the replacement of one method of payment by another
b.
the payment substituted
3.
the reduction in severity of a penalty imposed by law
4.
the process of commutating an electric current
5. US
the travelling done by a commuter
commutation in American English
(ˌkɑmjəˈteɪʃən)
noun
1.
an exchange; substitution
2.
a.
the substitution of one kind of payment for another
b.
the payment made
3. US
the act of traveling as a commuter, esp. by using a commutation ticket
4. Electricity
the repeated reversal of the direction of a current by a commutator
5. Law
a change of a sentence or punishment to one that is less severe
Word origin
ME & OFr commutacion < L commutatio, a changing < commutatus, pp. of commutare, commute
commutation in Insurance
(kɒmyəteɪʃən)
noun
(Insurance: Life insurance, Pensions)
Commutation is the formal ending of an insurance or reinsurance agreement by payment of an agreed sum in settlement.
The commutation clause provides, by payment of a lump sum, for the complete discharge of all futureobligations for reinsurance losses incurred.
Commutation involves the termination of all obligations between the parties to a reinsuranceagreement, normally accompanied by a final cash settlement.
Commutation is the formal ending of an insurance or reinsurance agreement by payment of an agreedsum in settlement.
Examples of 'commutation' in a sentence
commutation
Despite the controversial nature of the case, there was no last-minute postponement or commutation of sentence by the governor.
Joyce Carol Oates FAITHLESS: TALES OF TRANSGRESSION (2001)