The amount of money which a participant paid prior to October 13, 1965 as advance payment for funeral or burial services is considered the cash surrender value.
- There is no consideration of the revocability of the arrangement.
- The claimant is considered as owning 100 percent (100%) of such funds.
Example: Prior to October 13, 1965 a participant deposited $2,700 with a funeral home for the purpose of paying for his/her future burial expenses and applied for MHABD coverage on April 1, 2017. The considered value of this resource is $2,700.