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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 1 Chapter 5 Assets

5.1 DEFINITIONS AMORTIZATION SCHEDULE The schedule of payments for paying off a loan. ASSETS Total real and personal property the client has available to meet financial needs, including the value of assets assigned from certain individuals. Assets may be liquid or non-liquid. ACCESSIBILITY OF ASSETS A client may not have access to certain assets. In order to be considered an asset, the asset must be owned by, or available to, the client. If the client cannot legally dispose of the asset, it is not treated as an asset. ANNUITY An investment contract or agreement, which gives the right to receive fixed, periodic payments, either for life or a specific term of years. BENEFICIARY A person to whom benefits are payable. BONDS United States (U.S.) Government, municipal, or corporate. BURIAL FUNDS Burial funds include revocable burial contracts, revocable and irrevocable burial trusts, cash, savings bonds, and any other separately identifiable assets that an individual states are intended for expenses connected with burial, cremation, or other funeral arrangements. BURIAL CONTRACT An agreement in which a provider of funeral services and burial items agrees to provide burial services or other final arrangements. BURIAL INSURANCE Insurance with terms specifically stating that the proceeds can be used only to pay burial expenses for the insured individual. BURIAL SPACES Conventional gravesites, crypts, mausoleums, urns, vaults, or other repositories that are customarily and traditionally used for the remains of deceased persons.

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Page 727

Official source

West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 1 Chapter 5 Assets

5.1 DEFINITIONS AMORTIZATION SCHEDULE The schedule of payments for paying off a loan. ASSETS Total real and personal property the client has available to meet financial needs, including the value of assets assigned from certain individuals. Assets may be liquid or non-liquid. ACCESSIBILITY OF ASSETS A client may not have access to certain assets. In order to be considered an asset, the asset must be owned by, or available to, the client. If the client cannot legally dispose of the asset, it is not treated as an asset. ANNUITY An investment contract or agreement, which gives the right to receive fixed, periodic payments, either for life or a specific term of years. BENEFICIARY A person to whom benefits are payable. BONDS United States (U.S.) Government, municipal, or corporate. BURIAL FUNDS Burial funds include revocable burial contracts, revocable and irrevocable burial trusts, cash, savings bonds, and any other separately identifiable assets that an individual states are intended for expenses connected with burial, cremation, or other funeral arrangements. BURIAL CONTRACT An agreement in which a provider of funeral services and burial items agrees to provide burial services or other final arrangements. BURIAL INSURANCE Insurance with terms specifically stating that the proceeds can be used only to pay burial expenses for the insured individual. BURIAL SPACES Conventional gravesites, crypts, mausoleums, urns, vaults, or other repositories that are customarily and traditionally used for the remains of deceased persons.