LLQP Exam Dumps : Life License Qualification Program (LLQP)

Under Quebec’s "separation as to property" regime, each spouse retains ownership of their assets unless joint ownership exists. However, the family patrimony typically mandates the division of certain assets, regardless of marital property regimes, unless waived by mutual consent. As they waived the family patrimony, they are exempt from dividing family assets. However, jointly-owned assets such as the cottage acquired together would require division. Isaac's dental practice and life insurance policy are personal assets and not subject to division as they fall outside jointly-owned property​​.

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In the case of life insurance where a subrogated policyholder is designated, that individual (in this case, Natalya) would assume ownership rights of the policy upon the original policyholder’s death. Since Kirill named Natalya as the subrogated policyholder, she would become the new policyholder upon his death, regardless of the fact that Kirill did not have a will. This designation bypasses the estate, meaning the executor or other family members (like Katya) do not assume ownership. This outcome aligns with LLQP guidelines on succession planning and the assignment of life insurance ownership​​.

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Resets allow the guaranteed amount of a segregated fund contract to be adjusted upward to lock in market gains. This feature is highly attractive for risk-tolerant investors like Ulysses because it secures gains without sacrificing the original guarantee.

Exact Extract:

"Resetting the maturity and death benefit guarantees upward allows investors to lock in market gains, which can appeal to those investing in volatile, high-risk sectors."

(Reference: Segfunds-E313-2020-12-7ED, Chapter 2.1.2 Growth Secured by Reset​)