Cash Surrender Value - Law Dictionary Search Results
Home Dictionary Name: cash surrender valuecash surrender value
cash surrender value : the amount of money an insurer will pay the insured upon surrender of a life insurance policy usually calculated as the reserve held by the insurer against the policy less a charge for surrender and any outstanding indebtedness ...
surrender value
surrender value : cash surrender value ...
life insurance
life insurance : insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insurance ordinary life insurance : whole life insurance in this entry straight life insurance : whole life insurance in this entry term life insurance : life insurance that provides coverage for a set term and does not accumulate cash surrender value universal life insurance : life insurance characterized by flexible premiums, benefits, and payment schedules, by the indexing of cash value to money market interest rates, and by the periodic reporting of current value and company costs charged to the account universal variable life insurance : variable universal life insurance in this entry variable life insurance : life insurance in which all or part of the cash value of the policy is located in a tax-deferred investment portfolio with risk assumed by the insured for investment losses compare variable annuity at annuity variable univer...
cash-out refinance
cash-out refinance when a borrower refinances a mortgage at a higher principal amount to get additional money. Usually this occurs when the property has appreciated in value. For example, if a home has a current value of $100,000 and an outstanding mortgage of $60,000, the owner could refinance $80,000 and have additional $20,000 in cash. Source: U.S. Department of Housing and Urban Development ...
Wholesale cash price
Wholesale cash price, there can be no doubt that the 'wholesale cash price' has to be ascertained only on the basis of transactions at arms length. If there is a special or favoured buyer to whom a special low price is charged because of extra-commercial considerations, e.g. because he is relative of the manufacturer, the price charged for those sales would not be the 'wholesale cash price' for levying excise under s. 4(a) of the Act, A.K. Roy v. Voltas Limited, AIR 1973 SC 225 (228): (1973) 3 SCC 503: (1973) 2 SCR 1089. [Central Excise and Sales Act, 1944, s. 4(a)]Where a manufacturer sells the goods manufactured by him in wholesale to a wholesale dealer at arms length and in the usual course of business, the wholesale cash price charged by him to the wholesale dealer less trade discount would represent the value of the goods for the purpose of assessment of excise. That would be the wholesale cash price for which the goods are sold at the factory-gate within the meaning of s. 4(a), A...
actual cash value
actual cash value 1 : the cost of replacing or repairing damaged property less any applicable depreciation 2 : fair market value ...
cash value
cash value : market value ...
true value
true value 1 : fair market value called also true cash value 2 : the depreciated book value of personal property for purposes of taxation of such property used in business ...
loan to value (ltv) ratio
loan to value (ltv) ratio a percentage calculated by dividing the amount borrowed by the price or appraised value of the home to be purchased; the higher the LTV, the less cash a borrower is required to pay as down payment. Source: U.S. Department of Housing and Urban Development ...
Surrender
Surrender [fr. sursum redditio], an assurance restor-ing or yielding up an estate, the operative verbs being 'surrender and yield up.' The term is usually applied to the giving up of a lease before the expiration of it: it generally means the giving up of a lesser estate to a greater; a release is the giving up of a greater to a less interest, enlarging the latter.The effect of a surrender is to pass and merge the estate of the surrender or to, and into, that of the surrenderee.By the combined operation of s. 3 of the Statute of Frauds, and the (English) Real Property Act, 1845, s. 3, now replaced by ss. 51 to 55 of the (English) Law of Property Act 1925, every express surrender must be in writing, and every express surrender of a more than three years' term must be by deed. As to surrenders of leases by mortgagors or mortgagees, in possession, see s. 100, (English) L.P. Act, 1925. But there may be an implied surrender or, as it is called in the Statute of Frauds, a surrender 'by act a...
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial