Commutation means, with respect to any portion of the Ceded Reinsurance, a commutation or other similar transaction that results in the termination of such Ceded Reinsurance with respect to the Reinsured Contracts.
Commutation means a discretionary act of the Governor, which reduces a prisoner’s sentence from a greater to a lesser degree with the extent of such reduction being totally within the discretion of the Governor.
Commutation means the optional form of benefit whereby a participant elects to receive upon retirement, in lieu of his full pension under this Law, an immediate lump sum payment of a portion of the present value of his accrued benefit and a reduced pension equal in value to the remainder of his accrued benefit after
Examples of Commutation in a sentence
Commutation Clause: A clause usually found in Lloyd's treaties, which provides for estimation, payment and complete discharge of all future obligations for reinsurance losses incurred regardless of the continuing nature of certain losses such as unlimited medical and lifetime benefits for Workmen's Compensation.
More Definitions of Commutation
Commutation means travel between the Insured Person’s residence and regular place of employment.
Commutation or "commutation of sentence" means the substitution by the governor of a lesser for a greater punishment. A stated prison term may be commuted without the consent of the convict, except when granted upon the acceptance and performance by the convict of conditions precedent. After commutation, the commuted prison term shall be the only one in existence. The commutation may be stated in terms of commuting from a named offense to a lesser included offense with a shorter prison term, in terms of commuting from a stated prison term in months and years to a shorter prison term in months and years, or in terms of commuting from any other stated prison term to a shorter prison term.
Commutation means the optional form of benefit whereby a plan member elects to receive upon retirement, in lieu of that person’s full pension under this Act, an immediate lump sum payment of a portion of the present value of that person’s accrued benefit and a reduced pension equal in value to the remainder of that person’s accrued benefit after deducting the lump sum payment, determined in accordance with rules prescribed by regulations;
Commutation has the meaning set forth in Article 3.D.
Commutation means the making of a commuted payment to, or for the benefit of, a local authority in the financial year beginning on 1st April 1992;
Commutation. The complete discharge of all obligations for a specified book of insurance business for an insurance/reinsurance company that results from the cession of that insurance business to another insurance/reinsurance company.