What does Fair Market Value mean? Read on to discover the definition & meaning of the term Fair Market Value - to help you better understand the language used in insurance policies.
Fair Market Value
Fair market value (FMV) is the price of a product or a property when the concerned parties are not pressured to buy or sell and are given ample time to conclude a transaction that is agreeable to all involved. It is also the basis for taxation and court evaluation.
We hope the you have a better understanding of the meaning of Fair Market Value.