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West Virginia Income Maintenance Manual Acronyms, Forms, and Glossary

West Virginia Income Maintenance Manual Page 48

Acronyms, Forms, and Glossary

Term Definition Chapter (s) the buyer completes the required payments to fulfill the contract. Lawful Permanent Resident Alien (LPRA) A noncitizen who has been lawfully afforded the privilege of residing permanently in the U.S. See the definitions for IMMIGRANT and PERMANENT RESIDENT NONCITIZEN, which are terms used interchangeably with this term. 15 Lawfully Present For Medicaid and WVCHIP, a noncitizen who has been legally permitted to enter the U.S. and meets the state residency requirements in Section 2.2. See Section 15.7.5 for an inclusive list of lawfully present individuals. 15 Life Estate Under a life estate, an individual who owns property and transfers ownership of the property to another individual, while retaining certain rights to it for the rest of his life, or the life of another person. Generally, a life estate entitles the owner of the life estate to possess, use, and obtain profits from the property for as long as he lives. However, actual ownership of the property has been transferred. 5 Life Estate Holder The person who benefits from the life estate. 5 Life Insurance A contract whereby one party insures his own life or the life of another party for a specified amount of money. 5 Liquid Assets Those which are cash or payable in cash on demand, including financial instruments that can be converted to cash. For SSI-Related Medicaid: Liquid assets are those which are cash, or which can be converted into cash within 20 working days. National, state and local holidays are not working days. 5 Long Term Care Insurance Partnership (LTCIP) Asset Disregard An asset disregard available to certain institutionalized aged, blind, or disabled individuals with income equal to or less than 300% of the SSI payment for one but whose resources exceed the allowable asset limit. Eligible individuals must have a Qualified LTCIP Policy issued by a Partnership State while residing in a Partnership State with insurance payments made as of the date of the State’s State Plan Amendment (SPA) that implemented the LTCIP. Assets are disregarded dollar-for-dollar in the amount of insurance payments made. Assets are protected at Estate Recovery in this same amount. 24 Look-back Period The look-back period is the length of time for which the Worker looks back for any resource transfers. The look-back 24