what is commutation - Search
  1. Dictionary

    com·mu·ta·tion
    [ˌkämyəˈtāSHən]
    noun
    commutation (noun)
    1. the action or process of commuting a judicial sentence:
      "a commutation of her sentence"
      • the conversion of a legal obligation or entitlement into another form, e.g. the replacement of an annuity or series of payments by a single payment:
        "the commutation of dues into money rents" · "making a one-off lump sum in commutation of your pension rights"
    2. the process of commutating an electric current.
    3. mathematics
      the property of having a commutative relation.
    Origin
    late Middle English (in the sense ‘exchange, barter’, later ‘alteration’): from Latin commutatio(n-), from commutare ‘exchange, interchange’ (see commute). commutation dates from the late 16th century.
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  2. People also ask
    What is a commutation arrangement?A commutation arrangement can actually help an insurer save on loss adjustment and administrative expenses and create underwriting gains. Commutation can provide a larger sum of money to an annuitant or to a beneficiary who needs it now. This can be a tremendous help for those who need cash to pay for medical or other bills that cannot wait.
    What does commutation mean in law?commutation, in law, shortening of a term of punishment or lowering of the level of punishment. For example, a 10-year jail sentence may be commuted to 5 years, or a sentence of death may be commuted to life in prison. Often, after a person has served part of his sentence, the remainder is commuted owing to specific circumstances.
    What is a pension commutation?Specifically, a pension commutation can be made as a rollback to a superannuation accumulation account, or it can be a commutation into your personal bank account. Pension commutations can be full or partial. For example, you may decide to commute part of your pension balance, or you may decide to commute your pension in full.
    How does commutation work?Commutation allows the recipient of an obligation, such as an annuity or insurance policy, to change how they would prefer to receive their payment. Beneficiaries may choose to swap a lump-sum payment for a series of ongoing cash flows, or vice-versa.
     
  3. In law, a commutation is the substitution of a lesser penalty for that given after a conviction for a crime. The penalty can be lessened in severity, in duration, or both.
    en.wikipedia.org/wiki/Commutation_(law)

    Commutation is a form of clemency that reduces the punishment for a crime. It usually takes the form of a reduced ("commuted") prison term, but can also reduce court-ordered fines. A commuted sentence replaces the original, court-ordered sentence.

    www.nolo.com/legal-encyclopedia/commutation-se…

    What Is Commutation? Commutation refers to the right that a beneficiary has to exchange one type of income for another. Commutation is offered to annuitants and to the beneficiaries of life insurance policies so that they might receive a lump-sum payment instead of a series of future payments.

    www.investopedia.com/terms/c/commutation.asp
     
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