Should term life insurance be listed in a chapter 7 although it carries no value? If so, what code?

yES, you list it and exempt it. . .

List it and show Trustee a copy of policy terms to prove no cash value.

Why not list it? It has no value until you croak so it will not be at risk. Plus if you don't and you later do become eligible to collect on the policy (or your heirs do) if you have not listed the policy, it could, conceivably,cause a problem. List it, exempt it, don't worry about it.

Are you the beneficiary of the policy? If yes, list it as the others have stated; if not, then don't list it because you have zero claim or right. Being a beneficiary of a term policy gives you an unliquidated, contingent claim. That is a type of asset; so you should list it, but as you are awarw, term policies have $0 liquid value.

Schedule B specifically asks you to list all insurance policies you own. I am not at my office as it is 7 am out west but if you are filling out the forms yourself, I trust you can field this clearly indicated section. As the others have stated, even though the policy has no current value, list it anyway. Otherwise, on the death of the insured, the trustee can reopen the case to seize the proceeds. BTW, it will be the question you never considered that will trip you up. 90% of the value of hiring an experienced bankruptcy attorney is having them know all the loopholes and pitfalls. Hope this perspective helps.

Best bet is to list it, and exclude it