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Community Rating Laws

Community rating laws relate to state regulation of health insurance. Normally, these laws require insurers to charge the same premium for all applicants regardless of age or health. Thus, rather than consider individual risk factors in underwriting a health insurance policy (age, sex, and health status), premiums are calculated on the risk factors of the population as a whole.

Community-based services

Local or regional assistance or support designed to help older people remain independent and in their own homes. This can include senior centers, transportation, delivered meals or congregate meals site, visiting nurses or home health aides, adult day care, and homemaker services.

Commutation

UK: 1. Occurs when an individual, on reaching retirement, exchanges a part of his pension for a tax-free lump sum. In approved final salary schemes the maximum tax-free lump sum permitted is 1.5 times (based on 3/80ths for each year of service) final salary. For approved defined contribution schemes it is 25 per cent of the accumulated pension fund.
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UK: in relation to reinsurance, the termination by mutual agreement of all past, present and future liabilities between the parties to a reinsurance contract, in consideration of a final, usually cash, settlement. May also apply, less commonly, to an insurance contract.
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Payment to discharge an actual or potential liability to make payments in the future.
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MEDICAL,USA,REFERENCE: See: financial settlement.
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The termination of all obligations between the parties to a reinsurance agreement, normally accompanied by a final cash settlement. Commutation may be required by the reinsurance agreement or may be effected by mutual agreement.
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US: Usually refers to the cancellation or dissolution of a reinsurance contract in which there are profits or losses to be allocated.

Commutation Agreement

An agreement between the ceding insurer and the reinsurer that provides for the valuation, payment and complete discharge of some or all current and future obligations between the parties under particular reinsurance contract(s). Commutation may be required by the reinsurance agreement or may be effected by mutual agreement.

Commutation Clause

REINSURANCE: A clause in a reinsurance agreement that provides for the valuation, payment, and complete discharge of some or all obligations between the ceding company and the reinsurer, including current and future obligations for reinsurance losses incurred.
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REINSURANCE: A Clause in a reinsurance agreement, 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 be Worker’s Compensation.
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UK: Reinsurance contract clause facilitating the termination of all obligations between the parties, normally accompanied by a final cash payment in respect of reinsured losses incurred. The clause is usually optional but can be mandatory.

Commutation factor

The rate of exchange that determines the amount of pension that needs to be sacrificed to provide a given lump sum benefit at retirement. The commutation factor indicates how much cash is available for each £1 of pension exchanged. Scheme rules specify the commutation factor that will apply either to all members or specifically to individuals. The commutation factor is a ratio, e.g. 12:1 mean a pension of £883 per annum can be exchanged for a lump sum of £10,000.