Free IFSE Institute LLQP Exam Dumps

In Quebec, when a minor is named as a beneficiary on a life insurance policy, and the policyholder dies without a will, the death benefit is not directly accessible to the minor. Instead, the benefit is placed under the management of a legal guardian or the Director of Youth Protection, depending on the circumstances. Since Mercedes has full custody and there is no designated legal guardian in place, the Director of Youth Protection would typically assume responsibility for managing the funds on behalf of Arthur until he reaches the age of majority.

If Richard has no custodial rights and is deemed unfit, as his history suggests, he would not be eligible to receive or manage the funds. Additionally, since Mercedes passed away without a will, her estate would not directly receive the benefit, as the policy directly names Arthur as the beneficiary. The Director of Youth Protection will oversee the funds to ensure they are used in Arthur's best interests.

Topic 5, Segregated Funds and Annuities