
Retained earnings.................................................. 551,053
----------
Total shareholder's equity.......................................... 844,645
----------
Total liabilities and shareholder's equity.......................... $4,275,365
==========
</TABLE>

See accompanying notes.

F-2
<PAGE>

CONSOLIDATED STATEMENT OF INCOME

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

YEAR ENDED DECEMBER 31, 1995
(IN THOUSANDS)

<TABLE>
<S> <C>
REVENUES
Premiums and policy charges......................................... $622,937
Net investment income............................................... 230,090
Realized investment gains........................................... 21,808
Other income........................................................ 4,055
--------
Total Revenues........................................................ 878,890
BENEFITS, CLAIMS AND EXPENSES
Policy benefits and claims.......................................... 526,689
Change in reserves for future policy benefits....................... 22,530
--------
549,219
EXPENSES
Commissions and other operating expenses............................ 187,920
Amortization........................................................ 79,643
--------
267,563
--------
Total benefits, claims and expenses................................... 816,782
--------
Income before federal income tax...................................... 62,108
Federal income tax (benefit)
Current............................................................. 29,049
Deferred............................................................ (8,192)
--------
20,857
--------
Income before minority interest....................................... 41,251
Minority interest in net loss of consolidated subsidiary............ (965)
--------
Net Income............................................................ $42,216
========
</TABLE>

See accompanying notes.

F-3
<PAGE>

CONSOLIDATED STATEMENT OF SHAREHOLDER'S EQUITY

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

YEAR ENDED DECEMBER 31, 1995
(IN THOUSANDS)

<TABLE>
<S> <C>
Common stock
Balance, beginning and end of year.................................. $ 3,000
--------
Paid in capital
Balance, beginning and end of year.................................. 249,872
--------
Unrealized appreciation (depreciation) of investments, net
Balance, beginning of year.......................................... (33,907)
Change, net (Note 3)................................................ 74,627
--------
Balance, end of year................................................ 40,720
--------
Retained Earnings
Balance, beginning of year.......................................... 512,845
Net income.......................................................... 42,216
Dividends to parent................................................. (4,008)
--------
Balance, end of year................................................ 551,053
--------
Total shareholder's equity............................................ $844,645
========
</TABLE>

See accompanying notes.

F-4
<PAGE>

CONSOLIDATED STATEMENT OF CASH FLOWS

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

YEAR ENDED DECEMBER 31, 1995
(IN THOUSANDS)

<TABLE>
<S> <C>
OPERATING ACTIVITIES
Net income........................................................ $ 42,216
Adjustments to reconcile net income to net cash used in operating
activities:
Decrease in future policy benefits, policy and contract claims
and premiums paid in advance, net.............................. (25,269)
Decrease in uncollected premiums................................ 10,523
Increase in policy acquisition costs deferred, net of
amortization................................................... (82,664)
Net amortization of value assigned purchased insurance in force. 4,218
Increase in accrued investment income........................... (4,017)
Realized investment gains....................................... (21,808)
Accretion of investment discounts............................... (6,383)
Provision for depreciation...................................... 8,867
Provision for deferred income tax............................... (8,192)
Increase in federal income tax payable.......................... 2,593
Other, net...................................................... 9,612
-----------
Net cash used for operating activities............................ (70,304)
INVESTING ACTIVITIES
Proceeds from sales of fixed maturities........................... 599,100
Proceeds from maturities of fixed maturities...................... 131,180
Proceeds from sales of equity securities.......................... 109,682
Purchases of fixed maturities..................................... (1,058,894)
Purchases of equity securities.................................... (50,894)
Decrease in short term investments, net........................... 60,086
Policy loans issued, net of repayments............................ (12,011)
Mortgage loans, net............................................... 2,281
Other, net........................................................ (6,061)
-----------
Net cash used for investing activities............................ (225,531)
FINANCING ACTIVITIES
Deposits credited to policyholders' funds......................... 444,040
Withdrawals from policyholders' funds............................. (138,071)
Mortgage debt principal payments.................................. (753)
Dividends to Parent............................................... (4,008)
Decrease in cash overdraft........................................ (5,373)
-----------
Net cash provided by financing activities......................... 295,835
Increase in cash.................................................. 0
-----------
Cash, beginning and end of year (Note 1).......................... $ 0
===========
</TABLE>

See accompanying notes.

F-5
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES
DECEMBER 31, 1995

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The accompanying financial statements reflect the consolidated life and
health insurance operations of Chubb Life Insurance Company of America and its
subsidiaries (the Company). Wholly-owned subsidiaries include Chubb America
Service Corporation, The Colonial Life Insurance Company of America
(Colonial), Chubb Investment Advisory Corporation, and Chubb Sovereign Life
Insurance Company (Sovereign). Majority-owned subsidiaries include ChubbHealth
Holdings, Inc. (ChubbHealth). Significant intercompany transactions have been
eliminated in consolidation. Chubb Life Insurance Company of America is
wholly-owned by The Chubb Corporation (the Parent).

ChubbHealth is an insurance holding company which owns 100% of ChubbHealth,
Inc. (CHI), a health maintenance organization (HMO). CHI commenced operations
in the New York City metropolitan area on June 1, 1994. ChubbHealth is jointly
owned by the Company and Healthsource, New York, Inc. (Healthsource). The
Company owns 85% of the outstanding stock of ChubbHealth.

BASIS OF PRESENTATION

The accompanying consolidated financial statements have been prepared in
accordance with generally accepted accounting principles (GAAP). The
consolidated financial statements reflect estimates and judgments made by
management which affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.

RECOGNITION OF REVENUES, BENEFITS, CLAIMS AND EXPENSES:

Universal Life Products Universal life products include universal life
insurance, variable universal life insurance, and other interest-sensitive
life insurance policies. Revenues for universal life products consist of
policy charges for the cost of insurance, policy administration and surrenders
that have been assessed against policy account balances during the period.

Policy fund liabilities for universal life and other interest-sensitive life
insurance policies are computed in accordance with the retrospective deposit
method and represent policy account balances before surrender charges. Policy
fund assets and liabilities for variable universal life insurance are
segregated and recorded as separate account assets and liabilities. Separate
account assets are carried at market values as of the balance sheet date and
are invested by the Company at the direction of the policyholder. Investments
are made in one or more of fifteen portfolios in a series fund. Each of the
portfolios has specific investment objectives and the investment income and
investment gains and losses accrue directly to, and investment risk is borne
by, the policyholders. Accordingly, operating results of the separate account
are not included in the consolidated statements of income.

Policy claims that are charged to expense include claims incurred in the
period in excess of related policy account balances. Other policy benefits
include interest credited to universal life and other interest-sensitive life
insurance policies. Interest crediting rates ranged from 4 3/4% to 7 5/8%.

Investment Products Investment products include flexible premium annuities,
structured settlement annuities and other supplementary contracts without life
contingencies. Revenues for investment products consist of policy charges for
the cost of insurance, policy administration and surrenders that have been
assessed against policy account balances during the period. Deposits for these
products are recorded as policy fund liabilities, which are increased by
interest credited to the liabilities and decreased by withdrawals and
administrative charges assessed against the contract holders. Interest
crediting rates ranged from 3 1/2% to 8%.

Traditional Life Insurance Products Traditional life insurance products
include those products with fixed and guaranteed premiums and benefits.
Premium revenues for traditional life insurance are recognized as revenues
when due. The liabilities for future policy benefits are computed by the net
level premium method based on estimated future investment yield, mortality and
withdrawal experience. Interest rate assumptions ranged from 3% to 9%.
Mortality is calculated

F-6
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--CONTINUED

principally on an experience multiple applied to select and ultimate tables in
common usage in the industry. Estimated withdrawals are determined principally
based on industry tables. Policy benefits and claims are charged to expense as
incurred.

Accident and Health Insurance Accident and health insurance premiums are
earned on a monthly pro rata basis over the terms of the policies. Benefits
include paid claims plus an estimate for known claims and claims incurred but
not reported as of the balance sheet date.

Reinsurance In the ordinary course of business, the Company and its
insurance subsidiaries assume and cede reinsurance with other insurance
companies. These arrangements minimize the maximum net loss potential arising
from large risks. Reinsurance contracts do not relieve the Company and its
insurance subsidiaries from their obligation to policyholders. The Company
evaluates the financial condition of its reinsurers and monitors
concentrations of credit risk arising from similar activities or economic
characteristics of the reinsurers to minimize its exposure to significant
losses from reinsurer insolvencies.

Reinsurance recoverable on life and health policy liabilities represent
estimates of the portion of such liabilities that will be recovered from
reinsurers, determined in a manner consistent with the liabilities associated
with the reinsured policies.

Deferred Policy Acquisition Costs Certain costs of acquiring insurance
contracts, principally commissions, underwriting costs and certain variable
field office expenses are deferred. Deferred policy acquisition costs for
universal life and investment contracts are amortized over the lives of the
contracts in relation to the present value of estimated gross profits expected
to be realized. Deferred policy acquisition costs related to universal life
and investment contracts are also adjusted to reflect the effects that the
unrealized gains or losses on investments classified as available-for-sale
would have had on the present value of estimated gross profits had such gains
or losses actually been realized. This adjustment is excluded from income and
charged or credited directly to the unrealized appreciation or depreciation of
the investments component of shareholder's equity, net of applicable deferred
income tax.

Traditional life insurance deferred policy acquisition costs are being
amortized over the premium-payment period of the related policies using
assumptions consistent with those used in computing policy benefit reserves.

Value Assigned Purchased Insurance In Force The value assigned purchased
insurance in force is amortized principally over the estimated life of the
insurance in force at the date of acquisition in proportion to the emergence
of profit using assumptions consistent with those used in the amortization of
the deferred policy acquisition costs. Interest accrues on the unamortized
balance at rates ranging from 6% to 9 1/4%. Value assigned purchased insurance
in force related to universal life and investment contracts is also adjusted
to reflect the effects that the unrealized gains or losses on investments
classified as available-for-sale would have had on the present value of
estimated gross profits had such gains or losses actually been realized. This
adjustment is excluded from income and charged or credited directly to the
unrealized appreciation or depreciation of the investments component of
shareholder's equity, net of applicable deferred income tax.

INVESTED ASSETS

Short term investments, which have an original maturity of one year or less,
are carried at amortized cost.

Fixed maturities, which include bonds and redeemable preferred stocks, are
purchased to support the investment strategies of the Company. These
strategies are developed based on many factors including rate of return,
maturity, credit risk, tax considerations and regulatory requirements. Those
fixed maturities which the Company has the ability and intent to hold to
maturity are considered held-to-maturity and carried at amortized cost. Fixed
maturities which may be sold prior to maturity to support the investment
strategies of the Company are considered available-for-sale and carried at
market value as of the balance sheet date.

F-7
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--CONTINUED

Equity securities, which include common stocks and non-redeemable preferred
stocks, are carried at market values as of the balance sheet dates.

Policy loans are carried at the unpaid balances. Mortgage loans on real
estate are carried at the unpaid balances, adjusted for amortization of
premium or discount.

Realized gains and losses on the sale of investments are determined on the
basis of the cost of the specific investments sold and are credited or charged
to income. Unrealized appreciation or depreciation on those investments which
are carried at market value is excluded from income and credited or charged
directly to a separate component of shareholder's equity.

GOODWILL

Goodwill, which represents the excess of the purchase price over the fair
value of net assets of subsidiaries acquired, is amortized using the straight-
line method over 40 years.

PROPERTY AND EQUIPMENT

Property and equipment used in operations are carried at cost less
accumulated depreciation. Depreciation is calculated using the straight-line
method over the estimated useful lives of the assets.

FEDERAL INCOME TAXES

The Company files a consolidated federal income tax return with its parent.
Federal income tax is allocated as if the Company and its subsidiaries filed a
separate consolidated income tax return. Deferred income tax assets and
liabilities are recognized for the expected future tax effects attributable to
temporary differences between the financial reporting and tax bases of assets
and liabilities, based on enacted tax rates and other provisions of tax law.

Deferred income taxes related to unrealized appreciation or depreciation of
investments carried at market value are charged or credited directly to a
separate component of shareholder's equity.

FAIR VALUES OF FINANCIAL INSTRUMENTS

Fair values of financial instruments are based on quoted market prices where
available. Fair values of financial instruments for which quoted market prices
are not available are based on estimates using present value or other
valuation techniques. Those techniques are significantly affected by the
assumptions used, including the discount rates and the estimates of future
cash flows. Accordingly, the derived fair value estimates cannot be
substantiated by comparison to independent markets and are not necessarily
indicative of the amounts that could be realized in immediate settlement of
the instrument. Certain financial instruments, particularly insurance
contracts, are excluded from fair value disclosure requirements.

The methods and assumptions used to estimate the fair value of financial
instruments are as follows:

. Fair values of fixed maturities with active markets are based on quoted
market prices. For fixed maturities that trade in less active markets,
fair values are obtained from independent pricing services. Fair values
of fixed maturities are principally a function of current interest
rates. Care should be used in evaluating the significance of these
estimated market values.

. Fair values of equity securities are based on quoted market prices.

. The carrying value of short term investments approximates fair value due
to the short maturities of these investments.

. Fair values of policy loans and mortgage loans are estimated using
discounted cash flow analyses and approximate carrying values.

. The carrying value of short term debt approximates fair value due to the
short maturities of the debt.

F-8
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--CONTINUED

The carrying value and fair value of financial instruments at December 31,
1995 are as follows:

<TABLE>
<CAPTION>
CARRYING FAIR
VALUE VALUE
---------- ----------
(IN THOUSANDS)
<S> <C> <C>
Assets
Invested assets
Fixed maturities
Held-to-maturity................................... $ 403,539 $ 434,972
Available-for-sale................................. 2,255,951 2,255,951
Equity securities.................................... 40,208 40,208
Short term investments............................... 55,222 55,222
Policy loans......................................... 202,705 202,705
Mortgage loans on real estate........................ 9,634 9,634
Liabilities
Short term debt........................................ 36,000 36,000
</TABLE>

CASH FLOW INFORMATION

In the statement of cash flows, short term investments are not considered to
be cash equivalents. Cash overdrafts are included in accrued expenses and other
liabilities. The overdrafts at December 31, 1995 were $24,201,000.

2. INVESTED ASSETS

The sources of net investment income for the year ended December 31, 1995
were as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Fixed maturities............................................ $208,598
Equity securities........................................... 3,544
Short term investments...................................... 4,536
Policy loans................................................ 14,219
Mortgage loans.............................................. 1,014
Other....................................................... 1,039
--------
Gross investment income................................... 232,950
Investment expenses......................................... 2,860
--------
Net investment income..................................... $230,090
========
</TABLE>

Realized investment gains and losses for the year ended December 31, 1995
were as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Gross realized investment gains
Fixed maturities.......................................... $14,902
Equity securities......................................... 13,052
-------
$27,954
=======
Gross realized investment losses
Fixed maturities.......................................... $ 4,409
Equity securities......................................... 1,737
-------
$ 6,146
=======
Net realized investment gains
Fixed maturities.......................................... $10,493
Equity securities......................................... 11,315
-------
$21,808
=======
</TABLE>

F-9
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

2. INVESTED ASSETS--CONTINUED

Proceeds from the sales of fixed maturities considered available-for-sale
were $599,100,000. Gross gains of $14,902,000 and gross losses of $4,409,000
were realized on such sales in 1995.

The components of unrealized appreciation (depreciation) of investments
carried at market value at December 31, 1995 were as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Equity securities
Gross unrealized appreciation............................. $ 6,014
Gross unrealized depreciation............................. 135
-------
5,879
Fixed maturities
Gross unrealized appreciation............................. 111,324
Gross unrealized depreciation............................. 9,276
-------
102,048
-------
107,927
Deferred policy acquisition costs adjustment................ (41,850)
Value assigned purchased insurance in force adjustment...... (3,397)
-------
(45,247)
Minority interest in unrealized appreciation................ (34)
Deferred tax liability, net................................. 21,926
-------
$40,720
=======
</TABLE>

The changes in unrealized appreciation or depreciation of investments
carried at market value for the year ended December 31, 1995 were as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Change in unrealized appreciation of equity securities..... $ 913
Change in unrealized appreciation of fixed maturities...... 158,427
Change in deferred policy acquisition costs adjustment..... (65,395)
Change in value assigned purchased insurance in force ad-
justment.................................................. (6,835)
--------
87,110
Deferred income tax........................................ 30,490
Decrease in valuation allowance............................ (18,007)
--------
$ 74,627
========
</TABLE>

The cost of equity securities was $34,329,000 at December 31, 1995.

