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.
Fortunately, you won't have to worry about setting up an escrow account. Your mortgage lender will do this automatically. Escrow accounts are created when your mortgage account is created. Your monthly mortgage payments include payments for the principal, the interest, taxes and insurance. The taxes and insurance portions are automatically deposited to the escrow account.