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cash on hand. Definition. Funds that are immediately available to a business, and can be spent as needed, as opposed to assets that must be sold to generate cash. The amount of cash on hand determines what projects a company can undertake, or what financial hardships can be absorbed, without going into debt or arranging other financing.
Here are a few things to keep in mind when you hear a life insurance agent talk about a policy with a cash value component: The cash value is not a death benefit and is not paid to your family upon your death. If you do not withdraw the money in your cash accumulation account, the insurance company keeps it.