F-10
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

2. INVESTED ASSETS--CONTINUED

The amortized costs and estimated market value of fixed maturities at
December 31, 1995 were as follows:

<TABLE>
<CAPTION>
GROSS GROSS ESTIMATED
AMORTIZED UNREALIZED UNREALIZED MARKET
COST GAINS LOSSES VALUE
---------- ---------- ---------- ----------
(IN THOUSANDS)
<S> <C> <C> <C> <C>
Held-to-maturity
Tax exempt bonds.............. $ 1,051 $ 38 $ 1,089
---------- -------- ------ ----------
Taxable
U. S. Government and
government agency and
authority obligations...... 17,947 2,350 20,297
Corporate bonds............. 191,126 21,621 212,747
Foreign bonds............... 15,119 2,259 17,378
Mortgage-backed securities.. 178,296 5,211 $ 46 183,461
---------- -------- ------ ----------
Total taxable................. 402,488 31,441 46 433,883
---------- -------- ------ ----------
Total held-to-maturity........ 403,539 31,479 46 434,972
---------- -------- ------ ----------
Available-for-sale
Taxable
U. S. Government and
government agency and
authority obligations...... 191,984 6,746 3 198,727
Corporate bonds............. 805,768 49,752 6,794 848,726
Foreign bonds............... 134,224 6,847 70 141,001
Mortgage-backed securities.. 1,019,223 47,770 2,389 1,064,604
Redeemable preferred stocks. 2,704 209 20 2,893
---------- -------- ------ ----------
Total available-for-sale........ 2,153,903 111,324 9,276 2,255,951
---------- -------- ------ ----------
Total fixed maturities.......... $2,557,442 $142,803 $9,322 $2,690,923
========== ======== ====== ==========
</TABLE>

At December 31, 1995, fixed maturities classified as held-to-maturity were
carried at amortized cost while fixed maturities classified as available-for-
sale were carried at market value. The unrealized appreciation or depreciation
of fixed maturities carried at amortized cost is not reflected in the
financial statements. The change in net unrealized appreciation of such fixed
maturities was $46,406,000 for the year ended December 31, 1995.

In December 1995, fixed maturities classified as held-to-maturity with an
aggregate amortized cost of $182,820,000 and unrealized appreciation of
$3,885,000 were reclassified as available-for-sale. Such reclassifications
resulted from the Company's reassessment of its classifications of fixed
maturities as permitted under Statement of Financial Accounting Standards
(SFAS) No. 115 implementation guidance issued by the Financial Accounting
Standards Board (FASB) in November 1995.

The amortized cost and estimated market value of fixed maturities at
December 31, 1995 by contractual maturity were as follows:

<TABLE>
<CAPTION>
HELD-TO-MATURITY AVAILABLE-FOR-SALE
------------------- ---------------------
ESTIMATED ESTIMATED
AMORTIZED MARKET AMORTIZED MARKET
COST VALUE COST VALUE
--------- --------- ---------- ----------
(IN THOUSANDS)
<S> <C> <C> <C> <C>
Due in one year or less........... $ 10,765 $ 11,170 $ 17,371 $ 17,765
Due after one year through five
years............................ 54,445 60,569 231,010 243,106
Due after five years through ten
years............................ 70,736 80,249 325,537 347,544
Due after ten years............... 89,297 99,523 560,762 582,932
-------- -------- ---------- ----------
Subtotal........................ 225,243 251,511 1,134,680 1,191,347
Mortgage-backed securities........ 178,296 183,461 1,019,223 1,064,604
-------- -------- ---------- ----------
$403,539 $434,972 $2,153,903 $2,255,951
======== ======== ========== ==========
</TABLE>

Actual maturities could differ from contractual maturities because borrowers
may have the right to call or prepay obligations with or without call or
prepayment penalties.

F-11
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

3. DEFERRED POLICY ACQUISITION COSTS AND VALUE ASSIGNED PURCHASED INSURANCE IN
FORCE

Policy acquisition costs deferred and the related amortization charged to
income for the year ended December 31, 1995 were as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Balance, beginning of year................................. $558,345
Cost deferred during year.................................. 155,903
Amortization during year................................... (73,239)
Change in adjustment to reflect the effects of unrealized
appreciation of investments............................... (65,395)
--------
Balance, end of year....................................... $575,614
========
</TABLE>

Changes in the value assigned purchased insurance in force for the year
ended December 31, 1995 were as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Balance, beginning of year................................. $48,148
Accrued interest........................................... 3,603
Amortization............................................... (7,821)
Change in adjustment to reflect the effects of unrealized
appreciation of investments............................... (6,835)
-------
Balance, end of year....................................... $37,095
=======
</TABLE>

The estimated net amortization of the value assigned purchased insurance in
force is as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Year Ending December 31:
1996...................................................... $ 3,904
1997...................................................... 3,664
1998...................................................... 3,338
1999...................................................... 2,865
2000...................................................... 2,510
Subsequent to 2000........................................ 20,814
-------
$37,095
=======
</TABLE>

4. FEDERAL INCOME TAXES

Federal income tax provisions for the year ended December 31, 1995 have been
computed using the tax rates and regulations in effect during the year. The
provision for federal income tax gives effect to permanent differences between
financial and taxable income. Accordingly, the effective tax rate is less than
the statutory federal corporate tax rate. The reasons for the lower effective
tax rate were as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Tax at statutory federal income tax rate (35%).............. $21,738
Dividends received deduction and tax exempt income.......... (1,469)
Amortization of goodwill.................................... 394
Foreign taxes............................................... (620)
Other....................................................... 814
-------
Federal income tax expense................................ $20,857
=======
</TABLE>

F-12
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

4. FEDERAL INCOME TAXES--CONTINUED

The tax effects of temporary differences that gave rise to deferred income
tax liabilities and assets at December 31, 1995 were as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Deferred income tax liabilities:
Deferred policy acquisition costs......................... $155,594
Value assigned purchased insurance in force............... 19,365
Unrealized appreciation in investments.................... 43,842
Other..................................................... 7,113
--------
Total................................................... 225,914
Deferred income tax assets:
Future policy benefits and policy fund balances........... 147,284
Postretirement benefits................................... 8,146
--------
Total................................................... 155,430
--------
Net deferred income tax liabilities......................... $ 70,484
========
</TABLE>

Prior to 1984, life insurance companies were allowed certain special
deductions for federal income tax purposes which could become subject to tax
at normal rates under certain circumstances, including distribution to
shareholders. These special deductions were set aside in a Policyholders'
Surplus Account. Under the 1984 Act, no further additions to this account are
permitted. At December 31, 1995, approximately $13,464,000 of untaxed retained
earnings remained. No income taxes have been provided since management does
not anticipate any transaction that would cause this remaining amount to
become taxable. The unrecognized deferred tax related to the Policyholders'
Surplus Account is $4,712,000.

Federal income taxes paid in 1995 were $26,456,000.

5. PENSIONS AND OTHER POSTRETIREMENT BENEFITS

The Company has several noncontributory defined benefit pension plans
covering substantially all employees. The benefits are generally based on an
employee's years of service and average compensation during the last five
years of employment. Pension costs are determined using the projected unit
credit method. The Company's policy is to make annual contributions that meet
the minimum funding requirements of the Employee Retirement Income Security
Act of 1974. Contributions are intended to provide not only for benefits
attributed to service but also for those expected to be earned in the future.

The components of net pension cost for the year ended December 31, 1995 were
as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Service cost of current period.............................. $ 3,510
Interest cost on projected benefit obligation............... 5,687
Actual return on plan assets................................ (6,286)
Net amortization and deferral............................... (152)
-------
Net pension cost............................................ $ 2,759
=======
</TABLE>

During 1995, the Company recognized a net curtailment gain of $3,058,000
resulting from workforce reductions. This gain is primarily due to the
reduction of the projected benefit obligation associated with severed
employees' pension benefits offset by the recognition of the prior service
costs related to those employees.

F-13
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

5. PENSIONS AND OTHER POSTRETIREMENT BENEFITS--CONTINUED

The following table sets forth the plans' funded status and amounts
recognized in the balance sheet at December 31, 1995:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Actuarial present value of benefit obligations for service
rendered to date:
Accumulated benefit obligations, including vested benefits
of $61,983............................................... $64,472
Additional amount related to projected future salary
increases................................................ 16,303
-------
Projected benefit obligation for service rendered to date... 80,775
Plan assets at fair value................................... 80,694
-------
Projected benefit obligation in excess of plan assets....... 81
Unrecognized net gain from past experience different from
that assumed............................................... 7,230
Unrecognized prior service cost............................. (2,499)
Unrecognized net obligation at January 1, 1986 being
recognized over thirteen years............................. 890
-------
Pension liability included in other liabilities............. $ 5,702
=======
</TABLE>

The weighted average discount rate used in determining the actuarial present
value of the projected benefit obligations at December 31, 1995 was 7 1/2% and
the rate of increase in future compensation levels was 6%. The expected long-
term rate of return on assets was 9%.

Plan assets are principally invested in publicly traded stocks and bonds.

The Company provides certain other postretirement benefits, principally
health care and life insurance, to retired employees and their beneficiaries
and covered dependents. Substantially all employees may become eligible for
these benefits upon retirement if they meet minimum age and years of service
requirements.

The Company does not fund these benefits in advance. Benefits are paid as
covered expenses are incurred. Health care coverage is contributory. Retiree
contributions vary based upon a retiree's age, type of coverage and years of
service with the Company. Life insurance coverage is noncontributory.

The components of net postretirement benefit cost for the year ended
December 31, 1995 were as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Service cost of current period.............................. $1,095
Interest cost on projected benefit obligation............... 1,540
------
Net postretirement benefit cost............................. $2,635
======
</TABLE>

During 1995, the Company recognized a net curtailment gain of $1,243,000
resulting from workforce reductions. This gain is primarily due to the
reduction of the accumulated postretirement benefit obligation associated with
severed employees' other postretirement benefits.

The components of the accumulated postretirement benefit obligation at
December 31, 1995 were as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Retirees................................................... $ 9,392
Fully eligible active plan participants.................... 1,310
Other active plan participants............................. 11,139
-------
Accumulated postretirement benefit obligation.............. 21,841
Unrecognized net gain from past experience different from
that assumed.............................................. 1,066
-------
Postretirement benefit liability included in other liabili-
ties...................................................... $22,907
=======
</TABLE>

F-14
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

5. PENSIONS AND OTHER POSTRETIREMENT BENEFITS--CONTINUED

The weighted average discount rate used in determining the actuarial present
value of the accumulated postretirement benefit obligation at December 31,
1995 was 7 1/2%. The health care cost trend rate used to measure the
accumulated postretirement cost for medical benefits is 11 1/2% for 1996. The
rate is assumed to decrease gradually to 7 1/2% for the year 2005 and remain
at that level thereafter. The health care cost trend rate assumption has a
significant effect on the amount of the accumulated postretirement benefit
obligation and the net postretirement benefit cost reported. To illustrate, a
one percent increase in the trend rate for each year would increase the
accumulated postretirement benefit obligation at December 31, 1995 by
$2,796,000 and the aggregate of the service and interest cost components of
net postretirement benefit cost for the year ended December 31, 1995 by
$377,000.

6. STOCK OWNERSHIP AND INCENTIVE PLANS

Substantially all of the Company's employees are eligible to participate in
the stock ownership and incentive plans of the Parent. The aggregate costs
associated with the plans were approximately $4,365,000 for the year ended
December 31, 1995.

7. RENT EXPENSE AND COMMITMENTS

The Company occupies office facilities under lease agreements which expire
at various dates through 2009; such leases generally are renewed or replaced
by other leases. In addition, the Company leases office and transportation
equipment.

Total rent expense charged to operations amounted to approximately
$5,560,000 for 1995. All leases are operating leases and generally contain
renewal options. At December 31, 1995, future minimum rental payments required
under noncancellable operating leases were as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Years Ending December 31:
1996..................................................... $ 4,016
1997..................................................... 3,264
1998..................................................... 2,510
1999..................................................... 1,946
2000..................................................... 1,592
Subsequent to 2000....................................... 7,817
-------
$21,145
=======
</TABLE>

8. REINSURANCE

The Company is involved in both the cession and assumption of reinsurance
with other insurance companies. Risks are reinsured with other companies to
permit the recovery of a portion of the direct losses. Sovereign had a
reinsurance recoverable resulting from a reinsurance agreement with a single
reinsurer of $101,656,000 at December 31, 1995. Sovereign coinsured fifty
percent of a block of single premium whole life policies under this agreement.
Sovereign and the reinsurer are joint and equal owners in securities and
short-term investments of $193,146,000 at December 31, 1995. The remaining
reinsurance recoverables were associated with numerous other reinsurers. The
maximum amount of individual life insurance retained on any one life,
including accidental death benefits, is $1,400,000.

F-15
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

8. REINSURANCE--CONTINUED

The effect of reinsurance on the premiums and policy charges in the
consolidated statement of income for the year ended December 31, 1995 was as
follows:

<TABLE>
<CAPTION>
CEDED TO ASSUMED
OTHER FROM OTHER
DIRECT AMOUNT COMPANIES COMPANIES NET AMOUNT
------------- --------- ---------- ----------
(IN THOUSANDS)
<S> <C> <C> <C> <C>
Premiums Earned and Policy
Charges for the year:
Life Insurance............ $332,968 $20,740 $1,766 $313,994
Accident and Health Insur-
ance..................... 319,067 10,124 308,943
-------- ------- ------ --------
Total Premiums and Policy
Charges.................. $652,035 $30,864 $1,766 $622,937
======== ======= ====== ========
</TABLE>

Reinsurance recoveries which have been deducted from benefits, claims and
expenses in the consolidated statement of income was $50,537,000 in 1995.

9. ACCIDENT AND HEALTH UNPAID CLAIMS

The process of estimating loss reserves is an imprecise science and reflects
significant judgmental factors. Management considers facts currently known and
the present state of health care markets in which it operates when
establishing accident and health claim reserves. Management believes that the
aggregate claim liabilities at December 31, 1995 are adequate to cover claims
for losses which have occurred, including both those known and those yet to be
reported. However, changes in market conditions may require additional
increases in claim reserves which may adversely affect results in future
periods. This emergence cannot be precisely estimated.

A reconciliation of the beginning and ending liability for accident and
health unpaid claims, net of reinsurance recoverable, and a reconciliation of
the net liability to the corresponding liability on a gross basis at December
31, 1995 is as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Gross liability at beginning of year........................ $105,075
Less: reinsurance recoverable............................. 1,545
--------
Net liability at beginning of year.......................... 103,530
Incurred:
Current year.............................................. 240,306
Prior years............................................... (11,773)
--------
Total incurred.............................................. 228,533
Paid:
Current year.............................................. 190,760
Prior years............................................... 78,771
--------
Total paid.................................................. 269,531
--------
Net liability at end of year................................ 62,532
Plus: reinsurance recoverable............................. 1,650
--------
Gross liability at end of year.............................. $ 64,182
========
</TABLE>

During 1995, the accident and health business experienced overall favorable
development of $11,773,000 on claim reserves established as of the previous
year end. This difference has been reflected in operating results. Claims
settlement costs are not developed as part of the claim liability and are
reflected in operating results in the years the claims are paid.

F-16
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

10. DIVIDEND RESTRICTIONS

The Company and its insurance subsidiaries are required to file annual
statements with state insurance regulatory authorities prepared on an
accounting basis prescribed or permitted by such authorities (statutory
basis). For such subsidiaries, GAAP differs in certain respects from statutory
accounting practices.

A comparison of shareholder's equity on a GAAP basis and policyholders'
surplus on a statutory basis at December 31, 1995 is as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
GAAP........................................................ $844,645
Statutory................................................... 317,624
</TABLE>

A comparison of GAAP and statutory net income for the year ended December
31, 1995 is as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
GAAP........................................................ $42,216
Statutory................................................... 26,828
</TABLE>

The amount of GAAP surplus in excess of statutory surplus is unavailable for
distribution. In addition, various state insurance laws restrict the Company
and its insurance subsidiaries as to the amount of dividends from statutory
surplus they may pay without the prior approval of regulatory authorities. The
restrictions generally are based on net gains from operations and on certain
levels of policyholders' surplus as determined in accordance with statutory
accounting practices. Dividends in excess of such thresholds are considered
"extraordinary" and require prior regulatory approval. The maximum ordinary
dividend distribution that may be made by the Company to the Parent during
1996 is approximately $31,700,000.

11. DEBT AND CREDIT ARRANGEMENTS

(a) Short term debt at December 31, 1995 consisted of the following:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Commercial paper............................................ $26,000
Notes....................................................... 10,000
-------
$36,000
=======
</TABLE>

The short term commercial paper was issued by Chubb Capital Corporation, a
subsidiary of the Parent. The interest rate is variable and is based on Chubb
Capital Corporation's cost of funds. Interest paid on the borrowings in 1995
was $1,559,000. In addition, the Company has a loan agreement with a bank
providing for a line of credit of $36,000,000 at a variable interest rate.
There were $10,000,000 in borrowings against this line of credit at December
31, 1995. Interest paid on these borrowings was $683,000 in 1995.

(b) Long term debt consisted of the following:

A mortgage loan payable, which is secured by a portion of the Company's home
office property in Concord, New Hampshire, bears interest at 11 3/8% and is
payable monthly through December 2000.

