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UNOFFICIAL 1700.1-37 level of medical care required by the beneficiary, except for cost of living increases. “Life estate” means the value of a property that is allocated between the life tenant and the remainderman. “Life interest” means a type of real property ownership that gives the owner the use of the property or the right to income generated by a property during the lifetime of the owner, or both. “Life tenant” means a life estate holder who is entitled to certain property rights and the right to reside on the property for the duration of the holder's life or the life of another. “Liquid asset” means cash and any other personal property that can be quickly converted to cash. Examples are bank accounts, bonds, and stocks. “LIS” or “Low Income Subsidy program” means a program that assists with the cost of the monthly premiums and cost-sharing related to Medicare Part D. “Long-term institutional services” means services provided to an individual by a medical institution such as a nursing facility or intermediate care facility for the intellectually or developmentally disabled. “Look-back period” means the period prior to and including the month of application for medical assistance for long-term care services during which assets that were transferred for less than fair market value shall be evaluated to determine if a penalty period is applicable. “Low income benchmark premium amount” means the minimum monthly premium that is charged for the standard prescription drug coverage under Part D by the CMS approved prescription drug plans. “Low income utilization rate” means the sum of the following: (1) A fraction (expressed as a percentage)— (A) The numerator of which is the sum (for a period) of (I) the total revenue paid the hospital for individual services under a state plan under Title XIX of the Social Security Act and (II) the