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Since I don't have any experience with the 700-series and you're an electrical guy, I'm going to let the diagram below do the talking.

The whole document is buried deep in the Volvo Oz archives which can be found here. Search for "wiring" and look for a document named "TP31075-1_760_wiring_diagrams.pdf".
As I'm in Europe, I don't know the differences between the European and US versions. In order for you to make your own judgements I can tell you the specs of our headlights:
The European units are designed for H4 bulbs. These bulbs are dual filament bulbs with a 55 W dipped beam and a 60 W main beam filament. There's one H4 bulb per headlight unit. Nothing new here, I guess, but I thought I'd mention it just in case.
I'm reasonably sure that only one filament is active at a given time, either dipped or high beam, to avoid thermally overloading the bulb envelope.
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