F-17
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

11. DEBT AND CREDIT ARRANGEMENTS--CONTINUED

Debt maturities of the mortgage loan payable are as follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Year Ending December 31:
1996...................................................... $ 843
1997...................................................... 944
1998...................................................... 1,057
1999...................................................... 1,184
2000...................................................... 1,184
------
$5,212
======
</TABLE>

Interest paid on the mortgage loan in 1995 was $640,000.

12. BUSINESS SEGMENTS

The Company is principally engaged in the sale of individual and group life
and health insurance products. These products are marketed primarily through
personal producing general agents and brokers throughout the United States.
Insurance revenues, net investment income and earnings before federal income
taxes for the year ended December 31, 1995 for each class of business were as
follows:

<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
Revenues:
Individual insurance:
Premiums and policy charges........................... $311,275
Investment income..................................... 222,947
Group insurance:
Premiums.............................................. 311,662
Investment income..................................... 7,143
Earnings (loss) before federal income taxes and minority
interest:
Individual insurance.................................. 55,546
Group insurance....................................... (15,246)
Realized gains........................................ 21,808
--------
$ 62,108
========
</TABLE>

It is not practicable to determine identifiable assets and capital
expenditures applicable to the foregoing classes of business.

Earnings before federal income taxes by class of business reflect
allocations of investment income and significant expenses using allocation
methods deemed to be reasonable. Other acceptable allocation methods could
produce different results by groupings of classes of business.

13. ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

In March 1995, the FASB issued SFAS No. 121, Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of. The
Statement establishes accounting standards for the impairment of long-lived
assets, certain identifiable intangibles, and goodwill related to those
assets. Under SFAS No. 121, an impairment loss is recognized if the sum of the
undiscounted expected future cash flows is less than the carrying amount of
the asset. Measurement of impairment should be based on the fair value of the
asset. SFAS No. 121 is effective for years beginning after December 15, 1995.
Restatement of prior years' financial statements is not permitted. The company
will adopt SFAS No. 121 in the first quarter of 1996. The adoption is not
expected to have a significant impact on net income in 1996.

F-18
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

CHUBB LIFE INSURANCE COMPANY OF AMERICA AND SUBSIDIARIES

14. LITIGATION

The Company is involved in pending or threatened lawsuits arising from the
normal conduct of its insurance business. Several suits have been brought
against the Company seeking both punitive and compensatory damages. Management
is of the opinion that these suits are substantially without merit, that valid
defenses exist, and that such litigation will not have a material effect on
the consolidated financial statements.

15. (UNAUDITED) EVENTS SUBSEQUENT TO THE DATE OF THE REPORT OF INDEPENDENT
AUDITORS

In the second quarter of 1996, the Company announced a plan to exit the
group health insurance business. A definitive agreement was reached May 31,
1996 with Healthsource Inc. under which Healthsource will acquire the
Company's 85% interest in Chubb Health, Inc. for $25 Million. The sale is
subject to regulatory approvals and is expected to be completed no later than
the second quarter of 1997. Also, the Company discontinued the marketing of
traditional group health indemnity business. In subsequent financial
statements the group health insurance operations will be accounted for as
discontinued operations.

In the fourth quarter of 1996, the Company's Parent, The Chubb Corporation,
announced its intention to evaluate its strategic alternatives with respect to
the life insurance companies, including the possible sale or spin-off of the
business. The Chubb Corporation has retained the banking firm of Goldman Sachs
& Co. to advise them in this process.

F-19
<PAGE>

REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

Contractholders
Chubb Separate Account C

We have audited the accompanying statement of assets and liabilities of Chubb
Separate Account C (the "Separate Account", comprising respectively, the
Resolute Treasury Money Market Division, Resolute Bond Division, Resolute
Equity Division, Resolute Small Company Division and Resolute International
Equity Division) as of December 31, 1995, and the related statement of
operations, and statement of changes in net assets for the period from January
3, 1995 (Commencement of Operations) to December 31, 1995. These financial
statements are the responsibility of the Separate Account's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audit 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 investments owned as of December 31, 1995
by correspondence with Chubb Series Trust. 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 audit provides 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
divisions constituting the Chubb Separate Account C at December 31, 1995, the
results of their operations and the changes in their net assets for the period
from January 3, 1995 (Commencement of Operations) to December 31, 1995, in
conformity with generally accepted accounting principles.

Ernst & Young LLP

Boston, Massachusetts
March 8, 1996

F-20
<PAGE>

STATEMENT OF ASSETS AND LIABILITIES

CHUBB SEPARATE ACCOUNT C

DECEMBER 31, 1995

<TABLE>
<CAPTION>
RESOLUTE RESOLUTE
TREASURY RESOLUTE RESOLUTE RESOLUTE INTERNATIONAL
MONEY MARKET BOND EQUITY SMALL COMPANY EQUITY
DIVISION DIVISION DIVISION DIVISION DIVISION
------------ -------- ---------- ------------- -------------
<S> <C> <C> <C> <C> <C>
A S S E T S
Investments in Chubb
Series Trust at cost... $274,031 $322,466 $2,682,989 $166,307 $1,746,163
======== ======== ========== ======== ==========
Investments in Chubb
Series Trust at market
value.................. $266,648 $326,082 $2,877,668 $169,498 $1,819,930
Accrued investment in-
come................... 11,816 23,305 172,803 20,876 63,081
Amounts due from (to)
Chubb Series Trust..... 37,160 413 1,330 (211) 1,868
-------- -------- ---------- -------- ----------
315,624 349,800 3,051,801 190,163 1,884,879
Expenses payable........ (19) (23) (205) (12) (130)
Amounts due (to) from
Chubb Life Insurance
Company of America..... (37,160) (413) (1,330) 211 (1,868)
-------- -------- ---------- -------- ----------
TOTAL NET ASSETS.... $278,445 $349,364 $3,050,266 $190,362 $1,882,881
======== ======== ========== ======== ==========
UNITS OUTSTANDING....... 26,619 30,070 229,367 14,405 168,512
NET ASSET VALUE PER
UNIT................... $ 10.46 $ 11.62 $ 13.30 $ 13.21 $ 11.17
</TABLE>

See notes to financial statements.

F-21
<PAGE>

STATEMENT OF OPERATIONS

CHUBB SEPARATE ACCOUNT C

<TABLE>
<CAPTION>
PERIOD FROM JANUARY 3, 1995 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 1995
------------------------------------------------------------------------------------------
RESOLUTE RESOLUTE
TREASURY RESOLUTE RESOLUTE RESOLUTE INTERNATIONAL
MONEY MARKET BOND EQUITY SMALL COMPANY EQUITY
DIVISION DIVISION DIVISION DIVISION DIVISION
---------------- --------------- ---------------- ----------------- -----------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Dividend income........... $11,800 $17,294 $ 28,445 $1,591 $ 32,329
Distributions of realized
gains.................... 16 6,011 144,358 19,285 30,752
--------------- --------------- ---------------- --------------- ----------------
11,816 23,305 172,803 20,876 63,081
Expenses:
Mortality and expense risk
charge................... 746 1,070 9,552 566 6,145
--------------- --------------- ---------------- --------------- ----------------
Net Investment Income... 11,070 22,235 163,251 20,310 56,936
--------------- --------------- ---------------- --------------- ----------------
Gain (loss) on investments
Net realized gain (loss)
on investments........... 1,747 1,371 1,177 1,039 (448)
Net unrealized gain (loss)
on investments........... (7,383) 3,616 194,679 3,191 73,767
--------------- --------------- ---------------- --------------- ----------------
Net gain (loss) on invest-
ments.................... (5,636) 4,987 195,856 4,230 73,319
--------------- --------------- ---------------- --------------- ----------------
Increase in Net Assets
from Operations........ $ 5,434 $27,222 $359,107 $24,540 $130,255
=============== =============== ================ =============== ================
</TABLE>

See notes to financial statements.

F-22
<PAGE>

STATEMENT OF CHANGES IN NET ASSETS

CHUBB SEPARATE ACCOUNT C

<TABLE>
<CAPTION>
PERIOD FROM JANUARY 3, 1995 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 1995
----------------------------------------------------------------------------------------
RESOLUTE RESOLUTE
TREASURY RESOLUTE RESOLUTE RESOLUTE INTERNATIONAL
MONEY MARKET BOND EQUITY SMALL COMPANY EQUITY
DIVISION DIVISION DIVISION DIVISION DIVISION
---------------- -------------- ---------------- ----------------- -----------------
<S> <C> <C> <C> <C> <C>
INCREASE IN NET ASSETS
Operations:
Net investment income. $ 11,070 $ 22,235 $ 163,251 $ 20,310 $ 56,936
Net realized gain
(loss) on invest-
ments................ 1,747 1,371 1,177 1,039 (448)
Net unrealized gain
(loss) on invest-
ments................ (7,383) 3,616 194,679 3,191 73,767
-------------- -------------- ---------------- -------------- ----------------
Increase in net assets
from operations........ 5,434 27,222 359,107 24,540 130,255
Contractholder transac-
tions--Note D:
Transfers of net pre-
miums................ (37,059) 19,429 99,189 16,998 12,554
Transfers from/to Gen-
eral Account and
within Separate Ac-
count, net........... 310,772 305,525 2,596,988 150,812 1,744,480
Transfers of cost of
insurance............ (661) (2,770) (5,338) (1,986) (4,478)
Transfers on account
of other termina-
tions................ (41) (42) 320 (2) 70
-------------- -------------- ---------------- -------------- ----------------
Net increase in net as-
sets derived from
contractholder transac-
tions.................. 273,011 322,142 2,691,159 165,822 1,752,626
-------------- -------------- ---------------- -------------- ----------------
Net increase in net as-
sets................... 278,445 349,364 3,050,266 190,362 1,882,881
Balance at beginning of
period................. 0 0 0 0 0
-------------- -------------- ---------------- -------------- ----------------
Balance at end of peri-
od..................... $278,445 $349,364 $3,050,266 $190,362 $1,882,881
============== ============== ================ ============== ================
</TABLE>

See notes to financial statements.

F-23
<PAGE>

NOTES TO FINANCIAL STATEMENTS

CHUBB SEPARATE ACCOUNT C
DECEMBER 31, 1995

NOTE A--ORGANIZATION OF ACCOUNT

Chubb Separate Account C (the "Separate Account") is a separate account of
Chubb Life Insurance Company of America ("Chubb Life"). The Separate Account
is organized as a unit investment trust registered under the Investment
Company Act of 1940 as amended. It was established for the purpose of funding
flexible premium variable life insurance policies issued by Chubb Life and is
presently comprised of five investment divisions, each of which invests
exclusively in the corresponding portfolio of the Chubb Series Trust (the
"Trust"), an open-end diversified Series Management Investment Company.

NOTE B--SIGNIFICANT ACCOUNTING POLICIES

Valuation of Investments: Investments in shares of the Fund are valued at
the net asset value per share which is calculated each day the New York Stock
Exchange is open for trading.

Investment Income: Dividend income and distributions of realized gains are
recorded on the ex-dividend date.

Investment Transactions: Purchases and sales of shares of the Fund are
recorded as of the trade date, the date the transaction is executed.

Federal Income Taxes: The operations of the Separate Account are included in
the federal income tax return of Chubb Life, which is taxed as a life
insurance company under the Internal Revenue Code. Under current law, no
federal income taxes are payable with respect to the Separate Account.

Expenses: A mortality and expense risk charge is accrued daily which will
not exceed .65% of the average net assets of each division of the Separate
Account on an annual basis.

NOTE C--INVESTMENTS

In determining the net realized gain or loss on sales of shares of the
Trust, the cost of shares sold has been determined on an average cost basis.
For federal income tax purposes, the cost of shares owned at December 31, 1995
is the same as for financial reporting purposes.

Following is a summary of shares of each portfolio of the Trust owned by the
respective divisions of the Separate Account and the related net asset values
at December 31, 1995.

<TABLE>
<CAPTION>
NET ASSET
VALUE
SHARES PER SHARE
------- ----------
<S> <C> <C>
Resolute Treasury Money Market Portfolio.................... 26,499 $10.062747
Resolute Bond Portfolio..................................... 29,899 10.906009
Resolute Equity Portfolio................................... 228,069 12.632844
Resolute Small Company Portfolio............................ 14,323 11.833675
Resolute International Equity Portfolio..................... 167,555 10.861673
</TABLE>

F-24
<PAGE>

NOTES TO FINANCIAL STATEMENTS--(CONTINUED)

CHUBB SEPARATE ACCOUNT C
DECEMBER 31, 1995

NOTE D--CONTRACTHOLDER TRANSACTIONS

<TABLE>
<CAPTION>
FOR THE PERIOD FROM JANUARY 3, 1995
(COMMENCEMENT OF OPERATIONS)
TO DECEMBER 31, 1995
------------------------------------
UNITS AMOUNT
------------------------------------
<S> <C> <C>
Resolute Treasury Money Market Division
Issuance of units....................... 56,145 $ 578,342
Redemptions of units.................... 29,526 305,331
---------------- -------------------
Net Increase.......................... 26,619 $ 273,011
================ ===================
Resolute Bond Division
Issuance of units....................... 35,064 $ 376,748
Redemptions of units.................... 4,994 54,606
---------------- -------------------
Net Increase.......................... 30,070 $ 322,142
================ ===================
Resolute Equity Division
Issuance of units....................... 237,990 $2,797,257
Redemptions of units.................... 8,623 106,098
---------------- -------------------
Net Increase.......................... 229,367 $2,691,159
================ ===================
Resolute Small Company Division
Issuance of units....................... 17,337 $ 201,457
Redemptions of units.................... 2,932 35,635
---------------- -------------------
Net Increase.......................... 14,405 $ 165,822
================ ===================
Resolute International Equity Division
Issuance of units....................... 175,045 $1,819,776
Redemptions of units.................... 6,533 67,150
---------------- -------------------
Net Increase.......................... 168,512 $1,752,626
================ ===================
</TABLE>

F-25
<PAGE>

APPENDIX A

ILLUSTRATIONS OF ACCUMULATION VALUES
CASH VALUES AND DEATH BENEFITS

Following are a series of tables that illustrate how the accumulation
values, cash values and death benefits of a policy change with the investment
performance of the Trust. The tables show how the accumulation values, cash
values and death benefits of a Policy issued to an insured(s) of a given
age(s) and given premium would vary over time if the return on the assets held
in each Portfolio of the Trust were a constant gross annual rate of 0%, 6%,
and 12%. The tables on pages A-2 through A-7 illustrate a Chubb Heritage I
Policy issued to a male, age 35, under a standard rate non-smoker underwriting
risk classification. The tables on pages A-8 through A-13 illustrate a Chubb
Heritage II Policy issued to a male, age 40, under a standard rate non-smoker
underwriting risk classification and a female, age 35, under a standard rate
non-smoker underwriting risk classification. The accumulation values, cash
values and death benefits would be different from those shown if the returns
averaged 0%, 6%, and 12% over a period of years, but fluctuated above and
below those averages for individual policy years.

The amount of the accumulation value exceeds the cash value during the first
five policy years due to the surrender charge. For policy years six and after,
the accumulation value and cash value are equal, since the surrender charge
has been reduced to zero.

The second column shows the accumulation value of the premiums paid at the
stated interest rate. The third and sixth columns illustrate the accumulation
values and the fourth and seventh columns illustrate the cash values of the
Policy over the designated period. The accumulation values shown in the third
column and the cash values shown in the fourth column assume the monthly
charge for cost of insurance is based upon the current cost of insurance rates
and assume a monthly deduction adjustment which varies based on the Specified
Amount of the Policy. The current cost of insurance rates, which may be
modified at any time, are based on the sex, issue age, policy year, and rating
class of the Insured(s). The accumulation values shown in the sixth column and
the cash values shown in the seventh column assume the monthly charge for cost
of insurance is based upon the maximum cost of insurance rates allowable,
which are based on the Commissioner's 1980 Standard Ordinary Mortality Table.
The fifth and eighth columns illustrate the death benefit of a Policy over the
designated period. The illustrations of death benefits reflect the same
assumptions as the accumulation values and cash values. The death benefit
values also vary between tables, depending upon whether Option I or Option II
death benefits are illustrated.

The amounts shown for the death benefit, accumulation values, and cash
values reflect the fact that the net investment return of the Divisions of
Separate Account C is lower than the gross rates of return on the assets in
the Trust, as a result of expenses paid by the Trust and charges levied
against the Divisions of Separate Account C.

The policy values shown take into account a daily investment advisory fee
equivalent to the maximum annual rate of .62% of the aggregate average daily
net assets of the Portfolios of the Trust plus an assumed charge of .30% of
the aggregate average daily net assets to cover expenses incurred by the
Trust. The .62% investment advisory fee is an average of the individual
investment advisory fees of the five Portfolios. See the attached Prospectus
for the Trust for a description of the assumption of expenses of the Trust in
excess of specified annual rates averaging .92%. The policy values also take
into account a daily charge to each Division of Separate Account C for
assuming mortality and expense risks which is equivalent to a charge at an
annual rate of .65% of the average net assets of the Divisions of Separate
Account C. After deduction of these amounts, the illustrated gross investment
rates of 0%, 6%, and 12% correspond to approximate net annual rates of -1.57%,
4.43%, and 10.43%, respectively.

