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LSDefine
Simple English definitions for legal terms
clear value
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A quick definition of clear value:
A clear value is how important or useful something is to people. It can also mean how much money something is worth if it is sold or traded. For example, a car might have a clear value of $10,000 if someone wants to buy it. In some cases, clear value can also mean the amount of money left over after all debts and expenses have been paid.
A more thorough explanation:
Definition: Clear value refers to the significance, desirability, or utility of something. It can also refer to the monetary worth or price of something.
For example, fair market value is the price that a seller is willing to accept and a buyer is willing to pay on the open market and in an arm's-length transaction. Another example is the cash surrender value, which is the amount of money payable when an insurance policy having cash value, such as a whole-life policy, is redeemed before maturity or death.
These examples illustrate how clear value is used to determine the worth of something, whether it be in terms of market value or insurance value.