Document exempt group life insurance held as a condition of employment or provided by an employer. Enter in the case record the insurance company's name, policy number, and employer's name and address.
Examine and document in the case record, all life insurance policies. Apply the total cash values of life insurance policies to the asset limit.
To determine cash value use the policy's cash value tables. When a policy's tables do not show the cash value, the client must provide proof of the policy's cash value.
A life insurance policy is the property of the insured unless:
- a valid assignment of the contract has been made; or
- an irrevocable beneficiary has been named; or
- the policy application states that someone other than the insured is responsible for paying the premiums, plus proof that the person is currently making the payments; or
- someone other than the insured claims ownership because they have paid the premiums, and provides proof of the payments; or
- the insured has given the policy as a gift to another person, agency, or institution.
When the ownership of a life insurance policy cannot be determined, refer it to the Bureau of Program and Field Management Services in Springfield.