The hypothetical values shown in the tables do not reflect any charges for
federal income taxes or other taxes other than the DAC tax. However, if, in
the future, any additional charges are made, the gross annual investment rate
of return would have to exceed the stated investment rates by a sufficient
amount to cover the tax charges in order to produce the accumulation values,
cash values and death benefits illustrated.

A-1
<PAGE>

The tables illustrate the policy values that would result based on
hypothetical investment rates of return if premiums are paid in full at the
beginning of each year, if all net premiums are allocated to Separate Account
C, and if no policy loans have been made. The values would vary from those
shown if the assumed annual premium payments were paid in installments during
a year. The values would also vary if the Policyowner varied the amount or
frequency of premium payments. The tables also assume that the Policyowner has
not requested an increase or decrease in Specified Amount, that no withdrawals
have been made and no surrender charges imposed, and that no transfers have
been made and no transfer charges imposed.

Upon request, Chubb Life will provide, without charge, a comparable
illustration based upon the proposed insured's age, sex and rating class, the
Specified Amount requested, the proposed frequency and amount of premium
payments and any available riders requested. Existing policyowners may request
illustrations based on existing cash value at the time of request. Chubb Life
has reserved the right to charge an administrative fee of up to $25 for such
illustrations.

A-2
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE I FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION I; GUIDELINE PREMIUM TEST
ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 35 ANNUAL RATE OF RETURN: 12% (10.43% NET)
$1,000,000 INITIAL SPECIFIED AMOUNT
ASSUMED ANNUAL PREMIUM (1): $12,000

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED ----------------------------------- ----------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFITS(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ ---------- ----------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 12,600 11,889 11,289 1,000,000 10,598 9,998 1,000,000
2 25,830 24,942 24,462 1,000,000 22,240 21,760 1,000,000
3 39,721 39,222 38,862 1,000,000 35,006 34,646 1,000,000
4 54,308 54,902 54,662 1,000,000 49,010 48,770 1,000,000
5 69,623 72,153 72,033 1,000,000 64,367 64,247 1,000,000
6 85,704 91,142 91,142 1,000,000 81,217 81,217 1,000,000
7 102,589 112,047 112,047 1,000,000 99,695 99,695 1,000,000
8 120,319 135,064 135,064 1,000,000 119,983 119,983 1,000,000
9 138,935 160,437 160,437 1,000,000 142,256 142,256 1,000,000
10 158,481 188,428 188,428 1,000,000 166,765 166,765 1,000,000
11 179,006 219,332 219,332 1,000,000 193,737 193,737 1,000,000
12 200,556 253,431 253,431 1,000,000 223,440 223,440 1,000,000
13 223,184 291,071 291,071 1,000,000 256,176 256,176 1,000,000
14 246,943 332,626 332,626 1,000,000 292,283 292,283 1,000,000
15 271,890 378,525 378,525 1,000,000 332,129 332,129 1,000,000
16 298,084 429,258 429,258 1,000,000 376,143 376,143 1,000,000
17 325,589 485,339 485,339 1,000,000 424,782 424,782 1,000,000
18 354,468 547,360 547,360 1,000,000 478,566 478,566 1,000,000
19 384,791 616,006 616,006 1,010,250(3) 538,101 538,101 1,000,000
20 416,631 691,909 691,909 1,086,297(3) 604,069 604,069 1,000,000
25 601,361 1,206,747 1,206,747 1,617,041(3) 1,053,653 1,053,653 1,411,895(3)
30 837,129 2,046,775 2,046,775 2,497,066(3) 1,783,123 1,783,123 2,175,410(3)
35 1,138,036 3,410,991 3,410,991 3,956,750(3) 2,957,401 2,957,401 3,430,585(3)
40 1,522,077 5,634,671 5,634,671 6,029,098(3) 4,859,059 4,859,059 5,199,193(3)
45 2,012,222 9,292,629 9,292,629 9,757,260(3) 7,978,349 7,978,349 8,377,266(3)
50 2,637,785 15,172,546 15,172,546 15,931,173(3) 12,926,274 12,926,274 13,572,588(3)
55 3,436,179 24,475,817 24,475,817 25,699,608(3) 20,591,742 20,591,742 21,621,329(3)
60 4,455,155 39,656,182 39,656,192 40,052,744(3) 33,058,411 33,058,411 33,388,995(3)
65 5,755,655 65,667,815 65,667,815 65,667,815(3) 54,754,873 54,754,873 54,754,873(3)
</TABLE>
- -------
(1) Assumes a $12,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.
(3) Increase is due to adjustment by the corridor percentage. See "Death
Benefits".

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 12% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-3
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE I FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION I;
CASH VALUE ACCUMULATION TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 35 ANNUAL RATE OF RETURN: 12% (10.43% NET)
$1,000,000 INITIAL SPECIFIED AMOUNT
ASSUMED ANNUAL PREMIUM (1): $12,000

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED ----------------------------------- ----------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFITS(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ ---------- ----------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 12,600 11,889 11,289 1,000,000 10,598 9,998 1,000,000
2 25,830 24,942 24,462 1,000,000 22,240 21,760 1,000,000
3 39,721 39,222 38,862 1,000,000 35,006 34,646 1,000,000
4 54,308 54,902 54,662 1,000,000 49,010 48,770 1,000,000
5 69,623 72,153 72,033 1,000,000 64,367 64,247 1,000,000
6 85,704 91,142 91,142 1,000,000 81,217 81,217 1,000,000
7 102,589 112,047 112,047 1,000,000 99,695 99,695 1,000,000
8 120,319 135,064 135,064 1,000,000 119,983 119,983 1,000,000
9 138,935 160,437 160,437 1,000,000 142,256 142,256 1,000,000
10 158,481 188,428 188,428 1,000,000 166,765 166,765 1,000,000
11 179,006 219,332 219,332 1,000,000 193,737 193,737 1,000,000
12 200,556 253,431 253,431 1,000,000 223,440 223,440 1,000,000
13 223,184 291,071 291,071 1,000,000 256,176 256,176 1,000,000
14 246,943 332,626 332,626 1,000,000 292,283 292,283 1,000,000
15 271,890 378,506 378,506 1,044,677(3) 332,129 332,129 1,000,000
16 298,084 429,002 429,022 1,145,489(3) 376,143 376,143 1,004,302(3)
17 325,589 484,542 484,542 1,254,964(3) 424,525 424,525 1,099,520(3)
18 354,468 545,527 545,527 1,369,273(3) 477,430 477,430 1,198,349(3)
19 384,791 612,516 612,516 1,488,414(3) 535,242 535,242 1,300,638(3)
20 416,631 686,035 686,035 1,619,043(3) 589,328 598,328 1,412,054(3)
25 601,361 1,174,415 1,174,415 2,395,807(3) 1,009,602 1,009,602 2,059,588(3)
30 837,129 1,937,285 1,937,285 3,448,367(3) 1,633,000 1,633,000 2,906,740(3)
35 1,138,036 3,109,777 3,109,777 4,913,448(3) 2,556,116 2,556,116 4,038,663(3)
40 1,522,077 4,882,236 4,882,236 6,932,775(3) 3,890,439 3,890,439 5,524,423(3)
45 2,012,222 7,516,590 7,516,590 9,846,733(3) 5,756,724 5,756,724 7,541,308(3)
50 2,637,785 11,378,911 11,378,911 13,882,271(3) 8,344,277 8,344,277 10,180,018(3)
55 3,436,179 16,996,152 16,996,152 19,715,536(3) 11,876,652 11,876,652 13,776,916(3)
60 4,455,155 25,210,983 25,210,983 27,984,191(3) 16,819,264 16,819,264 18,669,383(3)
65 5,755,655 38,675,910 38,675,910 40,222,946(3) 23,765,496 23,765,496 24,716,116(3)
</TABLE>
- -------
(1) Assumes a $12,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.
(3) Increase is due to adjustment by the corridor percentage. See "Death
Benefits".

A-4
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE I FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION I;
GUIDELINE PREMIUM TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 35 ANNUAL RATE OF RETURN: 6% (4.43% NET)
$1,000,000 INITIAL SPECIFIED AMOUNT
ASSUMED ANNUAL PREMIUM (1): $12,000

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED ---------------------------------- ---------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFITS(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ --------- ----------- ------------ --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 12,600 11,232 10,632 1,000,000 9,980 9,380 1,000,000
2 25,830 22,886 22,406 1,000,000 20,339 19,859 1,000,000
3 39,721 34,926 34,566 1,000,000 31,067 30,707 1,000,000
4 54,308 47,410 47,170 1,000,000 42,175 41,935 1,000,000
5 69,623 60,381 60,261 1,000,000 53,663 53,543 1,000,000
6 85,704 73,862 73,862 1,000,000 65,542 65,542 1,000,000
7 102,589 87,869 87,869 1,000,000 77,806 77,806 1,000,000
8 120,319 102,420 102,420 1,000,000 90,478 90,478 1,000,000
9 138,935 117,543 117,543 1,000,000 103,554 103,554 1,000,000
10 158,481 133,248 133,248 1,000,000 117,058 117,058 1,000,000
11 179,006 149,589 149,589 1,000,000 130,982 130,982 1,000,000
12 200,556 166,567 166,567 1,000,000 145,345 145,345 1,000,000
13 223,184 184,209 184,209 1,000,000 160,171 160,171 1,000,000
14 246,943 202,530 202,530 1,000,000 175,475 175,475 1,000,000
15 271,890 221,553 221,553 1,000,000 191,258 191,258 1,000,000
16 298,084 241,320 241,320 1,000,000 207,538 207,538 1,000,000
17 325,589 261,831 261,831 1,000,000 224,298 224,298 1,000,000
18 354,468 283,096 283,096 1,000,000 241,523 241,523 1,000,000
19 384,791 305,161 305,161 1,000,000 259,210 259,210 1,000,000
20 416,631 328,038 328,038 1,000,000 277,337 277,337 1,000,000
25 601,361 455,706 455,706 1,000,000 374,631 374,631 1,000,000
30 837,129 608,857 608,857 1,000,000 482,974 482,974 1,000,000
35 1,138,036 798,003 798,003 1,000,000 602,430 602,430 1,000,000
40 1,522,077 1,044,509 1,044,509 1,117,625(3) 732,862 739,862 1,000,000
45 2,012,222 1,355,354 1,355,354 1,423,122(3) 923,168 923,168 1,000,000
50 2,637,785 1,728,429 1,728,429 1,814,850(3) 1,186,691 1,186,691 1,246,026(3)
55 3,436,179 2,165,255 2,165,255 2,273,518(3) 1,487,141 1,487,141 1,561,498(3)
60 4,455,155 2,711,988 2,711,988 2,739,108(3) 1,865,265 1,865,265 1,883,918(3)
65 5,755,655 3,456,221 3,456,221 3,456,221(3) 2,396,803 2,396,803 2,396,803(3)
</TABLE>
- -------
(1) Assumes a $12,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.
(3) Increase is due to adjustment by the corridor percentage. See "Death
Benefits".

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 6% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-5
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE I FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION I;
CASH VALUE ACCUMULATION TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 35 ANNUAL RATE OF RETURN: 6% (4.43% NET)
$1,000,000 INITIAL SPECIFIED AMOUNT
ASSUMED ANNUAL PREMIUM (1): $12,000

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED ---------------------------------- ---------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFITS(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ --------- ----------- ------------ --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 12,600 11,232 10,632 1,000,000 9,980 9,380 1,000,000
2 25,830 22,886 22,406 1,000,000 20,339 19,859 1,000,000
3 39,721 34,926 34,566 1,000,000 31,067 30,707 1,000,000
4 54,308 47,410 47,170 1,000,000 42,175 41,935 1,000,000
5 69,623 60,381 60,261 1,000,000 53,663 53,543 1,000,000
6 85,704 73,862 73,862 1,000,000 65,542 65,542 1,000,000
7 102,589 87,869 87,869 1,000,000 77,806 77,806 1,000,000
8 120,319 102,420 102,420 1,000,000 90,478 90,478 1,000,000
9 138,935 117,543 117,543 1,000,000 103,554 103,554 1,000,000
10 158,481 133,248 133,248 1,000,000 117,058 117,058 1,000,000
11 179,006 149,589 149,589 1,000,000 130,982 130,982 1,000,000
12 200,556 166,567 166,567 1,000,000 145,345 145,345 1,000,000
13 223,184 184,209 184,209 1,000,000 160,171 160,171 1,000,000
14 246,943 202,530 202,530 1,000,000 175,475 175,475 1,000,000
15 271,890 221,553 221,553 1,000,000 191,258 191,258 1,000,000
16 298,084 241,320 241,320 1,000,000 207,538 207,538 1,000,000
17 325,589 261,831 261,831 1,000,000 224,298 224,298 1,000,000
18 354,468 283,096 283,096 1,000,000 241,523 241,523 1,000,000
19 384,791 305,161 305,161 1,000,000 259,210 259,210 1,000,000
20 416,631 328,038 328,038 1,000,000 277,337 277,337 1,000,000
25 601,361 455,706 455,706 1,000,000 374,631 374,631 1,000,000
30 837,129 607,707 607,707 1,081,718(3) 482,974 482,974 1,000,000
35 1,138,036 781,696 781,696 1,235,080(3) 602,430 602,430 1,000,000
40 1,522,077 975,214 975,214 1,384,804(3) 737,165 737,165 1,046,774(3)
45 2,012,222 1,185,093 1,185,093 1,552,472(3) 873,884 873,884 1,144,788(3)
50 2,637,785 1,408,456 1,408,456 1,718,316(3) 1,008,611 1,008,611 1,230,505(3)
55 3,436,179 1,644,401 1,644,401 1,907,505(3) 1,137,833 1,137,833 1,319,886(3)
60 4,455,155 1,899,760 1,899,760 2,108,734(3) 1,272,413 1,272,413 1,412,378(3)
65 5,755,655 2,262,145 2,262,145 2,352,631(3) 1,415,829 1,415,829 1,472,462(3)
</TABLE>
- -------
(1) Assumes a $12,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.
(3) Increase is due to adjustment by the corridor percentage. See "Death
Benefits".

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN
THIS PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A
REPRESENTATION OF PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT
RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A
NUMBER OF FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND
DIFFERENT INVESTMENT RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION
VALUE, CASH VALUE AND DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN IF THE ACTUAL INVESTMENT RATES OF RETURN AVERAGED 6% OVER A PERIOD OF
YEARS, BUT FLUCTUATED ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY
YEARS. NO REPRESENTATION CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR
CHUBB SERIES TRUST THAT THIS ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED
FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME.

