annuity

  1. Noun.  A specified income payable at stated intervals for a fixed or a contingent period, often for the recipient's life, in consideration of a stipulated premium paid either in prior installment payments or in a single payment. For example, a retirement annuity paid to a public officer following his or her retirement.
  2. Noun.  The right to receive such an income.
  3. Noun.  The duty to make such a payment or payments.

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This entry was last updated on RefTopia from its source on 3/20/2012.