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Chapter: 1600 Assets Program: CIC 9 1650.0541.02 Exclusion Period (CIC) The period of exclusion is nine months, or until the property is sold, whichever is sooner.

Any proceeds from the sale remaining after repayment of excess TCA benefits are included as assets.

The individual’s case must be closed if the excluded property is not sold during the nine month period or the individual becomes ineligible for any other reason during the exclusion period. The effective date of the case closing is the month after the end of the exclusion period. 1650.0541.03 Verification (CIC) Sources of verification of the good faith effort to sell include documents such as a written statement from a real estate dealer, clippings of advertisements less than 30 days old, or copies of conditional sales contracts. 1650.0541.04 Property is Sold (CIC) Overpayment does not occur if the property is sold, and the net profit plus the value of other SFU assets at the beginning of the exclusion period are under the asset limit. When the sale of the property is reported, the eligibility specialist must reevaluate the individual's assets by the next change deadline. If the sale did not affect eligibility, no overpayment is considered to have occurred.

If the individual's assets exceed allowable limits after the sale, the case must be canceled effective the first possible payment month. A notice of the cancellation must be sent to the individual allowing 10 days advance notice.

Any TCA benefits received that would not have been received had disposal occurred at the beginning of the exclusion period must be considered overpayment and recouped.

If the individual remains eligible on the factor of assets after the property is sold, the eligibility specialist must make a complete review of ongoing eligibility. 1650.0550 Indian Land (CIC) Land that is held by an enrolled member of an Indian tribe is excluded from assets if it cannot be sold or transferred without the permission of other individuals, the tribe, or a federal agency. 1650.0553 Life Insurance (CIC) The cash value of a life insurance or annuity policy is included as an asset. The cash value must be verified if the face value of the policy is $5,000 or more or the policy is five years old or more.

In order to be defined as available, the policy must be owned by the individual and the person insured must either be the individual or a member of the assistance group. Policies carried on the individual or a TCA child by relatives or others whose needs or assets are excluded are not considered available. 1650.0555 Verification of Life Insurance (CIC) The individual must provide the following information on life insurance policies the:

1. owner of the policy; 2. individual insured by the policy; 3. amount of the policy's cash surrender value, if any; and 4. amount of any dividends or interest earned on this policy.