A-6
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE I FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION I;
GUIDELINE PREMIUM TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 35 ANNUAL RATE OF RETURN: 0% (-1.57% NET)
$1,000,000 INITIAL SPECIFIED AMOUNT
ASSUMED ANNUAL PREMIUM (1): $12,000

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED --------------------------------- --------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFITS(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ -------- ----------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 12,600 10,574 9,974 1,000,000 9,362 8,762 1,000,000
2 25,830 20,910 20,430 1,000,000 18,514 18,034 1,000,000
3 39,721 30,955 30,595 1,000,000 27,433 27,073 1,000,000
4 54,308 40,754 40,514 1,000,000 36,115 35,875 1,000,000
5 69,623 50,332 50,212 1,000,000 44,545 44,425 1,000,000
6 85,704 59,693 59,693 1,000,000 52,720 52,720 1,000,000
7 102,589 68,833 68,833 1,000,000 60,619 60,619 1,000,000
8 120,319 77,747 77,747 1,000,000 68,247 68,247 1,000,000
9 138,935 86,441 86,441 1,000,000 75,583 75,583 1,000,000
10 158,481 94,902 94,902 1,000,000 82,636 82,636 1,000,000
11 179,006 103,144 103,144 1,000,000 89,374 89,374 1,000,000
12 200,556 111,128 111,128 1,000,000 95,787 95,787 1,000,000
13 223,184 118,852 118,852 1,000,000 101,866 101,866 1,000,000
14 246,943 126,295 126,295 1,000,000 107,599 107,599 1,000,000
15 271,890 133,451 133,451 1,000,000 112,960 112,960 1,000,000
16 298,084 140,334 140,334 1,000,000 117,939 117,939 1,000,000
17 325,589 146,901 146,901 1,000,000 122,484 122,484 1,000,000
18 354,468 153,116 153,116 1,000,000 126,541 126,541 1,000,000
19 384,791 158,979 158,979 1,000,000 130,073 130,073 1,000,000
20 416,631 164,449 164,449 1,000,000 133,013 133,013 1,000,000
25 601,361 184,725 184,725 1,000,000 136,983 136,983 1,000,000
30 837,129 187,488 187,488 1,000,000 115,002 115,002 1,000,000
35 1,138,036 161,198 161,198 1,000,000 45,616 45,616 1,000,000
40 1,522,077 83,045 83,045 1,000,000 0 0 0
45 0 0 0 0 0 0 0
50 0 0 0 0 0 0 0
55 0 0 0 0 0 0 0
60 0 0 0 0 0 0 0
65 0 0 0 0 0 0 0
</TABLE>
(1) Assumes a $12,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 0% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-7
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE I FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION I;
CASH VALUE ACCUMULATION TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 35 ANNUAL RATE OF RETURN: 0% (-1.57% NET)
$1,000,000 INITIAL SPECIFIED AMOUNT
ASSUMED ANNUAL PREMIUM (1): $12,000

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED -------------------------------- --------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ -------- ---------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 12,600 10,574 9,974 1,000,000 9,362 8,762 1,000,000
2 25,830 20,910 20,430 1,000,000 18,514 18,034 1,000,000
3 39,721 30,955 30,595 1,000,000 27,433 27,073 1,000,000
4 54,308 40,754 40,514 1,000,000 36,115 35,875 1,000,000
5 69,623 50,332 50,212 1,000,000 44,545 44,425 1,000,000
6 85,704 59,693 59,693 1,000,000 52,720 52,720 1,000,000
7 102,589 68,833 68,833 1,000,000 60,619 60,619 1,000,000
8 120,319 77,747 77,747 1,000,000 68,247 68,247 1,000,000
9 138,935 86,441 86,441 1,000,000 75,583 75,583 1,000,000
10 158,481 94,902 94,902 1,000,000 82,636 82,636 1,000,000
11 179,006 103,144 103,144 1,000,000 89,374 89,374 1,000,000
12 200,556 111,128 111,128 1,000,000 95,787 95,787 1,000,000
13 223,184 118,852 118,852 1,000,000 101,866 101,866 1,000,000
14 246,943 126,295 126,295 1,000,000 107,599 107,599 1,000,000
15 271,890 133,451 133,451 1,000,000 112,960 112,960 1,000,000
16 298,084 140,334 140,334 1,000,000 117,939 117,939 1,000,000
17 325,589 146,901 146,901 1,000,000 122,484 122,484 1,000,000
18 354,468 153,116 153,116 1,000,000 126,541 126,541 1,000,000
19 384,791 158,979 158,979 1,000,000 130,073 130,073 1,000,000
20 416,631 164,449 164,449 1,000,000 133,013 133,013 1,000,000
25 601,361 184,725 184,725 1,000,000 136,983 136,983 1,000,000
30 837,129 187,488 187,488 1,000,000 115,002 115,002 1,000,000
35 1,138,036 161,198 161,198 1,000,000 45,616 54,616 1,000,000
40 1,522,077 83,045 83,045 1,000,000 0 0 0
45 0 0 0 0 0 0 0
50 0 0 0 0 0 0 0
55 0 0 0 0 0 0 0
60 0 0 0 0 0 0 0
65 0 0 0 0 0 0 0
</TABLE>
- -------
(1) Assumes a $12,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 0% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-8
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE I FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION II;
GUIDELINE PREMIUM TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 35 ANNUAL RATE OF RETURN: 12% (10.43% NET)
$1,000,000 INITIAL SPECIFIED AMOUNT
ASSUMED ANNUAL PREMIUM (1): $12,000

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED ---------------------------------- ----------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ ---------- ---------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 12,600 11,884 11,284 1,011,884 10,581 9,981 1,010,581
2 25,830 24,924 24,444 1,024,924 22,181 21,701 1,022,181
3 39,721 39,176 38,816 1,039,176 34,875 34,515 1,034,875
4 54,308 54,810 54,570 1,054,810 48,768 48,528 1,048,768
5 69,623 71,990 71,870 1,071,990 63,963 63,843 1,063,963
6 85,704 90,879 90,879 1,090,879 80,584 80,584 1,080,584
7 102,589 111,642 111,642 1,111,642 98,751 98,751 1,098,751
8 120,319 134,467 134,467 1,134,467 118,623 118,623 1,118,623
9 138,935 159,583 159,583 1,159,583 140,347 140,347 1,140,347
10 158,481 187,232 187,232 1,187,232 164,142 164,142 1,164,142
11 179,006 217,693 217,693 1,217,693 190,194 190,194 1,190,194
12 200,556 251,212 251,212 1,251,212 218,721 218,721 1,218,721
13 223,184 288,101 288,101 1,288,101 249,964 249,964 1,249,946
14 246,943 328,687 328,687 1,328,687 284,190 284,190 1,284,190
15 271,890 373,339 373,339 1,373,339 321,673 321,673 1,321,673
16 298,084 422,488 422,488 1,422,488 362,737 362,737 1,362,737
17 325,589 476,548 476,548 1,476,548 407,688 407,688 1,407,688
18 354,468 535,987 535,987 1,535,987 456,864 456,864 1,456,864
19 384,791 601,362 601,362 1,601,362 510,649 510,649 1,510,649
20 416,631 673,241 673,241 1,673,241 569,439 569,439 1,569,439
25 601,361 1,154,925 1,154,925 2,154,925 956,199 956,199 1,956,199
30 837,129 1,925,035 1,925,035 2,925,035 1,557,704 1,557,704 2,557,704
35 1,138,036 3,153,626 3,153,626 4,153,626 2,486,839 2,486,839 3,486,839
40 1,522,077 5,111,847 5,111,847 6,111,847 3,916,015 3,916,015 4,916,015
45 2,012,222 8,235,316 8,235,316 9,235,316 6,101,350 6,101,350 7,101,350
50 2,637,785 13,223,549 13,223,549 14,223,549 9,460,416 9,460,416 10,460,416
55 3,436,179 21,217,875 21,217,875 22,278,769(3) 14,635,597 14,635,597 15,635,597
60 4,455,155 34,099,224 34,099,224 35,099,224 22,747,472 22,747,472 23,747,472
65 5,755,655 55,121,888 55,121,888 56,121,888 34,536,114 34,536,114 35,536,114
</TABLE>
- -------
(1) Assumes a $12,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.
(3) Increase is due to adjustment by the corridor percentage. See "Death
Benefits".

A-9
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE I FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION II;
CASH VALUE ACCUMULATION TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 35 ANNUAL RATE OF RETURN: 12% (10.43% NET)
$1,000,000 INITIAL SPECIFIED AMOUNT
ASSUMED ANNUAL PREMIUM (1): $12,000

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED ---------------------------------- ----------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ ---------- ---------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 12,600 11,884 11,284 1,011,884 10,581 9,981 1,010,581
2 25,830 24,924 24,444 1,024,924 22,181 21,701 1,022,181
3 39,721 39,176 38,816 1,039,176 34,875 34,515 1,034,875
4 54,308 54,810 54,570 1,054,810 48,768 48,528 1,048,768
5 69,623 71,990 71,870 1,071,990 63,963 63,843 1,063,963
6 85,704 90,879 90,879 1,090,879 80,584 80,584 1,080,584
7 102,589 111,642 111,642 1,111,642 98,751 98,751 1,098,751
8 120,319 134,467 134,467 1,134,467 118,623 118,623 1,118,623
9 138,935 159,583 159,583 1,159,583 140,347 140,347 1,140,347
10 158,481 187,232 187,232 1,187,232 164,142 164,142 1,164,142
11 179,006 217,693 217,693 1,217,693 190,194 190,194 1,190,194
12 200,556 251,212 251,212 1,251,212 218,721 218,721 1,218,721
13 223,184 288,101 288,101 1,288,101 249,964 249,964 1,249,964
14 246,943 328,687 328,687 1,328,687 284,190 284,190 1,284,190
15 271,890 373,339 373,339 1,373,339 321,673 321,673 1,321,673
16 298,084 422,488 422,488 1,422,488 362,737 362,737 1,362,737
17 325,589 476,548 476,548 1,476,548 407,688 407,688 1,407,688
18 354,468 535,987 535,987 1,535,987 456,864 456,864 1,456,864
19 384,791 601,362 601,362 1,601,362 510,649 510,649 1,510,649
20 416,631 673,241 673,241 1,673,241 569,439 569,439 1,569,439
25 601,361 1,153,156 1,153,156 2,352,438(3) 956,199 956,199 1,956,199
30 837,129 1,903,542 1,903,542 3,388,305(3) 1,550,039 1,550,039 2,759,069(3)
35 1,138,036 3,056,878 3,056,878 4,829,867(3) 2,429,884 2,429,884 3,839,217(3)
40 1,522,077 4,800,413 4,800,413 6,816,586(3) 3,701,802 3,701,802 5,256,559(3)
45 2,012,222 7,391,817 7,391,817 9,683,280(3) 5,480,985 5,480,985 7,180,090(3)
50 2,637,785 11,191,207 11,191,207 13,653,273(3) 7,947,921 7,947,921 9,696,464(3)
55 3,436,179 16,716,957 16,716,957 19,391,670(3) 11,315,793 11,315,793 13,126,320(3)
60 4,455,155 24,798,012 24,798,012 27,525,793(3) 16,028,280 16,028,280 17,791,391(3)
65 5,755,655 38,043,579 38,043,579 39,565,322(3) 22,518,295 22,518,295 23,518,295
</TABLE>
- -------
(1) Assumes a $12,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.
(3) Increase is due to adjustment by the corridor percentage. See "Death
Benefits".

A-10
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE I FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED --------------------------------- --------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFITS(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ -------- ----------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 12,600 11,227 10,627 1,011,227 9,963 9,363 1,009,963
2 25,830 22,870 22,390 1,022,870 20,286 19,806 1,020,286
3 39,721 34,886 34,526 1,034,886 30,954 30,594 1,030,954
4 54,308 47,332 47,092 1,047,332 41,972 41,732 1,041,972
5 69,623 60,249 60,129 1,060,249 53,336 53,216 1,053,336
6 85,704 73,656 73,656 1,073,656 65,050 65,050 1,065,050
7 102,589 87,565 87,565 1,087,565 77,100 77,100 1,077,100
8 120,319 101,989 101,989 1,101,989 89,501 89,501 1,089,501
9 138,935 116,950 116,950 1,116,950 102,237 102,237 1,102,237
10 158,481 132,451 132,451 1,132,451 115,324 115,324 1,115,324
11 179,006 148,540 148,540 1,148,540 128,735 128,735 1,128,735
12 200,556 165,203 165,203 1,165,203 142,473 142,473 1,142,473
13 223,184 182,456 182,456 1,182,456 156,544 156,544 1,156,544
14 246,943 200,297 200,297 1,200,297 170,945 170,945 1,170,945
15 271,890 218,732 218,732 1,218,732 185,650 185,650 1,185,650
16 298,084 237,788 237,788 1,237,788 200,652 200,652 1,200,652
17 325,589 257,432 257,432 1,257,432 215,894 215,894 1,215,894
18 354,468 277,641 277,641 1,277,641 231,315 231,315 1,231,315
19 384,791 298,430 298,430 1,298,430 246,863 246,863 1,246,863
20 416,631 319,765 319,765 1,319,765 262,451 262,451 1,262,451
25 601,361 433,616 433,616 1,433,616 338,430 338,430 1,338,430
30 837,129 552,741 552,741 1,552,741 400,033 400,033 1,400,033
35 1,138,036 662,057 662,057 1,662,057 419,427 419,427 1,419,427
40 1,522,077 733,419 733,419 1,733,419 348,473 348,473 1,348,473
45 2,012,222 719,005 719,005 1,719,005 100,770 100,770 1,100,770
50 2,637,785 537,640 537,640 1,537,640 0 0 0
55 3,436,179 67,926 67,926 1,067,926 0 0 0
60 0 0 0 0 0 0 0
65 0 0 0 0 0 0 0
</TABLE>
- -------
(1) Assumes a $12,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 6% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-11
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE I FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION II;
CASH VALUE ACCUMULATION TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 35 ANNUAL RATE OF RETURN: 6% (4.43% NET)
$1,000,000 INITIAL SPECIFIED AMOUNT
ASSUMED ANNUAL PREMIUM (1): $12,000

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED -------------------------------- --------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ -------- ---------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 12,600 11,227 10,627 1,011,227 9,963 9,363 1,009,963
2 25,830 22,870 22,390 1,022,870 20,286 19,806 1,020,286
3 39,721 34,886 34,526 1,034,886 30,954 30,594 1,030,954
4 54,308 47,332 47,092 1,047,332 41,972 41,732 1,041,972
5 69,623 60,249 60,129 1,060,249 53,336 53,216 1,053,336
6 85,704 73,656 73,656 1,073,656 65,050 65,050 1,065,050
7 102,589 87,565 87,565 1,087,565 77,100 77,100 1,077,100
8 120,319 101,989 101,989 1,101,989 89,501 89,501 1,089,501
9 138,935 116,950 116,950 1,116,950 102,237 102,237 1,102,237
10 158,481 132,451 132,451 1,132,451 115,324 115,324 1,115,324
11 179,006 148,540 148,540 1,148,540 128,735 128,735 1,128,735
12 200,556 165,203 165,203 1,165,203 142,473 142,473 1,142,473
13 223,184 182,456 182,456 1,182,456 156,544 156,544 1,156,544
14 246,943 200,297 200,297 1,200,297 170,945 170,945 1,170,945
15 271,890 218,732 218,732 1,218,732 185,650 185,650 1,185,650
16 298,084 237,788 237,788 1,237,788 200,652 200,652 1,200,652
17 325,589 257,432 257,432 1,257,432 215,894 215,894 1,215,894
18 354,468 277,641 277,641 1,277,641 231,315 231,315 1,231,315
19 384,791 298,430 298,430 1,298,430 246,863 246,863 1,246,863
20 416,631 319,765 319,765 1,319,765 262,451 262,451 1,262,451
25 601,361 433,616 433,616 1,433,616 338,430 338,430 1,338,430
30 837,129 552,741 552,741 1,552,741 400,033 400,033 1,400,033
35 1,138,036 662,057 662,057 1,662,057 419,427 419,427 1,419,427
40 1,522,077 733,419 733,419 1,733,419 348,473 348,473 1,348,473
45 2,012,222 719,005 719,005 1,719,005 100,770 100,770 1,100,770
50 2,637,785 537,640 537,640 1,537,640 0 0 0
55 3,436,179 67,925 67,925 1,067,925 0 0 0
60 0 0 0 0 0 0 0
65 0 0 0 0 0 0 0
</TABLE>
- -------
(1) Assumes a $12,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 6% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-12
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE I FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION II;
GUIDELINE PREMIUM TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 35 ANNUAL RATE OF RETURN: 0% (-1.57% NET)
$1,000,000 INITIAL SPECIFIED AMOUNT
ASSUMED ANNUAL PREMIUM (1): $12,000

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED --------------------------------- --------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFITS(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ -------- ----------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 12,600 10,570 9,970 1,010,570 9,346 8,746 1,009,346
2 25,830 20,895 20,415 1,020,895 18,466 17,986 1,018,466
3 39,721 30,920 30,560 1,030,920 27,334 26,974 1,027,334
4 54,308 40,689 40,449 1,040,689 35,945 35,705 1,035,945
5 69,623 50,225 50,105 1,050,225 44,283 44,163 1,044,283
6 85,704 59,533 59,533 1,059,533 52,341 52,341 1,052,341
7 102,589 68,606 68,606 1,068,606 60,095 60,095 1,060,095
8 120,319 77,437 77,437 1,077,437 67,550 67,550 1,067,550
9 138,935 86,032 86,032 1,086,032 74,681 74,681 1,074,681
10 158,481 94,373 94,373 1,094,373 81,493 81,493 1,081,493
11 179,006 102,474 102,474 1,102,474 87,951 87,951 1,087,951
12 200,556 110,291 110,291 1,110,291 94,041 94,041 1,094,041
13 223,184 117,817 117,817 1,117,817 99,749 99,749 1,099,749
14 246,943 125,027 125,027 1,125,027 105,062 105,062 1,105,062
15 271,890 131,908 131,908 1,131,908 109,946 109,946 1,109,946
16 298,084 138,474 138,474 1,138,474 114,388 114,388 1,114,388
17 325,589 144,671 144,671 1,144,671 118,327 118,327 1,118,327
18 354,468 150,454 150,454 1,150,454 121,700 121,700 1,121,700
19 384,791 155,819 155,819 1,155,819 124,458 124,458 1,124,458
20 416,631 160,713 160,713 1,160,713 126,521 126,521 1,126,521
25 601,361 176,578 176,578 1,176,578 124,405 124,405 1,124,405
30 837,129 171,005 171,005 1,171,005 93,342 93,342 1,093,342
35 1,138,036 131,201 131,201 1,131,201 14,605 14,605 1,014,605
40 1,522,077 37,393 37,393 1,037,393 0 0 0
45 0 0 0 0 0 0 0
50 0 0 0 0 0 0 0
55 0 0 0 0 0 0 0
60 0 0 0 0 0 0 0
65 0 0 0 0 0 0 0
</TABLE>
- -------
(1) Assumes a $12,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 0% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-13
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE I FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION II;
CASH VALUE ACCUMULATION TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 35 ANNUAL RATE OF RETURN: 0% (-1.57% NET)
$1,000,000 INITIAL SPECIFIED AMOUNT
ASSUMED ANNUAL PREMIUM (1): $12,000

