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Simple English definitions for legal terms
avails
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A quick definition of avails:
Term: Avails
Definition: Avails are the profits or money earned from selling something, like a house or car. It can also refer to the money you get from an insurance policy, which includes cash, interest, dividends, and the amount you can borrow against the policy.
A more thorough explanation:
Avails
Avails refer to the profits or proceeds obtained from the sale of property or the benefits received from an insurance policy. In the case of an insurance policy, avails include any amount available to the policyholder, such as cash, interest, dividends, surrender value, and loan value.
- When John sold his car, he received the avails from the sale.
- After the fire, the insurance company paid out the avails of the policy to the homeowner.
- Avails from an insurance policy can include cash, interest, dividends, surrender value, and loan value.
The examples illustrate that avails are the profits or benefits obtained from the sale of property or an insurance policy. In the first example, John received the avails from selling his car. In the second example, the homeowner received the avails from the insurance policy after a fire. The third example lists the different types of avails that can be obtained from an insurance policy.