Meaning of “commutation” in the English Dictionary

"commutation" in Business English

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commutationnoun [ C or U ]

uk /ˌkɒmjʊˈteɪʃən/ us

FINANCE, INSURANCE the act of changing a financial agreement so that someone receives the whole of an amount of money immediately instead of receiving it at a later time in a series of smaller payments:

Unless the policyholders are in need of short-term cash, there is no benefit to them in these commutations.

LAW the act of replacing a punishment with a less severe one:

The committee also examined factors a governor might consider for commutation of death sentences.
Another 12 commutation requests were denied.

the act of travelling regularly between your home and the place where you work:

They have developed an electric car for safe and sustainable commutation on city roads.
Join our Mail & Ride program to receive your monthly commutation ticket automatically by mail.

(Definition of “commutation” from the Cambridge Business English Dictionary © Cambridge University Press)

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