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I TANF TANF TANF TANF TANF TANF TANF TANF SNAP SNAP SNAP SNAP SNAP SNAP SNAP SNAP 537 LIFE INSURANCE Count the cash surrender value (CSV) of life Exempt the cash value of life insurance policies insurance policies. and pension funds. Verification of the CSV is not necessary unless the amount is questionable or close to the maximum allowable limits. Insurance policies with no CSV provision are not considered a resource. 538 LOANS (NON-EDUCATIONAL) Financial assistance from a private source, including but not limited to money loaned from a friend, family member, bank, church or any other private individual, office or organization (includes Reverse Mortgage home equity loans), is a loan if: ● there is an understanding or a written contract the money is to be repaid. A written statement or contractual agreement from the applicant/recipient and the lender is acceptable verification. Exempt loans from resources. Exempt loans from resources; however, if the money from loans is deposited into an account with countable funds, the exempt portion is disregarded for six months from the date funds are commingled. After this time period, the entire balance in the account is counted toward the resource limit. 539 LUMP SUM PAYMENTS Count lump sum payments received once a year or less frequently as resources in the month received (unless specifically excluded by other federal laws). Countable lump sum payments include, but are not limited to, retroactive lump sum RSDI, public assistance, retirement benefits, investment annuities or other such payments; insurance settlements (including some structured settlement annuities); refunds of security deposits on rental property or utilities. Exception: Count contributions, gifts, and prizes as unearned income in the month received. See E&P MS A-700 to determine if lump sum payments received or anticipated more often than once a year are counted as unearned income in the month received. Child Support arrearages are evaluated as lump sum payments for SNAP. Division of Welfare and Supportive Services RESOURCES Eligibility and Payments Manual LIFE INSURANCE MTL 06/24 Nov 24 A-537