16:45
i think that's where i was confused then
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LSDefine
Simple English definitions for legal terms
actual value
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A quick definition of actual value:
An actual value is the true worth of something. It can refer to the monetary value of an item or its importance or usefulness to people. For example, the actual value of a car could be its market price or the value it provides in transportation. Actual value is also known as fair market value, which is the price that a buyer is willing to pay and a seller is willing to accept in an open and fair transaction.
A more thorough explanation:
Actual value refers to the real worth of something. It can be the monetary value of something or its significance, desirability, or usefulness. It is also known as fair market value.
- If you want to sell your car, the actual value is the amount of money someone is willing to pay for it in an open and fair market.
- In insurance, the actual value is the replacement cost of an item minus its normal depreciation.
- When determining the value of a property, the actual value is the price that a buyer is willing to pay and a seller is willing to accept in an arm's-length transaction.
These examples illustrate that actual value is the true worth of something in a given context, whether it is the price of a car, the replacement cost of an insured item, or the market value of a property.