Examine the life insurance policy and document whether the ownership/ proceeds of
the policy have been assigned (revocably or irrevocably) and, if so, to whom.
If ownership or proceeds of the life insurance policy have been revocably assigned, follow regular life insurance development procedures. (See SI 01130.300 C. for further development and documentation requirements.)
If ownership of the life insurance policy has been irrevocably assigned, apply the policy principles in C.2. above to determine the policy's resource
If an insurance policy that funds a funeral arrangement is placed irrevocably in trust, apply the policy principles in E. above to determine the policy's resource status.
Refer to any regional instructions regarding State law in this area.
In all cases, document the file with a copy of:
the life insurance policy;
any other related documents.