What does Escrow Account mean? Read on to discover the definition & meaning of the term Escrow Account - to help you better understand the language used in insurance policies.
An escrow account is an account that one deposits money into in order to be used for a specific purpose at a later date. In the context of insurance, a person may use an escrow account to put money into which can be used to pay insurance premiums. The account holder may give the bank permission to take money from the account to put towards the premiums.
We hope the you have a better understanding of the meaning of Escrow Account.