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.
With an escrow account, you pay the lender one-twelfth of your annual homeownerâs insurance and real estate tax bills every month as an add-on to your mortgage payment. Your lender then pays the tax and insurance bills in one lump sum.