The First Circuit in United States v. Rhode Island Hosp. Trust Co. has held that the form of the insurance contract, rather than an assessment of all the facts or the decedent's intent, is determinative of "incidents of ownership" for purposes of section 2042 of the Internal Revenue Code.
Federal Estate Taxation: “Policy Facts” Under Section 2042(2) Held to Determine “Incidents of Ownership”,
1967 Duke Law Journal
Available at: https://scholarship.law.duke.edu/dlj/vol16/iss1/6