What does actual cash value mean?

actual cash value meaning in Law Dictionary

The reasonable or reasonable money cost that the home could be sold available in the market, in ordinary span of business, rather than at required sale; the cost it's going to generate a fair market after reasonable efforts to get a purchaser that will provide the highest price. Birmingham F. Ins. Co. v. Pul- ver, 126 111. 329. IS N. E. 804, 9 Am. St. Rep. 598; Mack v. Lancashire Ins. Co. (('. ('.) 4 Fed. 59; Morgan's L. & T. R. S. S. Co. v. Board of Reviewers, 41 La. Ann. 1156. 3 Southern. 507.

actual cash value meaning in Business Dictionary

existing cost of changing a secured asset (or a damaged or destroyed residential property) with an identical or similar asset, less accumulated decline and obsolescence.