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642 Chapter 3:Processes and procedures • Section 2: Verification (07/2026) insured. This type of insurance has a cash surrender value, usually after the second year. It is the most popular type of life insurance written. Owner: The individual paying the premium on the policy with the right to change such policy as they may see fit. Term insurance: A contract of temporary protection. The insured pays relatively small premiums for a limited number of years, and the company agrees to pay the face amount of the policy only if the insured dies within the time specified in the policy. It is temporary protection and usually has no cash surrender value. Additional considerations when verifying insurance as a resource: • The first page of the policy generally states the type of policy, the name of the insured and beneficiary, the face value and the date the policy was issued. This and the cash surrender table within the policy usually provide all the information needed to determine if further verification is necessary. • Most policies do not have a cash value until they are at least two years old. • Whether a policy pays dividends is usually stated on the cover sheet of the policy. Accrual of dividends may increase the cash value of the policy. The policy owner has several options for disposition of the dividends. They may be paid to the owner directly, applied to reducing the premium payment, or left to accumulate (plus interest) in the cash value of the policy. The owner usually receives a yearly statement from the company concerning the disposition of dividends. • If the value of the policy contributes to resource ineligibility, the individual should be advised to consult the insurance agent about options other than canceling/cashing in the policy. Other options may include conversion to term insurance or to a policy of smaller face value. Pending eviction Documentation of a pending eviction must be a written statement or a notice that explains the reason(s) for eviction and the date the person is to be evicted. It can be from any of the following individuals: • Landlord or apartment manager • Homeowner • The person with whom the filing group is living in a shared housing situation Residency The following may be used to verify residency for all programs. Note: For ERDC and all medical programs, if an applicant states on the application they intend to reside in Oregon, this is sufficient verification of residency. Documents or other records generally available from the participant: • Voter registration card • Library card • Utility bills • Rent receipts, mortgage receipts, lease agreement