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
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.