Commuted cash value refers to the present value of an annuity after annuitization. This differs from typical cash value; if a commuted cash value is stipulated in an annuity contract, this allows the owner of the annuity to cash the contract in, even after annuitization.
Famous quotes containing the words cash and/or commuted:
“The Church has always been willing to swap off treasures in heaven for cash down.”
—Robert Green Ingersoll (18331899)
“The case of Andrews is really a very bad one, as appears by the record already before me. Yet before receiving this I had ordered his punishment commuted to imprisonment ... and had so telegraphed. I did this, not on any merit in the case, but because I am trying to evade the butchering business lately.”
—Abraham Lincoln (18091865)