A hidden flaw or defect which is not readily discoverable by a competent person using reasonable skill in an ordinary inspection.
A hidden flaw or defect which is not readily discoverable by a competent person using reasonable skill in an ordinary inspection.
The amount of cash due to an insured who surrenders Cash Value Life Insurance. Such surrender, with consequent termination of all insurance benefits, is sometimes called “cashing out” or “cashing in” a policy. See also Non-forfeiture Values.