Cash value refers to the amount of money a policyholder is entitled to receive upon the cancellation of a life insurance policy or the amount available for loans and withdrawals before the policy matures or is cashed out.
A drawing account is an account within a proprietorship or partnership used to track the withdrawals made by an owner. Typically closed at year-end, its balance is transferred to the owner's equity account or profit and loss account.
A passbook is a book issued by a bank to record deposits, withdrawals, and interest earned in a savings account, typically known as a passbook savings account. It lists the depositor's name, account number, and all transactions.
