actual cash value - Business Definition
The American Heritage® Dictionary of Business Terms Copyright © 2010 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
The amount of cash to be received by the holder of a whole life insurance policy in the event the policy is surrendered. Cash value results from a policyholder paying premiums that more than cover the cost of the death benefit.
actual cash value - Legal Definition
Webster's New World Law Dictionary Copyright © 2010 by Wiley Publishing, Inc., Hoboken, New Jersey.
A fair or reasonable price that can be obtained for an item or property in the ordinary course of business, not under duress or exigency. Synonymous with fair market value.
Used by arrangement with John Wiley & Sons, Inc.