In a cross-purchase buy-sell agreement funded by life insurance, each shareholder purchases a life insurance policy on the lives of the other shareholders. Upon the death of a shareholder, the surviving shareholders use the proceeds from the insurance to buy out the deceased shareholder's shares at the agreed value. Since each share is valued at $5,000, Alana's 100 shares would be worth:
100 shares×5,000=500,000100 \text{ shares} \times 5,000 = 500,000100 shares×5,000=500,000 Thus, Meaghan and Beatrice would collectively purchase Alana's shares from her estate, providing her estate with a total of$500,000. Each surviving shareholder will then own an additional 50 shares, resulting in each now holding 150 shares of Advanced Tech Inc. This option aligns with the principles of cross-purchase agreements discussed in the LLQP.

An irrevocable beneficiary designation remains valid even after a divorce unless the policyholder, with the irrevocable beneficiary's consent, decides to change it. As Surjit wishes to retain Rajbir as his irrevocable beneficiary, no additional steps are required. The designation's irrevocability ensures Rajbir's right to the policy benefits remains intact without needing re-confirmation. This complies with the provisions on irrevocable beneficiaries outlined in Quebec's Civil Code and reinforced by LLQP standards on irrevocable beneficiary designations.

Since Patricia did not modify the beneficiary designation on her life insurance policy after separating from Tim, he remains the named beneficiary. Under LLQP guidelines, the original beneficiary designation stands unless explicitly changed by the policyholder. This means that,despite Patricia's remarriage and the birth of her child Cedrick, Tim remains the beneficiary and will receive the $100,000 death benefit.
Beneficiary designations on life insurance policies are not automatically altered by life events such as marriage or the birth of a child. Therefore, in the absence of any updates, Tim remains the beneficiary as per Patricia's original designation.

Group segregated funds typically have lower Management Expense Ratios (MERs) than individual segregated funds because group plans benefit from economies of scale and pooled investment options. LLQP highlights that group plans often have reduced fees compared to individual plans due to collective investment and reduced administrative costs.
Options A and B are incorrect as group plans typically feature lower costs and don't often charge switching fees. Option C is incorrect as individual segregated funds typically have more flexible death benefit guarantee options, not special rates in group plans.

The renewal of a term life insurance policy typically results in a higher premium due to the increased age of the insured. Since the policy is approaching renewal, Dr. Kumar needs to know what thenew premium amountwill be. Renewal premiums are usually based on the insured's age at renewal and are essential for decision-making regarding the affordability and continuation of the policy. Therefore,Option Dis the correct response as it highlights a critical piece of information Kavya requires to complete her review.