LLQP (Life Licence Qualification Program) Practice Exam · Question
In a common-law province, what is the impact of divorce on an irrevocable beneficiary designation where the former spouse was the beneficiary?
Unlike in Quebec, in common-law provinces, divorce does not automatically revoke a beneficiary designation, even an irrevocable one. The policyowner would need
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Question: In a common-law province, what is the impact of divorce on an irrevocable beneficiary designation where the former spouse was the beneficiary?
Answer options:
- The designation is automatically revoked upon divorce. ✅ The designation remains in effect and can only be changed with the ex-spouse's consent.
- The designation automatically changes to the insured's children.
- The court automatically reassigns the beneficiary status.
Correct answer: The designation remains in effect and can only be changed with the ex-spouse's consent.
Explanation: Unlike in Quebec, in common-law provinces, divorce does not automatically revoke a beneficiary designation, even an irrevocable one. The policyowner would need the former spouse's consent or a court order to change it.
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- A life insurance policy that offers lifelong coverage, a guaranteed death benefit, and a savings component tha
- Group benefits in Canada commonly include:
- Sarah, a 35-year-old marketing professional in Ontario, purchases a participating whole life insurance policy
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