Definition of standard. 1 : a conspicuous object (such as a banner) formerly carried at the top of a pole and used to mark a rallying point especially in battle or to serve as an emblem.
Escrow Account Defined in Simple Terms. An escrow account is a deposit account that is created by a third party, usually an escrow agent, to hold in trust valuable assets that are tied to a transaction process on behalf of the transacting parties.
The pros and cons of saving in an escrow account. When you get a mortgage, the lender usually adds real estate taxes and insurance premiums to the monthly house payment. The lender sets aside this money in what is called an escrow account (sometimes itâs called an impound account). An escrow account ensures that the taxes and insurance will be paid on time.