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.

Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
TheIFSE Ethics and Professional Practice Course (Common Law)explains that the policy owner has the right to surrender a policy for its cash value, but an irrevocable beneficiary's consent is required for changes affecting their interest (e.g., cancellation). Here, Edmond is the co-owner (with Harris, who is incapacitated), giving him authority to act. Becky, as irrevocable beneficiary, must consent to the surrender. Charlie is a successor owner, effective only upon Harris's death, and Aden is the insured, not an owner. Thus, only Edmond (co-owner) and Becky (irrevocable beneficiary) can execute the transaction, making B correct.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Policy Ownership" and "Irrevocable Beneficiaries."

Comprehensive and Detailed in Depth Explanation with Exact Extract from Documents and Guides:
Under Canadian common law and insurance principles, a minor who has reached the age of 16 can enter into an insurance contract on their own life, provided they have the capacity to understand the contract. Marcel, at
16, is legally able to apply for and own a life insurance policy where he is also the insured. TheIFSE Ethics and Professional Practice Course (Common Law)emphasizes that the policy owner must have an insurable interest in the insured, which Marcel inherently has in himself. There is no requirement for the application to be signed in his province of residence (New Brunswick), nor is there a need for a parent to witness his signature or act as the policy owner, as long as Marcel consents and understands the contract. His father paying the premiums does not affect ownership, as premium payments can be made by a third party without transferring ownership. Option A is correct because Marcel can legally be both the owner and the insured.
References:
IFSE Ethics and Professional Practice Course (Common Law), Module 2: Insurance Contracts, Section on
"Capacity to Contract" and "Insurable Interest."

Comprehensive and Detailed Explanation:
Group insurance premiums are adjusted annually based onclaims experience-the ratio of claimspaid to premiums collected (Chapter 8:Group Plan Specifics). High claims increase premiums.
Option A: Age affects initial rates, not annual adjustments unless specified.
Option B: Correct; claims experience directly drives premium changes.
Option C: Business nature sets initial risk, not yearly changes.
Option D: Commissions are fixed, not tied to claims.
Reference: LLQP Accident and Sickness Insurance Manual, Chapter 8:Group Plan Specifics.

Acash flow statementprovides a detailed view of an individual's sources of income and expenses over a certain period, making it the best document for Tyra to review in order to understand Monique's financial position. This statement outlines both inflows (such as wages, rental income, or dividends) and outflows (such as rent, mortgage payments, and living expenses), allowing Tyra to gauge Monique's ability to handle insurance costs and identify any potential gaps in coverage.