What Does Fair Value Mean?

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What does Fair Value mean? Read on to discover the definition & meaning of the term Fair Value - to help you better understand the language used in insurance policies.

Fair Value

Fair Value

the amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties, that is, other than in a forced or liquidation sale. Quoted market prices in active markets are the best evidence of fair value and shall be used as the basis for the measurement, if available. If a quoted market price is available, the fair value is the product of the number of trading units times market price.

We hope the you have a better understanding of the meaning of Fair Value.

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