LLQP Exam Dumps : Life License Qualification Program (LLQP)

Upon maturity,the new guarantee becomes the current market value, andthe new maturity date is based on contract terms, often depending on the ageof the client or a specific reset term.

Exact Extract:

"When a segregated fund contract matures, the new guarantee is based on the current market value, and a new maturity date is set according to the client’s age or the insurer’s terms."

(Reference:Segfunds-E313-2020-12-7ED, Chapter 2.1.2 Growth Secured by Reset【45:0†Segfunds-E313-2020-12-7ED.pdf**)

With a75% maturity guarantee, Yamina is guaranteed to receive at least75% of the original investmentat maturity, regardless of market performance.

75% × $2,500 =$1,875, but because there is aresetpossibility if applicable and a100% death benefit guarantee, and if there had been any resets (not mentioned here), she would get the original amount$2,500based on the basic guarantee.

Exact Extract:

"At maturity, if the market value is less than the guaranteed amount (typically 75% or 100% of the deposited amount), the maturity guarantee is paid."

(Reference:Segfunds-E313-2020-12-7ED, Chapter 2.1.1 Guarantees【33:4†Segfunds-E313-2020-12-7ED.pdf**)

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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