445.125 (3m)2. 2. Where an agent requests and sells a funeral contract financed by the proceeds of a life insurance policy, the licensed funeral operator, owner of the funeral business or agent of the operator of the funeral business, who will offer funeral supplies or funeral services as part of the funeral contract, must ratify the funeral agreement in writing and by signature. A person may assign, in a revocable or irrevocable manner, either the proceeds or ownership of a LIFB/AFB policy to a third party, usually a funeral home provider. The purpose of the transfer is to finance a funeral contract. If a funeral contract is a resource, we use as value: if a revocable funeral contract is an accounting asset, we count either the amount that the owner would receive if the contract were revoked, or the current market value if it is a contract for sale. the unidentified part of a contract which implies that it covers only funeral premises, but does not identify some or all of the pieces or does not contain value for each funeral home or the total value of all the rooms combined; and if the land purchases exceed the maximum, we consider the excess as revocable, but we are subject to the exclusion of the funeral home. 445.125 (3m)4. „funeral property or funeral services“ means personal property or services ordinarily sold or provided under the final order for human remains, including coffins or other primary containers that have not been pre-injected into the excavations of a grave, temporary or disposable rental crates or containers, external funeral tanks that are not prefigured in the excavation of a grave; Transport containers, funeral clothing and accessories, embalming services and funeral services. `funeral material or funeral service` means no cash advance, opening and completion costs related to the burial of a deceased person. The remaining $1,000 represents funeral funds and is subject to the exclusion of $1,500. If a funeral contract is revocable or for sale and all the conditions of its liquidation do not constitute significant harshness (see C.1 below), it is a resource. However, a prepaid funeral contract, even if it is not technically irrevocable, may be linked to its liquidation or revocation.
If any of the following conditions are met, the contract is not a resource. 445.125 (3m) (g)7. 7. Any relevant information on what is happening and whether the rights or obligations are incurred if there is a difference between the proceeds of the life insurance policy and the amount of money actually needed to finance the funeral contract. . . .