Except for Quebec, all Canadian provinces request a collateral assignment when individuals or businesses want to use their life insurance policy as collateral for a loan (leveraging). In terms of the collateral assignment, the financial institution does not possess any ownership over the policy. Nonetheless, it has the right to prevent any action under the policy that would harm its security interest. The financial institution can also decide the procedure proceeding up to the loan balance upon the insured's death if there is any remaining loan. In Quebec, a movable hypothec is similar to a collateral assignment because the financial institution does not own the policy. However, it reserves the right to make decisions as far as the loan balance is concerned.