Commutation

Definition of "Commutation"

In life insurance, the exchange of a series of installment payments, as the result of an installment settlement, for a lump sum distribution.

Search Real Estate Glossary

Related Real Estate Glossary terms

Nonassessable Mutual

Insurance company whose corporate charter and bylaws prevent assessment of its policyowners, regardl ...

Assignment Of Policy

Right of a party, the assignor, to allocate the benefits of certain insurance policies to a third pa ...

Annuity

Equal periodic payments or receipts. ...

Estate

Sum total of the assets owned by an individual. ...

Uniform Gifts To Minors Act

Act in which an irrevocable gift is made by the parent to the child. For children less than age 14, ...

Renewal Option

The right of a person or business to renew a contract. For example, the tenant may have the right t ...

Related Real Estate FAQ

What Is A Housing Ratio?

A housing ratio is the percentage of your housing payment (principal, interest, taxes, and insurance ...

What Is A Term?

A term is the length of a loan. ...

What Are Closing Costs?

Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property. ...

What Is Title Insurance?

Title insurance is insurance that protects the lender and buyer against any losses incurred from dis ...

What Is A APR Loan?

This APR Calculator can be used to estimate the Annual Percentage Rate for a loan based on input par ...

What Is A Sales Contract?

A sales contract is the contract you draw up when you want to make an offer on a home. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

How To Sell Your Home What is Earnest Money Foreclosure - The Pros and Cons of Buying Mortgage Loan Types What Must I Disclose When Selling My Home?

FAQ

What is a rate lock? What do I need to know about Whole Life Insurance? What is a buydown? What is a lock in? What is a APR Loan?