Plain-English definitions for the terms you'll encounter on your financial journey.
A claim payment based on the replacement cost of an item minus depreciation, reflecting its current market value at the time of loss.
The investment or savings portion of a permanent life insurance policy that grows tax-deferred over time.
Auto insurance that covers the difference between the actual cash value of a totaled car and the remaining balance on its loan or lease.
A type of permanent life insurance that provides coverage for the insured's entire life and includes a cash value component.