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  "documentTitle": "Manulife Financial Corporation (MFC)",
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  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-04 00:00:00",
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      "text": "Changes in investment types are permitted and are subject to market value adjustments; however, market value adjustments appear to apply only when the policy owner is changing from a higher rate option to a lower rate option.",
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      "text": "Annually, on the policy's anniversary, Manulife conducts a tax-exempt test, and any excess premiums are moved from the tax-exempt account to the taxable account.",
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      "text": "Premiums can be moved from the taxable account to the tax-exempt account in order to protect the tax-exempt account's tax-exempt status.",
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      "text": "Premiums are paid to the tax-exempt account and used to pay life insurance premiums. Premiums may be added at any time by the policy owner. Additional lives may be added to the policy by the policy owner.",
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      "text": "Amounts in the tax-exempt account are entitled to an investment bonus of 0.85% on the policy anniversary.",
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      "text": "Withdrawals can be made on five business days' notice, except when withdrawals are in excess of $200,000. Those types of withdrawals can be held for 30 days.",
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      "text": "The Mosten-Manulife Insurance Contract is a universal life insurance contract that combines life insurance with various investment options. The contract contains a life insurance component held in a tax-exempt account and a separate taxable account.",
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      "text": "Both accounts have investment options, which include U.S. equities, Canadian equities and a range of fixed income options, including a 10-year term account that guarantees a return of 4.0% per annum.",
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      "text": "Insurance contracts are particularly complex and contain multiple defined terms. The summary above is only an overview the material terms we believe are needed to understand the arguments made by Mosten and Manulife.",
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