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED --------------------------------- --------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFITS(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ -------- ----------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 12,600 10,570 9,970 1,010,570 9,346 8,746 1,009,346
2 25,830 20,895 20,415 1,020,895 18,466 17,986 1,018,466
3 39,721 30,920 30,560 1,030,920 27,334 26,974 1,027,334
4 54,308 40,689 40,449 1,040,689 35,945 35,705 1,035,945
5 69,623 50,225 50,105 1,050,225 44,283 44,163 1,044,283
6 85,704 59,533 59,533 1,059,533 52,341 52,341 1,052,341
7 102,589 68,606 68,606 1,068,606 60,095 60,095 1,060,095
8 120,319 77,437 77,437 1,077,437 67,550 67,550 1,067,550
9 138,935 86,032 86,032 1,086,032 74.681 74,681 1,074,681
10 158,481 94,373 94,373 1,094,373 81,493 81,493 1,081,493
11 179,006 102,474 102,474 1,102,474 87,951 87,951 1,087,951
12 200,556 110,291 110,291 1,110,291 94,041 94,041 1,094,041
13 223,184 117,817 117,817 1,117,817 99,749 99,749 1,099,749
14 246,943 125,027 125,027 1,125,027 105,062 105,062 1,105,062
15 271,890 131,908 131,908 1,131,908 109,946 109,946 1,109,946
16 298,084 138,474 138,474 1,138,474 114,388 114,388 1,114,388
17 325,589 144,671 144,671 1,144,671 118,327 118,327 1,118,327
18 354,468 150,454 150,454 1,150,454 121,700 121,700 1,121,700
19 384,791 155,819 155,819 1,155,819 124,458 124,458 1,124,458
20 416,631 160,713 160,713 1,160,713 126,521 126,521 1,126,521
25 601,361 176,578 176,578 1,176,578 124,405 124,405 1,124,405
30 837,129 171,005 171,005 1,171,005 93,342 93,342 1,093,342
35 1,138,036 131,201 131,201 1,131,201 14,605 14,605 1,014,605
40 1,522,077 37,393 37,393 1,037,393 0 0 0
45 0 0 0 0 0 0 0
50 0 0 0 0 0 0 0
55 0 0 0 0 0 0 0
60 0 0 0 0 0 0 0
65 0 0 0 0 0 0 0
</TABLE>
- -------
(1) Assumes a $12,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 0% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-14
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE II JOINT AND LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE
INSURANCE POLICY

DEATH BENEFIT OPTION I;
GUIDELINE PREMIUM TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 35 ANNUAL RATE OF RETURN: 12% (10.43% NET)
FEMALE NON-SMOKER ISSUE AGE 35 ASSUMED ANNUAL PREMIUM (1): $16,000
$2,000,000 INITIAL SPECIFIED AMOUNT

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED ---------------------------------- ----------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ ---------- ---------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 16,800 16,473 15,673 2,000,000 16,469 15,669 2,000,000
2 34,440 34,658 34,018 2,000,000 34,640 34,000 2,000,000
3 52,962 54,731 54,251 2,000,000 54,688 54,208 2,000,000
4 72,410 76,888 76,568 2,000,000 76,804 76,484 2,000,000
5 92,831 101,346 101,186 2,000,000 101,200 101,040 2,000,000
6 114,272 128,340 128,340 2,000,000 128,109 128,109 2,000,000
7 136,786 158,134 158,134 2,000,000 157,788 157,788 2,000,000
8 160,425 191,044 191,044 2,000,000 190,544 190,544 2,000,000
9 185,246 227,417 227,417 2,000,000 226,720 226,720 2,000,000
10 211,309 267,617 267,617 2,000,000 266,671 266,671 2,000,000
11 238,674 312,047 321,047 2,000,000 310,789 310,789 2,000,000
12 267,408 361,151 361,151 2,000,000 359,508 359,508 2,000,000
13 297,578 415,418 415,418 2,000,000 413,305 413,305 2,000,000
14 329,257 475,393 475,393 2,000,000 472,708 472,708 2,000,000
15 362,520 541,675 541,675 2,000,000 538,301 538,301 2,000,000
16 397,446 614,927 614,927 2,000,000 610,731 610,731 2,000,000
17 434,118 695,884 695,884 2,000,000 690,714 690,714 2,000,000
18 472,624 785,361 785,361 2,000,000 779,048 779,048 2,000,000
19 513,055 884,260 884,260 2,000,000 876,617 876,617 2,000,000
20 555,508 993,584 993,584 2,000,000 984,410 984,410 2,000,000
25 801,815 1,739,992 1,739,992 2,331,589(3) 1,719,966 1,719,966 2,304,754(3)
30 1,116,173 2,970,855 2,970,855 3,624,443(3) 2,929,025 2,929,025 3,573,411(3)
35 1,517,381 4,993,425 4,993,425 5,792,373(3) 4,901,565 4,901,565 5,685,815(3)
40 2,029,436 8,313,895 8,313,895 8,895,868(3) 8,117,110 8,117,110 8,685,308(3)
45 2,682,963 13,772,855 13,772,855 14,461,498(3) 13,381,804 13,381,804 14,050,894(3)
50 3,517,046 22,609,479 22,609,479 23,739,953(3) 21,785,629 21,785,629 22,874,910(3)
55 4,581,572 36,699,450 36,699,450 38,534,423(3) 34,882,959 34,882,959 36,627,107(3)
60 5,940,206 59,721,351 59,721,351 60,318,565(3) 56,073,587 56,073,587 56,634,323(3)
65 7,674,207 98,881,578 98,881,578 98,881,578(3) 92,848,050 92,848,050 92,848,050(3)
</TABLE>
- -------
(1) Assumes a $16,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.
(3) Increase is due to adjustment by the corridor percentage. See "Death
Benefits".

A-15
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE II JOINT AND LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE
INSURANCE POLICY

DEATH BENEFIT OPTION I
CASH VALUE ACCUMULATION TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 40 ANNUAL RATE OF RETURN: 12% (-10.43% NET)
FEMALE NON-SMOKER ISSUE AGE 35 ASSUMED ANNUAL PREMIUM (1): $16,000
$2,000,000 INITIAL SPECIFIED AMOUNT

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED ------------------------------------- -------------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFITS(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ ---------- ------------- ------------ ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 16,800 16,473 15,673 2,000,000 16,469 15,669 2,000,000
2 34,440 34,658 34,018 2,000,000 34,640 34,000 2,000,000
3 52,962 54,731 54,251 2,000,000 54,688 54,208 2,000,000
4 72,410 76,888 76,568 2,000,000 76,804 76,484 2,000,000
5 92,831 101,346 101,186 2,000,000 101,200 101,040 2,000,000
6 114,272 128,340 128,340 2,000,000 128,109 128,109 2,000,000
7 136,786 158,134 158,134 2,000,000 157,788 157,788 2,000,000
8 160,425 191,044 191,044 2,000,000 190,544 190,544 2,000,000
9 185,246 227,417 227,417 2,000,000 226,720 226,720 2,000,000
10 211,309 267,617 267,617 2,000,000 266,671 266,671 2,000,000
11 238,674 312,047 321,047 2,000,000 310,789 310,789 2,000,000
12 267,408 361,151 361,151 2,000,000 359,508 359,508 2,000,000
13 297,578 415,418 415,418 2,000,000 413,305 413,305 2,000,000
14 329,257 475,393 475,393 2,000,000 472,708 472,708 2,000,000
15 362,520 541,675 541,675 2,000,000 538,301 538,301 2,000,000
16 397,446 614,922 614,922 2,096,884(3) 610,723 610,723 2,082,565(3)
17 434,118 695,831 695,831 2,282,326(3) 690,607 690,607 2,265,191(3)
18 472,624 785,177 785,177 2,481,159(3) 778,655 778,655 2,460,550(3)
19 513,055 883,816 883,816 2,695,639(3) 875,653 875,653 2,670,742(3)
20 555,508 992,696 992,696 2,908,599(3) 982,473 982,473 2,878,646(3)
25 801,815 1,730,519 1,730,519 4,222,466(3) 1,699,234 1,699,234 4,146,131(3)
30 1,116,173 2,927,639 2,927,639 6,001,660(3) 2,836,290 2,836,290 5,814,395(3)
35 1,517,381 4,843,476 4,843,476 8,476,083(3) 4,589,733 4,589,733 8,032,033(3)
40 2,029,436 7,853,035 7,853,035 11,936,613(3) 7,205,453 7,205,453 10,952,289(3)
45 2,682,963 12,449,228 12,449,228 16,930,950(3) 10,934,736 10,934,736 14,871,241(3)
50 3,517,046 19,253,818 19,253,818 24,067,273(3) 16,078,362 16,078,362 20,097,953(3)
55 4,581,572 29,246,484 29,246,484 34,218,386(3) 23,095,161 23,095,161 27,021,338(3)
60 5,940,206 44,283,787 44,283,787 49,155,004(3) 32,812,245 32,812,245 36,421,592(3)
65 7,674,207 68,888,970 68,888,970 71,644,529(3) 46,428,308 46,428,308 48,285,440(3)
</TABLE>
- -------
(1) Assumes a $16,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.
(3) Increase is due to adjustment by the corridor percentage. See "Death
Benefits".

A-16
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE II JOINT AND LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE
INSURANCE POLICY

DEATH BENEFIT OPTION I
GUIDELINE PREMIUM TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 40 ANNUAL RATE OF RETURN: 6% (4.43% NET)
FEMALE NON-SMOKER ISSUE AGE 35 ASSUMED ANNUAL PREMIUM (1): $16,000
$2,000,000 INITIAL SPECIFIED AMOUNT

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED --------------------------------- ---------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ --------- ---------- ------------ --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 16,800 15,578 14,778 2,000,000 15,574 14,774 2,000,000
2 34,440 31,840 31,200 2,000,000 31,823 31,183 2,000,000
3 52,962 48,814 48,334 2,000,000 48,774 48,294 2,000,000
4 72,410 66,532 66,212 2,000,000 66,453 66,133 2,000,000
5 92,831 85,023 84,863 2,000,000 84,890 84,873 2,000,000
6 114,272 104,320 104,320 2,000,000 104,113 104,113 2,000,000
7 136,786 124,456 124,456 2,000,000 124,149 124,149 2,000,000
8 160,425 145,466 145,466 2,000,000 145,030 145,030 2,000,000
9 185,246 167,390 167,390 2,000,000 166,791 166,791 2,000,000
10 211,309 190,295 190,295 2,000,000 189,491 189,491 2,000,000
11 238,674 214,221 214,221 2,000,000 213,164 213,164 2,000,000
12 267,408 239,209 239,209 2,000,000 237,844 237,844 2,000,000
13 297,578 265,303 265,303 2,000,000 263,564 263,564 2,000,000
14 329,257 292,546 292,546 2,000,000 290,354 290,354 2,000,000
15 362,520 320,983 320,983 2,000,000 318,246 318,246 2,000,000
16 397,446 350,659 350,659 2,000,000 347,270 347,270 2,000,000
17 434,118 381,620 381,620 2,000,000 377,453 377,453 2,000,000
18 472,624 413,914 413,914 2,000,000 408,823 408,823 2,000,000
19 513,055 447,588 447,588 2,000,000 441,402 441,402 2,000,000
20 555,508 482,689 482,689 2,000,000 475,215 475,215 2,000,000
25 801,815 681,368 681,368 2,000,000 663,443 663,443 2,000,000
30 1,116,173 923,291 923,291 2,000,000 884,280 884,280 2,000,000
35 1,517,381 1,214,945 1,214,945 2,000,000 1,135,296 1,135,296 2,000,000
40 2,029,436 1,568,431 1,568,431 2,000,000 1,418,024 1,418,024 2,000,000
45 2,682,963 2,018,818 2,018,818 2,119,759(3) 1,756,557 1,756,557 2,000,000
50 3,517,046 2,579,752 2,579,752 2,708,740(3) 2,226,128 2,226,128 2,337,434(3)
55 4,581,572 3,242,659 3,242,659 3,404,792(3) 2,772,023 2,772,023 2,910,624(3)
60 5,940,206 4,069,400 4,069,400 4,110,094(3) 3,449,339 3,449,339 3,483,832(3)
65 7,674,207 5,175,815 5,175,815 5,175,815(3) 4,399,996 4,399,996 4,399,996(3)
</TABLE>
- -------
(1) Assumes a $16,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.
(3) Increase is due to adjustment by the corridor percentage. See "Death
Benefits".

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 6% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-17
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE II JOINT AND LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE
INSURANCE POLICY

DEATH BENEFIT OPTION I;
CASH VALUE ACCUMULATION TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 40 ANNUAL RATE OF RETURN: 6% (4.43% NET)
FEMALE NON-SMOKER ISSUE AGE 35 ASSUMED ANNUAL PREMIUM (1): $16,000
$2,000,000 INITIAL SPECIFIED AMOUNT

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED --------------------------------- ---------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ --------- ---------- ------------ --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 16,800 15,578 14,778 2,000,000 15,574 14,774 2,000,000
2 34,440 31,840 31,200 2,000,000 31,823 31,183 2,000,000
3 52,962 48,814 48,334 2,000,000 48,774 48,294 2,000,000
4 72,410 66,532 66,212 2,000,000 66,453 66,133 2,000,000
5 92,831 85,023 84,863 2,000,000 84,890 84,730 2,000,000
6 114,272 104,320 104,320 2,000,000 104,113 104,113 2,000,000
7 136,786 124,456 124,456 2,000,000 124,149 124,149 2,000,000
8 160,425 145,466 145,466 2,000,000 145,030 145,030 2,000,000
9 185,246 167,390 167,390 2,000,000 166,791 166,791 2,000,000
10 211,309 190,295 190,295 2,000,000 189,491 189,491 2,000,000
11 238,674 214,221 214,221 2,000,000 213,164 213,164 2,000,000
12 267,408 239,209 239,209 2,000,000 237,844 237,844 2,000,000
13 297,578 265,303 265,303 2,000,000 263,564 263,564 2,000,000
14 329,257 292,546 292,546 2,000,000 290,354 290,354 2,000,000
15 362,520 320,983 320,983 2,000,000 318,246 318,246 2,000,000
16 397,446 350,659 350.659 2,000,000 347,270 347,270 2,000,000
17 434,118 381,620 381,620 2,000,000 377,453 377,453 2,000,000
18 472,624 413,914 413,914 2,000,000 408,823 408,823 2,000,000
19 513,055 447,588 447,588 2,000,000 441,402 441,402 2,000,000
20 555,508 482,689 482,689 2,000,000 475,215 475,215 2,000,000
25 801,815 681,368 681,368 2,000,000 663,443 663,443 2,000,000
30 1,116,173 923,291 923,291 2,000,000 884,280 884,280 2,000,000
35 1,517,381 1,214,945 1,214,945 2,124,778(3) 1,135,296 1,135,296 2,000,000
40 2,029,436 1,553,039 1,553,039 2,360,619(3) 1,410,685 1,410,685 2,144,241(3)
45 2,682,963 1,929,545 1,929,545 2,624,181(3) 1,685,049 1,685,049 2,291,667(3)
50 3,517,046 2,326,957 2,326,957 2,908,696(3) 1,941,947 1,941,947 2,427,434(3)
55 4,581,572 2,745,442 2,745,442 3,212,167(3) 2,179,698 2,179,698 2,550,247(3)
60 5,940,206 3,218,536 3,218,536 3,572,575(3) 2,414,268 2,414,268 2,679,837(3)
65 7,674,207 3,864,822 3,864,822 4,019,415(3) 2,658,873 2,658,873 2,765,228(3)
</TABLE>
- -------
(1) Assumes a $16,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.
(3) Increase is due to adjustment by the corridor percentage. See "Death
Benefits".

