I think it's pretty brilliant and sounds completely above board. However, you only need to include your dependent's AGI on line 2b of Form 8962 if he is required to file. If your son's W-2s and taxable scholarship income do not exceed $12,550 then you are not required to include his income on 2b, even if you do claim him on your tax return. He can still file a return to receive a refund, but he is not required to file in this case.
Whether you claim him or not, he is not considered another tax household. Therefore, you do not have to worry about allocating the policy at all.
If your son's income is above $12,550 and you would have to include it on 8962, just make sure your entire tax picture is improved by not claiming him, including your state return, if applicable.
