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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Comprehensive and Detailed Explanation:

Credibility rating (20%) reflects the weight given to the group’s claims experience; the remaining 80% (100% - 20%) is based on the standard manual rate (Chapter 8:Group Plan Specifics).

Option A: Incorrect; too low.

Option B: Incorrect; matches credibility, not manual rate.

Option C: Correct; 80%.

Option D: Incorrect; too high.

Comprehensive and Detailed Explanation:

Disability buyout insurance funds a buy-sell agreement if the owner (Bachir) becomes disabled, ensuring Kharim can purchase the business at the agreed price (Chapter 5:Insurance to Protect Businesses).

Option A: Incorrect; Kharim’s disability doesn’t affect Bachir’s sale.

Option B: Incorrect; no loan is mentioned.

Option C: Incorrect; key person protects business operations, not succession.

Option D: Correct; protects Bachir’s sale value if he’s disabled.