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 6% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-18
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE II JOINT AND LAST SURVIVOR
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION I;
GUIDELINE PREMIUM TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 40 ANNUAL RATE OF RETURN: 0% (-1.57% NET)
FEMALE NON-SMOKER ISSUE AGE 35 ASSUMED ANNUAL PREMIUM (1): $16,000
$2,000,000 INITIAL SPECIFIED AMOUNT

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED -------------------------------- --------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ -------- ---------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 16,800 14,683 13,883 2,000,000 14,679 13,879 2,000,000
2 34,440 29,129 28,489 2,000,000 29,113 28,473 2,000,000
3 52,962 43,341 42,861 2,000,000 43,302 42,822 2,000,000
4 72,410 57,321 57,001 2,000,000 57,248 56,928 2,000,000
5 92,831 71,070 70,910 2,000,000 70,949 70,789 2,000,000
6 114,272 84,590 84,590 2,000,000 84,404 84,404 2,000,000
7 136,786 97,883 97,883 2,000,000 97,611 97,611 2,000,000
8 160,425 110,947 110,947 2,000,000 110,567 110,567 2,000,000
9 185,246 123,786 123,786 2,000,000 123,268 123,268 2,000,000
10 211,309 136,396 136,396 2,000,000 135,711 135,711 2,000,000
11 238,674 148,780 148,780 2,000,000 147,890 147,890 2,000,000
12 267,408 160,944 160,944 2,000,000 159,805 159,805 2,000,000
13 297,578 172,893 172,893 2,000,000 171,453 171,453 2,000,000
14 329,257 184,622 184,622 2,000,000 182,820 182,820 2,000,000
15 362,520 196,124 196,124 2,000,000 193,889 193,889 2,000,000
16 397,446 207,392 207,392 2,000,000 204,637 204,637 2,000,000
17 434,118 218,415 218,415 2,000,000 215,040 215,040 2,000,000
18 472,624 229,181 229,181 2,000,000 225,068 225,068 2,000,000
19 513,055 239,675 239,675 2,000,000 234,685 234,685 2,000,000
20 555,508 249,880 249,880 2,000,000 243,850 243,850 2,000,000
25 801,815 295,726 295,726 2,000,000 280,989 280,989 2,000,000
30 1,116,173 328,950 328,950 2,000,000 294,995 294,995 2,000,000
35 1,517,381 337,708 337,708 2,000,000 259,825 259,825 2,000,000
40 2,029,436 295,464 295,464 2,000,000 118,963 118,963 2,000,000
45 2,682,963 134,309 134,309 2,000,000 0 0 0
50 0 0 0 0 0 0 0
55 0 0 0 0 0 0 0
60 0 0 0 0 0 0 0
65 0 0 0 0 0 0 0
</TABLE>
- -------
(1) Assumes a $16,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 0% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-19
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE II JOINT AND LAST SURVIVOR
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION I;
CASH VALUE ACCUMULATION TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 40 ANNUAL RATE OF RETURN: 0% (-1.57% NET)
FEMALE NON-SMOKER ISSUE AGE 35 ASSUMED ANNUAL PREMIUM (1): $16,000
$2,000,000 INITIAL SPECIFIED AMOUNT

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED -------------------------------- --------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ -------- ---------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 16,800 14,683 13,883 2,000,000 14,679 13,879 2,000,000
2 34,440 29,129 28,489 2,000,000 29,113 28,473 2,000,000
3 52,962 43,341 42,861 2,000,000 43,302 42,822 2,000,000
4 72,410 57,321 57,001 2,000,000 57,248 56,928 2,000,000
5 92,831 71,070 70,910 2,000,000 70,949 70,789 2,000,000
6 114,272 84,590 84,590 2,000,000 84,404 84,404 2,000,000
7 136,786 97,883 97,883 2,000,000 97,611 97,611 2,000,000
8 160,425 110,947 110,947 2,000,000 110,567 110,567 2,000,000
9 185,246 123,786 123,786 2,000,000 123,268 123,268 2,000,000
10 211,309 136,396 136,396 2,000,000 135,711 135,711 2,000,000
11 238,674 148,780 148,780 2,000,000 147,890 147,890 2,000,000
12 267,408 160,944 160,944 2,000,000 159,805 159,805 2,000,000
13 297,578 172,893 172,893 2,000,000 171,453 171,453 2,000,000
14 329,257 184,622 184,622 2,000,000 182,820 182,820 2,000,000
15 362,520 196,124 196,124 2,000,000 193,889 193,889 2,000,000
16 397,446 207,392 207,392 2,000,000 204,637 204,637 2,000,000
17 434,118 218,415 218,415 2,000,000 215,040 215,040 2,000,000
18 472,624 229,181 229,181 2,000,000 225,068 225,068 2,000,000
19 513,055 239,675 239,675 2,000,000 234,685 234,685 2,000,000
20 555,508 249,880 249,880 2,000,000 243,850 243,850 2,000,000
25 801,815 295,726 295,726 2,000,000 280,989 280,989 2,000,000
30 1,116,173 328,950 328,950 2,000,000 294,995 294,995 2,000,000
35 1,517,381 337,708 337,708 2,000,000 259,825 259,825 2,000,000
40 2,029,436 295,464 295,464 2,000,000 118,963 118,963 2,000,000
45 2,682,963 134,309 134,309 2,000,000 0 0 0
50 0 0 0 0 0 0 0
55 0 0 0 0 0 0 0
60 0 0 0 0 0 0 0
65 0 0 0 0 0 0 0
</TABLE>
- -------
(1) Assumes a $16,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 0% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-20
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE II JOINT AND LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE
INSURANCE POLICY

DEATH BENEFIT OPTION II
GUIDELINE PREMIUM TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 40 ANNUAL RATE OF RETURN: 12% (10.43% NET)
FEMALE NON-SMOKER ISSUE AGE 35 ASSUMED ANNUAL PREMIUM (1): $16,000
$2,000,000 INITIAL SPECIFIED AMOUNT

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED ---------------------------------- ----------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ ---------- ---------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 16,800 16,473 15,673 2,016,473 16,469 15,669 2,016,469
2 34,440 34,658 34,018 2,034,658 34,640 34,000 2,034,640
3 52,962 54,730 54,250 2,054,730 54,686 54,206 2,054,686
4 72,410 76,887 76,567 2,076,887 76,800 76,480 2,076,800
5 92,831 101,342 101,182 2,101,342 101,191 101,031 2,101,191
6 114,272 128,333 128,333 2,128,333 128,092 128,092 2,128,092
7 136,786 158,121 158,121 2,158,121 157,756 157,756 2,157,756
8 160,425 191,020 191,020 2,191,020 190,489 190,489 2,190,489
9 185,246 227,378 227,378 2,227,378 226,628 226,628 2,226,628
10 211,309 267,555 267,555 2,267,555 266,525 266,525 2,266,525
11 238,674 311,951 311,951 2,311,951 310,564 310,564 2,310,564
12 267,408 361,006 361,006 2,361,006 359,169 359,169 2,359,169
13 297,578 415,203 415,203 2,415,203 412,804 412,804 2,412,804
14 329,257 475,079 475,079 2,475,079 471,978 471,978 2,471,978
15 362,520 541,222 541,222 2,541,222 537,252 537,252 2,537,252
16 397,446 614,281 614,281 2,614,281 609,237 609,237 2,609,237
17 434,118 694,971 694,971 2,694,971 688,608 688,608 2,688,608
18 472,624 784,081 784,081 2,784,081 776,103 776,103 2,776,103
19 513,055 882,478 882,478 2,882,478 872,528 872,528 2,872,528
20 555,508 991,118 991,118 2,991,118 978,770 978,770 2,978,770
25 801,815 1,728,773 1,728,773 3,728,773 1,694,666 1,694,666 3,694,666
30 1,116,173 2,934,024 2,934,024 4,934,024 2,847,055 2,847,055 4,847,055
35 1,517,381 4,892,595 4,892,595 6,892,595 4,680,476 4,680,476 6,680,476
40 2,029,436 8,055,160 8,055,160 10,055,160 7,563,957 7,563,957 9,563,957
45 2,682,963 13,118,305 13,118,305 15,118,305 12,034,416 12,034,416 14,034,416
50 3,517,046 21,165,673 21,165,673 23,165,673 18,919,143 18,919,143 20,919,143
55 4,581,572 33,982,866 33,982,866 35,982,866 29,536,050 29,536,050 31,536,050
60 5,940,206 54,607,230 54,607,230 56,607,230 46,013,703 46,013,703 48,013,703
65 7,674,207 88,144,085 88,144,085 90,144,085 69,962,597 69,962,597 71,962,597
</TABLE>
- -------
(1) Assumes a $16,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.

A-21
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE II JOINT AND LAST SURVIVOR
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION II;
CASH VALUE ACCUMULATION TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 40 ANNUAL RATE OF RETURN: 12% (10.43% NET)
FEMALE NON-SMOKER ISSUE AGE 35
$2,000,000 INITIAL SPECIFIED AMOUNT
ASSUMED ANNUAL PREMIUM (1): $16,000

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED ---------------------------------- ----------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ ---------- ---------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 16,800 16,473 15,673 2,016,473 16,469 15,669 2,016,469
2 34,440 34,658 34,018 2,034,658 34,640 34,000 2,034,640
3 52,962 54,730 54,250 2,054,730 54,686 54,206 2,054,686
4 72,410 76,887 76,567 2,076,887 76,800 76,480 2,076,800
5 92,831 101,342 101,182 2,101,342 101,191 101,031 2,101,191
6 114,272 128,333 128,333 2,128,333 128,092 128,092 2,128,092
7 136,786 158,121 158,121 2,158,121 157,756 157,756 2,157,756
8 160,425 191,020 191,020 2,191,020 190,489 190,489 2,190,489
9 185,246 227,378 227,378 2,227,378 226,628 226,628 2,226,628
10 211,309 267,555 267,555 2,267,555 266,525 266,525 2,266,525
11 238,674 311,951 311,951 2,311,951 310,564 310,564 2,310,564
12 267,408 361,006 361,006 2,361,006 359,169 359,169 2,359,169
13 297,578 415,203 415,203 2,415,203 412,804 412,804 2,412,804
14 329,257 475,079 475,079 2,475,079 471,978 471,978 2,471,978
15 362,520 541,222 541,222 2,541,222 537,252 537,252 2,537,252
16 397,446 614,281 614,281 2,614,281 609,237 609,237 2,609,237
17 434,118 694,971 694,971 2,694,971 688,608 688,608 2,688,608
18 472,624 784,081 784,081 2,784,081 776,103 776,103 2,776,103
19 513,055 882,478 882,478 2,882,478 872,528 872,528 2,872,528
20 555,508 991,118 991,118 2,991,118 978,770 978,770 2,978,770
25 801,815 1,727,838 1,727,838 4,215,925(3) 1,692,926 1,692,926 4,130,739(3)
30 1,116,173 2,923,257 2,923,257 5,992,677(3) 2,826,126 2,826,126 5,793,558(3)
35 1,517,381 4,836,375 4,836,375 8,463,656(3) 4,573,637 4,573,637 8,003,865(3)
40 2,029,436 7,841,666 7,841,666 11,919,332(3) 7,180,521 7,180,521 10,914,392(3)
45 2,682,963 12,431,345 12,431,345 16,906,629(3) 10,897,228 10,897,228 14,820,230(3)
50 3,517,046 19,226,299 19,226,299 24,032,874(3) 16,023,531 16,023,531 20,029,414(3)
55 4,581,572 29,204,819 29,204,819 34,169,638(3) 23,016,718 23,016,718 26,929,560(3)
60 5,940,206 44,220,836 44,220,836 49,085,128(3) 32,701,113 32,701,113 36,298,235(3)
65 7,674,207 68,791,182 68,791,182 71,542,829(3) 46,047,005 46,047,005 48,047,005
</TABLE>
- -------
(1) Assumes a $16,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.
(3) Increase is due to adjustment by the corridor percentage. See "Death
Benefits".

A-22
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE II JOINT AND LAST SURVIVOR
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION II;
CASH VALUE ACCUMULATION TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 40 ANNUAL RATE OF RETURN: 6% (4.43% NET)
FEMALE NON-SMOKER ISSUE AGE 35 ASSUMED ANNUAL PREMIUM (1): $16,000
$2,000,000 INITIAL SPECIFIED AMOUNT

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED --------------------------------- ---------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ --------- ---------- ------------ --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 16,800 15,578 14,778 2,015,578 15,574 14,774 2,015,574
2 34,440 31,840 31,200 2,031,840 31,823 31,183 2,031,823
3 52,962 48,814 48,334 2,048,814 48,772 48,292 2,048,772
4 72,410 66,530 66,210 2,066,530 66,450 66,130 2,066,450
5 92,831 85,020 84,860 2,085,020 84,883 84,723 2,084,883
6 114,272 104,314 104,314 2,104,314 104,099 104,099 2,104,099
7 136,786 124,446 124,446 2,124,446 124,125 124,125 2,124,125
8 160,425 145,448 145,448 2,145,448 144,989 144,989 2,144,989
9 185,246 167,363 167,363 2,167,363 166,726 166,726 2,166,726
10 211,309 190,253 190,253 2,190,253 189,392 189,392 2,189,392
11 238,674 214,158 214,158 2,214,158 213,017 213,017 2,213,017
12 267,408 239,118 239,118 2,239,118 237,631 237,631 2,237,631
13 297,578 265,172 265,172 2,265,172 263,260 263,260 2,263,260
14 329,257 292,363 292,363 2,292,363 289,928 289,928 2,289,928
15 362,520 320,729 320,729 2,320,729 317,658 317,658 2,317,658
16 397,446 350,311 350,311 2,350,311 346,465 346,465 2,346,465
17 434,118 381,147 381,147 2,381,147 376,363 376,363 2,376,363
18 472,624 413,277 413,277 2,413,277 407,360 407,360 2,407,360
19 513,055 446,735 446,735 2,446,735 439,453 439,453 2,439,453
20 555,508 481,557 481,557 2,481,557 472,637 472,637 2,472,637
25 801,815 677,090 677,090 2,677,090 653,924 653,924 2,653,924
30 1,116,173 908,661 908,661 2,908,661 852,846 852,846 2,852,846
35 1,517,381 1,167,582 1,167,582 3,167,582 1,037,732 1,037,732 3,037,732
40 2,029,436 1,423,356 1,423,356 3,423,356 1,137,238 1,137,238 3,137,238
45 2,682,963 1,593,526 1,593,526 3,593,526 995,684 995,684 2,995,684
50 3,517,046 1,510,956 1,510,956 3,510,956 359,382 359,382 2,359,382
55 4,581,572 951,419 951,419 2,951,419 0 0 0
60 0 0 0 0 0 0 0
65 0 0 0 0 0 0 0
</TABLE>
- -------
(1) Assumes a $16,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 6% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-23
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE II JOINT AND LAST SURVIVOR
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED --------------------------------- ---------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ --------- ---------- ------------ --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 16,800 15,578 14,778 2,015,578 15,574 14,774 2,015,574
2 34,440 31,840 31,200 2,031,840 31,823 31,183 2,031,823
3 52,962 48,814 48,334 2,048,814 48,772 48,292 2,048,772
4 72,410 66,530 66,210 2,066,530 66,450 66,130 2,066,450
5 92,831 85,020 84,860 2,085,020 84,883 84,723 2,084,883
6 114,272 104,314 104,314 2,104,314 104,099 104,099 2,104,099
7 136,786 124,446 124,446 2,124,446 124,125 124,125 2,124,125
8 160,425 145,448 145,448 2,145,448 144,989 144,989 2,144,989
9 185,246 167,363 167,363 2,167,363 166,726 166,726 2,166,726
10 211,309 190,253 190,253 2,190,253 189,392 189,392 2,189,392
11 238,674 214,158 214,158 2,214,158 213,017 213,017 2,213,017
12 267,408 239,118 239,118 2,239,118 237,631 237,631 2,237,631
13 297,578 265,172 265,172 2,265,172 263,260 263,260 2,263,260
14 329,257 292,363 292,363 2,292,363 289,928 289,928 2,289,928
15 362,520 320,729 320,729 2,320,729 317,658 317,658 2,317,658
16 397,446 350,311 350,311 2,350,311 346,465 346,465 2,346,465
17 434,118 381,147 381,147 2,381,147 376,363 376,363 2,376,363
18 472,624 413,277 413,277 2,413,277 407,360 407,360 2,407,360
19 513,055 446,735 446,735 2,446,735 439,453 439,453 2,439,453
20 555,508 481,557 481,557 2,481,557 472,637 472,637 2,472,637
25 801,815 677,090 677,090 2,677,090 653,924 653,924 2,653,924
30 1,116,173 908,661 908,661 2,908,661 852,846 852,846 2,852,846
35 1,517,381 1,167,582 1,167,582 3,167,582 1,037,732 1,037,732 3,037,732
40 2,029,436 1,423,356 1,423,356 3,423,356 1,137,238 1,137,238 3,137,238
45 2,682,963 1,593,526 1,593,526 3,593,526 995,684 995,684 2,995,684
50 3,517,046 1,510,956 1,510,956 3,510,956 359,382 359,382 2,359,382
55 4,581,572 951,419 951,419 2,951,419 0 0 0
60 0 0 0 0 0 0 0
65 0 0 0 0 0 0 0
</TABLE>
- -------
(1) Assumes a $16,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 6% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-24
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE II JOINT AND LAST SURVIVOR FLEXIBLE PREMIUM VARIABLE LIFE
INSURANCE POLICY

DEATH BENEFIT OPTION II
GUIDELINE PREMIUM TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 40 ANNUAL RATE OF RETURN: 0% (-1.57% NET)
FEMALE NON-SMOKER ISSUE AGE 35 ASSUMED ANNUAL PREMIUM (1): $16,000
$2,000,000 INITIAL SPECIFIED AMOUNT

