To make use of such a connection, one needs an insert cable. Although in this age with ubiquitous digital mixers with integrated effects they are not nearly as useful, here's how to make one: connect the sleeves of the mono send and return connectors to the sleeve of the stereo connector, the tip of the mono send connector to the tip of the stereo connector, and the tip of the mono return connector to the ring of the stereo connector, as shown on the illustration below.
NOTE : We are assuming that the tip takes care of the send and the ring of the return, on the stereo connector, which is the usual assignment.

Insert cable
(Do to confuse this cable with a "Y" cable that splits a signal in two)