Simple English definitions for legal terms
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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.
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.
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.