V

Back to Top

VA - the Veterans Administration of the U.S.

VISTA - Volunteers in Service to America.

Value - the monetary worth of a good or service.

A. Cash surrender value (CSV) - the amount the insurer will pay upon cancellation of the policy before death of the insured or before maturity of the policy.

B. Cash value -

1. For resources, the amount that would be paid if the resource were sold or converted to cash;

2. For income, the amount of the income or the value assigned to the service rendered for in-kind income.

C. Current market value (CMV) - the amount for which the property can be expected to sell for on the open market in the community at the time of determination or at the time of transfer or sale.

D. Equity value - the CMV or FMV less any legal debts or encumbrances. For vehicles the equity value is FMV or trade-in value less encumbrances.

E. Face value - the basic death benefit of an insurance policy exclusive of dividend additions or amounts payable due to accidental death or other special provisions.

F. Fair market value (FMV) - the amount of money the sale of property would currently (or at the time of transfer) bring on the open market in the community where the property is located.

G. Trade-in value - for vehicles such as automobiles, trucks, vans and motorcycles, it is the trade-in value according to the Edmund's Automobile Valuation internet site or the lower of two reasonable appraisals of the amount that would be given if the vehicle was exchanged for another or turned in.

H. Uncompensated value - the current market value less the gross sale price.

Vendor - the person or business that provides goods or services to the recipient or on behalf of the recipient.

Vendor payment - the amount paid o n behalf of a household which the household cannot convert to cash to meet its needs.

Verification - the act of confirming or proving a fact to be true by obtaining documentation.