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  "documentTitle": "Manulife Financial Corporation (MFC)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2018-10-04 00:00:00",
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  "notes": "Includes specific contractual interpretations regarding withdrawal penalties and bonus percentage calculations.",
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      "kind": "callout",
      "text": "In our opinion, the Manulife contract provides long-term interest rates with short-term duration.",
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      "text": "There is yet another wrinkle in the Mosten-Manulife Contract. Under the terms of the contract, Mosten is entitled to an investment bonus that could turn out to be quite material.",
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      "text": "Even though the term to receive the guaranteed interest of 4% is 10 years, the account effectively provides 30-day liquidity. The Mosten-Manulife Contract is clear about withdrawals.",
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      "text": "A Market Value Adjustment is applicable to the Guaranteed Interest Accounts for transfers or Cash Withdrawals or if You cancel the policy for the Cash Surrender Value.",
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      "kind": "quote",
      "text": "“For withdrawals of amounts over $200,000, We reserve the right to delay the processing by up to 30 days.” — Mosten-Manulife Contract",
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      "text": "19 \"Premium Allocation\" is defined as the \"portion of the Net Premium directed toward a particular Investment Account.\"",
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      "text": "The Mosten-Manulife Contract's Investment Bonus",
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