Page 732

West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 6 Chapter 5 Assets

LIFE INSURANCE A contract whereby one party insures his own life, or the life of another party, for a specified amount of money. LIQUID ASSETS Those that are cash or payable in cash on demand, including financial instruments that can be converted to cash. • Supplemental Security Income (SSI) Medicaid Groups: Liquid assets are those that are cash or that can be converted into cash within 20 working days. National, state, and local holidays are not working days. See ASSETS and NON-LIQUID ASSETS. LUMP-SUM PAYMENTS Non-recurring, recurring, or advance payments. This may include, but is not limited to, Retirement, Survivors, and Disability Insurance (RSDI), stock dividends paid quarterly, or payments from an income disability insurance plan that cover a previous period, but are delayed for medical reports, etc. MUTUAL FUNDS A pool of assets managed by an investment company that buys and sells securities and other investments. NEGOTIABLE AGREEMENT An agreement whereby the ownership of the instrument itself and its face value can be transferred, (e.g., sold), from one person to another. NON-EXCLUDED Assets that are considered when determining asset eligibility. See EXCLUDED. NON-HOMESTEAD PROPERTY Real property, other than the homestead, that the client owns or is purchasing. NON-LIQUID ASSETS Those that can be converted, or sold, for cash. • SSI Medicaid Groups: Non-liquid assets are those that cannot be converted to cash within 20 working days. See ASSETS and LIQUID ASSETS.

loading…

Page 732

Official source

West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 6 Chapter 5 Assets

LIFE INSURANCE A contract whereby one party insures his own life, or the life of another party, for a specified amount of money. LIQUID ASSETS Those that are cash or payable in cash on demand, including financial instruments that can be converted to cash. • Supplemental Security Income (SSI) Medicaid Groups: Liquid assets are those that are cash or that can be converted into cash within 20 working days. National, state, and local holidays are not working days. See ASSETS and NON-LIQUID ASSETS. LUMP-SUM PAYMENTS Non-recurring, recurring, or advance payments. This may include, but is not limited to, Retirement, Survivors, and Disability Insurance (RSDI), stock dividends paid quarterly, or payments from an income disability insurance plan that cover a previous period, but are delayed for medical reports, etc. MUTUAL FUNDS A pool of assets managed by an investment company that buys and sells securities and other investments. NEGOTIABLE AGREEMENT An agreement whereby the ownership of the instrument itself and its face value can be transferred, (e.g., sold), from one person to another. NON-EXCLUDED Assets that are considered when determining asset eligibility. See EXCLUDED. NON-HOMESTEAD PROPERTY Real property, other than the homestead, that the client owns or is purchasing. NON-LIQUID ASSETS Those that can be converted, or sold, for cash. • SSI Medicaid Groups: Non-liquid assets are those that cannot be converted to cash within 20 working days. See ASSETS and LIQUID ASSETS.