Although I said "note," this is in the text & not in a footnote.
I still think it's ambiguous. You could say "The model doesn't assume all
policies are held to full term. See, right here on page 119 it explains
how the model can reflect cancellations." Or you could say "The model
assumes all policies are held to full term. See, right here on page 119 it
explains that you'd have to use a slightly different model for
cancellations."
It all depends on whether "the" M&D model is the general one briefly
described, or the no-cancellation version developed in depth.
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