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED -------------------------------- --------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ -------- ---------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 16,800 14,683 13,883 2,014,683 14,679 13,879 2,014,679
2 34,440 29,129 28,489 2,029,129 29,113 28,473 2,029,113
3 52,962 43,340 42,860 2,043,340 43,301 42,821 2,043,301
4 72,410 57,319 56,999 2,057,319 57,245 56,925 2,057,245
5 92,831 71,067 70,907 2,071,067 70,943 70,783 2,070,943
6 114,272 84,586 84,586 2,084,586 84,393 84,393 2,084,393
7 136,786 97,875 97,875 2,097,875 97,592 97,592 2,097,592
8 160,425 110,935 110,935 2,110,935 110,537 110,537 2,110,537
9 185,246 123,766 123,766 2,123,766 123,223 123,223 2,123,223
10 211,309 136,368 136,368 2,136,368 135,644 135,644 2,135,644
11 238,674 148,738 148,738 2,148,738 147,793 147,793 2,147,793
12 267,408 160,886 160,886 2,160,886 159,670 159,670 2,159,670
13 297,578 172,813 172,813 2,172,813 171,267 171,267 2,171,267
14 329,257 184,514 184,514 2,184,514 182,569 182,569 2,182,569
15 362,520 195,979 195,979 2,195,979 193,555 193,555 2,193,555
16 397,446 207,201 207,201 2,207,201 204,196 204,196 2,204,196
17 434,118 218,163 218,163 2,218,163 214,464 214,464 2,214,464
18 472,624 228,855 228,855 2,228,855 224,323 224,323 2,224,323
19 513,055 239,254 239,254 2,239,254 233,727 233,727 2,233,727
20 555,508 249,341 249,341 2,249,341 242,629 242,629 2,242,629
25 801,815 294,027 294,027 2,294,027 277,263 277,263 2,277,263
30 1,116,173 324,151 324,151 2,324,151 285,044 285,044 2,285,044
35 1,517,381 325,171 325,171 2,325,171 236,238 236,238 2,236,238
40 2,029,436 266,337 266,237 2,266,337 75,451 75,451 2,075,451
45 2,682,963 80,210 80,210 2,080,210 0 0 0
50 0 0 0 0 0 0 0
55 0 0 0 0 0 0 0
60 0 0 0 0 0 0 0
65 0 0 0 0 0 0 0
</TABLE>
- -------
(1) Assumes a $16,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 0% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-25
<PAGE>

CHUBB LIFE INSURANCE COMPANY OF AMERICA

CHUBB HERITAGE II JOINT AND LAST SURVIVOR
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

DEATH BENEFIT OPTION II;
CASH VALUE ACCUMULATION TEST ASSUMED HYPOTHETICAL GROSS
MALE NON-SMOKER ISSUE AGE 40 ANNUAL RATE OF RETURN: 0% (-1.57% NET)
FEMALE NON-SMOKER ISSUE AGE 35 ASSUMED ANNUAL PREMIUM (1): $16,000
$2,000,000 INITIAL SPECIFIED AMOUNT

<TABLE>
<CAPTION>
PREMIUMS ASSUMING CURRENT COSTS ASSUMING GUARANTEED COSTS
END ACCUMULATED -------------------------------- --------------------------------
OF AT 5% INTEREST ACCUMULATION CASH DEATH ACCUMULATION CASH DEATH
YEAR PER YEAR VALUE(2) VALUE(2) BENEFIT(2) VALUE(2) VALUE(2) BENEFIT(2)
---- -------------- ------------ -------- ---------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 16,800 14,683 13,883 2,014,683 14,679 13,879 2,014,679
2 34,440 29,129 28,489 2,029,129 29,113 28,473 2,029,113
3 52,962 43,340 42,860 2,043,340 43,301 42,821 2,043,301
4 72,410 57,319 56,999 2,057,319 57,245 56,925 2,057,245
5 92,831 71,067 70,907 2,071,067 70,943 70,783 2,070,943
6 114,272 84,586 84,586 2,084,586 84,393 84,393 2,084,393
7 136,786 97,875 97,875 2,097,875 97,592 97,592 2,097,592
8 160,425 110,935 110,935 2,110,935 110,537 110,537 2,110,537
9 185,246 123,766 123,766 2,123,766 123,223 123,223 2,123,223
10 211,309 136,368 136,368 2,136,368 135,644 135,644 2,135,644
11 238,674 148,738 148,738 2,148,738 147,793 147,793 2,147,793
12 267,408 160,886 160,886 2,160,886 159,670 159,670 2,159,670
13 297,578 172,813 172,813 2,172,813 171,267 171,267 2,171,267
14 329,257 184,514 184,514 2,184,514 182,569 182,569 2,182,569
15 362,520 195,979 195,979 2,195,979 193,555 193,555 2,193,555
16 397,446 207,201 207,201 2,207,201 204,196 204,196 2,204,196
17 434,118 218,163 218,163 2,218,163 214,464 214,464 2,214,464
18 472,624 228,855 228,855 2,228,855 224,323 224,323 2,224,323
19 513,055 239,254 239,254 2,239,254 233,727 233,727 2,233,727
20 555,508 249,341 249,341 2,249,341 242,629 242,629 2,242,629
25 801,815 294,027 294,027 2,294,027 277,263 277,263 2,277,263
30 1,116,173 324,151 324,151 2,324,151 285,044 285,044 2,285,044
35 1,517,381 325,171 325,171 2,325,171 236,238 236,238 2,236,238
40 2,029,436 266,337 266,337 2,266,337 75,451 75,451 2,075,451
45 2,682,963 80,210 80,210 2,080,210 0 0 0
50 0 0 0 0 0 0 0
55 0 0 0 0 0 0 0
60 0 0 0 0 0 0 0
65 0 0 0 0 0 0 0
</TABLE>
- -------
(1) Assumes a $16,000 premium is paid at the beginning of each policy year.
Values would be different if premiums are paid with a different frequency
or in different amounts.
(2) Assumes that no policy loans or withdrawals have been made. Zero values
indicate lapse in the absence of an additional premium payment.

THE HYPOTHETICAL INVESTMENT RATES OF RETURN SHOWN ABOVE AND ELSEWHERE IN THIS
PROSPECTUS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF
PAST OR FUTURE INVESTMENT RATES OF RETURN. ACTUAL INVESTMENT RATES OF RETURN
MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS,
INCLUDING THE INVESTMENT ALLOCATIONS BY THE OWNER AND DIFFERENT INVESTMENT
RATES OF RETURN FOR CHUBB SERIES TRUST. THE ACCUMULATION VALUE, CASH VALUE AND
DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL
INVESTMENT RATES OF RETURN AVERAGED 0% OVER A PERIOD OF YEARS, BUT FLUCTUATED
ABOVE OR BELOW THOSE AVERAGES FOR INDIVIDUAL POLICY YEARS. NO REPRESENTATION
CAN BE MADE BY CHUBB LIFE, SEPARATE ACCOUNT C, OR CHUBB SERIES TRUST THAT THIS
ASSUMED INVESTMENT RATE OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.

A-26
<PAGE>

PART II

UNDERTAKINGS TO FILE REPORTS

Subject to the terms and conditions of Section 15(d) of the Securities
Exchange Act of 1934, the undersigned Registrant hereby undertakes to file with
the Securities and Exchange Commission such supplementary and periodic
information, documents, and reports as may be prescribed by any rule or
regulation of the Commission heretofore, or hereafter duly adopted pursuant to
authority conferred in that section.

UNDERTAKING REGARDING INDEMNIFICATION

Pursuant to Rule 484(b)(1) of the Securities Act of 1933, insofar as
indemnification for liability arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant, the
Registrant has been advised that in the option of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer of controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.

REPRESENTATIONS REGARDING FEES AND CHARGES

The fees and charges deducted under the contract, in the aggregate, are
reasonable in relation to the services rendered, the expenses expected to be
incurred, and the risks assumed by Chubb Life Insurance Company of America.

CONTENTS OF REGISTRATION STATEMENT

This Registration Statement comprises the following pages and documents:

The facing sheet

The prospectus consisting of 33 pages

The undertaking to file reports

The undertaking pursuant to Rule 484(b)(1) under the Securities Act of 1933
regarding indemnification/2/

The representations regarding fees and charges.

The signatures

Written consents of the following persons:

(a) Michael J. LeBoeuf, FSA, MAAA, contained in Exhibit 6 below.

(b) Ernst & Young LLP

The following exhibits:

1. The following exhibits correspond to those required by paragraph A of
the instructions as to exhibits in Form N-8B-2:

(a) Certified Copy of Resolution of the Executive Committee of the Board of
Directors of Chubb Life Insurance Company of America establishing Chubb Separate
Account C./3/

(b) Not Applicable

(c) (i) Form of Distribution Agreement among Chubb Life Insurance Company
of America, Chubb Separate Account C, and Chubb Securities Corporation./3/

(ii) Specimen Variable Contracts Selling Agreement between Chubb
Securities Corporation and Selling Broker-Dealers./3/

(iii) Specimen District Manager's Agreement of Chubb Securities
Corporation./3/

(iv) Specimen Registered Representative's Agreement of Chubb Securities
Corporation./3/

(v) Schedule of Commissions./3/

(d) Not Applicable

(e) (i) Specimen flexible premium variable life insurance policy./3/

(ii) Specimen joint and last survivor flexible premium variable life
insurance policy./3/

(iii) Forms of Riders/3/

<PAGE>

(f) (i) Amended and Restated Charter, with all amendments, of Chubb Life
Insurance Company of America (incorporated by reference to Exhibit 1(f)(i) of
Chubb Separate Account A's Post Effective Amendment No. 6 to the Registration
Statement on Form S-6, filed February 28, 1992, Registration No. 33-7734).

(ii) By-Laws of Chubb Life Insurance Company of America (incorporated
by reference to Exhibit 1(f)(ii) of Chubb Separate Account A's Post Effective
Amendment No. 6 to the Registration Statement on Form S-6, filed February 28,
1992, Registration No. 33-7734).

(g) Not Applicable

(h)
(i) Investment Management Agreement between Chubb Series Trust and
Chubb Investment Advisory Corporation with respect to the Resolute Treasury
Money Market Portfolio./1/

(ii) Investment Management Agreement tetween Chubb Series Trust and
Chubb Investment Advisory Corporation with respect to the Resolute Bond
Portfolio./1/

(iii) Investment Management Agreement between Chubb Series Trust and
Chubb Investment Advisory Corporation with respect to the Resolute Equity
Portfolio./1/

(iv) Investment Management Agreement tetween Chubb Series Trust and
Chubb Investment Advisory Corporation with respect to the Resolute Small Company
Portfolio./1/

(v) Form of Investment Management Agreement between Chubb Series Trust
and Chubb Investment Advisory Corporation with respect to the Resolute
International Equity Portfolio./1/

(vi) Sub-Investment Management Agreement among Chubb Series Trust,
Chubb Investment Advisory Corporation and Morgan Guaranty Trust Company of New
York with respect to the Resolute Treasury Money Market Portfolio./1/

(vii) Sub-Investment Management Agreement among Chubb Series Trust,
Chubb Investment Advisory Corporation and Morgan Guaranty Trust Company of New
York with respect to the Resolute Bond Portfolio./1/

(viii) Sub-Investment Management Agreement among Chubb Series Trust,
Chubb Investment Advisory Corporation and Morgan Guaranty Trust Company of New
York with respect to the Resolute Equity Portfolio./1/

(ix) Sub-Investment Management Agreement among Chubb Series Trust,
Chubb Investment Advisory Corporation and Morgan Guaranty Trust Company of New
York with respect to the Resolute Small Company Portfolio./1/

(x) Sub-Investment Management Agreement among Chubb Series Trust,
Chubb Investment Advisory Corporation and Morgan Guaranty Trust Company of New
Yoerk with respect to the Resolute International Equity Portfolio./1/

(xi) Custodial Services Agreement between Chubb Series Trust, and
Morgan Guaranty Trust Company of New York./2/

(i) Not applicable

(j) Application

2. Specimen Policy (Same as 1(e))./3/
<PAGE>

3. Opinion of counsel as to securities being registered./3/

4. Not applicable.

5. Not applicable.

6. Actuarial opinions and consents of Michael J. LeBoeuf, FSA, MAAA./3/

7. Consent of Ernst & Young LLP

8. Procedures Memorandum pursuant to Rule 6e-3(T)(b)(12)(iii) under the
1940 Act. (to be filed by Amendment)

9. Representations, description and undertakings regarding mortality and
expense risk charge, pursuant to Rule 6e-3(T)(b)(13)(iii)(F)./3/

10. Form of Reinsurance Agreement./3/

11. Powers of Attorney./3/

12. Memorandum regarding reliance on Order of the Commission./3/
- -------------
/1/ Incorporated by reference to Registrant's Pre-effective Amendment No. 2 to
the Registration Statement on Form N-1A, of Chubb Series Trust filed on
July 22, 1994, File No. 33-72834.

/2/ Incorporated by reference to the Registration Statement on Form N-1A of
Chubb Series Trust, filed on December 10, 1993, File No. 33-72834.

/3/ Incorporated by reference to Post-Effective Amendment No. 3 to the
Registration Statement on form S-6 of Chubb Separate Account C, filed
February 28, 1996, File No. 33-72830.

<PAGE>

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant,
Chubb Separate Account C, certifies that is meets the requirements of Securities
Act Rule 485(b) for effectiveness of this Post-Effective Amendment No. 1 to the
Registration Statement and has duly caused this Post-Effective Amendment No. 1
to the Registration Statement to be signed on its behalf by the undersigned
thereunto duly authorized, and its seal to be hereunto affixed and attested, all
in Concord, New Hampshire, on the 10th day of December, 1996.

(Seal)
Chubb Separate Account C
(Registrant)
Chubb Life Insurance Company of America
(Depositor)

By: /s/ Frederick H. Condon
---------------------------------
Frederick H. Condon

Title: Senior Vice President,
General Counsel and Secretary
------------------------------

Attest:

/s/ Charles C. Cornelio
----------------------------------------
Charles C. Cornelio, Assistant Secretary

<PAGE>

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, Chubb Life
Insurance Company of America has duly caused this Post-Effective Amendment No. 2
to the Registration Statement to be signed on its behalf by the undersigned
thereunto duly authorized, and its seal to be hereunto affixed and attested, all
in Concord, New Hampshire on the 10th day of December, 1996.

CHUBB LIFE INSURANCE COMPANY OF AMERICA

By: /s/ Frederick H. Condon
-----------------------------------------
Frederick H. Condon

Title: Senior Vice President, General Counsel
and Secretary
--------------------------------------

ATTEST:

/s/ Charles C. Cornelio
- ----------------------------------------
Charles C. Cornelio, Assistant Secretary

Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the date indicated.

Signatures Title
---------- -----

*
- ------------------------------------ Director
John C. Beck

*
- ------------------------------------ Director, Vice Chairman
Percy Chubb, III

*
- ------------------------------------ Director
Joel J. Cohen

*
- ------------------------------------ Director
David H. Hoag

*
- ------------------------------------ Director
Robert V. Lindsay

<PAGE>

Signatures Title
---------- -----

* Director
- ----------------------------------------
Thomas C. MacAvoy

* Director
- ----------------------------------------
Gertrude G. Michelson

* Director, Chairman
- ----------------------------------------
Dean R. O'Hare

* Director
- ----------------------------------------
Warren B. Rudman

* Director
- ----------------------------------------
Sir David G. Scholey, COE

* Director
- ----------------------------------------
Raymond G. H. Seitz

* Vice President and
- ---------------------------------------- Treasurer
Russell C. Simpson

* Director
- ----------------------------------------
Lawrence M. Small

* President and Chief
- ---------------------------------------- Executive Officer
Theresa M. Stone

* Executive Vice President
- ---------------------------------------- Chief Financial Officer
Richard V. Werner

* Director
- ----------------------------------------
Richard D. Wood

*By: /s/ Frederick H. Condon
------------------------------------------
Frederick H. Condon, Attorney-in-Fact,
the 21st day of February, 1996, pursuant
to Powers of Attorney filed as Exhibit
11 hereto.

<PAGE>

EXHIBIT INDEX

7. Consent of Ernst & Young LLP
Independent Auditors.........................................

<PAGE>

CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

We consent to the reference to our firm under the caption "Experts" and to the
use of our reports dated February 5, 1996 for Chubb Life Insurance Company of
America and Subsidiaries and March 8, 1996 for Chubb Separate Account C in
Post-Effective Amendment No. 4 to the Registration Statement (Form S-6
No. 33-72830) and related Prospectus for the registration of units of interest
in the Chubb Separate Account C under individual and survivorship flexible
premium variable life insurance policies offered by Chubb Life Insurance Company
of America.

ERNST & YOUNG LLP

Boston, Massachusetts
December 27, 1996