The typical house is wired from a split phase, meaning that there is a transformer outside that supplies 240 volts and the center tap of the transformer is the nuetral (which is grounded). Line to nuetral is 120 volts for either line, and line to line voltage is 240 volts.
It’s much less common, but there are still some places that supply two phases of a three phase system. In this case, instead of the 120 volt lines being 180 degrees out of phase with each other (which is what you get from a center tapped transformer) you end up with the 120 volt lines being 120 degrees out of phase with each other. The line to nuetral voltage is still 120 volts, but the line to line voltage is only 208 volts.
Typically you only find the 208 circuits in very old systems. The power companies will typically rip those old systems out and replace them as soon as they have a decent excuse to (like they need more current capability on one particular branch).
In a typical residential service, as one voltage peaks at 120 volts the other is 180 degrees out of phase, so it is peaking at -120 volts. You end up with 240 volts between them.